# EDGAR Filing Document

**Accession Number:** 0001559992
**File Stem:** 0001133228-26-003340
**Filing Date:** 2026-3
**Character Count:** 285428
**Document Hash:** 0e2d345781b39468fde60f02ac984046
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003340.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003340

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22761
- **FILM NUMBER:** 26734521

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### LifeX 2028 Income Bucket ETF (Series ID: S000095320)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000264039 | LifeX 2028 Income Bucket ETF |  |

### LifeX 2030 Income Bucket ETF (Series ID: S000095321)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000264040 | LifeX 2030 Income Bucket ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-10-22195753_LifeX2028IncomeBucketETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

Investment Company Act file number

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

(Name and address of agent for service)

**<u>(865) 609-3680</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31, 2025</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img635706_202602181926118.jpg) | **LifeX 2028 Income Bucket ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635706_202602181926118.jpg) | LIFT (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635706_202602181926118.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2028 Income Bucket ETF (the "Fund") for the period of September 23, 2025 (commencement of operations), to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/income-buckets. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| LifeX 2028 Income Bucket ETF | $7\* | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from commencement of operations through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period ended December 31, 2025, the Fund had a total return of 1.04%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $2.74 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2028.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6568img003.jpg)

LifeX 2028 Income Bucket ETF PAGE 1 TSR-AR-86172B593

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/23/2025)** |
| **LifeX 2028 Income Bucket ETF NAV**  | 1.04 |
| **ICE BofA US 3-Month Treasury Bill Total Return Index**  | 1.04 |

---

Visit https://www.stoneridgefunds.com/fund/income-buckets for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2083480 |
| **Number of Holdings** | 26 |
| **Advisory Fees** | $996 |
| **Portfolio Turnover** | 0% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 9.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 88.3% |
|  Treasury Money Market Funds  | 5.5% |
|  U.S. Treasury Bills  | 5.4% |
|  Cash & Other  | 0.8% |

---

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

**HOUSEHOLDING**

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

LifeX 2028 Income Bucket ETF PAGE 2 TSR-AR-86172B593

------

---

| | | |
|:---|:---|:---|
| ![image](img635706_202602181926118.jpg) | **LifeX 2030 Income Bucket ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635706_202602181926118.jpg) | BCKT (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635706_202602181926118.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2030 Income Bucket ETF (the "Fund") for the period of September 23, 2025 (commencement of operations), to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/income-buckets. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| LifeX 2030 Income Bucket ETF | $7\* | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from commencement of operations through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period ended December 31, 2025, the Fund had a total return of 0.98%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $2.74 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2030.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6569img003.jpg)

LifeX 2030 Income Bucket ETF PAGE 1 TSR-AR-86172B585

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/23/2025)** |
| **LifeX 2030 Income Bucket ETF NAV**  | 0.98 |
| **ICE BofA US 3-Month Treasury Bill Total Return Index**  | 1.04 |

---

Visit https://www.stoneridgefunds.com/fund/income-buckets for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3542588 |
| **Number of Holdings** | 26 |
| **Advisory Fees** | $936 |
| **Portfolio Turnover** | 0% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.88% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 92.7% |
|  Treasury Money Market Funds  | 5.3% |
|  U.S. Treasury Bills  | 1.5% |
|  Cash & Other  | 0.5% |

---

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

**HOUSEHOLDING**

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

LifeX 2030 Income Bucket ETF PAGE 2 TSR-AR-86172B585

------

---

| | | |
|:---|:---|:---|
| ![image](img635706_202602181926118.jpg) | **LifeX 2035 Income Bucket ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635706_202602181926118.jpg) | LDDR (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635706_202602181926118.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2035 Income Bucket ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/income-buckets. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| LifeX 2035 Income Bucket ETF | $26\* | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from commencement of operations through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 6.77%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $9.95 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2035.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On September 19, 2025, the Fund changed its name to "LifeX 2035 Income Bucket ETF."

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

LifeX 2035 Income Bucket ETF PAGE 1 TSR-AR-86172A249

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6528img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/03/2025)** |
| **LifeX 2035 Income Bucket ETF NAV**  | 6.77 |
| **Bloomberg U.S. Treasury Index**  | 6.43 |

---

Visit https://www.stoneridgefunds.com/fund/income-buckets for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45747802 |
| **Number of Holdings** | 30 |
| **Advisory Fees** | $485286 |
| **Portfolio Turnover** | 112% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 11.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.3% |
|  Treasury Money Market Funds  | 2.7% |
|  Cash & Other  | 1.0% |

---

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

**HOUSEHOLDING**

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

LifeX 2035 Income Bucket ETF PAGE 2 TSR-AR-86172A249

------

---

| | | |
|:---|:---|:---|
| ![image](img635707_202602181927167.jpg) | **LifeX 2050 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | LIAE (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2050 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2050 Inflation-Protected Longevity Income ETF | $29 | 0.28% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 5.94%. Additionally, the Fund paid monthly distributions of $0.8550 per share, totaling $10.26 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2050.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for inflation-protected bonds issued by the U.S. Treasury. Periods of falling real interest rates will generally correspond to positive performance, and periods of rising real interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 7, 2025, the Fund changed its name to "LifeX 2050 Inflation-Protected Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

LifeX 2050 Inflation-Protected Longevity Income ETF PAGE 1 TSR-AR-86172B650

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6570img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/17/2024)** |
| **LifeX 2050 Inflation-Protected Longevity Income ETF NAV**  | 5.94 | 2.71 |
| **Bloomberg U.S. Treasury Inflation Notes Index**  | 7.01 | 4.85 |

---

Visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3432151 |
| **Number of Holdings** | 20 |
| **Advisory Fees** | $10002 |
| **Portfolio Turnover** | 123% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.85% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 94.1% |
|  Treasury Money Market Funds  | 3.2% |
|  U.S. Treasury Bills  | 2.2% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs.

**HOUSEHOLDING**

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

LifeX 2050 Inflation-Protected Longevity Income ETF PAGE 2 TSR-AR-86172B650

------

---

| | | |
|:---|:---|:---|
| ![image](img635708_202602181927219.jpg) | **LifeX 2050 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | LFAI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2050 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/longevity-income. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2050 Longevity Income ETF | $30 | 0.29% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 6.13%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $10.00 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2050.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 7, 2025, the Fund changed its name to "LifeX 2050 Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6571img003.jpg)

LifeX 2050 Longevity Income ETF PAGE 1 TSR-AR-86172B692

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/08/2024)** |
| **LifeX 2050 Longevity Income ETF NAV**  | 6.13 | 2.00 |
| **Bloomberg U.S. Treasury Index**  | 6.32 | 3.81 |

---

Visit https://www.stoneridgefunds.com/fund/longevity-income for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4630230 |
| **Number of Holdings** | 23 |
| **Advisory Fees** | $8988 |
| **Portfolio Turnover** | 131% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.6% |
|  Treasury Money Market Funds  | 1.2% |
|  Cash & Other  | 1.2% |

---

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

**HOUSEHOLDING**

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

LifeX 2050 Longevity Income ETF PAGE 2 TSR-AR-86172B692

------

---

| | | |
|:---|:---|:---|
| ![image](img635707_202602181927167.jpg) | **LifeX 2055 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | LIAM (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2055 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2055 Inflation-Protected Longevity Income ETF | $29 | 0.28% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 5.36%. Additionally, the Fund paid monthly distributions of $0.8550 per share, totaling $10.26 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2055.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for inflation-protected bonds issued by the U.S. Treasury. Periods of falling real interest rates will generally correspond to positive performance, and periods of rising real interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 11, 2025, the Fund changed its name to "LifeX 2055 Inflation-Protected Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

LifeX 2055 Inflation-Protected Longevity Income ETF PAGE 1 TSR-AR-86172B643

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6576img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/17/2024)** |
| **LifeX 2055 Inflation-Protected Longevity Income ETF NAV**  | 5.36 | 2.10 |
| **Bloomberg U.S. Treasury Inflation Notes Index**  | 7.01 | 4.85 |

---

Visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4574275 |
| **Number of Holdings** | 18 |
| **Advisory Fees** | $10124 |
| **Portfolio Turnover** | 183% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.28% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.0% |
|  Treasury Money Market Funds  | 2.4% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs.

**HOUSEHOLDING**

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

LifeX 2055 Inflation-Protected Longevity Income ETF PAGE 2 TSR-AR-86172B643

------

---

| | | |
|:---|:---|:---|
| ![image](img635708_202602181927219.jpg) | **LifeX 2055 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | LFAO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2055 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/longevity-income. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2055 Longevity Income ETF | $30 | 0.29% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 5.69%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $10.00 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2055.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 11, 2025, the Fund changed its name to "LifeX 2055 Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6572img003.jpg)

LifeX 2055 Longevity Income ETF PAGE 1 TSR-AR-86172B684

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/08/2024)** |
| **LifeX 2055 Longevity Income ETF NAV**  | 5.69 | 1.31 |
| **Bloomberg U.S. Treasury Index**  | 6.32 | 3.81 |

---

Visit https://www.stoneridgefunds.com/fund/longevity-income for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4434605 |
| **Number of Holdings** | 20 |
| **Advisory Fees** | $9315 |
| **Portfolio Turnover** | 119% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.93% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.2% |
|  Treasury Money Market Funds  | 1.7% |
|  Cash & Other  | 1.1% |

---

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

**HOUSEHOLDING**

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

LifeX 2055 Longevity Income ETF PAGE 2 TSR-AR-86172B684

------

---

| | | |
|:---|:---|:---|
| ![image](img635707_202602181927167.jpg) | **LifeX 2060 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | LIAU (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2060 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2060 Inflation-Protected Longevity Income ETF | $29 | 0.28% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 3.64%. Additionally, the Fund paid monthly distributions of $0.8550 per share, totaling $10.26 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2060.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for inflation-protected bonds issued by the U.S. Treasury. Periods of falling real interest rates will generally correspond to positive performance, and periods of rising real interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 13, 2025, the Fund changed its name to "LifeX 2060 Inflation-Protected Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

LifeX 2060 Inflation-Protected Longevity Income ETF PAGE 1 TSR-AR-86172B635

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6575img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/17/2024)** |
| **LifeX 2060 Inflation-Protected Longevity Income ETF NAV**  | 3.64 | 0.84 |
| **Bloomberg U.S. Treasury Inflation Notes Index**  | 7.01 | 4.85 |

---

Visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3055761 |
| **Number of Holdings** | 22 |
| **Advisory Fees** | $10123 |
| **Portfolio Turnover** | 565% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 3.86% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 93.2% |
|  Treasury Money Market Funds  | 2.8% |
|  U.S. Treasury Bills  | 3.3% |
|  Cash & Other  | 0.7% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs.

**HOUSEHOLDING**

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

LifeX 2060 Inflation-Protected Longevity Income ETF PAGE 2 TSR-AR-86172B635

------

---

| | | |
|:---|:---|:---|
| ![image](img635708_202602181927219.jpg) | **LifeX 2060 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | LFAW (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2060 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/longevity-income. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2060 Longevity Income ETF | $30 | 0.29% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 5.42%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $10.00 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2060.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 13, 2025, the Fund changed its name to "LifeX 2060 Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6574img003.jpg)

LifeX 2060 Longevity Income ETF PAGE 1 TSR-AR-86172B676

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/08/2024)** |
| **LifeX 2060 Longevity Income ETF NAV**  | 5.42 | 0.72 |
| **Bloomberg U.S. Treasury Index**  | 6.32 | 3.81 |

---

Visit https://www.stoneridgefunds.com/fund/longevity-income for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3531939 |
| **Number of Holdings** | 17 |
| **Advisory Fees** | $7861 |
| **Portfolio Turnover** | 61% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.6% |
|  Treasury Money Market Funds  | 0.9% |
|  Cash & Other  | 1.5% |

---

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

**HOUSEHOLDING**

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

LifeX 2060 Longevity Income ETF PAGE 2 TSR-AR-86172B676

------

---

| | | |
|:---|:---|:---|
| ![image](img635707_202602181927167.jpg) | **LifeX 2065 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | LIBD (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635707_202602181927167.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2065 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| LifeX 2065 Inflation-Protected Longevity Income ETF | $26\* | 0.26% |

---

\* Amount shown reflects the expenses of the Fund from commencement of operations through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 3.39%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $9.95 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2065.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for inflation-protected bonds issued by the U.S. Treasury. Periods of falling real interest rates will generally correspond to positive performance, and periods of rising real interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 14, 2025, the Fund changed its name to "LifeX 2065 Inflation-Protected Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

LifeX 2065 Inflation-Protected Longevity Income ETF PAGE 1 TSR-AR-86172B627

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6577img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/03/2025)** |
| **LifeX 2065 Inflation-Protected Longevity Income ETF NAV**  | 3.39 |
| **Bloomberg U.S. Treasury Inflation Notes Index**  | 7.19 |

---

Visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4325984 |
| **Number of Holdings** | 22 |
| **Advisory Fees** | $5567 |
| **Portfolio Turnover** | 345% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 3.53% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 80.2% |
|  Treasury Money Market Funds  | 15.3% |
|  U.S. Treasury Bills  | 3.8% |
|  Cash & Other  | 0.7% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/fund/inflation-protected-longevity-income-etfs.

**HOUSEHOLDING**

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

LifeX 2065 Inflation-Protected Longevity Income ETF PAGE 2 TSR-AR-86172B627

------

---

| | | |
|:---|:---|:---|
| ![image](img635708_202602181927219.jpg) | **LifeX 2065 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | LFBE (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635708_202602181927219.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX 2065 Longevity Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/longevity-income. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| LifeX 2065 Longevity Income ETF | $27\* | 0.26% |

---

\* Amount shown reflects the expenses of the Fund from commencement of operations through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 5.04%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $9.95 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal through 2065.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 14, 2025, the Fund changed its name to "LifeX 2065 Longevity Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

LifeX 2065 Longevity Income ETF PAGE 1 TSR-AR-86172B668

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6578img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/03/2025)** |
| **LifeX 2065 Longevity Income ETF NAV**  | 5.04 |
| **Bloomberg U.S. Treasury Index**  | 6.43 |

---

Visit https://www.stoneridgefunds.com/fund/longevity-income for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3267865 |
| **Number of Holdings** | 11 |
| **Advisory Fees** | $3779 |
| **Portfolio Turnover** | 116% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.25% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.7% |
|  Treasury Money Market Funds  | 0.7% |
|  Cash & Other  | 1.6% |

---

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

**HOUSEHOLDING**

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

LifeX 2065 Longevity Income ETF PAGE 2 TSR-AR-86172B668

------

---

| | | |
|:---|:---|:---|
| ![image](img635709_202602181927683.jpg) | **LifeX Durable Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img635709_202602181927683.jpg) | LFDR (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img635709_202602181927683.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img322196_202509032026657.jpg) |

---

This annual shareholder report contains important information about the LifeX Durable Income ETF (the "Fund") for the period of January 1, 2025 (commencement of operations), to December 31, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/fund/durable-income. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX Durable Income ETF | $29 | 0.28% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund had a total return of 4.78%. Additionally, the Fund paid monthly distributions of $0.8333 per share, totaling $10.00 per share, inline with its objective to provide reliable monthly distributions consisting of income and principal.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance is largely based on the performance of the market for bonds issued by the U.S. Treasury. Periods of falling nominal interest rates will generally correspond to positive performance, and periods of rising nominal interest rates will generally correspond to negative performance.

**PERFORMANCE COMMENTARY**

In 2025, the Fund's performance primarily reflects interest earnings from its U.S. government bond portfolio. Market interest rates, and therefore bond prices, were relatively stable year over year. The Fund's strategy is designed to "lock in" interest rates such that it can reliably sustain its planned distributions, the Adviser believes the Fund's 2025 performance is consistent with that objective.

**MATERIAL CHANGES**

On February 14, 2025, the Fund changed its name to "LifeX Durable Income ETF."

On February 19, 2025 the fund's advisory fee was reduced to annual rate of 0.25%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6573img003.jpg)

LifeX Durable Income ETF PAGE 1 TSR-AR-86172B619

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/08/2024)** |
| **LifeX Durable Income ETF NAV**  | 4.78 | 1.17 |
| **Bloomberg U.S. Treasury Index**  | 6.32 | 3.81 |

---

Visit https://www.stoneridgefunds.com/fund/durable-income for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $877274 |
| **Number of Holdings** | 15 |
| **Advisory Fees** | $2141 |
| **Portfolio Turnover** | 50% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.28% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 98.2% |
|  Treasury Money Market Funds  | 0.2% |
|  Cash & Other  | 1.6% |

---

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

**HOUSEHOLDING**

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

LifeX Durable Income ETF PAGE 2 TSR-AR-86172B619

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Jeffery Ekberg is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) - (d) The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and all other fees by the principal accountant. "Audit fees" includes amounts related to an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit- related fees" covers the assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's annual financial statements and are not covered under "audit fees," including review of the Fund's prospectus. "Tax fees" covers the professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the Funds' tax returns, asset diversification and income testing, excise taxes, and fiscal year end income calculations. "All other fees" covers the aggregate fees for products and services provided by the principal accountant, other than the services reported in the foregoing three categories.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $146365 | $286420 |
| (b) Audit-Related Fees | $65355 | $15350 |
| (c) Tax Fees | $454800 | $410850 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) To the extent required by applicable law, pre-approval by the audit committee is needed for all audit and permissible non-audit services rendered to the registrant and all permissible

non-audit services rendered to Stone Ridge Asset Management LLC (the "Adviser") or to various entities either controlling, controlled by, or under common control with the Adviser that provide ongoing services to the registrant if the services relate directly to the operations and financial reporting of the registrant. Pre-approval is currently on an engagement-by-engagement basis.

(e)(2) The percentage of fees billed by Ernst & Young, LLP applicable to non-audit services that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits waiver of pre-approval, if certain conditions are satisfied) were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant for the last two fiscal years of the registrant.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | $454800 | $410850 |
| Registrant's Investment Adviser | $232717 | $206495 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jeffery Ekberg and Daniel Charney.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.

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

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

(a) ![](stone-ridge_blue-logo.jpg)

**LIFEX INCOME BUCKET ETFS** 

**LIFEX INFLATION-PROTECTED INCOME ETFS** 

**LIFEX INCOME ETFS** 

**LIFEX DURABLE INCOME ETF** 

Annual Report

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi11) <br>|  |
| &nbsp;&nbsp;&nbsp; [LifeX 2028 Income Bucket ETF](#soi11) | [1](#soi11) |
| &nbsp;&nbsp;&nbsp; [LifeX 2030 Income Bucket ETF](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [LifeX 2035 Income Bucket ETF](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp; [LifeX 2050 Inflation-Protected Longevity Income ETF](#soi4) | [4](#soi4) |
| &nbsp;&nbsp;&nbsp; [LifeX 2050 Longevity Income ETF](#soi5) | [5](#soi5) |
| &nbsp;&nbsp;&nbsp; [LifeX 2055 Inflation-Protected Longevity Income ETF](#soi6) | [6](#soi6) |
| &nbsp;&nbsp;&nbsp; [LifeX 2055 Longevity Income ETF](#soi7) | [7](#soi7) |
| &nbsp;&nbsp;&nbsp; [LifeX 2060 Inflation-Protected Longevity Income ETF](#soi8) | [8](#soi8) |
| &nbsp;&nbsp;&nbsp; [LifeX 2060 Longevity Income ETF](#soi9) | [9](#soi9) |
| &nbsp;&nbsp;&nbsp; [LifeX 2065 Inflation-Protected Longevity Income ETF](#soi10) | [10](#soi10) |
| &nbsp;&nbsp;&nbsp; [LifeX 2065 Longevity Income ETF](#soi22) | [11](#soi22) |
| &nbsp;&nbsp;&nbsp; [LifeX Durable Income ETF](#soi12) | [12](#soi12) |
| [Statements of Assets and Liabilities](#sal) | [13](#sal) |
| [Statements of Operations](#sop) | [16](#sop) |
| [Statements of Changes in Net Assets](#scna) | [19](#scna) |
| [Financial Highlights](#fihi) | [24](#fihi) |
| [Notes to Financial Statements](#notes) | [36](#notes) |
| [Schedule A](#sca) | [52](#sca) |
| [Report of Independent Registered Public Accounting Firm](#report) | [53](#report) |
| [Additional Information (Unaudited)](#addinf) | [55](#addinf) |

---

------

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

**LifeX 2028 Income Bucket ETF** 

**Schedule of Investments** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 88.3%** | **U.S. TREASURY SECURITIES - 88.3%** |  |
|  United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/15/2026 | $242000 | $243815  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2026 | 24000 | 23987  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 | 89000 | 89384  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 | 80000 | 78955  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/2026 | 51000 | 51403  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 135000 | 136798  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 138000 | 140221  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2027 | 374000 | 374833  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 | 131000 | 131044  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/31/2027 | 64000 | 64019  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 289000 | 287860  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 108000 | 107903  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2028 | 51000 | 50946  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/15/2028 | 45000 | 44953  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/2029 | 6000 | 5899  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 1000 | 997  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 | 1000 | 998  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 1000 | 1008  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 2000 | 2097  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 1000 | 919  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 2000 | 1288  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 1000 | 985  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,838,534)** |  | 1840312 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 10.9%** | **SHORT-TERM INVESTMENTS - 10.9%** |  |
| **TREASURY MONEY MARKET FUNDS - 5.5%** | **TREASURY MONEY MARKET FUNDS - 5.5%** | **TREASURY MONEY MARKET FUNDS - 5.5%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 56891 | 56891  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 56891 | 56891  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $113,782)** |  | 113782 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 5.4%**<br>|  |  |
| 3.82%, 01/29/2026<sup>(b)</sup> | $97000 | $96744  |
| 3.77%, 02/26/2026<sup>(b)</sup> | 17000 | 16907  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $113,617)** |  | 113651  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $227,399)** |  | 227433  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%** <br>**(Cost $2,065,933)** |  | $2067745  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 15735  |
| **TOTAL NET ASSETS - 100.0%** |  | $2083480 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

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

1<br>

------

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

**LIFEX 2030 INCOME BUCKET ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 92.7%** | **U.S. TREASURY SECURITIES - 92.7%** |  |
|  United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/15/2026 | $143000 | $144073  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2026 | 15000 | 14992  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 | 14000 | 14061  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 | 14000 | 13817  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/2026 | 445000 | 448520  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2027 | 231000 | 231514  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 | 40000 | 40013  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/31/2027 | 19000 | 19006  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/30/2027 | 443000 | 442169  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 229000 | 228097  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 40000 | 39964  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2028 | 140000 | 139852  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/15/2028 | 341000 | 340640  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2029 | 228000 | 227011  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 18000 | 18311  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029 | 20000 | 18681  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029 | 140000 | 142439  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/2029 | 325000 | 333734  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2030 | 169000 | 168426  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2030 | 13000 | 12953  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/31/2030 | 12000 | 11953  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/30/2030 | 235000 | 232714  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,281,377)** |  | 3282940 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 6.8%** | **SHORT-TERM INVESTMENTS - 6.8%** |  |
| **TREASURY MONEY MARKET FUNDS - 5.3%** | **TREASURY MONEY MARKET FUNDS - 5.3%** |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 93797 | 93797  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 3.69%<sup>(a)</sup> | 93797 | 93797  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $187,594)** |  | 187594 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 1.5%**<br>|  |  |
| 3.66%, 01/29/2026<sup>(b)</sup> | $50000 | $49868  |
| 3.77%, 02/26/2026<sup>(b)</sup> | 5000 | 4973  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $54,830)** |  | 54841  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $242,424)** |  | 242435  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%**<br>**(Cost $3,523,801)** |  | $3525375  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 17213  |
| **TOTAL NET ASSETS - 100.0%** |  | $3542588 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

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

2<br>

------

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

**LIFEX 2035 INCOME BUCKET ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.3%** | **U.S. TREASURY SECURITIES - 96.3%** |  |
|  United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | $9465200 | $9591279  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2027 | 51700 | 52006  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 | 32000 | 32011  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 142800 | 135415  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 82400 | 83108  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028 | 99700 | 99965  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 66400 | 66138  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 4240500 | 4378648  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 1158300 | 1158391  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 1283200 | 1281045  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 3349300 | 3392605  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 206800 | 208391  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030 | 82400 | 83021  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2030 | 66400 | 66161  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 970600 | 1010599  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 1168700 | 1165276  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 1063600 | 1080426  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 192000 | 193223  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2032 | 76300 | 76747  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 4712000 | 4394676  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 | 109500 | 109235  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 12096200 | 11918537  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 301500 | 304256  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 1749100 | 1763175  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 1075800 | 1111604  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 78100 | 75690  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 43700 | 42174  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 168000 | 162199  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $43,363,883)** |  | 44036001 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** |  |
| **TREASURY MONEY MARKET FUNDS - 2.7%** | **TREASURY MONEY MARKET FUNDS - 2.7%** |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 625212 | $625212  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 625212 | 625212  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $1,250,424)** |  | 1250424  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,250,424)** |  | 1250424  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $44,614,307)** |  | $45286425  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 461377  |
| **TOTAL NET ASSETS - 100.0%** |  | $45747802 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

3<br>

------

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

**LIFEX 2050 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 94.1%** | **U.S. TREASURY SECURITIES - 94.1%** |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | $33698 | $33295  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 62041 | 60967  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 122250 | 125948  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 | 173694 | 177470  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 | 16557 | 16726  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 154396 | 146519  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 62540 | 58338  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 146997 | 136288  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 64604 | 59058  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 162870 | 156368  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 10593 | 10538  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 211507 | 215357  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 944544 | 935855  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 1207230 | 870856  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 288082 | 224631  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,384,521)** |  | 3228214 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 5.4%** | **SHORT-TERM INVESTMENTS - 5.4%** |  |
| **TREASURY MONEY MARKET FUNDS - 3.2%** | **TREASURY MONEY MARKET FUNDS - 3.2%** |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 54258 | 54258  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 54258 | 54258  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $108,516)** |  | 108516 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 2.2%**<br>|  |  |
| 3.81%, 01/29/2026<sup>(b)</sup> | $28000 | $27926  |
| 3.78%, 02/26/2026<sup>(b)</sup> | 28000 | 27847  |
| 3.78%, 03/26/2026<sup>(b)</sup> | 22000 | 21822  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $77,565)** |  | 77595  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $186,081)** |  | 186111  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $3,570,602)** |  | $3414325  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 17826  |
| **TOTAL NET ASSETS - 100.0%** |  | $3432151 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

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

4<br>

------

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

**LIFEX 2050 LONGEVITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.6%** | **U.S. TREASURY SECURITIES - 97.6%** |  |
|  United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | $111000 | $105589  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 77000 | 73018  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 56000 | 55779  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 5000 | 4995  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/2029 | 198000 | 194682  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2030 | 208000 | 207293  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 179000 | 178476  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 161000 | 150158  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/31/2032 | 121000 | 120745  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 | 4000 | 3990  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 7000 | 7233  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 18000 | 17958  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 152000 | 149767  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 77000 | 77620  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 728000 | 763490  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 146000 | 94968  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 880000 | 852844  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 698000 | 641724  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 1218000 | 784183  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 19000 | 18336  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 15000 | 14782  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $4,528,393)** |  | 4517630 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.2%** | **SHORT-TERM INVESTMENTS - 1.2%** |  |
| **TREASURY MONEY MARKET FUNDS - 1.2%** | **TREASURY MONEY MARKET FUNDS - 1.2%** |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 27495 | $27495  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 27495 | 27495  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $54,990)** |  | 54990  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $4,583,383)** |  | $4572620  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 57610  |
| **TOTAL NET ASSETS - 100.0%** |  | $4630230 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

5<br>

------

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

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

**Schedule of Investments** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.0%** | **U.S. TREASURY SECURITIES - 97.0%** |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | $29654 | $29300  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 26400 | 25944  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 203041 | 209183  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 | 43160 | 44099  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 | 5174 | 5227  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 313854 | 297842  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 63791 | 59505  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 98403 | 91234  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 128032 | 117042  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 121333 | 116489  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 14830 | 14753  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/15/2035 | 506001 | 504845  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 932493 | 923914  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 1235556 | 891289  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 614503 | 479156  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 698092 | 627751  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $4,574,217)** |  | 4437573 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** |  |
| **TREASURY MONEY MARKET FUNDS - 2.4%** | **TREASURY MONEY MARKET FUNDS - 2.4%** |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 54851 | $54851  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 54851 | 54851  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $109,702)** |  | 109702 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $4,683,919)** |  | $4547275 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 27000 |
| **TOTAL NET ASSETS - 100.0%** |  | $4574275 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

6<br>

------

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

**LIFEX 2055 LONGEVITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.2%** | **U.S. TREASURY SECURITIES - 97.2%** | **U.S. TREASURY SECURITIES - 97.2%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2027 | $13000 | $13029  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 70000 | 66380  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 49000 | 48807  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/2029 | 123000 | 120939  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2030 | 134000 | 133545  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 115000 | 114663  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 177000 | 165080  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/31/2032 | 10000 | 9979  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 12000 | 12399  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 30000 | 29930  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 161000 | 158635  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 54000 | 54435  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 509000 | 533814  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 244000 | 158714  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 1039000 | 1006937  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 1279000 | 823456  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 634000 | 611859  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 256000 | 247160  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $4,315,855)** |  | 4309761 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** |
| **Treasury Money Market Funds - 1.7%**  | **Treasury Money Market Funds - 1.7%**  | **Treasury Money Market Funds - 1.7%**  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 37612 | $37612  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 37612 | 37612  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $75,224)** |  | 75224  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%**<br>**(Cost $4,391,079)** |  | $4384985  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 49620  |
| **TOTAL NET ASSETS - 100.0%** |  | $4434605 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

7<br>

------

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

**LIFEX 2060 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 93.2%** | **U.S. TREASURY SECURITIES - 93.2%** | **U.S. TREASURY SECURITIES - 93.2%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/15/2026 | $84960 | $84727  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 29040 | 28538  |
| &nbsp;&nbsp;&nbsp; 1.63%, 04/15/2030 | 107399 | 107991  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 23765 | 22169  |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/15/2032 | 108703 | 102051  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/15/2035 | 292041 | 291373  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 355522 | 352252  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2045 | 525434 | 383259  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 1553996 | 1475113  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $2,909,140)** |  | 2847473  |
| **SHORT-TERM INVESTMENTS - 6.1%** | **SHORT-TERM INVESTMENTS - 6.1%** | **SHORT-TERM INVESTMENTS - 6.1%** |
| **U.S. TREASURY BILLS - 3.3%**<br>|  |  |
| 3.56%, 01/29/2026<sup>(a)</sup> | 10000 | 9974  |
| 3.54%, 02/26/2026<sup>(a)</sup> | 10000 | 9945  |
| 3.57%, 03/31/2026<sup>(a)</sup> | 10000 | 9914  |
| 3.56%, 04/30/2026<sup>(a)</sup> | 10000 | 9885  |
| 3.56%, 05/28/2026<sup>(a)</sup> | 10000 | 9858  |
| 3.54%, 06/25/2026<sup>(a)</sup> | 10000 | 9832  |
| 3.43%, 07/09/2026<sup>(a)</sup> | 10000 | 9823  |
| 3.49%, 08/06/2026<sup>(a)</sup> | 10000 | 9796  |
| 3.47%, 09/03/2026<sup>(a)</sup> | 10000 | 9773  |
| 3.51%, 10/29/2026<sup>(a)</sup> | 10000 | 9718  |
| 3.50%, 11/27/2026<sup>(a)</sup> | 1000 | 969  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $99,472)** |  | 99487 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Treasury Money Market Funds - 2.8%** | **Treasury Money Market Funds - 2.8%** | **Treasury Money Market Funds - 2.8%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 43375 | $43375  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(b)</sup> | 43375 | 43375  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $86,750)** |  | 86750  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $186,222)** |  | 186237  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%**<br>**(Cost $3,095,362)** |  | $3033710  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 22051  |
| **TOTAL NET ASSETS - 100.0%** |  | $3055761 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

8<br>

------

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

**LIFEX 2060 LONGEVITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.6%** | **U.S. TREASURY SECURITIES - 97.6%** | **U.S. TREASURY SECURITIES - 97.6%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/2029 | $50000 | $49162  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2030 | 74000 | 73749  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 70000 | 69795  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 118000 | 110053  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 14000 | 14466  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 18000 | 17958  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 107000 | 105428  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 56000 | 57864  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 313000 | 328259  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 195000 | 126841  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 539000 | 522367  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 142000 | 130551  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 554000 | 356681  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 1072000 | 971500  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 534000 | 515560  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,480,651)** |  | 3450234 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** |
| **Treasury Money Market Funds - 0.9%** | **Treasury Money Market Funds - 0.9%** | **Treasury Money Market Funds - 0.9%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 15171 | $15171  |
|  MSILF Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 15171 | 15171  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $30,342)** |  | 30342  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%**<br>**(Cost $3,510,993)** |  | $3480576  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.5% |  | 51363  |
| **TOTAL NET ASSETS - 100.0%** |  | $3531939 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

9<br>

------

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

**LIFEX 2065 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 80.2%** | **U.S. TREASURY SECURITIES - 80.2%** | **U.S. TREASURY SECURITIES - 80.2%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | $17292 | $13470  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2045 | 222618 | 162381  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 3469147 | 3293047  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,593,210)** |  | 3468898  |
| **SHORT-TERM INVESTMENTS – 19.1%** | **SHORT-TERM INVESTMENTS – 19.1%** | **SHORT-TERM INVESTMENTS – 19.1%** |
| **U.S. TREASURY BILLS - 15.3%**<br>|  |  |
| 4.01%, 01/22/2026<sup>(a)</sup> | 286000 | 285434  |
| 3.73%, 01/29/2026<sup>(a)</sup> | 38000 | 37900  |
| 4.07%, 02/19/2026<sup>(a)</sup> | 7000 | 6967  |
| 3.71%, 02/26/2026<sup>(a)</sup> | 38000 | 37792  |
| 4.07%, 03/19/2026<sup>(a)</sup> | 5000 | 4963  |
| 3.76%, 03/26/2026<sup>(a)</sup> | 25000 | 24797  |
| 3.66%, 03/31/2026<sup>(a)</sup> | 13000 | 12888  |
| 4.09%, 04/16/2026<sup>(a)</sup> | 5000 | 4949  |
| 3.68%, 04/30/2026<sup>(a)</sup> | 26000 | 25702  |
| 3.94%, 05/14/2026<sup>(a)</sup> | 52000 | 51333  |
| 3.65%, 05/28/2026<sup>(a)</sup> | 13000 | 12815  |
| 3.73%, 06/11/2026<sup>(a)</sup> | 38000 | 37412  |
| 3.57%, 07/09/2026<sup>(a)</sup> | 26000 | 25540  |
| 3.58%, 08/06/2026<sup>(a)</sup> | 17000 | 16653  |
| 3.54%, 09/03/2026<sup>(a)</sup> | 13000 | 12705  |
| 3.58%, 10/29/2026<sup>(a)</sup> | 13000 | 12633  |
| 3.57%, 11/27/2026<sup>(a)</sup> | 52000 | 50401  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $660,522)** |  | 660884 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Treasury Money Market Funds - 3.8%** | **Treasury Money Market Funds - 3.8%** | **Treasury Money Market Funds - 3.8%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 82430 | $82430  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(b)</sup> | 82430 | 82430  |
| &nbsp;&nbsp;&nbsp; **TOTAL TREASURY MONEY MARKET FUNDS** <br>**(Cost $164,860)** |  | 164860  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost$825,382)** |  | 825744  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%**<br>**(Cost $4,418,592)** |  | $4294642  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 31342  |
| **TOTAL NET ASSETS - 100.0%** |  | $4325984 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

10<br>

------

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

**LIFEX 2065 LONGEVITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.7%** | **U.S. TREASURY SECURITIES - 97.7%** | **U.S. TREASURY SECURITIES - 97.7%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/31/2032 | $60000 | $59874  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 50000 | 50402  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 274000 | 287358  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 88000 | 57241  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 603000 | 584392  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 11000 | 10113  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 143000 | 92067  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 2014000 | 1825188  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 228000 | 224687  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,225,068)** |  | 3191322 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** |
| **Treasury Money Market Funds - 0.7%** | **Treasury Money Market Funds - 0.7%** | **Treasury Money Market Funds - 0.7%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 11607 | $11607  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 11607 | 11607  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $23,214)** |  | 23214  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.4%**<br>**(Cost $3,248,282)** |  | $3214536  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.6% |  | 53329  |
| **TOTAL NET ASSETS - 100.0%** |  | $3267865 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

11<br>

------

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

**LIFEX DURABLE INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 98.2%** | **U.S. TREASURY SECURITIES - 98.2%** | **U.S. TREASURY SECURITIES - 98.2%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | $1000 | $997  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 9000 | 8394  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/31/2032 | 11000 | 10977  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 1000 | 998  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 14000 | 13794  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 11000 | 11089  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 73000 | 76559  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 31000 | 20165  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 116000 | 112420  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 33000 | 30339  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 99000 | 63739  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 301000 | 272781  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 243000 | 239469  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $869,092)** |  | 861721 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS – 0.2%** | **SHORT-TERM INVESTMENTS – 0.2%** | **SHORT-TERM INVESTMENTS – 0.2%** |
| **Treasury Money Market Funds - 0.2%** | **Treasury Money Market Funds - 0.2%** | **Treasury Money Market Funds - 0.2%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 869 | $869  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.69%<sup>(a)</sup> | 869 | 869  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,738)** |  | 1738  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.4%**<br>**(Cost $870,830)** |  | $863459  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.6% |  | 13815  |
| **TOTAL NET ASSETS - 100.0%** |  | $877274 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

12<br>

------

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

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2028** <br>**Income** <br>**Bucket ETF** | **LifeX 2030** <br>**Income** <br>**Bucket ETF** | **LifeX 2035** <br>**Income** <br>**Bucket ETF** | **LifeX 2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $2067745 | $3525375 | $45286425 | $3414325 | $4572620  |
| Interest receivable | 15947 | 17340 | 467055 | 18132 | 58428  |
| Dividends receivable | 186 | 254 | 4038 | 256 | 157  |
| Other assets |  |  |  | 169 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2083878 | 3542969 | 45757518 | 3432882 | 4631205  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 398 | 381 | 9716 | 731 | 975  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 398 | 381 | 9716 | 731 | 975  |
| **NET ASSETS** | $2083480 | $3542588 | $45747802 | $3432151 | $4630230  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $2081668 | $3541014 | $45122323 | $4191092 | $5751179  |
| Total accumulated gains/(losses) | 1812 | 1574 | 625479 | (758941) | (1120949)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $2083480 | $3542588 | $45747802 | $3432151 | $4630230  |
| Net assets | $2083480 | $3542588 | $45747802 | $3432151 | $4630230  |
| Shares issued and outstanding<sup>(a)</sup> | 72000 | 76000 | 544176 | 16224 | 29879  |
| Net asset value per share | $28.94 | $46.61 | $84.07 | $211.55 | $154.97  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $2065933 | $3523801 | $44614307 | $3570602 | $4583383 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

13<br>

------

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

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $4547275 | $4384985 | $3033710 | $3480576 | $4294642  |
| Interest receivable | 27496 | 50320 | 21826 | 52016 | 31801  |
| Dividends receivable | 287 | 244 | 354 | 100 | 464  |
| Other assets | 178 |  | 523 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4575236 | 4435549 | 3056413 | 3532692 | 4326907  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 961 | 944 | 652 | 753 | 923  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 961 | 944 | 652 | 753 | 923  |
| **NET ASSETS** | $4574275 | $4434605 | $3055761 | $3531939 | $4325984  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $6076612 | $7312228 | $4835235 | $5592954 | $5890904  |
| Total accumulated losses | (1502337) | (2877623) | (1779474) | (2061015) | (1564920)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $4574275 | $4434605 | $3055761 | $3531939 | $4325984  |
| Net assets | $4574275 | $4434605 | $3055761 | $3531939 | $4325984  |
| Shares issued and outstanding<sup>(a)</sup> | 19074 | 26289 | 11510 | 19640 | 15339  |
| Net asset value per share | $239.82 | $168.69 | $265.49 | $179.83 | $282.03  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $4683919 | $4391079 | $3095362 | $3510993 | $4418592 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

14<br>

------

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

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **LifeX 2065** <br>**Longevity** <br>**Income ETF** | **LifeX Durable** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $3214536 | $863459  |
| Interest receivable | 53949 | 13996  |
| Dividends receivable | 77 | 6  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3268562 | 877461  |
| **LIABILITIES:**<br>|  |  |
| Payable to adviser | 697 | 187  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 697 | 187  |
| **NET ASSETS** | $3267865 | $877274  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $4662392 | $1005465  |
| Total accumulated losses | (1394527) | (128191)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $3267865 | $877274  |
| Net assets | $3267865 | $877274  |
| Shares issued and outstanding<sup>(a)</sup> | 17255 | 4630  |
| Net asset value per share | $189.39 | $189.48  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $3248282 | $870830 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

15<br>

------

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

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2028** <br>**Income** <br>**Bucket ETF<sup>(a)</sup>** | **LifeX 2030** <br>**Income** <br>**Bucket ETF<sup>(a)</sup>** | **LifeX 2035** <br>**Income** <br>**Bucket ETF<sup>(b)</sup>** | **LifeX 2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $736 | &nbsp;&nbsp;&nbsp; $651 | $— | $3388 | $1973  |
| Interest income | &nbsp;&nbsp;&nbsp; 13950 | &nbsp;&nbsp;&nbsp; 13444 | 8281750 | 186492 | 135092  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 14686 | &nbsp;&nbsp;&nbsp; 14095 | 8281750 | 189880 | 137065  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp; 936 | 485286 | 10002 | 8988  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp; 936 | 485286 | 10002 | 8988  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 13690 | &nbsp;&nbsp;&nbsp; 13159 | 7796464 | 179878 | 128077  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | 2414925 | (13860) | (61731)  |
| &nbsp;&nbsp;&nbsp; In-kind transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 4900421 | 15825 | —  |
| &nbsp;&nbsp;&nbsp; Increase in payments from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 169 | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | 7315346 | 2134 | (61731)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 1812 | &nbsp;&nbsp;&nbsp; 1574 | 672118 | 3135 | 12090  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 1812 | &nbsp;&nbsp;&nbsp; 1574 | 672118 | 3135 | 12090  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 1813 | &nbsp;&nbsp;&nbsp; 1574 | 7987464 | 5269 | (49641)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $15503 | &nbsp;&nbsp;&nbsp; $14733 | $15783928 | $185147 | $78436 |

---

<sup>(a)</sup> Commencement of operations of the Fund was September 23, 2025.

<sup>(b)</sup> Commencement of operations of the Fund was January 3, 2025.

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

16<br>

------

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

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $2091 | $2446 | $2964 | $1857 | $3682  |
| Interest income | 193201 | 142042 | 182485 | 120517 | 105956  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 195292 | 144488 | 185449 | 122374 | 109638  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 10124 | 9315 | 10123 | 7861 | 5567  |
| &nbsp;&nbsp;&nbsp; Total expenses | 10124 | 9315 | 10123 | 7861 | 5567  |
| **Net investment income** | 185168 | 135173 | 175326 | 114513 | 104071  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (218793) | (112764) | 31406 | (119124) | 82998  |
| &nbsp;&nbsp;&nbsp; In-kind transactions | 59561 |  | 65814 |  | 178439  |
| &nbsp;&nbsp;&nbsp; Increase in payments from affiliates | 178 |  | 523 |  | —  |
| Net realized gain (loss) | (159054) | (112764) | 97743 | (119124) | 261437  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 66363 | 39517 | (285266) | 105837 | (521945)  |
|  Net change in unrealized appreciation (depreciation) | 66363 | 39517 | (285266) | 105837 | (521945)  |
| **Net realized and unrealized gain (loss)** | (92691) | (73247) | (187523) | (13287) | (260508)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $92477 | $61926 | $(12197) | $101226 | $(156437) |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 3, 2025.

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

17<br>

------

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

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **LifeX 2065** <br>**Longevity** <br>**Income ETF<sup>(a)</sup>** | **LifeX Durable** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp; $962 | &nbsp;&nbsp; $399  |
| Interest income | &nbsp;&nbsp; 65537 | &nbsp;&nbsp; 34605  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 66499 | &nbsp;&nbsp; 35004  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp; 3779 | &nbsp;&nbsp; 2141  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 3779 | &nbsp;&nbsp; 2141  |
| **Net investment income** | &nbsp;&nbsp; 62720 | &nbsp;&nbsp; 32863  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 19283 | &nbsp;&nbsp; (11072)  |
| Net realized gain (loss) | &nbsp;&nbsp; 19283 | &nbsp;&nbsp; (11072)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (81265) | &nbsp;&nbsp; 10679  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (81265) | &nbsp;&nbsp; 10679  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (61982) | &nbsp;&nbsp; (393)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $738 | &nbsp;&nbsp; $32470 |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 3, 2025.

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

18<br>

------

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

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **LifeX 2028** <br>**Income** <br>**Bucket ETF** | **LifeX 2030** <br>**Income** <br>**Bucket ETF** | **LifeX 2035** <br>**Income** <br>**Bucket ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $13690 | $13159 | $7796464  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1 |  | 7315346  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1812 | 1574 | 672118  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 15503 | 14733 | 15783928  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (13691) | (13159) | (10299417)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (106309) | (50174) | (20671691) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (120000) | (63333) | (30971108)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2187931 | 3590849 | 288291509  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (227407381)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 46 | 339 | 50854  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2187977 | 3591188 | 60934982  |
| **Net increase (decrease) in net assets** | 2083480 | 3542588 | 45747802  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $2083480 | $3542588 | $45747802  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 72000 | 76000 | 3211182  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (2667006)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 72000 | 76000 | 544176 |

---

<sup>(a)</sup> Commencement of operations of the Fund was September 23, 2025.

<sup>(b)</sup> Commencement of operations of the Fund was January 3, 2025.

<sup>(c)</sup> The Fund completed a 11-for-1 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

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

19<br>

------

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

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2050 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2050 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2050 Longevity** <br>**Income ETF**  | **LifeX 2050 Longevity** <br>**Income ETF**  |
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $179878 | $68492 | $128077 | $66486  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2134 | (81315) | (61731) | (258208)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3135 | (187798) | 12090 | (90911)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 185147 | (200621) | 78436 | (282633)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (179878) | (68492) | (128077) | (66486)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (310344) | (22214) | (386150) | (56357)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (490222) | (90706) | (514227) | (122843)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 678912 | 5631159 | 2656130 | 6176628  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 2832 |  | 3628  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | 3229672 |  | 3043219 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3231467) | (2284339) | (4177624) | (2231604)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 25 | 1759 | 1093 | 27  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 677142 | 3351411 | 1522818 | 3948679  |
| **Net increase (decrease) in net assets** | 372067 | 3060084 | 1087027 | 3543203  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3060084 |  | 3543203 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3432151 | $3060084 | $4630230 | $3543203  |
| **SHARES TRANSACTIONS<sup>(c)(d)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3077 | 23787 | 16462 | 33185  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 12 |  | 20  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | 14320 |  | 18210 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (15019) | (9953) | (25562) | (12436)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2378 | 13846 | 9110 | 20769 |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 17, 2024.

<sup>(b)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(d)</sup> The fund completed a 10-for-13 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

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

20<br>

------

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

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2055 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2055 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2055 Longevity** <br>**Income ETF**  | **LifeX 2055 Longevity** <br>**Income ETF**  |
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $185168 | $70858 | $135173 | $62315  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (159054) | (91624) | (112764) | (230236)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 66363 | (225291) | 39517 | (155845)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 92477 | (246057) | 61926 | (323766)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (185168) | (70858) | (135173) | (62315)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (205006) | (7767) | (386628) | (41305)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (390174) | (78625) | (521801) | (103620)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 240654 | 5710380 | 609780 | 5700441  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 2285 |  | 3075  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | 7163771 |  | 4609664 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5639190) | (2284710) | (3374862) | (2226923)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 831 | 2633 | 676 | 15  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1766066 | 3430588 | 1845258 | 3476608  |
| **Net increase (decrease) in net assets** | 1468369 | 3105906 | 1385383 | 3049222  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3105906 |  | 3049222 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $4574275 | $3105906 | $4434605 | $3049222  |
| **SHARES TRANSACTIONS<sup>(c)(d)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1000 | 21214 | 3333 | 28070  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 8 |  | 16  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | 28603 |  | 25659 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (23029) | (8722) | (19370) | (11419)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 6574 | 12500 | 9622 | 16667 |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 17, 2024.

<sup>(b)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(d)</sup> The fund completed a 10-for-12 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

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

21<br>

------

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

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2060 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2060 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2060 Longevity** <br>**Income ETF**  | **LifeX 2060 Longevity** <br>**Income ETF**  |
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $175326 | $74799 | $114513 | $63416  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 97743 | (300852) | (119124) | (236273)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (285266) | (70994) | 105837 | (200627)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (12197) | (297047) | 101226 | (373484)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (177287) | (72851) | (114513) | (63416)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (794548) |  | (134565) | (33453)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (971835) | (72851) | (249078) | (96869)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 460855 | 5781571 | 480586 | 5744466  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 1911 |  | 2708  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | 12933270 |  | 3169513 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12491855) | (2280942) | (3028978) | (2218473)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2257 | 2624 | 303 | 19  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 904527 | 3505164 | 621424 | 3528720  |
| **Net increase (decrease) in net assets** | (79505) | 3135266 | 473572 | 3058367  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3135266 |  | 3058367 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3055761 | $3135266 | $3531939 | $3058367  |
| **SHARES TRANSACTIONS<sup>(c)(d)(e)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1667 | 18124 | 2727 | 27296  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 6 |  | 13  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | 45044 |  | 17217 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (46034) | (7297) | (16668) | (10945)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 677 | 10833 | 3276 | 16364 |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 17, 2024.

<sup>(b)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(d)</sup> The 2060 Inflation fund completed a 10-for-12 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(e)</sup> The 2060 Longevity fund completed a 10-for-11 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

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

22<br>

------

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

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2065** <br>**Inflation-Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Longevity** <br>**Income ETF** | **LifeX Durable** <br>**Income ETF**  | **LifeX Durable** <br>**Income ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $104071 | $62720 | &nbsp;&nbsp; $32863 | $32993  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 261437 | 19283 | &nbsp;&nbsp; (11072) | (109748)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (521945) | (81265) | &nbsp;&nbsp; 10679 | (18050)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; (156437) | 738 | &nbsp;&nbsp; 32470 | (94805)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (133606) | (62720) | &nbsp;&nbsp; (32863) | (32993)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp;&nbsp; (767644) | (122904) | &nbsp;&nbsp; (58881) | (12645)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (901250) | (185624) | &nbsp;&nbsp; (91744) | (45638)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 1614825 | 740704 | &nbsp;&nbsp; 192336 | 3119257  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 2959  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | &nbsp;&nbsp;&nbsp; 11886776 | 3312029 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (8120243) | (600102) | &nbsp;&nbsp; (1272) | (2236329)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp;&nbsp; 2313 | 120 | &nbsp;&nbsp; 38 | 2  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 5383671 | 3452751 | &nbsp;&nbsp; 191102 | 885889  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 4325984 | 3267865 | &nbsp;&nbsp; 131828 | 745446  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 745446 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $4325984 | $3267865 | &nbsp;&nbsp; $877274 | $745446  |
| **SHARES TRANSACTIONS<sup>(c)(d)(e)(f)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 5333 | 3636 | &nbsp;&nbsp; 1000 | 14304  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 14  |
| &nbsp;&nbsp;&nbsp; Shares issued from merger/reorganization | &nbsp;&nbsp;&nbsp; 38035 | 16655 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (28029) | (3036) | &nbsp;&nbsp; (6) | (10682)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 15339 | 17255 | &nbsp;&nbsp; 994 | 3636 |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 3, 2025.

<sup>(b)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(c)</sup> The Fund completed 10-for-1 reverse stock splits as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(d)</sup> The 2065 Inflation fund completed a 10-for-12 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(e)</sup> The 2065 Longevity fund completed a 10-for-11 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(f)</sup> The Durable fund completed a 10-for-11 reverse stock split as shown in Note 1. All share information has been retroactively adjusted to reflect this reverse stock split.

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

23<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2028 INCOME BUCKET ETF** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.13  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.03  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 0.31  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.29)  |
| Return of capital  | &nbsp;&nbsp;&nbsp;&nbsp; (2.21)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (2.50)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $28.94  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2083  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.46%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Commencement of operations of the Fund was September 23, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

24<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2030 INCOME BUCKET ETF** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $48.65  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 0.45  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.52)  |
| Return of capital  | &nbsp;&nbsp;&nbsp;&nbsp; (1.98) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (2.50)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $46.61  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.98%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3543  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.54%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Commencement of operations of the Fund was September 23, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

25<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2035 INCOME BUCKET ETF** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $90.64  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.44  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;5.71  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (4.09)  |
| Return of capital  | &nbsp;&nbsp;&nbsp; (8.21) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (12.30)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $84.07  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 6.77%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $45748  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.99%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 112% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 3, 2025 the Fund effected a 11-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

26<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2050 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025<sup>(h)(i)</sup>** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)(h)(i)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $221.00 | &nbsp;&nbsp;&nbsp; $235.43  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.75  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp; (9.92)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp;&nbsp; (1.17)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (8.20) | &nbsp;&nbsp;&nbsp; (10.18)  |
| Return of capital | &nbsp;&nbsp;&nbsp; (14.16) | &nbsp;&nbsp;&nbsp; (3.30)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (22.36) | &nbsp;&nbsp;&nbsp; (13.48)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $211.55 | &nbsp;&nbsp;&nbsp; $221.00  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.94% | &nbsp;&nbsp;&nbsp; (0.55)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3432 | &nbsp;&nbsp;&nbsp; $3060  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 5.01% | &nbsp;&nbsp;&nbsp; 3.97%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 123% | &nbsp;&nbsp;&nbsp; 259% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(h)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(i)</sup> On September 22, 2025 the fund effected a 10-for-13 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

27<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2050 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025<sup>(h)(i)</sup>** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)(h)(i)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $170.60 | &nbsp;&nbsp;&nbsp; $188.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6.69 | &nbsp;&nbsp;&nbsp;&nbsp;6.29  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.15 | &nbsp;&nbsp;&nbsp; (9.67)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 9.84 | &nbsp;&nbsp;&nbsp; (3.38)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (6.36) | &nbsp;&nbsp;&nbsp; (7.86)  |
| Return of capital | &nbsp;&nbsp;&nbsp; (19.17) | &nbsp;&nbsp;&nbsp; (6.66)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (25.53) | &nbsp;&nbsp;&nbsp; (14.52)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $154.97 | &nbsp;&nbsp;&nbsp; $170.60  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 6.13% | &nbsp;&nbsp;&nbsp; (2.00)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $4630 | &nbsp;&nbsp;&nbsp; $3543  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 4.10% | &nbsp;&nbsp;&nbsp; 3.57%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 131% | &nbsp;&nbsp;&nbsp; 580% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(h)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(i)</sup> On September 22, 2025 the fund effected a 10-for-13 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

28<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2055 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025<sup>(g)(h)</sup>** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)(g)(h)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $248.47 | &nbsp;&nbsp;&nbsp; $268.68  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.15  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; (12.89)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 12.91 | &nbsp;&nbsp;&nbsp; (2.74)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (10.26) | &nbsp;&nbsp;&nbsp; (16.08)  |
| Return of capital | &nbsp;&nbsp;&nbsp; (11.36) | &nbsp;&nbsp;&nbsp; (1.76)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (21.62) | &nbsp;&nbsp;&nbsp; (17.84)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.37  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $239.82 | &nbsp;&nbsp;&nbsp; $248.47  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 5.36% | &nbsp;&nbsp;&nbsp; (1.15)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $4574 | &nbsp;&nbsp;&nbsp; $3106  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.10% | &nbsp;&nbsp;&nbsp; 4.06%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 183% | &nbsp;&nbsp;&nbsp; 265% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(g)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> On September 22, 2025 the fund effected a 10-for-12 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

29<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2055 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025<sup>(h)(i)</sup>** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)(h)(i)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $182.95 | &nbsp;&nbsp;&nbsp; $205.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7.32 | &nbsp;&nbsp;&nbsp;&nbsp;6.71  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.53 | &nbsp;&nbsp;&nbsp; (11.84)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 9.85 | &nbsp;&nbsp;&nbsp; (5.13)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (6.26) | &nbsp;&nbsp;&nbsp; (10.29)  |
| Return of capital | &nbsp;&nbsp;&nbsp; (17.89) | &nbsp;&nbsp;&nbsp; (6.83)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (24.15) | &nbsp;&nbsp;&nbsp; (17.12)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $168.69 | &nbsp;&nbsp;&nbsp; $182.95  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.69% | &nbsp;&nbsp;&nbsp; (2.91)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $4435 | &nbsp;&nbsp;&nbsp; $3049  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 4.16% | &nbsp;&nbsp;&nbsp; 3.51%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 119% | &nbsp;&nbsp;&nbsp; 522% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(h)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(i)</sup> On September 22, the fund effected a 10-for-12 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

30<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2060 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025<sup>(g)(h)</sup>** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)(g)(h)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $289.40 | &nbsp;&nbsp;&nbsp; $321.24  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13.48 | &nbsp;&nbsp;&nbsp;&nbsp;12.55  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (3.27) | &nbsp;&nbsp;&nbsp; (17.75)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 10.21 | &nbsp;&nbsp;&nbsp; (5.20)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (6.26) | &nbsp;&nbsp;&nbsp; (27.08)  |
| Return of capital  | &nbsp;&nbsp;&nbsp; (28.03) | &nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (34.29) | &nbsp;&nbsp;&nbsp; (27.08)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.44  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $265.49 | &nbsp;&nbsp;&nbsp; $289.40  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.64% | &nbsp;&nbsp;&nbsp; (1.92)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3056 | &nbsp;&nbsp;&nbsp; $3135  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.83% | &nbsp;&nbsp;&nbsp; 4.25%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 565% | &nbsp;&nbsp;&nbsp; 355% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(g)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> On September 22, 2025 the fund effected a 10-for-12 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

31<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2060 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025<sup>(h)(i)</sup>** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)(h)(i)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $186.90 | &nbsp;&nbsp;&nbsp; $214.17  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp; (13.86)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp; (6.84)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (7.68) | &nbsp;&nbsp;&nbsp; (13.38)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; (9.03) | &nbsp;&nbsp;&nbsp; (7.05)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (16.71) | &nbsp;&nbsp;&nbsp; (20.43)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $179.83 | &nbsp;&nbsp;&nbsp; $186.90  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.42% | &nbsp;&nbsp;&nbsp; (3.77)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3532 | &nbsp;&nbsp;&nbsp; $3058  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 4.19% | &nbsp;&nbsp;&nbsp; 3.56%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 465% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(h)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(i)</sup> On September 22, 2025 the fund effected a 10-for-11 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

32<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2065 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)(g)(h)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $309.48  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.45  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (4.13)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 10.32  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (5.65)  |
| Return of capital  | &nbsp;&nbsp;&nbsp; (32.44) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (38.09)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.32  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $282.03  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.39%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $4326  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.26%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.95%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 345% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(g)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> On September 22, 2025 the fund effected a 10-for-12 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

33<br>

------

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2065 LONGEVITY INCOME ETF** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)(g)(h)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $202.73  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.31  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.46  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;9.77  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (7.81)  |
| Return of capital  | &nbsp;&nbsp;&nbsp; (15.31) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (23.12)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $189.39  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 5.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3268  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.26%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.32%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 116% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions and transactions related to reorganizations.

<sup>(g)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> On September 22, 2025 the fund effected a 10-for-11 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX DURABLE INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025<sup>(h)(i)</sup>** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)(h)(i)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $205.00 | &nbsp;&nbsp;&nbsp; $221.32  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.28  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp; (12.20)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp; (4.92)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (8.88) | &nbsp;&nbsp;&nbsp; (8.24)  |
| Return of capital  | &nbsp;&nbsp;&nbsp; (15.91) | &nbsp;&nbsp;&nbsp; (3.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (24.79) | &nbsp;&nbsp;&nbsp; (11.40)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $189.48 | &nbsp;&nbsp;&nbsp; $205.00  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.78% | &nbsp;&nbsp;&nbsp; (2.33)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $877 | &nbsp;&nbsp;&nbsp; $745  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 4.34% | &nbsp;&nbsp;&nbsp; 3.47%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp; 780% |

---

<sup>(a)</sup> Commencement of operations of the Fund was January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(i)</sup> On September 22, 2025 the fund effected a 10-for-11 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

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

35<br>

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

**Notes to Financial Statements** 

**December 31, 2025** 

1. Organization

Stone Ridge Trust (the "Trust") was organized as a Delaware statutory trust on September 28, 2012, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company issuing shares in multiple series, each series representing a distinct portfolio with its own investment objectives and policies. As of December 31, 2025, each of the LifeX Income Bucket ETFs, each of the LifeX Inflation-Protected Income ETFs, each of the LifeX Income ETFs, and the LifeX Durable Income ETF (each a "Fund," as shown on Schedule A attached hereto) are series of the Trust.

The LifeX Income ETFs and LifeX Durable Income ETF commenced operations on January 8, 2024, with the exception of the 2065 LifeX Income ETF. The LifeX Inflation-Protected Income ETFs commenced operations on January 17, 2024, with the exception of the 2065 LifeX Inflation-Protected Income ETF. The 2065 LifeX Income ETF, the 2065 LifeX Inflation-Protected Income ETF, and the LifeX 2035 Income Bucket ETF all commenced operations on January 3, 2025. The LifeX 2028 Income Bucket ETF and the LifeX 2030 Income Bucket ETF commenced operations on September 23, 2025. The Funds offer one class of shares to investors. There are an unlimited number of authorized shares.

The LifeX Income ETFs' investment objective is to provide reliable monthly distributions, consisting of income and principal, through their end year. The LifeX Inflation-Protected Income ETFs' investment objective is to provide reliable monthly inflation-linked distributions, consisting of income and principal, through their end year. The LifeX Income Bucket ETFs' investment objective is to provide fixed monthly distributions, consisting of income and principal, through their liquidation year. The LifeX Durable Income ETF's investment objective is to provide reliable monthly distributions, consisting of income and principal.

In February 2025, the Funds underwent reverse stock splits as shown in the below table:

---

| | | |
|:---|:---|:---|
| **Effective Name**  | **Effective Date**  | **Reverse Stock** <br>**Split Rate**  |
| **LifeX Income Bucket ETFs**  | **LifeX Income Bucket ETFs**  | **LifeX Income Bucket ETFs**  |
| LifeX 2035 Income Bucket ETF  | 2/3/2025  | 11:1  |
| **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  |
| LifeX 2050 Inflation-Protected Longevity Income ETF  | 2/7/2025  | 10:1  |
| LifeX 2055 Inflation-Protected Longevity Income ETF  | 2/11/2025  | 10:1  |
| LifeX 2060 Inflation-Protected Longevity Income ETF  | 2/13/2025  | 10:1  |
| LifeX 2065 Inflation-Protected Longevity Income ETF  | 2/14/2025  | 10:1  |
| **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  |
| LifeX 2050 Longevity Income ETF  | 2/7/2025  | 10:1  |
| LifeX 2055 Longevity Income ETF  | 2/11/2025  | 10:1  |
| LifeX 2060 Longevity Income ETF  | 2/13/2025  | 10:1  |
| LifeX 2065 Longevity Income ETF  | 2/14/2025  | 10:1  |
| **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  |
| LifeX Durable Income ETF  | 2/14/2025  | 10:1 |

---

On July 22, 2025, the Board of Trustees (the "Board") of the Trust approved (i) an Agreement and Plan of Reorganization (the "Plan") pursuant to which 14 of the Longevity Income ETFs were reorganized with and into the 2050, 2055, 2060, and 2065 Income ETFs, as described further below (the "Fixed Reorganization"), and 14 of the Inflation-Protected Income ETFs (together with the 14 Longevity Income ETFs, the "Target ETFs") were reorganized with and into the 2050, 2055, 2060, and 2065 Inflation-Protected Longevity Income ETFs, as described further below (together with the 2050, 2055, 2060, and 2065 Longevity Income ETFs, the "Acquiring ETFs," and together with the Target ETFs, the "Funds") (such transaction, the "TIPS Reorganization," and together with the Fixed Reorganization, the "Reorganizations"), (ii) reverse share splits by certain LifeX ETFs (as defined below), and (iii) special one-time distributions by each of the

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

Acquiring ETFs and the LifeX Durable Income ETF (collectively, the "Distributing ETFs"). The Adviser bore all of the expenses relating to each Reorganization. The Reorganizations were effective as of the date set forth in the table below.

The purpose of the Reorganizations was to streamline the LifeX ETF suite in order to improve liquidity, simplify and enhance the overall investor experience and achieve certain operational advantages, including higher assets under management and anticipated higher trading volumes for each Acquiring Fund post-reorganization.

In connection with the reorganizations, each Target ETF transferred all of its assets to the specified Acquiring ETF in exchange for common shares of beneficial interest of the relevant Acquiring ETF (the "Reorganization Shares") and the assumption by such Acquiring ETF of all of such Target ETF's liabilities. The exchange was effected on the date agreed to by each Target Fund and each Acquiring Fund. This was followed immediately by each Target ETF's pro rata distribution of the Reorganization Shares to its shareholders, in complete liquidation of each Target ETF.

Under the Plan each Target ETF was reorganized with and into the specified Acquiring ETF as set forth in the table below.

---

| | | |
|:---|:---|:---|
| **Target ETFs** | **Acquiring ETFs** | **Reorganization** <br>**Effective** <br>**Date**  |
| **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  |
| LifeX 2048 Inflation-Protected Longevity Income ETF | LifeX 2050 Inflation-Protected <br>Longevity Income ETF  | 09/15/2025  |
| LifeX 2049 Inflation-Protected Longevity Income ETF | LifeX 2050 Inflation-Protected <br>Longevity Income ETF  | 09/15/2025  |
| LifeX 2051 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF  | 09/16/2025  |
| LifeX 2052 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF  | 09/16/2025  |
| LifeX 2053 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF  | 09/16/2025  |
| LifeX 2054 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF  | 09/16/2025  |
| LifeX 2056 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF  | 09/17/2025  |
| LifeX 2057 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF  | 09/17/2025  |
| LifeX 2058 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF  | 09/17/2025  |
| LifeX 2059 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF  | 09/17/2025  |
| LifeX 2061 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected<br>Longevity Income ETF  | 09/18/2025  |
| LifeX 2062 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected<br>Longevity Income ETF  | 09/18/2025  |
| LifeX 2063 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected<br>Longevity Income ETF  | 09/18/2025  |
| LifeX 2064 Inflation-Protected Longevity Income ETF  | LifeX 2065 Inflation-Protected<br>Longevity Income ETF  | 09/18/2025  |
| **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  |
| LifeX 2048 Longevity Income ETF | LifeX 2050 Longevity Income ETF | 09/15/2025  |
| LifeX 2049 Longevity Income ETF | LifeX 2050 Longevity Income ETF | 09/15/2025  |
| LifeX 2051 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09/16/2025  |
| LifeX 2052 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09/16/2025  |
| LifeX 2053 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09/16/2025  |
| LifeX 2054 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09/16/2025  |
| LifeX 2056 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09/17/2025  |
| LifeX 2057 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09/17/2025  |
| LifeX 2058 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09/17/2025  |
| LifeX 2059 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09/17/2025  |
| LifeX 2061 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09/18/2025  |
| LifeX 2062 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09/18/2025  |
| LifeX 2063 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09/18/2025  |
| LifeX 2064 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09/18/2025  |

---

37<br>

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

Each Reorganization was accomplished by a tax-free exchange of shares of the Acquiring ETFs for shares of the Target Funds as noted below:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring ETFs** | **Prior to Reorganization**  | **Prior to Reorganization**  | **Prior to Reorganization**  |
| **Acquiring ETFs** | **Shares** <br>**Outstanding** | **Net Assets** | **NAV Per Share**  |
| **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** |
| LifeX 2048 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 10997 | $1734099.53 | $157.6884  |
| LifeX 2049 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 8998 | 1495572.25 | 166.2116  |
| LifeX 2051 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 5998 | 1084773.28 | 180.8558  |
| LifeX 2052 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 8998 | 1690222.10 | 187.8442  |
| LifeX 2053 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 9998 | 1963062.05 | 196.3455  |
| LifeX 2054 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 11996 | 2425713.08 | 202.2102  |
| LifeX 2056 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 25999 | 5581212.82 | 214.6703  |
| LifeX 2057 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 7997 | 1776794.88 | 222.1827  |
| LifeX 2058 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 5998 | 1364416.42 | 227.4786  |
| LifeX 2059 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 17997 | 4210846.20 | 233.9749  |
| LifeX 2061 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 12998 | 3193521.16 | 245.6933  |
| LifeX 2062 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 2998 | 749550.82 | 250.017  |
| LifeX 2063 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 23995 | 6156470.76 | 256.5731  |
| LifeX 2064 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 6998 | 1787233.52 | 255.392  |
| **LifeX Income ETFs** | **LifeX Income ETFs** | **LifeX Income ETFs** | **LifeX Income ETFs** |
| LifeX 2048 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 13095 | $1557705.11 | $118.9542  |
| LifeX 2049 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 11997 | 1485513.97 | 123.8238  |
| LifeX 2051 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 6997 | 930847.97 | 133.0353  |
| LifeX 2052 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 6997 | 963587.99 | 137.7144  |
| LifeX 2053 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 13997 | 1986109.53 | 141.8954  |
| LifeX 2054 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 4998 | 729118.04 | 145.882  |
| LifeX 2056 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 3997 | 615019.40 | 153.8703  |
| LifeX 2057 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 7998 | 1256301.95 | 157.077  |
| LifeX 2058 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 3997 | 642843.03 | 160.8314  |
| LifeX 2059 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 3998 | 655348.79 | 163.9192  |
| LifeX 2061 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 2998 | 510379.70 | 170.2401  |
| LifeX 2062 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 5996 | 1035927.94 | 172.7698  |
| LifeX 2063 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 5997 | 1053199.32 | 175.621  |
| LifeX 2064 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 3997 | 712521.40 | 178.264 |

---

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The cost, net unrealized appreciation/(depreciation) and fair market value of the investments of Acquiring ETFS as of the date of the Reorganization, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring ETFS** | **Prior to Reorganization**  | **Prior to Reorganization**  | **Prior to Reorganization**  |
| **Acquiring ETFS** | **Cost** | **Unrealized** <br>**Appreciation/**<br>(Depreciation) | **Fair Value**  |
| **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  |
| LifeX 2048 Inflation-Protected Longevity Income ETF | $1677515 | &nbsp;&nbsp; $25240 | $1702755  |
| LifeX 2049 Inflation-Protected Longevity Income ETF | 1478046 | &nbsp;&nbsp; 3146 | 1481192  |
| LifeX 2051 Inflation-Protected Longevity Income ETF | 1046612 | &nbsp;&nbsp; 7454 | 1054066  |
| LifeX 2052 Inflation-Protected Longevity Income ETF | 1727560 | &nbsp;&nbsp; (60028) | 1667532  |
| LifeX 2053 Inflation-Protected Longevity Income ETF | 1886120 | &nbsp;&nbsp; 33653 | 1919773  |
| LifeX 2054 Inflation-Protected Longevity Income ETF | 2360010 | &nbsp;&nbsp; 41205 | 2401215  |
| LifeX 2056 Inflation-Protected Longevity Income ETF | 5396143 | &nbsp;&nbsp; 72481 | 5468624  |
| LifeX 2057 Inflation-Protected Longevity Income ETF | 1679964 | &nbsp;&nbsp; 49070 | 1729034  |
| LifeX 2058 Inflation-Protected Longevity Income ETF | 1285909 | &nbsp;&nbsp; 47790 | 1333699  |
| LifeX 2059 Inflation-Protected Longevity Income ETF | 4002558 | &nbsp;&nbsp; 125267 | 4127825  |
| LifeX 2061 Inflation-Protected Longevity Income ETF | 2797065 | &nbsp;&nbsp; 102972 | 2900037  |
| LifeX 2062 Inflation-Protected Longevity Income ETF | 695431 | &nbsp;&nbsp; 21038 | 716469  |
| LifeX 2063 Inflation-Protected Longevity Income ETF | 5761445 | &nbsp;&nbsp; 234521 | 5995966  |
| LifeX 2064 Inflation-Protected Longevity Income ETF | 1696756 | &nbsp;&nbsp; 39464 | 1736220  |
| **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  |
| LifeX 2048 Longevity Income ETF | $1481705 | &nbsp;&nbsp; $35700 | $1517405  |
| LifeX 2049 Longevity Income ETF | 1426783 | &nbsp;&nbsp; 32358 | 1459141  |
| LifeX 2051 Longevity Income ETF | 883615 | &nbsp;&nbsp; 21211 | 904826  |
| LifeX 2052 Longevity Income ETF | 919366 | &nbsp;&nbsp; 24690 | 944056  |
| LifeX 2053 Longevity Income ETF | 1895219 | &nbsp;&nbsp; 50782 | 1946001  |
| LifeX 2054 Longevity Income ETF | 700911 | &nbsp;&nbsp; 13551 | 714462  |
| LifeX 2056 Longevity Income ETF | 585516 | &nbsp;&nbsp; 13773 | 599289  |
| LifeX 2057 Longevity Income ETF | 1199710 | &nbsp;&nbsp; 26504 | 1226214  |
| LifeX 2058 Longevity Income ETF | 611858 | &nbsp;&nbsp; 14363 | 626221  |
| LifeX 2059 Longevity Income ETF | 626778 | &nbsp;&nbsp; 9733 | 636511  |
| LifeX 2061 Longevity Income ETF | 489122 | &nbsp;&nbsp; 7271 | 496393  |
| LifeX 2062 Longevity Income ETF | 995311 | &nbsp;&nbsp; 13774 | 1009085  |
| LifeX 2063 Longevity Income ETF | 1013872 | &nbsp;&nbsp; 8681 | 1022553  |
| LifeX 2064 Longevity Income ETF | 678988 | &nbsp;&nbsp; 17793 | 696781 |

---

39<br>

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The Target ETFs' balances were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring ETFs** | **Prior to Reorganization**  | **Prior to Reorganization**  | **Prior to Reorganization**  |
| **Acquiring ETFs** | **Shares** <br>**Outstanding** | **Net Assets** | **NAV Per Share**  |
| **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** |
| LifeX 2050 Inflation-Protected Longevity Income ETF | 21997 | $3816335.88 | $173.4935  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | 14997 | 3130096.99 | 208.7149  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | 14999 | 3588837.07 | 239.2718  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | 3998 | 1041221.25 | 260.4355  |
| **LifeX Income ETFs** | **LifeX Income ETFs** | **LifeX Income ETFs** | **LifeX Income ETFs** |
| LifeX 2050 Longevity Income ETF | 9995 | $1284891.77 | $128.5535  |
| LifeX 2055 Longevity Income ETF | 7997 | 1197223.25 | 149.7090  |
| LifeX 2060 Longevity Income ETF | 5997 | 1003624.11 | 167.3544  |
| LifeX 2065 Longevity Income ETF | 3998 | 722776.03 | 180.7844 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring ETFs** | **After Reorganization**  | **After Reorganization**  | **After Reorganization**  |
| **Acquiring ETFs** | **Shares** <br>**Outstanding** | **Net Assets** | **NAV Per Share**  |
| **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** | **LifeX Inflation-Protected Income ETFs** |
| LifeX 2050 Inflation-Protected Longevity Income ETF | 40612.52 | $7046007.66 | $173.4935  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | 49320.24 | 10293867.50 | 208.7149  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | 69051.63 | 16522107.39 | 239.2718  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | 49639.92 | 12927997.51 | 260.4355  |
| **LifeX Income ETFs** | **LifeX Income ETFs** | **LifeX Income ETFs** | **LifeX Income ETFs** |
| LifeX 2050 Longevity Income ETF | 33667.79 | $4328110.85 | $128.5535  |
| LifeX 2055 Longevity Income ETF | 38787.83 | 5806886.78 | 149.709  |
| LifeX 2060 Longevity Income ETF | 24935.93 | 4173137.28 | 167.3544  |
| LifeX 2065 Longevity Income ETF | 22318.32 | 4034804.39 | 180.7844 |

---

For financial reporting purposes, the Acquiring Fund is deemed to be the accounting survivor and, as a result, the Statement of Operations and Financial Highlights reflect the operations of the Acquiring Fund only. The assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Because the Acquiring Fund has been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund and the Acquiring Fund that have been included in the Acquiring Fund's Statement of Operations since the Merger Date.

Effective as of the close of business on September 22, 2025, the Acquiring ETFs underwent a reverse share split, as approved by the Board on July 22, 2025. In addition, following the reverse share splits, the intended distribution amount per share for each Acquiring ETF remained $0.8333 per outstanding share per month (adjusted for inflation in the case of the Inflation-Protected Longevity Income ETFs), or $10.00 per

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

share per year (adjusted for inflation in the case of the Inflation-Protected Longevity Income ETFs), through December of the end year specified in such Acquiring ETF's prospectus.

---

| | |
|:---|:---|
| **LifeX Inflation-Protected Income ETFs** | **Reverse Share** <br>**Split Rate**  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | 10-for-13  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | 10-for-12  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | 10-for-12  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | 10-for-12  |
| **LifeX Income ETFs** |  |
| LifeX 2050 Longevity Income ETF | 10-for-13  |
| LifeX 2055 Longevity Income ETF | 10-for-12  |
| LifeX 2060 Longevity Income ETF | 10-for-11  |
| LifeX 2065 Longevity Income ETF | 10-for-11  |
| **LifeX Durable ETF** |  |
| LifeX Durable Income ETF | 10-for-11 |

---

On July 22, 2025, the Board approved a special distribution to be made by each of the Distributing ETFs. The record date for each such special distribution was September 24, 2025, and the payment date was September 25, 2025. The special distribution amount per share made by each of the Distributing ETFs is shown below.

---

| | |
|:---|:---|
| **LifeX Inflation-Protected Income ETFs** | **Special** <br>**Distribution** <br>**Amount** <br>**Per Share**  |
| LifeX 2050 Inflation Protected Longevity Income ETF | &nbsp;&nbsp; $9.06  |
| LifeX 2055 Inflation Protected Longevity Income ETF | &nbsp;&nbsp; $4.30  |
| LifeX 2060 Inflation Protected Longevity Income ETF | &nbsp;&nbsp; $13.57  |
| LifeX 2065 Inflation Protected Longevity Income ETF | &nbsp;&nbsp; $21.31  |
| **LifeX Income ETFs** |  |
| LifeX 2050 Longevity Income ETF | &nbsp;&nbsp; $9.47  |
| LifeX 2055 Longevity Income ETF | &nbsp;&nbsp; $7.42  |
| LifeX 2060 Longevity Income ETF | &nbsp;&nbsp; $0.00  |
| LifeX 2065 Longevity Income ETF | &nbsp;&nbsp; $4.96  |
| **LifeX Durable ETF** |  |
| LifeX Durable Income ETF | &nbsp;&nbsp; $4.93 |

---

41<br>

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

Assuming the Reorganization had been completed on January 1, 2025, the beginning of the reporting period, pro forma results of operations for the year ended December 31, 2025 would have been as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pro Forma Results from Operations**  | **Pro Forma Results from Operations**  | **Pro Forma Results from Operations**  | **Pro Forma Results from Operations**  |
|  | **Net** <br>**Investment** <br>**Gain/(Loss)** | **Net Realized** <br>**Gain/(Loss)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Change in** <br>**Net Assets** <br>**Resulting** <br>**from** <br>**Operations**  |
| **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | 402479 | (358880) | &nbsp;&nbsp; 408475 | 452074  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | 620554 | (865278) | &nbsp;&nbsp; 914627 | 669903  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | 774045 | (807097) | &nbsp;&nbsp; 1004139 | 971087  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | 584606 | (510119) | &nbsp;&nbsp; 445418 | 519905  |
| **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  |
| LifeX 2050 Longevity Income ETF | 311730 | (232790) | &nbsp;&nbsp; 292435 | 371375  |
| LifeX 2055 Longevity Income ETF | 465447 | (778273) | &nbsp;&nbsp; 749731 | 436905  |
| LifeX 2060 Longevity Income ETF | 408851 | (835056) | &nbsp;&nbsp; 941918 | 515713  |
| LifeX 2065 Longevity Income ETF | 297469 | (641600) | &nbsp;&nbsp; 625022 | 280891 |

---

The Funds list and principally trade their shares on Cboe BZX Exchange, Inc. (the "Exchange"). Shares of the Funds trade on the Exchange at market prices that may be below, at, or above the Funds' net asset value ("NAV"). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." Each Creation Unit generally consists of 10,000 shares.

Creation Units may be purchased or redeemed only by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant, and in each case must have executed an Authorized Participant Agreement with Foreside Financial Services, LLC. Most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. A purchase or redemption transaction fee (i.e., creation or redemption fee), payable by the Authorized Participant or the Adviser, is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units.

2. Summary of Significant Accounting Policies

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Valuation and Fair Value Measurement. The Board has approved procedures pursuant to which each Fund values its investments (the "Valuation
 Procedures"). The Board has established a Valuation Committee (the "Board Valuation Committee"), which has designated
 Stone Ridge Asset Management LLC (the "Adviser") to serve as "valuation designee" in accordance with Rule 2a-5
 of the 1940 Act and, in that capacity, to bear

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

responsibility for implementing the Valuation Procedures, including performing fair valuation determinations relating to all investments held by each Fund (as needed), and periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the "Adviser Valuation Committee") performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair valuation determinations. Listed below is a summary of certain of the methods generally used currently to value investments of each Fund under the Valuation Procedures:

Non-prime money market funds and cash sweep programs are generally valued at amortized cost, which approximates fair value.

Other debt securities, including U.S. government debt securities (which we refer to as "U.S. Government Securities"), are valued by an independent pricing service at an evaluated (or estimated) mean between the closing bid and asked prices.

The Funds generally expect that their investments in U.S. Government Securities will not require the use of fair valuation methodologies. In the event that market quotations are not readily available for a particular Fund asset or available market quotations, or other information are deemed to be unreliable by the Adviser Valuation Committee, then such instruments will be valued as determined in good faith by the Adviser Valuation Committee. In these circumstances, each Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Adviser Valuation Committee of any information or factors it deems appropriate.

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

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

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

---

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

---

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

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument's level within the fair value hierarchy is based on the lowest

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser's perceived risk of that instrument.

**LifeX 2028 Income Bucket ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $44953 | $1795359 | $— | $1840312  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 113651 |  | 113651  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 113782 |  |  | 113782  |
| **Total Investments** | $158735 | $1909010 | $— | $2067745 |

---

**LifeX 2030 Income Bucket ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $340640 | $2942300 | $— | $3282940  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 187594 |  |  | 187594  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 54841 |  | 54841  |
| **Total Investments** | $528234 | $2997141 | $— | $3525375 |

---

**LifeX 2035 Income Bucket ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $44036001 | $— | $44036001  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 1250424 |  |  | 1250424  |
| **Total Investments** | $1250424 | $44036001 | $— | $45286425 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $3228214 | $— | $3228214  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 108516 |  |  | 108516  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 77595 |  | 77595  |
| **Total Investments** | $108516 | $3305809 | $— | $3414325 |

---

**LifeX 2050 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $4517630 | $— | $4517630  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 54990 |  |  | 54990  |
| **Total Investments** | $54990 | $4517630 | $— | $4572620 |

---

44<br>

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $504845 | $3932728 | $— | $4437573  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 109702 |  |  | 109702  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  |  |  | —  |
| **Total Investments** | $614547 | $3932728 | $— | $4547275 |

---

**LifeX 2055 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $4309761 | $— | $4309761  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 75224 |  |  | 75224  |
| **Total Investments** | $75224 | $4309761 | $— | $4384985 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $2149745 | $697728 | $— | $2847473  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 99487 |  | 99487  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 86750 |  |  | 86750  |
| **Total Investments** | $2236495 | $797215 | $— | $3033710 |

---

**LifeX 2060 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $3450234 | $— | $3450234  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 30342 |  |  | 30342  |
| **Total Investments** | $30342 | $3450234 | $— | $3480576 |

---

**LifeX 2065 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $3455428 | $13470 | $— | $3468898  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 660884 |  | 660884  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 164860 |  |  | 164860  |
| **Total Investments** | $3620288 | $674354 | $— | $4294642 |

---

**LifeX 2065 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $3191322 | $— | $3191322  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 23214 |  |  | 23214  |
| **Total Investments** | $23214 | $3191322 | $— | $3214536 |

---

45<br>

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**LifeX Durable Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $861721 | $— | $861721  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 1738 |  |  | 1738  |
| **Total Investments** | $1738 | $861721 | $— | $863459 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Federal Income Taxes. The
 Funds qualify and intend to continue to qualify as regulated investment companies ("RICs") under Subchapter M of the Internal
 Revenue Code of 1986, as amended. As RICs, the Funds will not be subject to federal income tax to the extent they distribute substantially
 all of their net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributions to Shareholders. The
 Funds intend to make distributions monthly, for which a significant portion of each distribution is expected and intended to constitute
 a return of capital, which will reduce the amount of capital available for investment and reduce a shareholder's tax basis in his
 or her shares. A return of capital is generally not taxable to the shareholder. However, following the point at which a shareholder's
 tax basis in his or her shares has been reduced to zero, this portion of the Funds' intended distributions are expected to constitute
 capital gains.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Other. Investment transactions are recorded on the trade date. Dividend income, less any foreign tax withheld, is recognized on the ex-dividend
 date and interest income is recognized on an accrual basis, including amortization/accretion of premiums or discounts. Discounts and premiums
 on securities purchased are amortized over the lives of the respective securities using the constant yield method. Realized gains and
 losses on securities sold are calculated on a highest-amortized cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Segment Reporting. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it
 may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CEO of Stone Ridge Asset Management is the CODM of each Fund. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocations are pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's Schedule of Investments, total returns, and changes in net assets from operations, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmark and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the each Fund's financial statements.

3. Federal Tax Matters

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

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

---

| | | |
|:---|:---|:---|
|  | **TOTAL DISTRIBUTABLE**<br>**EARNINGS/(LOSS)** | **PAID IN CAPITAL**  |
| LifeX 2028 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| LifeX 2030 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| LifeX 2035 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4859032) | &nbsp;&nbsp;&nbsp; 4859032  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126353 | &nbsp;&nbsp;&nbsp; (126353)  |
| LifeX 2050 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538280 | &nbsp;&nbsp;&nbsp; (538280)  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256357 | &nbsp;&nbsp;&nbsp; (256357)  |
| LifeX 2055 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18351 | &nbsp;&nbsp;&nbsp; (18351)  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329350 | &nbsp;&nbsp;&nbsp; (329350)  |
| LifeX 2060 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754710 | &nbsp;&nbsp;&nbsp; (754710)  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138729 | &nbsp;&nbsp;&nbsp; (138729)  |
| LifeX 2065 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556151 | &nbsp;&nbsp;&nbsp; (556151)  |
| LifeX Durable Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

These differences primarily relate to redemptions in kind and adjustments related to tax-free reorganizations.

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

As of December 31, 2025, tax cost of investments and components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2028** <br>**Income** <br>**Bucket ETF** | **LifeX 2030** <br>**Income** <br>**Bucket ETF** | **LifeX 2035** <br>**Income** <br>**Bucket ETF** | **LifeX 2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| Tax cost of investments | $2065933 | $3523801 | $44637663 | $3610810 | $4597653 | $4697991  |
| Unrealized appreciation | 2029 | 2040 | 683283 | 6476 | 24776 | 11364  |
| Unrealized depreciation | (217) | (466) | (34521) | (202961) | (49809) | (162080)  |
|  Net unrealized appreciation (depreciation) | 1812 | 1574 | 648762 | (196485) | (25033) | (150716)  |
| Undistributed ordinary income |  |  |  |  |  | —  |
|  Undistributed long-term gain (capital loss carryover) |  |  |  | (562456) | (1095916) | (1351621)  |
| Distributable earnings (loss) |  |  |  | (562456) | (1095916) | (1351621)  |
| Other temporary differences |  |  | (23283) |  |  | —  |
| Total accumulated gain (loss) | $1812 | $1574 | $625479 | $(758941) | $(1120949) | $(1502337) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2055** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2065** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**Durable** <br>**Income ETF**  |
| Tax cost of investments | $4398069 | $3099694 | $3528321 | $4422323 | $3274081 | &nbsp;&nbsp; $871002  |
| Unrealized appreciation | 27859 | 3530 | 14163 | 363 | 11274 | &nbsp;&nbsp; 3142  |
| Unrealized depreciation | (40943) | (69514) | (61908) | (128044) | (70819) | &nbsp;&nbsp; (10685)  |
|  Net unrealized appreciation (depreciation) | (13084) | (65984) | (47745) | (127681) | (59545) | &nbsp;&nbsp; (7543)  |
| Undistributed ordinary income |  |  |  |  |  | &nbsp;&nbsp; —  |
|  Undistributed long-term gain (capital loss carryover) | (2864539) | (1713490) | (2013270) | (1374281) | (1334982) | &nbsp;&nbsp; (120648)  |
| Distributable earnings (loss) | (2864539) | (1713490) | (2013270) | (1374281) | (1334982) | &nbsp;&nbsp; (120648)  |
| Other temporary differences |  |  |  | (62958) |  | &nbsp;&nbsp; —  |
| Total accumulated gain (loss) | $(2877623) | $(1779474) | $(2061015) | $(1564920) | $(1394527) | &nbsp;&nbsp; $(128191) |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to wash sales losses.

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

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Total**  |
| LifeX 2028 Income Bucket ETF | $13691 | &nbsp;&nbsp; $— | $106309 | $120000  |
| LifeX 2030 Income Bucket ETF | 13159 | &nbsp;&nbsp; — | 50174 | 63333  |
| LifeX 2035 Income Bucket ETF | 10299417 | &nbsp;&nbsp; — | 20671691 | 30971108  |
|  LifeX 2050 Inflation-Protected Longevity Income ETF | 179878 | &nbsp;&nbsp; — | 310344 | 490222  |
| LifeX 2050 Longevity Income ETF | 128077 | &nbsp;&nbsp; — | 386150 | 514227  |
|  LifeX 2055 Inflation-Protected Longevity Income ETF | 185168 | &nbsp;&nbsp; — | 205006 | 390174  |
| LifeX 2055 Longevity Income ETF | 135173 | &nbsp;&nbsp; — | 386628 | 521801  |
|  LifeX 2060 Inflation-Protected Longevity Income ETF | 177287 | &nbsp;&nbsp; — | 794548 | 971835  |
| LifeX 2060 Longevity Income ETF | 114513 | &nbsp;&nbsp; — | 134565 | 249078  |
|  LifeX 2065 Inflation-Protected Longevity Income ETF | 133606 | &nbsp;&nbsp; — | 767644 | 901250  |
| LifeX 2065 Longevity Income ETF | 62720 | &nbsp;&nbsp; — | 122904 | 185624  |
| LifeX Durable Income ETF | 32863 | &nbsp;&nbsp; — | 58881 | 91744 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Total**  |
|  LifeX 2050 Inflation-Protected Longevity Income ETF | $68492 | &nbsp;&nbsp; $— | $22214 | $90706  |
| LifeX 2050 Longevity Income ETF | 66486 | &nbsp;&nbsp; — | 56357 | 122843  |
|  LifeX 2055 Inflation-Protected Longevity Income ETF | 70858 | &nbsp;&nbsp; — | 7767 | 78625  |
| LifeX 2055 Longevity Income ETF | 62315 | &nbsp;&nbsp; — | 41305 | 103620  |
|  LifeX 2060 Inflation-Protected Longevity Income ETF | 72851 | &nbsp;&nbsp; — |  | 72851  |
| LifeX 2060 Longevity Income ETF | 63416 | &nbsp;&nbsp; — | 33453 | 96869  |
| LifeX Durable Income ETF | 32993 | &nbsp;&nbsp; — | 12645 | 45638 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total**  |
| LifeX 2028 Income Bucket ETF | $— | $— | $—  |
| LifeX 2030 Income Bucket ETF |  |  | —  |
| LifeX 2035 Income Bucket ETF |  |  | —  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | (557280) | (5176) | (562456)  |
| LifeX 2050 Longevity Income ETF | (1093660) | (2256) | (1095916)  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | (1298314) | (53307) | (1351621)  |
| LifeX 2055 Longevity Income ETF | (2813014) | (51525) | (2864539)  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | (1652758) | (60732) | (1713490)  |
| LifeX 2060 Longevity Income ETF | (2010534) | (2736) | (2013270)  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | (1360836) | (13445) | (1374281)  |
| LifeX 2065 Longevity Income ETF | (1334982) |  | (1334982)  |
| LifeX Durable Income ETF | (118081) | (2567) | (120648) |

---

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

As of December 31, 2025, the Funds deferred, on a tax basis, late year ordinary losses shown below. These losses are deemed to arise on January 1, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ORDINARY** | **SHORT-TERM** | **LONG-TERM** | **TOTAL**  |
| LifeX 2028 Income Bucket ETF | $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $—  |
| LifeX 2030 Income Bucket ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX 2035 Income Bucket ETF |  | &nbsp;&nbsp;&nbsp; 23283 | &nbsp;&nbsp;&nbsp;&nbsp; — | 23283  |
| LifeX 2050 Inflation-Protected Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX 2050 Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX 2055 Inflation-Protected Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX 2055 Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX 2060 Inflation-Protected Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX 2060 Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX 2065 Inflation-Protected Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; 62666 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | 62958  |
| LifeX 2065 Longevity Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LifeX Durable Income ETF |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  |

---

There is no tax liability resulting from unrecognizable tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax returns for the fiscal year ended December 31, 2025 or any other tax year open for exam. As of December 31, 2025 only tax year December 31, 2024 is open for exam. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year, the Funds did not incur any interest or penalties.

4. Agreements

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Management Agreement. The Adviser is the Funds' investment adviser and was organized as a Delaware limited liability company in 2012. The Adviser's
 primary business is to provide a variety of investment management services, including an investment program for the Funds.

As compensation for its services, the Adviser is paid by the Funds a fee, computed daily and paid monthly in arrears at an annual rate of 0.25% of each Fund's average daily net assets. The Adviser had previously been paid a fee for its services to the LifeX Income ETFs, LifeX Inflation-Protected Income ETFs and LifeX Durable Income ETF, computed daily and paid monthly in arrears at an annual rate of 0.50% of each Funds' average daily net assets for the period from July 26, 2024 through February 19, 2025.

5. Service Providers

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor. Foreside
 Financial Services, LLC serves as the Funds' distributor.

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

6. Investment Transactions

For the year ended December 31, 2025, aggregate purchases and sales of securities (excluding short-term securities and in-kind transactions) by the Funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2028** <br>**Income** <br>**Bucket ETF** | **LifeX 2030** <br>**Income** <br>**Bucket ETF** | **LifeX 2035** <br>**Income** <br>**Bucket ETF** | **LifeX 2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $63044  | $1146931 | $420603781 | $4020050 | $4162188 | $6250363  |
| Sales  | $—  | $— | $213119298 | $4450314 | $7361365 | $7144933 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2055** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**Durable** <br>**Income ETF**  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $3832522 | $15533794 | $1710335 | $6065436 | $1794223 | $508019  |
| Sales | $7491424 | $18054075 | $4758458 | $5808623 | $2479132 | $367859 |

---

For the year ended December 31, 2025, aggregate in-kind purchases and sales of securities by the Funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2028** <br>**Income** <br>**Bucket ETF** | **LifeX 2030** <br>**Income** <br>**Bucket ETF** | **LifeX 2035** <br>**Income** <br>**Bucket ETF** | **LifeX 2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $1334659 | $1611614 | $42911198 | $659573 | $1346864 | $—  |
| Sales | $— | $— | $215229310 | $3195973 | $— | $4478148 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2055** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**Durable** <br>**Income ETF**  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $585691 | $425128 | $468551 | $385653 | $710782 | $—  |
| Sales | $— | $9983070 | $— | $6622036 | $— | $— |

---

7. Subsequent Events Evaluation

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

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**SCHEDULE A** 

---

| | |
|:---|:---|
| **LifeX Income Bucket ETFs** | **Inception Date** |
| LifeX 2028 Income Bucket ETF | 9/23/2025  |
| LifeX 2030 Income Bucket ETF | 9/23/2025  |
| LifeX 2035 Income Bucket ETF | 1/3/2025  |
| **LifeX Inflation-Protected Income ETFs** |  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | 1/17/2024  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | 1/17/2024  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | 1/17/2024  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | 1/3/2025  |
| **LifeX Income ETFs** |  |
| LifeX 2050 Longevity Income ETF | 1/8/2024  |
| LifeX 2055 Longevity Income ETF | 1/8/2024  |
| LifeX 2060 Longevity Income ETF | 1/8/2024  |
| LifeX 2065 Longevity Income ETF | 1/3/2025  |
| **LifeX Durable Income ETF** |  |
| LifeX Durable Income ETF  | 1/8/2024 |

---

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of LifeX 2028 Income Bucket ETF, LifeX 2030 Income Bucket ETF, LifeX 2035 Income Bucket ETF, LifeX 2050 Inflation-Protected Longevity Income ETF, LifeX 2050 Longevity Income ETF, LifeX 2055 Inflation-Protected Longevity Income ETF, LifeX 2055 Longevity Income ETF, LifeX 2060 Inflation-Protected Longevity Income ETF, LifeX 2060 Longevity Income ETF, LifeX 2065 Inflation-Protected Longevity Income ETF, LifeX 2065 Longevity Income ETF, and LifeX Durable Income ETF and the Board of Trustees of Stone Ridge Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of LifeX 2028 Income Bucket ETF, LifeX 2030 Income Bucket ETF, LifeX 2035 Income Bucket ETF, LifeX 2050 Inflation-Protected Longevity Income ETF, LifeX 2050 Longevity Income ETF, LifeX 2055 Inflation-Protected Longevity Income ETF, LifeX 2055 Longevity Income ETF, LifeX 2060 Inflation-Protected Longevity Income ETF, LifeX 2060 Longevity Income ETF, LifeX 2065 Inflation-Protected Longevity Income ETF, LifeX 2065 Longevity Income ETF, and LifeX Durable Income ETF (collectively referred to as the "Funds"), (12 of the funds constituting Stone Ridge Trust (the "Trust")), including the schedules of investments, as of December 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (12 of the funds constituting Stone Ridge Trust) at December 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
|  **Individual Fund Constituting the Stone Ridge Trust** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial** <br>**Highlights**  |
|  <br> LifeX 2035 Income Bucket ETF<br>LifeX 2065 Inflation-Protected Longevity Income ETF<br>LifeX 2065 Longevity Income ETF<br>| For the period from January 3, 2025 (commencement of operations) through December 31, 2025  | For the period from January 3, 2025 (commencement of operations) through December 31, 2025  | For the period from January 3, 2025 (commencement of operations) through December 31, 2025  |
|  <br> LifeX 2028 Income Bucket ETF<br>LifeX 2030 Income Bucket ETF<br>| For the period from September 23, 2025 (commencement of operations) through December 31, 2025  | For the period from September 23, 2025 (commencement of operations) through December 31, 2025  | For the period from September 23, 2025 (commencement of operations) through December 31, 2025  |
|  <br> LifeX 2050 Longevity Income ETF<br>LifeX 2055 Longevity Income ETF <br>LifeX 2060 Longevity Income ETF <br>LifeX Durable Income ETF<br>| For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from January 8, 2024 (commencement of operations) through December 31, 2024  | For the year ended December 31, 2025 and the period from January 8, 2024 (commencement of operations) through December 31, 2024  |
|  <br> LifeX 2050 Inflation-Protected Longevity Income ETF<br>LifeX 2055 Inflation-Protected Longevity Income ETF <br>LifeX 2060 Inflation-Protected Longevity Income ETF<br>| For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from January 17, 2024 (commencement of operations) through December 31, 2024 | For the year ended December 31, 2025 and the period from January 17, 2024 (commencement of operations) through December 31, 2024 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](14467_sign.jpg)

We have served as the auditor of one or more of the Stone Ridge investment companies since 2013.

Minneapolis, Minnesota

February 27, 2026

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**Additional Information (Unaudited)** 

1. Board Approval of the Continuation of the Investment Management Agreements

Throughout the year, the Board of Trustees (the "Board") of Stone Ridge Trust (the "Trust"), including the members of the Board who are not "interested persons" of the Trust (as that term is defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considers matters bearing on the investment management agreements between Stone Ridge Asset Management LLC (the "Adviser") and the Trust, on behalf of each series of the Trust. On an annual basis, the Board, including the Independent Trustees, holds a meeting to determine whether to approve the continuation, ordinarily for an additional one-year period, of any investment management agreements that are proposed to be renewed.

At an in-person meeting held on October 28, 2025, the Board, including a majority of the Independent Trustees, considered and approved the continuation for a one-year period of each of the investment management agreements (the "Existing Agreements") between the Adviser and the Trust on behalf of each of its series shown on Schedule A attached hereto (the "ETFs"). Prior to the meeting, the Independent Trustees received a memorandum from independent counsel describing their responsibilities in connection with the approval of the Existing Agreements. In evaluating each Existing Agreement, the Board considered information and materials furnished by the Adviser in advance of and at the meeting and was afforded the opportunity to request additional information and to ask questions of the Adviser to obtain information that it believed to be reasonably necessary to evaluate the terms of the Existing Agreements.

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

In considering the nature, extent and quality of the services provided by the Adviser, the Board considered the investment management services provided by the Adviser, including the management of each ETF's portfolio in accordance with its investment objective, investment policies, investment restrictions and applicable law; the unique and complex nature of each ETF's investment program in the registered fund space; investment selection and monitoring; selection of trading counterparties and order management; the creation and implementation of ongoing analytical and risk management strategies; the Adviser's investment in infrastructure, proprietary software, technology and personnel needed to implement each ETF's investment program; and the oversight and/or implementation of policies and procedures necessary to fulfill these responsibilities. The Board also considered other services provided by the Adviser, including proxy voting (to the extent applicable), monitoring potential conflicts of interest and maintaining regulatory compliance programs for the ETFs. In addition, the Board considered the qualifications and professional backgrounds of the Adviser's personnel who provide significant advisory or other services to each ETF under the applicable Existing Agreement and analyzed the Adviser's ongoing ability to service the ETFs through such personnel. Based on this and related information, the Board, including the Independent Trustees, concluded that the nature, extent and quality of services supported the continuation of the Existing Agreements.

In considering the investment performance of the ETFs and the Adviser, the Board reviewed information provided by the Adviser relating to each ETF's performance together with the performance of each ETF's corresponding indices. For each ETF, the Board considered the performance information for the one-month, three-month, six-month and one-year periods ended August 31, 2025, as well as for the period ended August 31, 2025 since each ETF's inception. The Board also reviewed performance information for funds within the Morningstar category of taxable target maturity portfolios that typically invest in corporate and other taxable U.S. investment-grade fixed-income instruments that are expected to mature in the same year; in each case, with the specified characteristics and within a specified size range relative to the ETFs, as determined by the Adviser in consultation with the ETFs' third-party administrator (the "peer groups"). The Board considered that the Adviser does not manage any other registered investment funds or accounts with

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**Additional Information (Unaudited)(Continued)** 

strategies similar to those of the ETFs. The Board, including the Independent Trustees, concluded that each ETF's performance in light of all relevant factors supported the renewal of the Existing Agreement relating to that ETF.

In considering the cost of services provided and the benefits realized by the Adviser from its relationship with each ETF, the Board considered the fees paid under each Existing Agreement and the expense ratio for each ETF. In considering the appropriateness of the management fees and expense ratios, the Board also compared this data against the corresponding information for the funds in the applicable peer group. The Board took into consideration information provided by the Adviser relating to the Adviser's financial health, profitability and the benefits that the Adviser derives from the Existing Agreements. The Board also noted that the Adviser may receive reputational benefits from its relationships with the ETFs. Based on the foregoing information and other factors deemed relevant, the Board, including the Independent Trustees, concluded that the management fee arrangements applicable to each of the ETFs pursuant to the Existing Agreements were fair and reasonable and that the costs of the services the Adviser provided and the related benefits to the Adviser in respect of its relationship with the ETFs supported the continuation of the Existing Agreements.

Finally, the Board considered the extent to which economies of scale in the provision of services by the Adviser would be realized as the ETFs grow and whether the ETFs' fee levels reflect such economies of scale. The Board noted that the principal means by which the Adviser seeks to ensure that the ETFs realize appropriate economies of scale is through the use of the ETFs' unified fee structure. After reviewing this and related information, the Board, including the Independent Trustees, concluded that the extent to which economies of scale currently are shared with the ETFs supported the continuation of the Existing Agreements.

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

**SCHEDULE A** 

---

| |
|:---|
| **Stone Ridge Trust – Longevity Income ETFs**  |
| LifeX 2065 Longevity Income ETF  |
| LifeX 2060 Longevity Income ETF  |
| LifeX 2055 Longevity Income ETF  |
| LifeX 2050 Longevity Income ETF  |
| **Trust – Inflation-Protected Longevity Income ETFs**  |
| LifeX 2065 Inflation-Protected Longevity Income ETF  |
| LifeX 2060 Inflation-Protected Longevity Income ETF  |
| LifeX 2055 Inflation-Protected Longevity Income ETF  |
| LifeX 2050 Inflation-Protected Longevity Income ETF  |
| **Ridge Trust – LifeX Durable Income ETF**  |
| LifeX Durable Income ETF  |
| **Stone Ridge Trust – LifeX Income Bucket ETF**  |
| LifeX 2035 Income Bucket ETF |

---

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

**Additional Information (Unaudited)(Continued)** 

2. Shareholder Notification of Federal Tax Status

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

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
| LifeX 2028 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2030 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2035 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2050 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2055 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2060 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2065 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX Durable Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

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

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
| LifeX 2028 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2030 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2035 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2050 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2055 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2060 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2065 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX Durable Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

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

---

| | |
|:---|:---|
|  | **PERCENTAGES**  |
| LifeX 2028 Income Bucket ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2030 Income Bucket ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2035 Income Bucket ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2050 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2055 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2060 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX 2065 Longevity Income ETF | &nbsp;&nbsp;&nbsp; 100.00%  |
| LifeX Durable Income ETF | &nbsp;&nbsp;&nbsp; 100.00% |

---

57<br>

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**Additional Information (Unaudited)(Continued)** 

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

---

| | |
|:---|:---|
|  | **PERCENTAGES**  |
| LifeX 2028 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2030 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2035 Income Bucket ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2050 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2055 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2060 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 18.97%  |
| LifeX 2065 Longevity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| LifeX Durable Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

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

3. Disclosure Regarding Fund Trustees and Officers

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br>**(Year of Birth)**  | **Position(s)** <br>**Held with** <br>**the Trust**  | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(2)</sup>**  | **Principal Occupation(s)** <br>**During the Past 5 Years**  | **Number of** <br>**Portfolios** <br>**in the Fund** <br>**Complex** <br>**Overseen by** <br>**Trustee<sup>(3)</sup>**  | **Other** <br>**Directorships/** <br>**Trusteeships** <br>**Held by** <br>**Trustee** <br>**During the** <br>**Past 5 Years**  |
| Jeffery Ekberg (1965)  | Trustee  | since inception  | Self-employed (personal investing), since 2011; Principal, TPG Capital, L.P. (private equity firm) until 2011; Chief Financial Officer, Newbridge Capital, LLC (subsidiary of TPG Capital, L.P.) until 2011  | 17  | None.  |
| Daniel Charney (1970)  | Trustee  | since inception  | Co-Head of Global Markets, TD Securities (investment bank) and Vice Chair of TD Cowen, a division of TD Securities (financial services firm) since 2023; Co-President, Cowen and Company, Cowen Inc. (financial services firm) 2012-2023  | 17  | None. |

---

58<br>

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**Additional Information (Unaudited)(Continued)** 

**Interested Trustee** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br>**(Year of Birth)**  | **Position(s)** <br>**Held with** <br>**the Trust**  | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(2)</sup>**  | **Principal Occupation(s)** <br>**During the Past 5 Years**  | **Number of** <br>**Portfolios** <br>**in the Fund** <br>**Complex** <br>**Overseen by** <br>**Trustee<sup>(3)</sup>**  | **Other** <br>**Directorships/** <br>**Trusteeships** <br>**Held by** <br>**Trustee** <br>**During the** <br>**Past 5 Years**  |
| Ross Stevens (1969)<sup>(4)</sup>  | Trustee, <br>Chairman  | since inception  | Founder and Chief Executive Officer of Stone Ridge since 2012  | 17  | None. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Trustee serves until resignation or removal
 from the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund Complex includes the Trust and Stone Ridge
 Trust, Stone Ridge Trust II, Stone Ridge Trust V, and Stone Ridge Trust VIII, other investment companies managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. Stevens is an "interested person"
 of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his position with the Adviser.

**Officers of the Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** <br>**(Year of Birth)** <br>**and Address<sup>(1)(2)</sup>**  | **Position(s) Held** <br>**with the Trust**  | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(3)</sup>**  | **Principal Occupation(s)** <br>**During Past 5 Years**  |
| Ross Stevens <br>(1969)  | President, Chief Executive Officer and Principal Executive Officer  | since inception  | Founder and Chief Executive Officer of the Adviser, since 2012.  |
| Lauren D. Macioce (1978)  | Chief Compliance Officer, Secretary, Chief Legal Officer and Anti-Money Laundering Compliance Officer  | since 2016  | General Counsel and Chief Compliance Officer of the Adviser, since 2016.  |
| Maura Keselowsky (1983)  | Treasurer, Principal Financial Officer, Chief Financial Officer and Chief Accounting Officer  | since 2024  | Supervising Fund Controller at the Adviser, since 2022; member of Finance at the Adviser, since 2018.  |
| Anthony Zuco <br>(1975)  | Assistant Treasurer  | since 2018  | Member of Finance at the Adviser, since 2015.  |
| Alexander Nyren <br>(1980)  | Assistant Secretary  | since 2018  | Head of Reinsurance of the Adviser, since 2018; member of Reinsurance portfolio management team at the Adviser, since 2013.  |
| Leson Lee <br>(1975)  | Assistant Treasurer  | since 2019  | Member of Operations at the Adviser, since 2018.  |
| Domingo Encarnacion (1983)  | Assistant Treasurer  | since 2020  | Tax Manager at the Adviser, since 2016.  |
| Stanley Weinberg <br>(1989)  | Assistant Treasurer  | since 2023  | Member of Operations at the Adviser, since 2019.  |
| Daniel Gross <br>(1984)  | Assistant Treasurer  | since 2023  | Member of Operations at the Adviser, since 2019. |
| Connor O'Neill <br>(1990)  | Assistant Treasurer  | since 2024  | Member of Operations at the Adviser, since 2020; Operations Manager at Junto Capital Management (2015-2019).  |

---

59<br>

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**Additional Information (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** <br>**(Year of Birth)** <br>**and Address<sup>(1)(2)</sup>**  | **Position(s) Held** <br>**with the Trust**  | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(3)</sup>**  | **Principal Occupation(s)** <br>**During Past 5 Years**  |
| Shamil Kotecha <br>(1986)  | Assistant Treasurer  | since 2024  | Member of Legal and Compliance at the Adviser, since 2018. |
| James Corley <br>(1986) | Assistant Treasurer  | since 2025 | Member of Operations at the Adviser, since 2019. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Each officer's mailing address is c/o Stone
 Ridge Asset Management LLC, One Vanderbilt Avenue, 65th Floor, New York, NY 10017.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each of the officers is an affiliated person of
 the Adviser as a result of his or her position with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The term of office of each officer is indefinite.

4. Availability of Quarterly Portfolio Holdings Schedules

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

5. Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request by calling 1.855.609.3680 and on the SEC's website, <u>www.sec.gov</u>. The Funds are required to file how they voted proxies related to portfolio securities during the most recent 12-month period ended December 31. The information is available without charge, upon request by calling 1.855.609.3680 and on the SEC's website, <u>www.sec.gov</u>.

6. Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the "Program") pursuant to Rule 22e-4 under the 1940 Act for the purpose of assessing and managing the Funds' liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Board has designated the Adviser to administer the Program, and the Adviser has established a Liquidity Risk Management Committee to be responsible for the Program's operation. Under the Program, the Liquidity Risk Management Committee manages the Funds' liquidity risk by monitoring the liquidity of each Fund's investments, limiting the amount of each Fund's illiquid investments, and utilizing various risk management tools available to the Funds for meeting shareholder redemptions, among other means. From January 1, 2025, through December 31, 2025, the Program supported the Funds' ability to honor redemption requests timely and the Adviser's management of the Funds' liquidity risk. There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

7. Form N-CSR Items 8–11

Set forth below is the information required to be provided in Items 8–11 of Form N-CSR.

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

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

60<br>

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**Additional Information (Unaudited)(Continued)** 

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

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included as part of the financial statements filed under Item 7 of this Form N-CSR.

61<br>

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

<u>Investment Adviser</u>

Stone Ridge Asset Management LLC

One Vanderbilt Avenue, 65th Floor

New York, NY 10017

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

Ernst & Young LLP

700 Nicollet Mall, Suite 500

Minneapolis, MN 55402

<u>Legal Counsel</u>

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

<u>Custodians</u>

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

<u>Distributor</u>

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, Main 04101

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

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

This report has been prepared for shareholders and must be preceded or accompanied by an effective prospectus, which includes information regarding the Funds' investment objectives, risks, experience of its management and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

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

There were no changes in or disagreements with accountants during the period covered by this report.

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

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

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

This information is included as part of the financial statements filed under Item 7 of this form N-CSR.

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

Not applicable to open-end investment companies.

 

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable.

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

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

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

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed Herewith.*](la-efp22770_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](la-efp22770_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](la-efp22770_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Stone Ridge Trust

---

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

---

Date <u> 3/9/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date <u> 3/9/2026</u>

---

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

---

Date <u> 3/9/2026</u>

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

## Ex-99.Code

**EX.99.CODE ETH** 

**Code of Ethics for Principal Executive and Principal Financial Officers**

*Regulatory Background*

 

In accordance with Sarbanes-Oxley (the "SOX Act") and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), each Trust, on behalf of its series, is required to file, on a semi-annual basis, a report on Form N-CSR in which each Registered Fund must disclose whether it has adopted, for the purposes set forth below, a code of ethics applicable to certain of its officers. The Board, including a majority of the Independent Board Members, has approved this Code of Ethics ("Code") as compliant with the requirements of the SOX Act and related SEC rules.

 

*Covered Officers/Purpose of the Code*

This Code applies to each Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers," each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that each Registered
Fund files with, or submits to, the SEC and in other public communications made by each Registered Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest*

 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Registered Fund. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Registered Fund.

Certain conflicts of interest may arise out of the relationships between Covered Officers and a Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Registered Fund because of their status as "affiliated persons" of a Registered Fund. Each Registered Fund and certain of its service providers' compliance programs and procedures are designed to prevent, or identify and correct violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

1 Regulatory Compliance Manual <br> October 2025

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between each Registered Fund and the Adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether for a Registered Fund or the Adviser), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Registered Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between each Registered Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Registered Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this Code or other codes of ethics.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Registered Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment
decisions or financial reporting by a Registered Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Registered Fund to take action, or fail to take action, for the individual personal benefit
of the Covered Officer rather than the benefit of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or contemplated for a Registered
Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in any officer questionnaire relating to potential
conflicts of interest.

There are some conflict of interest situations that must be discussed with the Trusts' Audit Committee if material. Some examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a Board Member on the board of any company (public or private), other than a management investment
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts or entertainment from any company with which a Trust or any Registered
Fund has current or prospective business dealings, unless such entertainment is business related, reasonable in cost, appropriate as to
time and place and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of a Registered Fund's
service providers, other than the Adviser or any affiliated person thereof; and

2 Regulatory Compliance Manual <br> October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Registered
Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

 

*Disclosure and Compliance*

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself or herself with the disclosure requirements generally applicable to a Registered
Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Registered Funds
to others, whether within or outside a Trust, including to the Board Members and auditors, governmental regulators or self-regulatory
organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers
and employees of a Trust, the Adviser and other Registered Fund service providers, with the goal of promoting full, fair, accurate, timely
and understandable disclosure in the reports and documents a Registered Fund files with, or submits to, the SEC and in other public communications
made by such Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable
laws, rules and regulations.

 

*Reporting and Accountability by Covered Officers*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing (in the form attached hereto as Exhibit B) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm (in the form attached hereto as Exhibit B) to the Board that he or she has
complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee or agent of an affiliated person of
a Fund for good faith reports of potential violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust's Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

 

*Enforcement*

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee. The Audit Committee is authorized to consult, as appropriate, with counsel to the Funds.

3 Regulatory Compliance Manual <br> October 2025

Each Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate action to investigate any potential violations reported
to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Audit Committee believes that no violation has occurred, the Audit
Committee is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Audit Committee believes is a material violation will be promptly reported to the
Board. The Board Members, with the exception of any person whose matter is under consideration for a waiver, shall take such actions as
they consider appropriate, including imposition of any sanctions that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no person shall participate in a determination of whether he or she has committed a violation of this
Code or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any amendments to or waivers of this Code will, to the extent required, be disclosed as provided by SEC
rules.

 

*Other Policies and Procedures*

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the SOX Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, the Adviser or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trusts' code of ethics and any code of ethics of the Adviser under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

*Amendment; Interpretation of Provisions*

The Board Members may from time to time amend this Code or adopt such interpretations of this Code as they deem appropriate.

 

*Confidentiality*

All reports and records prepared or maintained pursuant to this Code shall be treated as confidential and shall not be disclosed to anyone other than the Board, the Covered Officers and Trust counsel, except as otherwise requested in accordance with applicable law.

 

*Internal Use*

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

**Last Amended: July 17, 2024**

4 Regulatory Compliance Manual <br> October 2025

**<u>EXHIBIT A</u>**

**Persons Covered by this Code of Ethics (Covered Officers)**

Principal Executive Officer: Ross Stevens

Principal Financial Officer: Maura Keselowsky

5 Regulatory Compliance Manual <br> October 2025

**<u>EXHIBIT B</u>**

**Code of Ethics for Principal Executive and Principal Financial Officers** 

**Initial and Annual Certification of**

**Compliance with the**

**Code of Ethics for Principal Executive and Principal Financial Officers**

**To: The Board**

[Initial] I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with each of the Code's provisions to which I am subject.

[Annual] I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

---

| |
|:---|
| (Signature) |
| Name: |
| Date: |

---

6 Regulatory Compliance Manual <br> October 2025

## Ex-99.Cert

**EX.99.CERT**

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

I, Ross Stevens, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Ross Stevens |
|  |  | Ross Stevens |
|  |  | President, Chief Executive Officer and Principal Executive Officer |

---

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

I, Maura Keselowsky, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Maura Keselowsky |
|  |  | Maura Keselowsky |
|  |  | Treasurer, Principal Financial Officer, Chief Financial Officer and Chief Accounting Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Stone Ridge Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Stone Ridge Trust for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Stone Ridge Trust for the stated period.

---

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

---

Dated: <u> 3/9/2026</u> Dated: <u> 3/9/2026</u>

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