Stone Ridge Trust VIII

10/09/2024 | Press release | Distributed by Public on 10/09/2024 14:12

Annual Report by Investment Company Form N CSR

As filed with the U.S. Securities and Exchange Commission on October 9, 2024

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23824

Stone Ridge Trust VIII

(Exact name of registrant as specified in charter)

One Vanderbilt Avenue, 65th Floor

New York, New York 10017
(Address of principal executive offices) (Zip code)

Stone Ridge Asset Management LLC

One Vanderbilt Avenue, 65th Floor

New York, New York 10017
(Name and address of agent for service)

(855) 609-3680

Registrant's telephone number, including area code

Date of fiscal year end: July 31, 2024

Date of reporting period: July 31, 2024

Item 1. Reports to Stockholders.

(a)
Annual Report
July 31, 2024

Stone Ridge Art Risk Premium Fund
Table of Contents
Performance Data (Unaudited)
2
Allocation of Portfolio Holdings
3
Consolidated Schedule of Investments
4
Consolidated Statement of Assets and Liabilities
14
Consolidated Statement of Operations
15
Consolidated Statement of Changes in Net Assets
16
Consolidated Statement of Cash Flows
17
Consolidated Financial Highlights
18
Notes to Consolidated Financial Statements
20
Report of Independent Registered Public Accounting Firm
31
Expense Examples
32
Additional Information (Unaudited)
33

TABLE OF CONTENTS

Stone Ridge Art Risk Premium Fund
PERFORMANCE DATA (Unaudited)

This chart assumes an initial gross investment of $15,000,000 made on March 28, 2023 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In the absence of fee waivers and reimbursements, returns for the Fund would have been lower. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.
The Intercontinental Exchange (ICE) Bank of America (BofA) Merrill Lynch 3-Month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. Index figures do not reflect any deduction of fees, taxes or expenses, and are not available for investment.
TOTAL RETURNS (FOR PERIOD ENDED JULY 31, 2024)
1-year
period
ended
7/31/2024
Since
Inception
(3/28/23)
Stone Ridge Art Risk Premium Fund
7.81%
6.62%
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
5.48%
5.28%
2
Stone Ridge Funds | Annual Report | July 31, 2024

TABLE OF CONTENTS

ALLOCATION OF PORTFOLIO HOLDINGS AT JULY 31, 2024 (Unaudited)
STONE RIDGE ART RISK PREMIUM FUND
PORTFOLIO ALLOCATION BY ASSET TYPE
Class A Equity Shares
$101,277,181
96.1%
Short-Term Investments
3,634,987
3.4%
​Other Assets in Excess of Liabilities
505,961
0.5%
Net Assets
$105,418,129
(1)
Cash, cash equivalents, prepaid forward contracts and liabilities in excess of other assets.
MANAGEMENT'S DISCUSSION OF FUND PERFOMANCE
The Stone Ridge Art Risk Premium Fund ("AARTX" or "the Fund") is designed to seek capital appreciation by investing primarily in paintings, sculptures or other artistic objects ("Artwork") from the Post-War and Contemporary collecting periods (defined as the period from 1945 to the present), as well as other collecting periods, created by artists that have an established track record of public auction sales (typically, at least three years of public auction results). The Fund invests in Artwork directly or indirectly by purchasing special purpose companies to a significant extent through Masterworks, LLC or an affiliate ("Masterworks") that own the artwork. The Fund also may gain investment exposure to Artwork by purchasing whole Artwork, directly or through forwards or swaps, including prepaid forward contracts. Since inception on March 28, 2023, the Fund's total return was 9.00% (6.62% annualized).[1] For the 12 months ended July 31, 2024 the Fund's total return was 7.81%.1 One driver of the Fund's positive return was acquisitions of artworks at attractive prices.
The Fund is exposed to a variety of established artists that trade regularly and are valued by auction sales. The Fund has broad exposure to numerous artworks and continues to transact across an established and growing, global network of industry participants.
1
Data as of 7/31/2024. AARTX performance during Q1 2024 is attributable to uniquely favorable terms for acquisitions of artwork investments that are not expected to recur.
Stone Ridge Funds | Annual Report | July 31, 2024
3

TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Class A Equity Shares
Art (a) (b) (c) - 96.1%
Masterworks 040, LxLxCx-xGxhxexnxixe, Axdxrxixaxn; Lxixdxlxexsxs Exyxe, 2016
(Cost: $94,176, Acquisition Date: 03/28/2023)
4,153
$80,777
(Cost: $-, Acquisition Date: 03/05/2024)(d)
3,386
65,859
Masterworks 041, LxLxCx-xRxixcxhxtxexr, Gxexrxhxaxrxd; Zxixexgxe, 1984
(Cost: $437,337, Acquisition Date: 03/28/2023)
22,709
429,852
Masterworks 042, LxLxCx-xBxaxsxqxuxixaxt, Jxexaxnx-xMxixcxhxexl; Dxaxrxk Mxixlxk, 1986
(Cost: $362,749, Acquisition Date: 03/28/2023)
19,173
408,542
(Cost: $-, Acquisition Date: 03/05/2024)(d)
17,605
375,131
Masterworks 043, LxLxCx-xHxaxrxixxnxg, Kxexixtxh; Uxnxtxixtxxlxexd, 1983
(Cost: $575,705, Acquisition Date: 03/28/2023)
31,752
427,766
Masterworks 044, LxLxCx-xBxaxsxqxuxixaxt, Jxexaxnx-xMxixcxxhxexl; Mxixsxsxixsxsxixpxxpxi, 1982
(Cost: $632,411, Acquisition Date: 03/28/2023)
33,233
619,865
Masterworks 046, LxLxCx-xHxexrxrxxexrxa, Cxaxrxmxxexn; Gxrxexexnx axnxd Oxrxaxnxgxe, 1958
(Cost: $746,610, Acquisition Date: 03/28/2023)
30,512
695,960
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,095
24,977
Masterworks 047, LxLxCxx-xCxoxnxdxo, Gxexoxrxgxe; Lxixsxtxexnxixnxg txo xVxoxixcxexs, 2010
(Cost: $169,134, Acquisition Date: 03/28/2023)
8,308
166,438
Masterworks 048, LxLxCx-xFxoxrxg, Gxuxnxtxhxexr; Uxnxtxixtxlxexd, 2007
(Cost: $50,527, Acquisition Date: 03/28/2023)
1,939
43,962
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,501
34,031
Masterworks 049, LxLxCx-xTxexhx-xCxhxuxn, Cxhxu; Pxrxixnxtxexmxpxs Hxixvxexrxnxaxl,
1986-1987
(Cost: $1,218,133,
Acquisition Date: 03/28/2023)
66,573
1,146,214
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,485
42,785
Masterworks 050, LxLxCx-xSxhxixrxaxgxa, Kxaxzxuxo; Kxoxsxhxa, 1992
(Cost: $609,429, Acquisition Date: 03/28/2023)
32,961
657,074
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,208
24,082
Masterworks 053, LxLxCx-xWxoxoxl, Cxhxrxixsxtxoxpxhxexr; Uxnxtxxixtxlxxexd, 1997
(Cost: $439,150, Acquisition Date: 03/28/2023)
25,277
358,701
(Cost: $-, Acquisition Date: 03/05/2024)(d)
906
12,857
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 054, LxLxCx-xMxixtxcxhxxxxexlxl, Jxoxaxxn; 1x2 Hxaxwxkxs xaxt 3 Ox'xCxlxxoxcxk, 1962
(Cost: $2,114,770, Acquisition Date: 03/28/2023)
101,421
$2,415,148
(Cost: $-, Acquisition Date: 03/05/2024)(d)
23,820
567,228
Masterworks 055, LxLxCx-xMxaxrxtxixxn, Axgxnxexs; Uxnxtxixtxxlxexd #x1x2, 1988
(Cost: $1,405,369, Acquisition Date: 03/28/2023)
58,251
1,190,598
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,024
41,369
Masterworks 056, LxLxCx-xKxuxsxxaxmxa, Yxaxyxoxxi; Uxnxtxixtxxlxexxd, 1967
65,886
1,004,702
(Cost: $1,098,247, Acquisition Date: 03/28/2023)
Masterworks 057, LxLxCx-xGxixlxlxixxaxm, Sxaxm; Txhxrxoxuxgxh, 1970
(Cost: $364,983, Acquisition Date: 03/28/2023)
18,030
310,974
(Cost: $-, Acquisition Date: 03/05/2024)(d)
642
11,073
Masterworks 058, LxLxCx-xBxaxsxxqxuxixaxt, Jxexaxnx-xMxixcxhxexl; Axlxl Cxoxlxoxrxexd Cxaxsxt IxI, 1982
(Cost: $2,001,894, Acquisition Date: 03/28/2023)
92,500
1,969,529
(Cost: $-, Acquisition Date: 03/05/2024)(d)
36,469
776,505
Masterworks 059, LxLxCx-xHxaxrxixnxg, Kxexixtxh; Uxnxtxixtxlxexd, 1984
(Cost: $677,421, Acquisition Date: 03/28/2023)
42,995
543,259
Masterworks 062, LxLxCx-xRxixcxhxtxexr, Gxexrxhxaxxrxd; Axbxsxtxxrxaxkxtxexs Bxixlxdx
9xx0x8x-x8, 2009
(Cost: $690,102, Acquisition Date: 03/28/2023)
30,512
604,299
(Cost: $-, Acquisition Date: 03/05/2024)(d)
981
19,429
Masterworks 063, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Ixnxfxixnxixtxyx-xNxextxs (xPxlxaxaxox), 2010
(Cost: $513,217, Acquisition Date: 03/28/2023)
29,125
503,035
Masterworks 064, LxLxCx-xHxaxrxixnxg, Kxexixtxh; Uxnxtxixtxlxexd, 1985
(Cost: $1,520,910, Acquisition Date: 03/28/2023)
85,303
1,394,568
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,579
42,162
Masterworks 066, LxLxCx-xGxhxexnxixe, Axdxrxixaxn; Axnxtxexlxoxpxe Axtxtxxaxcxkxexd Nxexaxr Gxaxs Pxixpxe, 2018
(Cost: $673,318, Acquisition Date: 03/28/2023)
31,212
662,440
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,003
21,288
Masterworks 068, LxLxCx-xWxoxux-xKxi, Zxaxox; 2x2x.x0x1x.x6x8, 1968
(Cost: $882,600, Acquisition Date: 03/28/2023)
50,317
841,064
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,555
25,992
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
4
Stone Ridge Funds | Annual Report | July 31, 2024

TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 071, LxLxCx-xWxaxxxrxxhxoxl, Axnxdxy; Dxoxlxlxaxr Sxixgxn, 1981
(Cost: $207,857, Acquisition Date: 03/28/2023)
10,408
$173,175
(Cost: $-, Acquisition Date: 03/05/2024)(d)
348
5,790
Masterworks 072, LxLxCx-xBxrxaxdxfxoxrxd, Mxaxrxk; Uxnxtxixtxxlxexd Pxixnxk (xSxfxmxoxmxa Bxexnxexfxixtx), 2016
(Cost: $731,142, Acquisition Date: 03/28/2023)
36,060
719,072
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,206
24,049
Masterworks 073, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Pxaxcxixfxixcx-xOxcxexaxn, 2015
(Cost: $551,940, Acquisition Date: 03/28/2023)
32,599
384,704
Masterworks 074, LxLxCx-xBxaxsxqxuxixaxt, Jxexaxnx-xMxixcxhxexl; Rxexd Rxaxbxbxixt, 1982
(Cost: $1,200,489, Acquisition Date: 03/28/2023)
53,187
1,180,895
(Cost: $-, Acquisition Date: 03/05/2024)(d)
15,219
337,903
Masterworks 075, LxLxCx-xRxixcxhxxtxexr, Gxexrxhxaxrxd; Axbxsxtxrxaxkxtxexs xBxixlxd
9x4x0x-xx7, 2015
(Cost: $785,686, Acquisition Date: 06/09/2023)
39,201
772,816
(Cost: $-, Acquisition Date: 03/05/2024)(d)
12,131
239,153
Masterworks 076, LxLxCx-xSxoxuxlxaxgxexs, Pxixexrxrxe; Pxexixnxtxuxrxe 8x1x xx 8x1 cxm, 1x7 Fxéxvxrxixexr 2016
(Cost: $242,917, Acquisition Date: 03/28/2023)
11,795
180,439
(Cost: $-, Acquisition Date: 03/05/2024)(d)
388
5,935
Masterworks 079, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Sxexa ixn txhxe Exvxexnxixnxg Gxlxoxw, 1995
(Cost: $465,218, Acquisition Date: 03/28/2023)
27,051
311,993
Masterworks 080, LxLxCx-xGxixlxlxixaxm, Sxaxm; Axtxmxoxsxpxhxexrxe, 1980
(Cost: $145,237, Acquisition Date: 06/09/2023)
6,855
143,245
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,891
60,411
Masterworks 083, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Pxuxmxpxkxixn, 1991
(Cost: $754,102, Acquisition Date: 03/28/2023)
36,435
721,322
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,100
21,777
Masterworks 084, LxLxCx-xFxoxrxg, Gxuxnxtxhxexr; Oxhxnxe Txixtxexl, 2008
(Cost: $232,897, Acquisition Date: 03/28/2023)
12,032
192,233
(Cost: $-, Acquisition Date: 03/05/2024)(d)
371
5,927
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 088, LxLxCx-xRxixcxhxtxexr, Gxexrxhxaxrxd; Axbxsxtxrxaxkxtxexs Bxixlxd
5x7x6x-xx2, 1985
(Cost: $683,510, Acquisition Date: 06/09/2023)
40,312
$638,361
Masterworks 089, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexr, Hxexlxexn; Mxixnxexrxaxl Kxixnxgxdxoxm, 1976
(Cost: $172,725, Acquisition Date: 06/09/2023)
7,132
170,287
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,866
68,430
Masterworks 090, LxLxCx-xWxoxoxl, Cxhxrxixsxtxoxpxhxexr; Uxnxtxixtxlxexd, 1995
(Cost: $1,234,403, Acquisition Date: 06/09/2023)
60,675
1,217,638
(Cost: $-, Acquisition Date: 03/05/2024)(d)
6,318
126,791
Masterworks 091, LxLxCx-xWxoxoxl, Cxhxrxixsxtxoxpxhxexr; Uxnxtxixtxlxexd, 1990
(Cost: $735,178, Acquisition Date: 06/09/2023)
34,671
725,092
(Cost: $-, Acquisition Date: 03/05/2024)(d)
10,023
209,616
Masterworks 092, LxLxCx-xBxaxnxkxsxy; Sxuxnxfxlxoxwxexrxs fxrxoxm Pxextxrxoxl Sxtxaxtxixoxn, 2005
(Cost: $1,050,648, Acquisition Date: 06/09/2023)
53,930
1,032,884
(Cost: $-, Acquisition Date: 03/05/2024)(d)
20,152
385,957
Masterworks 093, LxLxCx-xRxuxsxcxhxa, Exdxwxaxrxd; Rxixpxe, 1967
(Cost: $3,623,072, Acquisition Date: 03/28/2023)
184,091
3,555,478
(Cost: $-, Acquisition Date: 03/05/2024)(d)
18,090
349,385
Masterworks 095, LxLxCx-xSxhxixrxaxgxa, Kxaxzxuxo; Cxhxixkxexnx-xsxexi Kxexnxdxoxsxhxixn, 1961
(Cost: $535,685, Acquisition Date: 06/09/2023)
28,793
526,627
(Cost: $-, Acquisition Date: 03/05/2024)(d)
4,887
89,384
Masterworks 096, LxLxCx-xRxuxsxcxhxa, Exdxwxaxrxd; Vxaxrxixextxixexs oxf Ixnxtxexrxnxaxl Txoxrxmxexnxt, 1998
(Cost: $608,673, Acquisition Date: 06/09/2023)
31,226
677,173
(Cost: $-, Acquisition Date: 03/05/2024)(d)
5,088
110,340
Masterworks 097, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Rxexd Gxoxd, 2015
(Cost: $377,567, Acquisition Date: 06/09/2023)
15,559
361,902
(Cost: $-, Acquisition Date: 03/05/2024)(d)
5,701
132,606
Masterworks 098, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Ixnxfxixnxixtxyx-xNxextxs (xBxCxOx), 2013
(Cost: $368,614, Acquisition Date: 06/09/2023)
15,747
300,459
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
Stone Ridge Funds | Annual Report | July 31, 2024
5

TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 099, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Mxaxrxy Mxaxgxdxaxlxexnxe, 2009
(Cost: $53,196, Acquisition Date: 06/09/2023)
2,149
$35,464
(Cost: $-, Acquisition Date: 03/05/2024)(d)
837
13,813
Masterworks 101, LxLxCx-xRxoxtxhxkxo, Mxaxrxk; Uxnxtxixtxlxexd, 1968
(Cost: $1,290,775, Acquisition Date: 06/09/2023)
68,359
1,268,948
(Cost: $-, Acquisition Date: 03/05/2024)(d)
9,358
173,713
Masterworks 103, LxLxCx-xWxoxoxd, Jxoxnxaxs; Cxoxlxlxaxbxoxrxaxtxixoxn Axpxpxrxoxpxrxixaxtxixoxn 6x, 2015
(Cost: $165,823, Acquisition Date: 06/09/2023)
7,780
203,557
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,947
77,106
Masterworks 104, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Pxuxmxpxkxixn, 1999
(Cost: $75,114, Acquisition Date: 06/09/2023)
4,234
73,844
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,270
39,590
Masterworks 105, LxLxCx-xRxixlxexy, Bxrxixdxxgxxext; Sxhxaxdxoxwxexd Pxlxaxcxe, 1985
(Cost: $362,980, Acquisition Date: 06/09/2023)
25,947
356,844
Masterworks 106, LxLxCx-xMxixtxcxhxexlxl, Jxoxaxn; Uxnxtxixtxlxexd (xBxuxixsxsxoxnxnxixexxrxex), 1962
(Cost: $763,793, Acquisition Date: 06/09/2023)
33,288
751,580
(Cost: $-, Acquisition Date: 03/05/2024)(d)
3,427
77,375
Masterworks 107, LxLxCx-xSxoxuxlxaxgxexs, Pxixexrxrxe; Pxexixnxtxuxrxe 1x4x3 xXx 2x0x2 Cxm, 3x Jxaxnxvxixexr 2x0x1x9, 2019
(Cost: $134,969, Acquisition Date: 06/09/2023)
6,575
120,186
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,154
39,373
Masterworks 108, LxLxCx-xRxixlxexy, Bxrxixdxgxext; Axrxcxaxnxe, 1972
(Cost: $718,620, Acquisition Date: 05/26/2023)
35,931
730,930
(Cost: $-, Acquisition Date: 03/05/2024)(d)
444
9,032
Masterworks 109, LxLxCx-xNxaxrxa, Yxoxsxhxixtxoxmxo; xNxo Hxoxpxexlxexsxs, 2007
(Cost: $1,261,199, Acquisition Date: 06/09/2023)
63,991
1,202,928
(Cost: $-, Acquisition Date: 03/05/2024)(d)
8,361
157,174
Masterworks 110, LxLxCx-xHxaxrxixxnxg, Kxexixtxh; Uxnxtxixtxlxexd, 1982
(Cost: $472,042, Acquisition Date: 06/09/2023)
26,571
337,500
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 111, LxLxCx-xOxexhxlxexn, Axlxbxexrxt; 1x0x1 Kxoxpxfxe, 2005
(Cost: $430,233, Acquisition Date: 06/09/2023)
26,658
$380,666
Masterworks 112, LxLxCx-xSxoxuxlxaxgxexs, Pxixexrxxrxe; Pxexixnxtxuxrxe 9x2x Xx 6x5 Cxm, 1x3 Mxaxrxsx 2xx0x1x5, 2015
(Cost: $50,937, Acquisition Date: 06/09/2023)
2,065
37,148
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,038
18,672
Masterworks 113, LxLxCx-xOxexhxlxexn, Axlxbxexrxt; Uxnxtxixtxlxed, 2001
(Cost: $145,469, Acquisition Date: 06/09/2023)
6,807
143,470
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,262
47,676
Masterworks 114, LxLxCx-xWxaxrxhxoxl, Axnxdxy; Fxlxoxwxexrxs, 1964
(Cost: $159,750, Acquisition Date: 06/09/2023)
8,118
150,172
(Cost: $-, Acquisition Date: 03/05/2024)(d)
4,476
82,799
Masterworks 115, LxLxCx-xKuxsxaxmxa, Yxaxyxoxi; Ixnxfxixnxixtxyx-xNxextxs (xJxAxAxTxOx), 2009
(Cost: $189,472, Acquisition Date: 06/09/2023)
9,039
122,208
Masterworks 116, LxLxCx-xBxrxaxdxfxoxrxd, Mxaxrxk; Pxrxoxmxixsxe Lxaxnxd, 2012
(Cost: $1,191,769, Acquisition Date: 06/09/2023)
58,962
978,917
(Cost: $-, Acquisition Date: 03/05/2024)(d)
5,782
95,995
Masterworks 117, LxLxCx-xBxaxsxqxuxixaxt, Jxexaxnx-xMxixcxhxexl; Uxnxtxixtxlxexd, 1984
(Cost: $609,702, Acquisition Date: 06/09/2023)
30,648
599,392
(Cost: $-, Acquisition Date: 03/05/2024)(d)
10,468
204,726
Masterworks 118, LxLxCx-xLxixgxoxn, Gxlxexnxn; Sxtxrxaxnxgxexr #x5x5, 2011
(Cost: $325,350, Acquisition Date: 06/09/2023)
18,848
319,851
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,573
26,693
Masterworks 120, LxLxCx-xBxaxnxkxsxy; Rxaxtxx&xxHxexaxrxt, 2014
(Cost: $23,421, Acquisition Date: 06/09/2023)
1,362
23,025
(Cost: $-, Acquisition Date: 03/05/2024)(d)
877
14,826
Masterworks 121, LxLxCx-xBxrxaxdxfxoxrxd, Mxaxrxk; Mxy Wxhxoxlxe Fxaxmxixlxy ixs fxrxoxm Pxhxixlxlxy, 2014
(Cost: $1,927,648, Acquisition Date: 03/28/2023)
96,735
1,459,006
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,808
27,269
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
6
Stone Ridge Funds | Annual Report | July 31, 2024

TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 122, LxLxCx-xBxaxnxkxsxy; Agency Job (Gxlxexaxnxexrxs), 2009
(Cost: $276,008, Acquisition Date: 06/09/2023)
16,718
$271,341
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,969
31,958
Masterworks 123, LxLxCx-xOxexhxlxexn, Axlxbxexrxt; Gxlxaxtxt (Sxmxoxoxtxh), 2006
(Cost: $94,595, Acquisition Date: 06/09/2023)
5,298
83,696
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,554
24,550
Masterworks 124, LxLxCx-xRxixlxexy, Bxrxixdxgxext; Bxlxuxe Qxuxixvxexr, 1983
(Cost: $742,474, Acquisition Date: 03/28/2023)
41,460
727,747
(Cost: $-, Acquisition Date: 03/05/2024)(d)
879
15,429
Masterworks 125, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Txrxaxnxsxpxaxrxexnxt Fxixgxuxrxexs, 2016
(Cost: $870,557, Acquisition Date: 06/09/2023)
35,072
898,096
(Cost: $-, Acquisition Date: 03/05/2024)(d)
3,681
94,260
Masterworks 126, LxLxCx-xKxaxwxs; Cxhxuxm (KxCxO9), 2016
(Cost: $59,301, Acquisition Date: 06/09/2023)
2,964
53,985
(Cost: $-, Acquisition Date: 03/05/2024)(d)
718
13,077
Masterworks 127, LxLxCx-xGxhxexnxixe, Axdxrxixaxn; Axnxtxexlxoxpxe Axtxtxaxcxkxexd Nxexaxr Gxaxs Pxixpxe 2, 2019
(Cost: $545,341, Acquisition Date: 06/09/2023)
26,391
537,907
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,656
54,135
Masterworks 128, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Ixnxfxixnxixtxy-Nxextxs (KxHxN), 2011
(Cost: $176,823, Acquisition Date: 06/09/2023)
8,900
162,690
(Cost: $-, Acquisition Date: 03/05/2024)(d)
3,681
67,288
Masterworks 129, LxLxCx-xSxhxixrxaxgxa, Kxaxzxuxo; Cxhxixsxuxixsxexi Txsxuxhxixexn, 1961
(Cost: $551,913, Acquisition Date: 06/09/2023)
24,385
544,229
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,504
55,885
Masterworks 130, LxLxCx-xGxhxexnxixe, Axdxrxixaxn; Txhxe Txrxixp, 2016
62,190
971,482
(Cost: $1,237,693, Acquisition Date: 03/28/2023)
Masterworks 131, LxLxCx-xFxoxnxtxaxnxa, Lxuxcxixo; Cxoxnxcxextxtxo Sxpxaxzxixaxlxe, Axtxtxexsxe, 1964-5
(Cost: $170,827, Acquisition Date: 06/09/2023)
11,508
209,924
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 132, LxLxCx-xBxoxextxtxi, Axlxixgxhxixexrxo; Sxexnxzxa Txixtxoxlxo (I Vxexrxbxi Ixrxrxexgxoxlxaxrxi, Txoxcxcxhxi E Rxixnxtxoxcxcxhxi, Pxexr Nxuxoxvxi Dxexsxixdxexrxi)
(Cost: $30,752, Acquisition Date: 06/09/2023)
1,557
$25,913
(Cost: $-, Acquisition Date: 03/05/2024)(d)
738
12,283
Masterworks 133, LxLxCx-xRxixcxhxtxexr, Gxexrxhxaxrxd; Axbxsxtxrxaxkxtxexs Bxixlxd
6x6x5x-x4x, 1988
(Cost: $264,379, Acquisition Date: 06/09/2023)
11,186
260,666
(Cost: $-, Acquisition Date: 03/05/2024)(d)
2,150
50,101
Masterworks 136, LxLxCx-xPxrxixnxcxe, Rxixcxhxaxrxd; Axrxe Yxoxu Kxixdxdxixnxgx?, 1988
(Cost: $495,240, Acquisition Date: 03/28/2023)
27,651
485,416
(Cost: $-, Acquisition Date: 03/05/2024)(d)
570
10,006
Masterworks 139, LxLxCx-xOxexhxlxexn, Axlxbxexrxt; Uxnxtxixtxlxexd (22/87), 1987
(Cost: $420,364, Acquisition Date: 03/28/2023)
25,085
363,552
(Cost: $-, Acquisition Date: 03/05/2024)(d)
553
8,014
Masterworks 140, LxLxCx-xRxixlxexy, Bxrxixdxgxext; Txixnxcxt, 1972
(Cost: $784,968, Acquisition Date: 03/28/2023)
39,392
729,516
(Cost: $-, Acquisition Date: 03/05/2024)(d)
735
13,612
Masterworks 142, LxLxCx-xUxexcxkxexr, Gxuxnxtxhxexr; Fxexlxd 83/84, 1983-84
(Cost: $412,641, Acquisition Date: 03/28/2023)
23,055
262,896
(Cost: $-, Acquisition Date: 03/05/2024)(d)
505
5,759
Masterworks 145, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Rxexd Pxuxmxpxkxixn, 1996
(Cost: $153,986, Acquisition Date: 03/28/2023)
7,744
154,086
(Cost: $-, Acquisition Date: 03/05/2024)(d)
161
3,204
Masterworks 146, LxLxCx-xRxuxsxcxhxa, Exdxwxaxrxd; Sxexaxfxoxoxd Sxtxoxcxk, 1986
(Cost: $399,733, Acquisition Date: 03/28/2023)
20,045
420,877
(Cost: $-, Acquisition Date: 03/05/2024)(d)
361
7,580
Masterworks 147, LxLxCx-xAxnxdxrxe, Cxaxrxl; Mxaxgxnxexsxixuxm-Lxexaxd Pxlxaxixn, 1969
(Cost: $469,724, Acquisition Date: 03/28/2023)
23,493
368,899
(Cost: $-, Acquisition Date: 03/05/2024)(d)
359
5,637
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
Stone Ridge Funds | Annual Report | July 31, 2024
7

TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 148, LxLxCx-xGxixlxlxixaxm, Sxaxm; Sxoxnxg Txrxoxpxixe, 1973
(Cost: $222,866, Acquisition Date: 03/28/2023)
11,753
$241,186
(Cost: $-, Acquisition Date: 03/05/2024)(d)
241
4,945
Masterworks 152, LxLxCx-xWxaxrxhxoxl Dxoxlxlxaxr Sxixgxn, 1982
(Cost: $178,763, Acquisition Date: 03/28/2023)
8,990
145,609
(Cost: $-, Acquisition Date: 03/05/2024)(d)
185
2,997
Masterworks 153, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx, Hxexlxexn; Txextxhxyxs, 1981
(Cost: $330,126, Acquisition Date: 03/28/2023)
16,583
357,843
(Cost: $-, Acquisition Date: 03/05/2024)(d)
326
7,035
Masterworks 154, LxLxCx-x Kxaxwxs; Cxhxuxm (KxCxBx1), 2012
(Cost: $419,730, Acquisition Date: 03/28/2023)
21,078
448,818
(Cost: $-, Acquisition Date: 03/05/2024)(d)
409
8,709
Masterworks 156, LxLxCx-xHxaxrxixnxg, Kxexixtxhx; Uxnxtxixtxlxexd Nxo. x1x0, 1988
45,604
547,130
(Cost: $682,250, Acquisition Date: 03/28/2023)
Masterworks 157, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Rxoxdxrxixgxo axnxd Hxixs Mxixsxtxrxexsxs, 2008
(Cost: $275,755, Acquisition Date: 03/28/2023)
13,820
298,776
(Cost: $-, Acquisition Date: 03/05/2024)(d)
232
5,016
Masterworks 158, LxLxCx-xMxexhxrxextxu, Jxuxlxixe; Uxnxtxixtxlxexd, 2012
(Cost: $173,212, Acquisition Date: 03/28/2023)
8,703
219,404
(Cost: $-, Acquisition Date: 03/05/2024)(d)
173
4,362
Masterworks 159, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Pxuxmxpxkxixn (Ox.xKxe), 2004
(Cost: $408,857, Acquisition Date: 03/28/2023)
22,261
477,645
(Cost: $-, Acquisition Date: 03/05/2024)(d)
443
9,506
Masterworks 160, LxLxCx-xSxoxuxlxaxgxexs, Pxixexrxrxe; Pxexixnxtxuxrxe 9x2xxXxx7x3x Cxm, x2x5 Oxcxtxoxbxrxe 1987, 1987
(Cost: $297,718, Acquisition Date: 03/28/2023)
15,899
284,517
(Cost: $-, Acquisition Date: 03/05/2024)(d)
297
5,315
Masterworks 162, LxLxCx-xJxoxhxnxsxoxn, Rxaxsxhxixd; Uxnxtxixtxlxexd (Exsxcxaxpxe Cxoxlxlxaxgxe), 2019
(Cost: $275,517, Acquisition Date: 03/28/2023)
13,820
145,974
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 163, LxLxCx-xKxaxtxz, Axlxexx; Kxyxm, 2004
(Cost: $169,190, Acquisition Date: 03/28/2023)
7,607
$166,437
(Cost: $-, Acquisition Date: 03/05/2024)(d)
150
3,282
Masterworks 164, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Ixnxfxixnxixtxyx-xNxextxs (Dxkxkxn), 2010
(Cost: $689,025, Acquisition Date: 03/28/2023)
34,549
438,068
Masterworks 165, LxLxCx-xJxuxdxd, Dxoxnxaxlxd; Uxnxtxixtxlxexd, 1988
(Cost: $292,420, Acquisition Date: 03/28/2023)
12,440
271,148
(Cost: $-, Acquisition Date: 03/05/2024)(d)
258
5,624
Masterworks 166, LxLxCx-xKxaxwxs; Kxuxrxfxs (Lxaxuxgxhxixnxg), 2008
(Cost: $516,838, Acquisition Date: 03/28/2023)
26,255
506,585
(Cost: $-, Acquisition Date: 03/05/2024)(d)
577
11,133
Masterworks 167, LxLxCx-xRxixlxexy, Bxrxixdxgxext; Dxexlxoxs, 1983
(Cost: $743,920, Acquisition Date: 05/26/2023)
37,196
692,322
(Cost: $-, Acquisition Date: 03/05/2024)(d)
466
8,673
Masterworks 168, LxLxCx-xOxwxexnxs, Lxaxuxrxa; Uxnxtxixtxlxexd, 2016
(Cost: $190,767, Acquisition Date: 03/28/2023)
9,574
193,912
(Cost: $-, Acquisition Date: 03/05/2024)(d)
179
3,625
Masterworks 169, LxLxCx-xWxhxixtxnxexy, Sxtxaxnxlxexy; Mxoxrxnxixnxg Bxixrxd, 2022
(Cost: $234,203, Acquisition Date: 03/28/2023)
11,753
158,064
(Cost: $-, Acquisition Date: 03/05/2024)(d)
219
2,945
Masterworks 171, LxLxCx-xWxhxixtxnxexy, Sxtxaxnxlxexy; Mxexmxoxrxy Gxaxrxdxexn, 2020
(Cost: $222,877, Acquisition Date: 03/28/2023)
11,180
121,634
(Cost: $-, Acquisition Date: 03/05/2024)(d)
204
2,219
Masterworks 172, LxLxCx-xNxaxrxa, Yxoxsxhxixtxoxmxo; Kxaxpxuxtxt Pxuxp Kxixnxg, 1999
(Cost: $385,056, Acquisition Date: 03/28/2023)
19,347
377,417
(Cost: $-, Acquisition Date: 03/05/2024)(d)
385
7,511
Masterworks 173, LxLxCx-xYxixaxdxoxmx-xBxoxaxkxyxe, Lxyxnxextxtxex; Oxyxsxtxexr, 2012
(Cost: $385,530, Acquisition Date: 03/28/2023)
19,347
340,436
(Cost: $-, Acquisition Date: 03/05/2024)(d)
361
6,352
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
8
Stone Ridge Funds | Annual Report | July 31, 2024

TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 174, LxLxCx-xCxhxaxnxexl Axbxnxexy, Nxixnxa; Axnxyxtxixmxe, Axnxyxpxlxaxcxe, 2018
(Cost: $133,313, Acquisition Date: 03/28/2023)
6,026
$66,901
Masterworks 176, LxLxCx-xKxaxwxs; Uxnxtxixtxlxexd (Kxuxrxfx), 2008
(Cost: $389,680, Acquisition Date: 05/26/2023)
19,484
415,572
(Cost: $-, Acquisition Date: 03/05/2024)(d)
242
5,162
Masterworks 177, LxLxCx-xKxaxtxz, Axlxexx; Pxixnxk Kxixmxoxnxo, Ixsxaxaxc Mxixzxrxaxhxi Sxexrxixexs, 1994
(Cost: $355,567, Acquisition Date: 03/28/2023)
19,347
425,408
(Cost: $-, Acquisition Date: 03/05/2024)(d)
316
6,948
Masterworks 178, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexr, Hxexlxexn; Bxrxixdxex'xs Dxoxoxr, 1967
(Cost: $580,420, Acquisition Date: 05/26/2023)
29,021
624,993
(Cost: $-, Acquisition Date: 03/05/2024)(d)
360
7,753
Masterworks 179, LxLxCx-xWxoxux-xKxi, Zxaxo; 1x7x.x0x2xx.x7x1x-x1x2x.x0x5x.x7x6, 1971
(Cost: $434,160, Acquisition Date: 03/28/2023)
23,493
364,755
(Cost: $-, Acquisition Date: 03/05/2024)(d)
438
6,800
Masterworks 180, LxLxCx-xWxhxixtxnxexy, Sxtxaxnxlxexy; xIx Sxixnxg Rxexd axnxd Bxlxuxe, 2020
(Cost: $223,055, Acquisition Date: 03/28/2023)
11,056
121,723
(Cost: $-, Acquisition Date: 03/05/2024)(d)
195
2,147
Masterworks 182, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Pxuxmxpxkxixn, 1996
(Cost: $151,791, Acquisition Date: 03/28/2023)
7,607
171,657
(Cost: $-, Acquisition Date: 03/05/2024)(d)
130
2,934
Masterworks 186, LxLxCx-xPxaxrxtxy, Nxixcxoxlxaxs; Lxaxnxdxsxcxaxpxe, 2017
(Cost: $663,340, Acquisition Date: 04/12/2023)
33,167
586,250
(Cost: $-, Acquisition Date: 03/05/2024)(d)
467
8,255
Masterworks 191, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Gxrxexxexn axnxd Pxuxrxpxlxe Cxoxmxpxoxsxixtxixoxn, 2010
(Cost: $1,050,280, Acquisition Date: 05/26/2023)
52,514
929,734
(Cost: $-, Acquisition Date: 03/05/2024)(d)
651
11,526
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 192, LxLxCx-xOxexhxlxexn, Axlxbxexrxtx; Axuxf (xDxexr Sxtxrxaxsxsxex) Sxcxhxrxexixbxexn (xWxrxixtxixnxg (xOxn Txhxe Sxtxrxexextx)x), 2000
(Cost: $414,580, Acquisition Date: 05/26/2023)
20,729
$415,660
(Cost: $-, Acquisition Date: 03/05/2024)(d)
257
5,153
Masterworks 193, LxLxCx-xHxexrxrxexrxa, Cxaxrxmxexn; Nxoxcxhxe Vxexrxdxe, 2016
(Cost: $156,261, Acquisition Date: 03/28/2023)
7,831
167,681
(Cost: $-, Acquisition Date: 03/05/2024)(d)
134
2,870
Masterworks 196, LxLxCx-xMxixtxcxhxexlxl, Jxoxaxnx; Uxnxxtxixtxlxexdx, xCx. 1956
(Cost: $883,460, Acquisition Date: 05/26/2023)
44,173
905,887
(Cost: $-, Acquisition Date: 03/05/2024)(d)
547
11,217
Masterworks 197, LxLxCx-xHxoxcxkxnxexy, Dxaxvxixd; Sxuxnxfxlxoxwxexr axnxd Txhxrxexe Oxrxaxnxgxexs, 1996
(Cost: $1,050,540, Acquisition Date: 05/26/2023)
52,527
1,077,208
(Cost: $-, Acquisition Date: 03/05/2024)(d)
651
13,351
Masterworks 214, LxLxCx-Fxrxaxnxkxexnxtxhxaxlxexr, Hxexlxexn; xPxixlxoxt, 1978
(Cost: $442,220, Acquisition Date: 05/26/2023)
22,111
434,525
(Cost: $-, Acquisition Date: 03/05/2024)(d)
274
5,385
Masterworks 215, LxLxCx-xBxoxextxtxi, Axlxixgxhxixexrxo; Mxxaxpxpxa, 1983
(Cost: $663,340, Acquisition Date: 05/26/2023)
33,167
648,398
(Cost: $-, Acquisition Date: 03/05/2024)(d)
411
8,035
Masterworks 217, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Cxoxnxsxxtxrxuxcxtxexd Fxaxcxe, 2013
(Cost: $497,500, Acquisition Date: 05/26/2023)
24,875
428,166
(Cost: $-, Acquisition Date: 03/05/2024)(d)
308
5,301
Masterworks 218, LxLxCx-xRxixlxexy, Bxrxixdxgxext; Gxrxexexnxsxlxexxexvxexs, 1983
(Cost: $635,700, Acquisition Date: 05/26/2023)
31,785
636,050
(Cost: $-, Acquisition Date: 03/05/2024)(d)
394
7,884
Masterworks 219, LxLxCx-xHxaxrxixnxg, Kxexixtxh; Uxnxtxixtxlxexd, 1984
(Cost: $1,053,020, Acquisition Date: 05/30/2023)
52,651
674,043
Masterworks 228, LxLxCx-xNxaxrxax, Yxoxsxhxixtxoxmxo; Uxnxdxexr txhxe Hxaxzxy Sky, 2012
(Cost: $2,515,140, Acquisition Date: 05/30/2023)
125,757
2,950,586
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,516
35,569
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
Stone Ridge Funds | Annual Report | July 31, 2024
9

TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 230, LxLxCx-xKxaxwxs; Cxhxuxmx (KxCxBx8), 2012
(Cost: $428,520, Acquisition Date: 05/26/2023)
21,426
$456,222
(Cost: $-, Acquisition Date: 03/05/2024)(d)
266
5,664
Masterworks 236, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Exaxsxtxexr Sxuxnxdxaxy, 2011
(Cost: $704,680, Acquisition Date: 05/26/2023)
35,234
778,143
(Cost: $-, Acquisition Date: 03/05/2024)(d)
378
8,348
Masterworks 239, LxLxCx-xBxrxoxwxn, Cxexcxixlxy; Txhxe Nxyxmxpxhxs Hxaxvxe Dxexpxaxrxtxexd, 2014
(Cost: $1,156,600, Acquisition Date: 05/26/2023)
57,830
1,004,808
(Cost: $-, Acquisition Date: 03/05/2024)(d)
622
10,807
Masterworks 241, LxLxCx-xPxaxrxtxy, Nxixcxoxlxaxs; Txrxexexs, 2019
(Cost: $481,820, Acquisition Date: 05/26/2023)
24,091
426,950
(Cost: $-, Acquisition Date: 03/05/2024)(d)
298
5,282
Masterworks 245, LxLxCx-xAxy Txjxoxe, Cxhxrxixsxtxixnxe; Lxaxyxexr axs ax Hxixdxixnxg Pxlxaxcxe, 2013
(Cost: $402,320, Acquisition Date: 05/26/2023)
20,116
404,591
(Cost: $-, Acquisition Date: 03/05/2024)(d)
177
3,560
Masterworks 254, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe, Ixnxsxixdxe txhxe Wxexsxt Wxixnxg, 1957
(Cost: $693,480, Acquisition Date: 01/12/2024)
34,674
616,167
Masterworks 258, LxLxCx-xGxixlxlxixaxm, Sxaxm; Uxnxtxixtxlxexd
(Cost: $416,080, Acquisition Date: 10/30/2023)
20,804
345,939
Masterworks 261, LxLxCx-xWxoxnxg, Mxaxtxtxhxexw; Uxnxtxixtxlxexd, 2017
(Cost: $762,940, Acquisition Date: 05/26/2023)
38,147
791,043
(Cost: $-, Acquisition Date: 03/05/2024)(d)
334
6,926
Masterworks 262, LxLxCx-xBxaxsxqxuxixaxt, Jxexaxnx-xMxixcxhxexl; Uxnxtxixtxlxexd, 1983
(Cost: $2,000,000, Acquisition Date: 10/30/2023)
100,000
2,219,530
(Cost: $-, Acquisition Date: 03/05/2024)(d)
1,956
43,414
Masterworks 268, LxLxCx-xNxaxrxa, Yxoxsxhxixtxoxmxo; Wxoxuxnxdxexd
(Cost: $1,664,340, Acquisition Date: 10/30/2023)
83,217
1,603,517
(Cost: $-, Acquisition Date: 03/05/2024)(d)
345
6,648
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 273, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Hxuxmxaxn Rxaxgxe
(Cost: $527,040, Acquisition Date: 10/30/2023)
26,352
$599,613
(Cost: $-, Acquisition Date: 03/05/2024)(d)
65
1,479
Masterworks 274, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Pxoxlxixtxixcxaxl Cxaxrxtxoxoxn Axbxsxtxrxaxcxtxixoxn
(Cost: $499,300, Acquisition Date: 03/05/2024)
24,965
499,699
Masterworks 275, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Ixnxfxixnxixtxyx-xSxixlxvxexrx-xNxextxs (Txwxhxexrxo)
(Cost: $751,700, Acquisition Date: 10/30/2023)
37,585
494,205
Masterworks 278, LxLxCx-xBxrxaxdxfxoxrxd, Mxaxrxk, Mxaxqxuxaxn, 2015
(Cost: $596,520, Acquisition Date: 01/03/2024)
29,826
591,924
Masterworks 279, LxLxCx-xKxuxsxaxmxa, Yxaxyxoxi; Nxextxs Oxbxsxexsxsxixoxn (xTxoxwxe)
(Cost: $554,780, Acquisition Date: 10/30/2023)
27,739
370,654
(Cost: $-, Acquisition Date: 03/05/2024)(d)
69
922
Masterworks 282, LxLxCx-xBxaxsxqxuxixaxt, Jxexaxnx-xMxixcxhxexl; Pxoxlxlxo xFxrxixtxo, 1982
(Cost: $2,400,000, Acquisition Date: 03/26/2024)
120,000
2,408,508
Masterworks 286, LxLxCx-xBxrxaxdxfxoxrxd, Mxaxrxk; Sxexax Mxoxnxsxtxexr
(Cost: $1,188,520, Acquisition Date: 03/05/2024)
59,426
1,188,520
Masterworks 300, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexr, Hxexlxexn; Oxvxexr axnxd xAxbxoxvxe
(Cost: $389,840, Acquisition Date: 10/30/2023)
19,492
769,846
(Cost: $-, Acquisition Date: 03/05/2024)(d)
49
1,936
Masterworks 304, LxLxCx-xSxcxhxaxrxf, Kxexnxnxy; Exvxoxlxuxtxixoxn Rxexvxoxlxuxtxixoxn Ixv
(Cost: $165,020, Acquisition Date: 03/05/2024)
8,251
164,029
Masterworks 309, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Uxnxtxixtxlxexd (Pxaxixnxtxixnxg Dxrxaxwxixnxg 6)
(Cost: $165,520, Acquisition Date: 03/05/2024)
8,276
164,802
Masterworks 311, LxLxCx-xRxuxsxcxhxa, Exdxwxaxrxd; Mxaxnxuxaxl Mxoxbxixlxxixtxy
(Cost: $864,100, Acquisition Date: 03/05/2024)
43,205
859,157
Masterworks 312, LxLxCx-xRxyxmxaxn, Rxoxbxexrxt; Fxixlxe
(Cost: $433,320, Acquisition Date: 03/05/2024)
21,666
476,503
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
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TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 318, LxLxCx-xPxexyxtxoxn, Exlxixzxaxxbxextxh; Hxaxixrxcxuxt (xBxexn & Sxpxexnxcxexr)
(Cost: $125,200, Acquisition Date: 03/05/2024)
6,260
$144,992
Masterworks 325, LxLxCx-xCxoxnxdxo, Gxexoxrxgxe; Excxsxtxaxtxixc Fxixgxuxrxexs
(Cost: $859,900, Acquisition Date: 03/05/2024)
42,995
861,697
Masterworks 326, LxLxCx-xSxoxuxlxaxgxexs, Pxixexrxrxe; Pxexixnxtxuxrxe 128 X 181 Cxm, 2009
(Cost: $416,080, Acquisition Date: 03/05/2024)
20,804
312,372
Masterworks 329, LxLxCx-xFxoxrxg, Gxuxnxtxhxexr; Uxnxtxixtxlxexd
(Cost: $132,200, Acquisition Date: 03/05/2024)
6,610
131,406
Masterworks 334, LxLxCx-xSxexox-xbxo, Pxaxrxk; Excxrxixtxuxrxe Nxo. 2-80-81
(Cost: $252,400, Acquisition Date: 03/05/2024)
12,620
252,400
Masterworks 338, LxLxCx-xFxoxrxg, Gxuxnxtxhxexr; Uxnxtxixtxlxexd
(Cost: $117,840, Acquisition Date: 03/05/2024)
5,892
117,132
Masterworks 341, LxLxCx-xWxoxoxl, Cxhxrxixsxtxoxpxhxexr; Uxnxtxixtxlxexd, 1990
(Cost: $1,109,560, Acquisition Date: 04/09/2024)
55,478
1,109,560
Masterworks 348, LxLxCx-xKxaxtxz, Axlxexx; Rxaxixnxcxoxaxt Txrxixpxtxyxcxh
(Cost: $450,820, Acquisition Date: 03/05/2024)
22,541
450,820
Masterworks 371, LxLxCx-xSxexox-xbxo, xPxaxrxk; Excxrxixtxuxrxe Nxo. 2-75
(Cost: $249,660, Acquisition Date: 03/05/2024)
12,483
249,660
Masterworks 380, LxLxCx-xSxixnxgxexr, Axvxexrxy; Uxnxtxixtxlxexd (Sxaxtxuxrxdxaxy Nxixgxhxt)
(Cost: $297,520, Acquisition Date: 03/05/2024)
14,876
313,411
Masterworks 386, LxLxCx-xRxixcxhxtxexr, Gxexrxhxaxrxd; Axbxsxtxrxaxkxtxexs Bxixlxd (557-3), 1984
(Cost: $638,000, Acquisition Date: 04/30/2024)
31,900
637,815
Masterworks 387, LxLxCx-xFxoxrxg, Gxuxnxtxhxexr; Uxnxtxixtxlxexd
(Cost: $194,180, Acquisition Date: 03/05/2024)
9,709
198,778
Masterworks 388, LxLxCx-xBxaxs, Hxexrxnxaxn; Wxixtxh Sxtxuxpxixd
(Cost: $249,660, Acquisition Date: 03/05/2024)
12,483
249,660
Masterworks 389, LxLxCx-x Uxnxtxixtxlxexd
(Cost: $152,680, Acquisition Date: 04/02/2024)
7,634
165,474
Masterworks 390, LxLxCx-xOxwxexnxsx, Lxaxuxrxa; Uxnxtxixtxlxexd
(Cost: $256,640, Acquisition Date: 03/05/2024)
12,832
255,757
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 391, LxLxCx-xPxexyxtxoxn, Exlxixzxaxbxextxh; Pxixoxtxr Uxkxlxaxnxxsxkxi
(Cost: $180,420, Acquisition Date: 03/05/2024)
9,021
$149,847
Masterworks 393, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexr, Hxexlxexn; Sxexaxsxpxaxcxe
(Cost: $513,300, Acquisition Date: 03/05/2024)
25,665
520,214
Masterworks 395, LxLxCx-xFxoxrxg, Gxuxnxtxhxexr; Uxnxtxixtxlxexd
(Cost: $152,680, Acquisition Date: 03/05/2024)
7,634
165,474
Masterworks 396, LxLxCx-xSxoxuxlxaxgxexs, Pxixexrxrxe; Pxexixnxtxuxrxe 181 X 81 Cxm, 2006
(Cost: $305,120, Acquisition Date: 04/02/2024)
15,256
212,409
Masterworks 398, LxLxCx-xRxixlxexy, Bxrxixdxgxext; Cxlxoxsxe xBxy
(Cost: $721,220, Acquisition Date: 03/05/2024)
36,061
612,262
Masterworks 399, LxLxCx-xBxaxs, Hxexrxnxaxn; Txhxe Dxexaxd Lxixnxe
(Cost: $132,600, Acquisition Date: 03/05/2024)
6,630
131,842
Masterworks 400, LxLxCx-xRxixcxhxtxexr, Gxexrxhxaxrxd; Axbxsxtxrxaxkxtxexs Bxixlxd
[819-2]
(Cost: $669,980, Acquisition Date: 03/05/2024)
33,499
669,980
Masterworks 402, LxLxCx-xNxaxrxa, Yxoxsxhxixtxoxmxo; Uxnxtxixtxlxexd
(Cost: $214,060, Acquisition Date: 03/05/2024)
10,703
212,775
Masterworks 406, LxLxCx-xCxoxdxa
(Cost: $343,120, Acquisition Date: 04/02/2024)
17,156
343,120
Masterworks 407, LxLxCx-xWxoxoxd, Jxoxnxaxs; Wxoxoxd Sxhxexxlxf Wxixtxh Bxaxlxl, 2019
(Cost: $638,000, Acquisition Date: 03/26/2024)
31,900
638,000
Masterworks 410, LxLxCx-xYxe, Lxixu; TxhxexxExnxdx Oxf Bxaxrxoxqxuxex
(Cost: $796,940, Acquisition Date: 04/02/2024)
39,847
794,426
Masterworks 414, LxLxCx-xBxrxaxdxfxoxrxd, Mxaxrxk; Vxaxlxuxe 87, 2009
(Cost: $384,840, Acquisition Date: 04/30/2024)
19,242
384,840
Masterworks 416, LxLxCx-xGxhxexnxixe, Axdxrxixaxn; Txhxe Lxixdxlxexsxs Eye
(Cost: $235,900, Acquisition Date: 03/05/2024)
11,795
234,483
Masterworks 417, LxLxCx-xNxaxrxa, Yxoxsxhxixtxoxmxo; Dxoxg Ixn Txhxe Nxixgxhxt
(Cost: $249,660, Acquisition Date: 03/05/2024)
12,483
248,161
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
Stone Ridge Funds | Annual Report | July 31, 2024
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TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
SHARES
VALUE
Art (a) (b) (c) - 96.1% (continued)
Masterworks 418, LxLxCx-xBxoxextxtxi, Axlxixgxhxixexrxo; Ixl Vxexnxtxixcxixnxqxuxexsxixmxo Gxixoxrxnxo Dxexlx Txexrxzxo Mxexsxe Dxexlxlxaxnxnxo Mxixlxlxexnxoxvxexcxexnxtxoxoxtxtxaxn
(Cost: $152,680, Acquisition Date: 03/26/2024)
7,634
$137,437
Masterworks 419, LxLxCx-xHxexnxdxrxixcxkxs, Bxaxrxkxlxexy Lx.; Txrxixpxlxe Pxoxrxtxrxaxixtx: xWxoxrxlxd Cxoxnxqxuxexrxoxr, 2011
(Cost: $585,020, Acquisition Date: 04/30/2024)
29,251
582,841
Masterworks 426, LxLxCx-xWxoxoxdx, Jxoxnxaxs; Wxhxixtxe Oxrxcxhxixd wxixtxh Bxlxuxe Lxexaxvxexs, 2020
(Cost: $180,420, Acquisition Date: 05/28/2024)
9,021
179,955
Masterworks 428, LxLxCx, Kxuxsxuxmxa, Yxaxyxoxi; Ixnxfxixnxixtxy-Nxextxs (FxKxQxS), 2016
(Cost: $430,080, Acquisition Date: 06/11/2024)
21,504
429,216
Total Class A Equity Shares
(Cost $99,518,140)
$101,277,181
Short-Term Investments - 3.4%
Money Market Funds - 3.4%
First American Government Obligations Fund - Class Z - 5.23%(e)
1,817,494
1,817,494
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 5.21%(e)
1,817,493
1,817,493
Total Short-Term Investments
(Cost $3,634,987)
3,634,987
TOTAL INVESTMENTS
(Cost $103,153,127) - 99.5%
$104,912,168
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%
505,961
TOTAL NET ASSETS- 100.0%
$105,418,129
Percentages are stated as a percent of net assets.
(a)
Security is fair valued by the Adviser Valuation Committee pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities is $101,277,181, which represented 96.1% of net assets.
(b)
Non-Income producing security.
(c)
Security is illiquid.
(d)
Security is restricted as to resale. The aggregate value of these securities at July 31, 2024, was $6,177,357, which represented 5.9% of net assets.
(e)
Rate shown is the 7-day effective yield.
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)
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TABLE OF CONTENTS

Consolidated Schedule of Investments
as of July 31, 2024
STONE RIDGE ART RISK PREMIUM FUND
Prepaid Forward Contract (a)
Artwork Contract
Counterparty
Contract
Date
Cost
Fair Value
Sxtxixlxlx, Cxlxyxfxfxoxrxdx; PxHx-x6x9x (xbx)
Masterworks, LLC
8/30/2023
7,117,274
$9,970,753
Cxoxnxdxox, Gxexoxrxgxex; Axuxtxuxmxn ixnx Sxoxhxo (xcx)
Masterworks, LLC
3/13/2024
1,834,750
2,892,375
Mxixtxcxhxexlxlx, Jxoxaxnx; Bxlxuxexbxexrxrxy (xcx)
Masterworks, LLC
6/6/2024
6,200,000
7,977,918
$20,841,046
(a)
Security is fair valued by the Adviser and has significant unobservable inputs.
(b)
The forward contract is prepaid by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork in November 2026 or May 2027, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days following sale of the artwork.
(c)
The forward contract is prepaid by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork in November 2027 or May 2028, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days following sale of the artwork.
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
Stone Ridge Funds | Annual Report | July 31, 2024
13

TABLE OF CONTENTS

Consolidated Statement of Assets and Liabilities
As of July 31, 2024
STONE RIDGE ART
RISK PREMIUM FUND
ASSETS:
Investments, at fair value(1)
$ 104,912,168
Prepaid forward contracts, at fair value(2)
20,841,046
Due from Adviser
50,625
Cash held at Custody
930
Interest receivable
34,957
Other assets
54,434
Total assets
125,894,160
LIABILITIES:
​Accrued audit and tax fees
130,660
Loans payable (see Note 7)
19,450,000
Payable for fund shares redeemed
757,660
Payable for Chief Compliance Officer compensation
4,997
Payable to Custodian
15,351
Payable to Trustees
2,849
​Accrued distribution and service fees (see Note 4)
4,481
Accrued service fees (see Note 4).
4,481
Other accrued expenses
105,552
Total liabilities
20,476,031
Total net assets
$ 105,418,129
NET ASSETS CONSIST OF:
Capital stock
​$98,559,171
Total distributable earnings
​6,858,958
Total net assets
$ 105,418,129
Net assets
$ 105,418,129
Capital shares outstanding, no par value, unlimited shares authorized.
9,669,733
Net asset value, offering and redemption price per share
$10.90
(1) Cost of Investments
$ 103,153,127
(2) Cost of Prepaid Forward Contracts
$15,152,024
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
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TABLE OF CONTENTS

Consolidated Statement of Operations
For the Year Ended July 31, 2024
STONE RIDGE ART
RISK PREMIUM FUND
INVESTMENT INCOME:
Interest income
$227,433
Total investment income
227,433
EXPENSES
Advisory fees (see Note 4)
1,310,248
Pricing expenses
630,399
Legal expenses
530,446
Deferred expenses (see Note 6)
342,600
Audit expenses
229,061
Fund accounting and administration fees
157,908
Chief Compliance Officer compensation
59,997
Transfer agency fees and expenses
59,568
Servicing fees (see Note 4)
43,675
Custody fees
23,771
Distribution and service fees (see Note 4)
18,938
Registration expense
18,797
Trustees fees and expenses
11,745
Other expenses
57,905
Total expenses before Adviser waiver
3,495,058
Expenses waived by Adviser (see Note 4)
(1,748,061)
Total net expenses
1,746,997
Net investment loss
(1,519,564)
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on:
Investments
349,058
Increase in payment from affiliates (see Note 11)
11,355
Net change in unrealized appreciation (depreciation) on:
Investments
1,647,927
Prepaid forward contracts
5,689,022
Net realized and unrealized gain
7,697,362
Net increase in net assets resulting from operations
$6,177,798
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
Stone Ridge Funds | Annual Report | July 31, 2024
15

TABLE OF CONTENTS

Consolidated Statement of Changes in Net Assets
STONE RIDGE ART RISK
PREMIUM FUND
Year
Ended
July 31, 2024
Period
Ended
July 31, 2023(1)
OPERATIONS:
Net investment loss
$(1,519,564)
$(363,679)
Net realized gain on:
Investments
349,058
700,409
Increase in payment from affiliates (see Note 11)
11,355
-
Net change in unrealized appreciation (depreciation) on:
Investments
1,647,927
111,114
Prepaid forward contracts
5,689,022
-
Net increase in net assets resulting from operations
6,177,798
447,844
DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions
-
-
Total distributions
-
-
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold(2)
25,529,620
80,786,589
Cost of shares redeemed
(3,487,001)
(4,136,721)
Net increase in net assets from capital share transactions
22,042,619
76,649,868
Total increase in net assets
28,220,417
77,097,712
NET ASSETS:
Beginning of period
77,197,712
100,000
​End of period
​$105,418,129
​$77,197,712
(1)
The Fund commenced operations on March 28, 2023.
(2)
Includes in-kind transactions of $61,668,202 for the period ended July 31,2023. See Note 8 in Notes to Consolidated Financial Statements.
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
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TABLE OF CONTENTS

Consolidated Statement of Cash Flows
For the Year Ended July 31, 2024
Stone Ridge Art Risk
Premium Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations
$6,177,798
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
​Net realized and unrealized gain on investments and prepaid forward contracts:
(7,686,007)
Changes in assets and liabilities:
Interest receivable
(10,864)
Payable to Custodian
10,382
Payable to Trustees
3
Accrued distribution and servicing fees
1,039
Accrued service fees
1,039
Payable for Chief Compliance Officer compensation
(3)
Accrued audit and tax fees
47,023
Accrued organizational costs
(641,150)
Accrued legal expenses
(9,921)
​Due from Adviser
256,779
Deferred offering expense
342,600
Other accrued expenses
(42,244)
Other assets
(50,928)
Purchases of investments
​(25,718,741)
Purchase of forward contract
​(15,152,024)
Proceeds from sale of investments
2,087,394
Net purchases and sales of short-term investments
2,243,067
Net cash used in operating activities
(38,144,758)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares issued
25,561,750
Payment on shares repurchased
(6,866,062)
​Loan withdrawals
​31,210,000
Loan paydowns
(11,760,000)
Net cash provided by financing activities
38,145,688
Net increase in cash and restricted cash
930
Cash and restricted cash, beginning of year
-
Cash and restricted cash, end of year
$930
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
Stone Ridge Funds | Annual Report | July 31, 2024
17

TABLE OF CONTENTS

Consolidated Financial Highlights
July 31, 2024
PER SHARE DATA:
Income (loss) from Investment Operations



Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(2)
Net Realized
and
Unrealized Gains
(Losses)
Total from
Investment
Operations
STONE RIDGE ART RISK PREMIUM FUND
Year Ended July 31, 2024
$10.11
(0.18)
0.97(10)
​0.79(9)
Period Ended July 31, 2023(1)
$10.00
(0.06)
0.17
0.11
(1)
The Fund commenced operations on March 28, 2023.
(2)
Net investment income (loss) per share has been calculated based on average shares outstanding during the period.
(3)
Total return represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming the reinvestment of all dividends and distributions).
(4)
Cumulative total return since inception of March 28, 2023.
(5)
Annualized.
(6)
Not annualized.
(7)
Excludes in-kind transactions.
(8)
Includes tax expenses not covered by the Fund's expense limitation agreement. See Note 4 in Notes to Consolidated Financial Statements.
(9)
Includes Increase in payments by affiliates of less than $0.01. See Note 11 in Notes to Consolidated Financial Statements.
(10)
Net Realized and Unrealized Gains (Losses) per share has been calculated based on average shares outstanding during the period. $0.74 of the Fund's Net Realized and Unrealized Gains (Losses) consists of unrealized appreciation associated with securities acquired by the Fund on uniquely favorable terms, which is not expected to be recurring. Excluding this item, net realized and unrealized gains would have been $0.23, and the total return of the fund would have been 0.49% for the year ended July 31, 2024.
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
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TABLE OF CONTENTS

Consolidated Financial Highlights
July 31, 2024
SUPPLEMENT DATA AND RATIOS:
Distributions to Shareholders
Net
Investment
Income
Net
Realized
Gains
Return
of
Capital
Total
Distributions
Net
Asset
Value,
End of
Period
Total
Return(3)
Net
Assets,
End of
Period
(000's)
Ratio of
Expenses to
Average
Net Assets
(Before Expense
Reimbursement/
Recoupment)
Ratio of
Expenses to
Average
Net Assets
(After Expense
Reimbursement/
Recoupment)
Ratio of Net
Investment Income
(Loss) to Average
Net Assets
(Before Expense
Reimbursement/
Recoupment)
Ratio of Net
Investment Income
(Loss) to Average
Net Assets
(After Expense
Reimbursement/
Recoupment)
Portfolio
Turnover
Rate
-
-
-
-
$10.90
​7.81%(10)
$105,418
4.00%
2.00%
(3.74)%
(1.74)%
2.13%
-
-
-
-
$10.11
1.10%(4)(6)
$77,198
11.20%(5)
2.04%(5)(8)
(10.93)%(5)
(1.77)%(5)
5.16%(6)(7)
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
Stone Ridge Funds | Annual Report | July 31, 2024
19

TABLE OF CONTENTS

Notes to Consolidated Financial Statements
July 31, 2024
1. Organization
Stone Ridge Trust VIII (the "Trust") was organized as a Delaware statutory trust on December 22, 2020 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a continuously-offered, non-diversified closed-end management investment company issuing shares. As of July 31, 2024, the Trust consisted of one series: the Stone Ridge Art Risk Premium Fund (the "Fund"). The Fund was established on July 26, 2022 and commenced operations on March 28, 2023. The Fund offers one class of shares to investors with no front-end or back-end sales charges, a 0.05% fee paid pursuant to the Distribution and Servicing Plan (as discussed below), a 0.05% fee paid pursuant to the Services Agreement (as discussed below), and no repurchase fee. The Trust's Declaration of Trust authorizes the issuance of an unlimited number of shares.
The Fund has an interval fund structure pursuant to which the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund's outstanding shares at net asset value ("NAV") subject to approval of the Board of Trustees (the "Board"). In all cases, such repurchase offers will be for at least 5% and not more than 25% of the Fund's outstanding shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased. If the repurchase offer is oversubscribed, the Fund may, in its sole discretion, repurchase an additional number of shares not to exceed 2% of the shares outstanding on the repurchase request deadline. Notwithstanding the foregoing, under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares and tender all of their shares for repurchase in a repurchase offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. In addition, if a repurchase offer is oversubscribed, the Fund may offer to repurchase additional shares in an amount determined by the Board that are tendered by an estate (an "Estate Offer"). If an Estate Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. In addition, if a repurchase offer is oversubscribed as described above, the Fund may also offer to repurchase additional shares in an amount determined by the Board that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "Defined Benefit Plan Offer"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). If the Defined Benefit Plan Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. As a result, there can be no assurance that the Fund will be able to repurchase all of the shares tendered in an Estate Offer or a Defined Benefit Plan Offer. If the Fund repurchases any shares pursuant to an Estate Offer or a Defined Benefit Plan Offer, this will not affect the number of shares that it repurchases from other shareholders in the quarterly repurchase offers. The Fund's shares are not listed, and the Fund does not currently intend to list its shares for trading, on any national securities exchange. The shares are, therefore, illiquid. Even though the Fund makes quarterly repurchase offers to repurchase a portion of the shares to try to provide liquidity to shareholders, shareholders should consider the shares to be illiquid. There is not expected to be any secondary trading market in the shares.
The Fund's investment objective is to seek capital appreciation. The Fund pursues its investment objective by investing, primarily in paintings, sculptures or other artistic objects ("Artwork") from the Post-War and Contemporary collecting periods, as well as other collecting periods, created by artists that have an established track record of public auction sales (typically at least three years of public auction results). The Fund invests in Artwork directly by purchasing Artwork ("Whole Artwork") or indirectly by investing in special purpose companies that own Artwork. The Fund may invest to a significant extent in Artwork indirectly by investing in special purpose companies sponsored by Masterworks, LLC or an affiliate ("Masterworks") (a sponsor of an online Artwork investment platform), or other similar platforms, that own Artwork or partial interests in Artwork. The Fund may gain investment exposure to Artwork by purchasing Whole Artwork directly or through forwards or swaps, including prepaid forward contracts.
The consolidated financial statements include the accounts of Stone Ridge Art Risk Premium Sub Fund Ltd and Stone Ridge Art Risk Premium Fund US Holdings LLC (together, the "Subsidiaries"), wholly-owned and controlled subsidiaries of the Fund. The Subsidiaries act as investment vehicles in order to invest in Artwork consistent with the Fund's investment objectives and policies. As of July 31, 2024, the Subsidiaries' net assets were $20,814,567 which represented 19.7% of the Stone Ridge Art Risk Premium Fund.
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Notes to Consolidated Financial Statements
July 31, 2024
2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Topic 946, Financial Services - Investment Companies.
(a) Investment Valuation and Fair Value Measurement. The Board has approved procedures pursuant to which the Fund values its investments (the "Valuation Procedures"). The Board has established a Valuation Committee (the "Board Valuation Committee"), which has designated Stone Ridge Asset Management LLC ("Stone Ridge" or the "Adviser") to serve as "valuation designee" in accordance with Rule 2a-5 of the 1940 Act and, in that capacity, to bear responsibility for implementing the Valuation Procedures, including performing fair valuation determinations relating to all investments held by the Fund (as needed), subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the "Adviser Valuation Committee") performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair valuation determinations.
Generally, the Fund must value its assets using market quotations when they are readily available. If, with respect to any portfolio instrument, market quotations are not readily available, or available market quotations are deemed to be unreliable by Stone Ridge, then such instruments will be valued as determined in good faith by Stone Ridge.
The Fund generally expects that the Artwork it holds will be fair valued by Stone Ridge in accordance with the Valuation Procedures and with assistance from certain Fund service providers. Listed below is a summary of certain of the methodologies generally used currently to fair value investments in Artwork, the special purpose vehicles that own Artwork or partial interests in Artwork (each, an "Artwork Company") and the prepaid forward contracts on Artwork held by the Fund under the Valuation Procedures. The Artwork held by the Fund will be fair valued based on some or all the following fair valuation methodologies:
•
Assessment of the acquisition cost of Artwork or Artwork Company investments adjusted by premium or discount factors based on the Adviser's assessment of economic, environmental conditions or other events that may result in higher or lower prices for Artwork or Artwork Company investments generally.
•
Assessment of recent comparable public and, to the extent verifiable, private sale prices for similar Artwork that is available and reliable and price trend information for comparable Artwork.
•
Assessment of artist-level and art-market segment level pricing information and benchmarks that are available and reliable and price trend information for such specific artist's works.
•
Assessment of pricing information provided by third-party service providers or valuation agents, including Masterworks or Masterworks Administrative Services, LLC ("Masterworks AS" or "Artwork Administrator").
•
Assessment of any other available information that the Adviser deems relevant to the valuation of Artwork or Artwork Company investments.
Fair value pricing of Artwork will require subjective determinations about the value of Artwork. Fair values may differ from prices that are used by others for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Fund. It is possible that the fair value determined for an investment may be materially different than the value that could be realized upon the sale of such security. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.
The Adviser will generally determine the value of the Artwork Company investment by using the value of the underlying single work of art adjusted for any factors required to convert the value of the artwork asset to the value of the equity security. These factors include, but are not limited to, the fees charged to the Artwork Company, any secondary market or other transactions for Artwork Company shares, the perceived likelihood of a sale of the Artwork underlying the Artwork Company, the
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Notes to Consolidated Financial Statements
July 31, 2024
perceived timing of any such sale, the perceived likelihood of the form of any such sale (i.e., sale at auction versus sale in the private market) and any fees or expenses associated with such form, the perceived future appreciation rate of such Artwork, other market-wide or economic conditions or factors, or other factors deemed relevant by the Adviser. The Advisor will generally determine the value of the prepaid forward contract by using the value of the underlying single work of art adjusted for any fees owed to the counterparty as part of the contract. The Adviser values the underlying Artwork using a sales comparison approach (the "Sales Comparison Approach"), which is an appraisal method that compares the Artwork to a set of artworks with similar characteristics that have recently sold ("comparables" or "comps") and taking into account certain other factors (art-specific factors, artist-specific factors, market factors and any changes to the condition of the Artwork). The valuation of the Artwork will be carried out by an appraiser upon the sale of a comparable (or if more than 180 days have passed since acquisition of the artwork without a sale of a comparable during such 180 days) and documented in an appraisal report.
The Fund adheres to authoritative fair valuation accounting standards that set out a hierarchy for measuring fair valuation inputs. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 Inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date;
Level 2 Inputs: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data;
Level 3 Inputs: significant unobservable inputs for the asset or liability.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser's perceived risk of that instrument.
The table below summarizes assets and liabilities measured at fair value on a recurring basis:
DESCRIPTION
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Assets
Class A Equity Shares
$-
$    -
$101,277,181
$101,277,181
Money Market Funds
3,634,987
-
-
3,634,987
Total Investments
$3,634,987
$-
$101,277,181
$104,912,168
Other Financial Instruments
Prepaid Forward Contracts
$-
$-
$20,841,046
$20,841,046
Total
$-
$-
$20,841,046
$20,841,046
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Notes to Consolidated Financial Statements
July 31, 2024
Below is a reconciliation that details the activity of securities classified in Level 3 during the year ended July 31, 2024:
Class A Equity
Shares
Prepaid Forward
Contracts
Beginning Balance-July 31, 2023
$75,648,849
$-
​Acquisitions
25,718,741
​15,152,024
​Dispositions
(2,087,394)
-
​Realized gains (losses)
349,058
-
​Return of capital
-
​-
​Change in unrealized appreciation/(depreciation)
1,647,927
5,689,022
​Transfers out of Level 3
-
-
​Transfers into Level 3
-
-
Ending Balance-July 31, 2024
$101,277,181
$20,841,046
As of July 31, 2024, the change in unrealized appreciation (depreciation) on positions still held by the Fund was $1,682,484 for Class A Equity Shares and $5,689,022 for Forward Contracts.
The following table summarizes the quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of July 31, 2024:
TYPE OF SECURITY
INDUSTRY
FAIR VALUE AT
7/31/24
VALUATION
TECHNIQUES
UNOBSERVABLE
INPUTS
RANGE
WEIGHTED
AVERAGE
Class A Equity Shares
Art
$93,182,879
Sales Comparison Approach
N/A
N/A
N/A
Class A Equity Shares
Art
$8,094,302
Recent Transaction
N/A
N/A
N/A
Prepaid Forward Contracts
Art
$20,841,046
Sales Comparison Approach
N/A
N/A
N/A
The Artwork underlying each Artwork Company or prepaid forward contract is valued using the Sales Comparison Approach, which is an appraisal method carried out by an independent third-party appraiser that compares the Artwork to a set of comparable artworks. The appraiser selects the comparable artworks by identifying artworks that have similar characteristics to the Artwork in question (e.g., artist, genre, time period, size, date of the work's creation, medium, series, imagery, technique, color, condition, provenance, exhibition history, prior sales history and any other relevant information); considering the recency of such artworks' sales data; and considering the reliability of such sales data. The appraiser assigns a value to the Artwork in question based on the similarity of the physical characteristics and condition of the comparable artworks to the Artwork in question; the appraiser's perceived quality of the comparable relative to the Artwork in question; the date of the comparable work's most recent sale; and the source of the relevant sales data. The appraiser may also incorporate art-specific factors, artist-specific factors, market factors and/or the physical condition of the Artwork into the fair valuation of the Artwork. The appraisers do not, in any formulaic or mathematical manner, make adjustments to the sales comparable figures, but instead rely on their professional expertise to determine a fair value for the Artwork that is based on the different sales comparable figures, using a qualitative approach. To fair value the Artwork Company investments, the fees and expenses paid to the sponsor of the Artwork Company, as described in the offering documents of each Artwork Company, are subtracted from the fair value of the underlying Artwork and that value is then prorated to reflect the number of shares of the Artwork Company owned by the Fund. The Adviser will additionally adjust the fair value of the underlying Artwork for any other factors required to convert the value of the artwork asset to the value of the equity security. These factors include, but are not limited to, any secondary market or other transactions for Artwork Company shares, the perceived likelihood of a sale of the Artwork underlying the Artwork Company, the perceived timing of any such sale, the perceived likelihood of the form of any such sale (i.e., sale at auction versus sale in the private market) and any fees or expenses associated with such form, the perceived future appreciation rate of such Artwork, other market-wide or economic conditions or factors, or other factors deemed relevant by the Adviser.
To fair value the prepaid forward, any fees owed to the contract counterparty are subtracted from the fair value of the underlying Artwork.
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Notes to Consolidated Financial Statements
July 31, 2024
(b) Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
(c) Indemnifications. In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.
(d) Federal Income Taxes. The Fund qualifies and intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.
(e) Distributions to Shareholders. The Fund intends to distribute to its shareholders any net investment income and any net realized long- or short-term capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. The Fund may periodically make reclassifications among certain of its capital accounts as a result of the characterization of certain income and realized gains determined annually in accordance with federal tax regulations that may differ from GAAP.
(f) Foreign Securities and Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Fund does not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.
(g) Market Volatility. The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as military conflicts, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Adviser to invest the Fund's assets as intended.
(h) Large Shareholder Risk. The risk that certain account holders, including an Adviser or funds or accounts over which an Adviser (or related parties of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund's shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an Adviser (or related parties of an Adviser), will adversely affect the Fund's performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund's portfolio, increase a Fund's transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of July 31, 2024, shareholders affiliated with the Fund and/or Adviser (other than other Stone Ridge Funds) owned 50.6% of total shares of the Fund.
(i) Artwork Investment Risk. A downturn or slowdown in the demand for Artwork generally or Artwork by specific artists caused by adverse economic or environmental conditions or other events may have a greater impact on the value of the Company's assets or operating results than if the Fund had invested its assets across more industries or sectors. In addition to general economic conditions that could result in a downturn or slowdown in demand for Artwork, the Fund's financial results will be impacted by shifts in demand for specific types of Artwork and artists. Such shifts in demand could affect particular segments of the Artwork market (e.g., Post-War or Contemporary Art fall out of favor with collectors and investors)
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Notes to Consolidated Financial Statements
July 31, 2024
or particular artists (e.g., information is discovered about a particular artist that causes negative perceptions about that artist and accordingly reduces the demand for Artwork created by that artist). There is no assurance as to the extent Artwork values will improve. A variety of economic and other factors could cause the value of these assets to decline, which could adversely affect the Fund's financial results.
An investment in Artwork is subject to various risks, any of which could materially impair the value of the Artwork
investments held by the Fund.
Investing in Artwork is subject to the following risks:
•
Authenticity. Claims with respect to the authenticity of a work may result from incorrect attribution, uncertain attribution, lack of certification proving the authenticity of the artwork, forgery of a work of art, or falsification of the artist's signature. The Fund and Artwork Companies generally obtain representations of authenticity from sellers, but these representations may not effectively eliminate the risk.
•
Provenance. Claims related to provenance, or history of ownership, allege that an artwork has an uncertain or false origin. Buyers may also negatively perceive some elements of the prior ownership history. With respect to the Artwork, buyers may negatively perceive the Fund's ownership or the ownership of Artwork Companies in the Artwork when considering a purchase.
•
Condition. The physical condition of an Artwork over time is dependent on technical aspects of artistic workmanship, including the materials used, the manner and skill of application, handling and storage and other factors.
•
Physical Risks. The Artwork is subject to potential damage, destruction, devastation, vandalism or loss as a result of natural disasters (flood, fire, hurricane), crime, theft, illegal exportation abroad, etc. While the Artwork Companies (with respect to Artwork they hold) will maintain insurance coverage to protect against such risks, such insurance coverage may be inadequate to fully compensate the Fund or an Artwork Company should this risk materialize.
•
Legal Risks. Ownership of the Artwork is prone to a variety of legal challenges, including challenges to title, nationalization, purchase of work of art from unauthorized person, money laundering, violation of legal regulations and restitution issues. Purchasing from major auction houses and reputable galleries can reduce, but not eliminate, these risks.
•
Market Risks. The art market is prone to change due to a variety of factors, including changes in transaction costs, substantial changes in fees, tax law changes, export licenses, changes in legal regulations, changes in attitudes toward art as an investment, changes in tastes, and changes in supply, such as the liquidation of a major collection.
•
Economic Risks. Because the demand for art is largely driven by wealthy individuals, economic events impacting the wealth of such individuals may impact the demand for art and therefore the value of art.
•
Fraud Risk. The art market is prone to change due to abusive practices, including price manipulation, disguised agencies, and lack of transparency.
(j) Liquidity Risk. Artwork Companies in which the Fund invests have limited liquidity, and the Fund cannot make decisions regarding whether to hold or sell Artwork Company Artwork. The Artwork Companies in which the Fund invests are currently illiquid investment vehicles, and the Fund's ability to sell Artwork Company investments may be limited by various factors, including, for example, legal restrictions on resale, limited secondary market trading volumes (if any), and other factors that limit liquidity and the demand for Artwork Companies. For example, the transfers of interests purchased in Securities and Exchange Commission-qualified Regulation A offerings sponsored by Masterworks or other similar platforms, other than those transfers required by operation of law, are only permitted on a trading platform approved by Masterworks, or other similar platforms, or in privately negotiated transactions approved by the issuer. The Artwork Companies in which the Fund invests are managed by a third-party art management firm and a board of managers that is unaffiliated with the Company or the Adviser, and that third-party firm has control over decisions with respect to when to continue to hold its Artwork and when to sell such Artwork. The Fund does not have any input into decisions with respect to whether an Artwork Company in which the Fund invests should hold or sell its Artwork. Accordingly, an Artwork Company may determine to continue to
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July 31, 2024
hold Artwork at a time when the Fund or the Adviser believes it should sell such Artwork or may determine to sell Artwork at a time the Fund or the Adviser believes it should continue to hold such Artwork. This inability to make investment decisions with respect to certain Artwork held indirectly by the Fund through Artwork Companies may limit the ability of the Company to achieve its investment objective or meet the Fund's liquidity needs.
(k) Focused Investment Risk. The Company has sourced all its Artwork investments through Masterworks, LLC. Substantial investments with a particular counterparty or in a particular market, industry, asset class or sector make the Fund's financial results more susceptible to risk and volatility than in a portfolio with more diversified investments.
(l) Restricted Securities. The Fund may invest a substantial portion of its assets in securities that are restricted. Restricted securities may be resold in transactions that are exempt from registration under Federal securities laws or if the securities are publicly registered. Restricted securities may be deemed illiquid.
3. Federal Tax Matters
Provisions for federal income taxes or excise taxes have not been made because the Fund intends to be taxed as a RIC and intends to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income to shareholders for tax purposes. Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. The reclassifications have no effect on net assets or NAV per share.
For the fiscal year ended July 31, 2024, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Fund's net assets as follows:
TOTAL
DISTRIBUTABLE
EARNINGS/(LOSS)
PAID IN
CAPITAL
Art Risk Premium Fund
$2,082,526
$(2,082,526)
These differences primarily relate to net operating losses disallowed for tax purposes, adjustments related to flow-through investments and investment in a controlled foreign corporation.
As of July 31, 2024, the components of accumulated earnings (losses) for income tax purposes were as follows:
Tax cost of investments
​$117,823,852
Unrealized appreciation
​14,268,828
Unrealized depreciation
​(6,339,466)
Net unrealized appreciation (depreciation)
​7,929,362
Undistributed ordinary income
-
Undistributed long-term gains/(capital loss carryover)
​(305,958)
​Distributable earnings/(loss)
​(305,958)
​Other accumulated earnings/(losses)
​(764,446)
Total accumulated gain
$6,858,958
The difference between books-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to differences in outside basis of property contributed in-kind to the Fund and book to tax differences from flow-through investments.
The tax character of distributions paid during the year ended July 31, 2024 was as follows:
ORDINARY
INCOME
LONG-TERM
CAPITAL GAIN
RETURN OF
CAPITAL
TOTAL
Art Risk Premium Fund
$-
$-
$-
$-
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Notes to Consolidated Financial Statements
July 31, 2024
The tax character of distributions paid during the year ended July 31, 2023 was as follows:
ORDINARY
INCOME
LONG-TERM
CAPITAL GAIN
RETURN OF
CAPITAL
TOTAL
Art Risk Premium Fund
$-
$-
$-
$-
At July 31, 2024, the Fund had tax basis capital losses which may be carried forward indefinitely to offset future capital gains as shown below:
SHORT-TERM
LONG-TERM
TOTAL
Art Risk Premium Fund
​$-
​$(305,958)
​$(305,958)
As of July 31, 2024, the Fund deferred, on a tax basis, late year ordinary losses of $764,446. These losses are deemed to arise on August 1, 2024.
There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended July 31, 2024, or the initial fiscal year ended July 31, 2023, the sole year open for exam. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year, the Fund did not incur any interest or penalties.
4. Agreements
(a) Investment Management Agreement. The Adviser is the investment adviser of the Fund and was organized as a Delaware limited liability company in 2012. The Adviser's primary business is to provide a variety of investment management services, including an investment program for the Fund. The Adviser is responsible for all business activities and oversight of the investment decisions made for the Fund.
As compensation for its services, the Adviser is paid by the Fund a fee, computed daily and paid monthly in arrears at an annual rate of 1.50% of the Fund's average daily net assets.
Through November 30, 2024, the Adviser agreed to waive its management fee and/or pay or otherwise bear operating and other expenses of the Fund (including organizational and offering expenses, but excluding brokerage and transactional expenses, borrowing and other investment-related costs and fees including interest payments on borrowed funds, sourcing, administrative or other transactional fees charged by Masterworks or Masterworks AS, commissions, expenses and fees paid in connection with the purchase, insurance, storage, maintenance and sale of Whole Artwork, interest and commitment fees, short dividend expense, acquired fund fees and expenses, taxes; litigation and indemnification expenses; judgments; and extraordinary expenses not incurred in the ordinary course of the Fund's business (collectively, the "Excluded Expenses")) solely to the extent necessary to limit the total annualized expenses, other than Excluded Expenses, to 2.00% of the Fund's average daily net assets. As of July 31, 2024, the remaining amount of waived fees subject to be recouped in future years are as follows:
Remaining Amount
to be Recouped
(Expiring by
July 31, 2026)
Remaining Amount
to be Recouped
(Expiring by
July 31, 2027)
Art Risk Premium Fund
​$1,877,110
​$1,748,061
The Adviser shall be entitled to recoup in later periods expenses that the Adviser has paid or otherwise borne (whether through reduction of its management fee or otherwise) to the extent that the expenses for the Fund (including organizational and offering expenses, but excluding Excluded Expenses) after such recoupment do not exceed the lower of (i) the annual expense limitation rate in effect at the time of the actual waiver/reimbursement and (ii) the annual expense limitation rate in
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July 31, 2024
effect at the time of the recoupment; provided, that the Adviser shall not be permitted to recoup any such fees or expenses beyond three years from the end of the month in which such fee was reduced or such expense was reimbursed. The expense limitation agreement may only be modified by a majority vote of the trustees who are not "interested persons" of the Fund (as defined by 1940 Act) and the consent of the Adviser.
(b) Distribution and Servicing Plan and Services Agreement. Servicing fees and distribution fees may be paid pursuant to a Distribution and Servicing Plan (the "Distribution and Servicing Plan") adopted by the Fund at the maximum annual rate of 0.05% and servicing fees may be paid pursuant to a Services Agreement (the "Services Agreement") between the Fund and the Adviser, under which the Fund has appointed the Adviser as "servicing agent" to compensate financial intermediaries at an annual rate of 0.05%, in each case, calculated as a percentage of the Fund's average daily net assets. These fees are paid out of the Fund's assets on an ongoing basis and may be administered or facilitated by the Distributor. Intermediaries receive payments pursuant to both the Distribution and Servicing Plan and the Services Agreement. The Adviser performs certain services and incurs certain expenses through its employees who are registered representatives of a broker-dealer with respect to the promotion of the Fund's Shares and the Adviser also performs certain services in connection with the servicing of shareholders. If amounts remain from the servicing fees and/or any distribution fees after the intermediaries have been paid, such amounts may be used to compensate the Adviser for the services it provides and for the expenses it bears. The Distributor does not retain any portion of any servicing fees or distribution fees. To the extent that there are expenses associated with shareholder services that exceed the amounts payable pursuant to the Services Agreement or the Distribution and Servicing Plan, the Fund will bear such expenses.
5. Service Providers
(a) Custodian, Administrator, and Transfer Agent. The custodian to the Fund is U.S. Bank, N.A. The administrator and transfer agent to the Fund is U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services), an affiliate of U.S. Bank, N.A.
(b) Distributor. ALPS Distributors, Inc. (the "Distributor") serves as the Fund's distributor.
(c) Artwork Administrator. The Fund has engaged Masterworks AS to provide certain administrative services relating to the Fund's holdings of Whole Artwork, including assisting with the operational aspects of procuring/selling, storing, insuring, and maintaining Whole Artwork held by the Fund. Neither Masterworks AS nor any of its affiliates will provide advice or recommendations to the Fund regarding the desirability of buying or selling any investments, including Whole Artwork.
6. Organizational and Offering Costs
Offering costs include state registration fees and legal fees regarding the preparation of the initial registration statement. Offering costs are accounted for as deferred costs until operations begin. Offering costs are then amortized to expense over twelve months on a straight-line basis. Certain offering costs were paid and subsequently recouped by the Adviser in the amount of $369,775. The remaining offering costs of $151,325 have been paid by the Fund. The total amount of the offering costs incurred by the Fund is $521,100. Of the $521,100, $342,600 has been incurred in the year ending July 31, 2024.
7. Related Party Transactions
Certain officers of the Trust are also employees of the Adviser. The officers, with the exception of the Chief Compliance Officer, are not compensated by the Trust. The Trust pays a portion of the Chief Compliance Officer's salary.
As of August 29, 2023, the Fund had a promissory note (the "Note") with Stone Ridge Ventures LLC, a related party of the Adviser. The Note has a maximum principal amount of the lesser of $40,000,000 or 33% of net assets (after giving effect to this Note). During the period ended July 31, 2024, the Fund's maximum borrowing was $26,200,000 and average borrowing was $16,040,534. This borrowing resulted in interest expenses of $0 at a weighted average interest rate of 0%. As of July 31, 2024, the Fund has an outstanding loan balance of $19,450,000. The note matures on August 29th, 2025.
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Notes to Consolidated Financial Statements
July 31, 2024
8. Investment Transactions
For the year ended July 31, 2024, aggregate purchases and sales of securities (excluding short-term securities) by the Fund were $25,718,741 and $2,087,394, respectively. The Fund did not have any purchases or sales of long-term U.S. government securities during the year ended July 31, 2024.
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.
On March 28, 2023, Stone Ridge Ventures LLC, as sole member of Stone Ridge Art Holdings LLC, completed a purchase in kind by transferring Stone Ridge Art Holdings LLC's Artwork Company equity securities into the Fund in exchange for 4,184,673 shares of the Fund, valued at $41,846,727. On June 9, 2023, the Fund issued an additional 1,960,581 shares of the Fund, valued at $19,821,475, in exchange for additional Artwork Company securities from multiple unaffiliated investors. The transfers were effected in accordance with policies and procedures approved by the Board.
9. Capital Share Transactions
The Fund's shares are being offered on a continuous basis at net asset value per share.
As a closed-end interval fund, the Fund will make periodic offers to repurchase shares. Except as permitted by the Fund's structure, no shareholder will have the right to require the Fund to repurchase its shares. No public market for shares exists, and none is expected to develop in the future. Consequently, shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their shares by the Fund.
Art Risk Premium Fund
Year Ended
July 31, 2024
Period Ended
July 31, 2023
Shares sold
2,362,921
​8,037,873(1)
Shares issued to holders in reinvestment of dividends
-
-
Shares repurchased
(331,890)
(409,171)
Net increase in shares
2,031,031
7,628,702
Shares outstanding:
Beginning of period
7,638,702
10,000
End of period
9,669,733
7,638,702
(1)
Includes transfer in-kind transaction. See additional information contained in Note 8.
The shares repurchased were done so in accordance with Section 23(c) of the 1940 Act as follows:
Repurchase Request Deadline
REPURCHASE
OFFER AMOUNT
(SHARES)
SHARES
TENDERED
July 28, 2023(1)
402,235
409,171
October 27, 2023
395,714
53,816
January 26, 2024
395,711
​123,015
April 26, 2024
425,615
85,613
July, 26 2024
483,487
69,446
(1)
In connection with the repurchase request deadline on July 28, 2023, the Fund repurchased an additional amount, 0.1%, respectively, of the shares outstanding on the repurchase request deadline, in order to accommodate shareholder repurchasing requests.
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29

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Notes to Consolidated Financial Statements
July 31, 2024
10. Line of Credit
As of February 14, 2024, the Fund had a $20,000,000 uncommitted line of credit (the "Line") with U.S. Bank N.A. for a one-year term at prime rate minus 1%. The Line is for liquidity in connection with shareholder redemptions and portfolio timing differences. Borrowings under the Line must be secured by Fund assets and the Line has a maximum withdrawal capacity of the lesser of 10% of the net market value of the sum of the collateral pledged to U.S. Bank N.A at the time of any new borrowing for any period after the new borrowing or $20,000,000. The Line has a maturity date of February 12, 2025 and is reviewed annually by the Board of Trustees. During the period ended July 31, 2024, the Fund's maximum borrowing was $10,000 and average borrowing was $10,000. This borrowing resulted in interest expenses of $2 at a weighted average interest rate of 7.50%. These amounts are included in Other Expenses on the Fund's Consolidated Statement of Operations. As of July 31, 2024, the Fund did not have an outstanding balance.
11. Payments by Affiliates
During the year ended July 31, 2024, the administrator reimbursed the Fund in the amount of $11,355 for losses related to incorrect expense payments. The reimbursement amount is reflected in the Fund's Consolidated Statement of Operations as "Increase in payments from affiliates."
12. Subsequent Events Evaluation
In preparing these consolidated financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through the date the consolidated financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.
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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Stone Ridge Art Risk Premium Fund
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities of Stone Ridge Art Risk Premium Fund (the "Fund") (the sole series constituting Stone Ridge Trust VIII (the "Trust")), including the consolidated schedule of investments, as of July 31, 2024, and the related consolidated statements of operations and cash flows for the year then ended and the consolidated statements of changes in net assets and financial highlights for the year then ended and the period from March 28, 2023 through July 31, 2023, and the related notes to the consolidated financial statements (collectively, the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Fund (the sole series constituting Stone Ridge Trust VIII) as of July 31, 2024, and the consolidated results of their operations, changes in net assets, cash flows and financial highlights for the year then ended and the consolidated changes in net assets and financial highlights for the period from March 28, 2023 through July 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 its 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 consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our procedures included confirmation of securities owned as of July 31, 2024, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Citrin Cooperman & Company, LLP
We have served as the Fund's auditor since 2023.
New York, New York
September 29, 2024
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31

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Expense Example
As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, distribution and/or shareholder servicing fees and other Fund expenses, which are indirectly paid by shareholders. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period from February 1, 2024 and held through July 31, 2024.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. However, the table does not include shareholder specific fees, such as the $15.00 fee charged for wire redemptions by the Fund's transfer agent. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.
Hypothetical Example For Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios of the Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relevant total cost of owning different funds.
Beginning
Account
Value
Ending
Account
Value
Expenses
Paid During
Period
Actual(1)
$1,000.00
​$1,065.05
​$10.27
Hypothetical (5% annual return before expenses)(1)
$1,000.00
​$1,014.92
​$10.02
(1)
Expenses paid during the period are equal to the Fund's annualized six-month expense ratio of 2.00% multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
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Additional Information (Unaudited)
1. Disclosure Regarding Fund Trustee and Officers
Independent Trustees
Name
(Year of Birth)
Position(s)
Held with
the Trust
Term of
Office and
Length of
Time Served(1)(2)
Principal Occupation(s)
During the Past 5 Years
Number of
Portfolios
in the Fund
Complex
Overseen by
Trustee(3)
Other
Directorships/
Trusteeships
Held by Trustee
During the
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
40
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
40
None.
Interested Trustee
Name
(Year of Birth)
Position(s)
Held with
the Trust
Term of
Office and
Length of
Time Served(1)(2)
Principal Occupation(s)
During the Past 5 Years
Number of
Portfolios
in the Fund
Complex
Overseen by
Trustee(3)
Other
Directorships/
Trusteeships
Held by Trustee
During the
Past 5 Years
Ross Stevens
(1969)(4)
Trustee,
Chairman
since inception
Founder and Chief Executive Officer of Stone Ridge since 2012
40
None.
(1)
Each trustee's mailing address is c/o Stone Ridge Asset Management LLC, One Vanderbilt Avenue, 65th Floor, New York,
NY 10017.
(2)
Each Trustee serves until resignation or removal from the Board.
(3)
The Fund Complex includes the Trust and Stone Ridge Trust, Stone Ridge Trust II, Stone Ridge Trust IV, and Stone Ridge Trust V.
(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.
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Additional Information (Unaudited)
Officers of the Trust
Name
(Year of Birth)
and Address(1)(2)
Position(s)
Held
with the Trust
Term of
Office and
Length of
Time Served(3)
Principal Occupation(s) During Past 5 Years
Ross Stevens
(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 inception
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 July 2024
Supervising Fund Controller at the Adviser, since 2022; member of Finance at the Adviser, since 2018
Anthony Zuco
(1975)
Assistant Treasurer
since July 2024
Supervising Fund Controller at the Adviser, from 2015-2022; member of Finance at the Adviser, since 2015.
Alexander Nyren
(1980)
Assistant Secretary
since inception
Head of Reinsurance of the Adviser, since 2018; member of Reinsurance portfolio management team at the Adviser, since 2013.
Leson Lee
(1975)
Assistant Treasurer
since inception
Member of Operations at the Adviser, since 2018.
Domingo Encarnacion
(1983)
Assistant Treasurer
since inception
Tax Manager at the Adviser, since 2016.
Stanley Weinberg
(1989)
Assistant Treasurer
since 2023
Member of Operations at the Adviser, since 2019.
Daniel Gross
(1984)
Assistant Treasurer
since 2023
Member of Operations at the Adviser, since 2019.
Connor O'Neill
(1990)
Assistant Treasurer
since April 2024
Member of Operations at the Adviser, since 2020; Operations Manager at Junto Capital Management (2015-2019).
(1)
Each officer's mailing address is c/o Stone Ridge Asset Management LLC, One Vanderbilt Avenue, 65th Floor, New York, NY 10017.
(2)
Each of the officers is an affiliated person of the Adviser as a result of his or her position with the Adviser.
(3)
The term of office of each officer is indefinite.
2. Shareholder Notification of Federal Tax Status
For the fiscal period ended July 31, 2024, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
For fiscal year ended July 31, 2024, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
PERCENTAGES
Art Risk Premium Fund
0.00%
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Additional Information (Unaudited)
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended July 31, 2024 was as follows:
PERCENTAGES
Art Risk Premium Fund
0.00%
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 period ended July 31, 2024 was as follows:
PERCENTAGES
Art Risk Premium Fund
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 period ended July 31, 2024 was as follows:
PERCENTAGES
Art Risk Premium Fund
0.00%
The Fund made no distributions during the fiscal year ended July 31, 2024.
3. Availability of Quarterly Portfolio Holdings Schedules
The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's filings on Part F of Form N-PORT are available without charge on the SEC's website, www.sec.gov, or upon request, by calling 1.855.609.3680.
4. Proxy Voting Policies and Procedures and Proxy Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.855.609.3680 and on the SEC's website, www.sec.gov. The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request by calling 1.855.609.3680 and on the SEC's website, www.sec.gov.
Stone Ridge Funds | Annual Report | July 31, 2024
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Investment Adviser
Stone Ridge Asset Management LLC
One Vanderbilt Avenue, 65th Floor
New York, NY 10017
Independent Registered Public Accounting Firm
Citrin Cooperman & Company, LLP
50 Rockefeller Plaza
New York, NY 10020
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
Custodian
U.S. Bank, N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1000
Denver, CO 80203
Administrator, Transfer Agent and Dividend Disbursing Agent
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 Fund's investment objectives, risks, experience of its management and other information.

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Stone Ridge Funds
P.O. Box 701
Milwaukee, WI 53201-0701
855-609-3680
www.stoneridgefunds.com
SQANNU
(b) Not applicable.

Item 2. Code of Ethics.

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.

Item 3. Audit Committee Financial Expert.

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.

Item 4. Principal Accountant Fees and Services.

(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 Fund's 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 7/31/2024 FYE 7/31/2023
(a) Audit Fees $125,000 $155,625
(b) Audit-Related Fees $0 $0
(c) Tax Fees $0 $0
(d) All Other Fees $10,000 $58,500

(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 Citrin Cooperman & Company, 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 7/31/2024 FYE 7/31/2023
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 7/31/2024 FYE 7/31/2023
Registrant $0 $0
Registrant's Investment Adviser $0 $0

(h) The audit committee of the board of trustees has considered whether the provision of any non-audit services that were rendered 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 that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

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

Not applicable.

Item 6. Investments.

(a) Schedule of Investments is included as part of the annual report to shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a) Not applicable.

(b) Not applicable.

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

(a) Not applicable.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

(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.
(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.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

STONE RIDGE ASSET MANAGEMENT LLC

Proxy Voting PoliCY

Purpose and General Statement

The purpose of this policy is to set forth the principles and procedures by which the Adviser votes or gives consents with respect to the securities owned by the Clients for which the Adviser exercises voting authority and discretion (the "Votes"). For avoidance of doubt, a Vote includes any proxy and any shareholder vote or consent, including a vote or consent for a private company that does not involve a proxy.1 This policy has been designed to ensure that Votes are voted in the best interests of Clients in accordance with the Adviser's fiduciary duties and Rule 206(4)-6 under the Adviser's Act.

Policy

In the ordinary course of conducting the Adviser's activities, the interests of a Client may conflict with the interests of the Adviser, other Clients and/or the Adviser's affiliates and their clients. Any conflicts of interest relating to the voting of Votes will be addressed in accordance with these policies and procedures.

The guiding principle by which the Adviser votes all Votes is to vote in the best interests of each Client by maximizing the economic value of the relevant Client's holdings, taking into account the relevant Client's investment horizon, the contractual obligations under the relevant advisory agreements or comparable documents and any other relevant facts and circumstances the Adviser determines to be appropriate at the time of the Vote.

Voting Procedures and Approach

It is the general policy of the Adviser to vote or give consent on matters presented to security holders in any Vote, and these policies and procedures have been designated with that in mind. However, the Adviser may determine not to vote a proxy or review additional soliciting materials if:

• the effect on the applicable economic interests or the value of the portfolio holding is insignificant in relation to an individual Client account or in the aggregate with all Client accounts;
• the cost of voting the proxy or reviewing additional soliciting materials outweighs the possible benefit to the applicable Client account, including situations where a jurisdiction imposes share blocking restrictions that may affect the ability of the portfolio managers to effect trades in the related security;
• the Adviser otherwise has determined that it is consistent with its fiduciary obligations not to vote the proxy or review additional soliciting materials; or
• with respect to securities on loan, the Adviser determines that the benefits to the Client of voting the proxy outweigh the benefits to the Client of having the security remain out on loan or the Adviser does not have enough time to call back the loan to vote the proxy.

Adviser personnel are responsible for promptly forwarding all proxy materials, consent or voting requests or notices or materials related to any Vote to the CCO. The CCO shall be responsible for ensuring that each Vote is cast timely and as otherwise required by the terms of such Vote and consistent with the requirements of this policy. The CCO will consult with the relevant investment professional(s) to

1 A Vote does not include consent rights that primarily entail decisions to buy or sell investments, such as tender or exchange offers, conversions, put options, redemption and Dutch auctions.

determine how to proceed. In most cases, the CCO will cast the Vote as recommended by the investment professional(s), unless she concludes that doing so would not be in the Client's best interests. In addition to the recommendation of the investment professional(s), the CCO may take into account any other information and may consult with others as she deems relevant and appropriate in order to arrive at a decision based on the overriding principle of seeking the maximization of the economic value of the relevant Clients' holdings.

Conflicts of Interest Review

Adviser personnel and, in particular, Employees who provide a recommendation on how a Vote should be cast, are responsible for informing the CCO of all material information relating to any potential conflict of interest in connection with a Vote. If any Employee is pressured or lobbied either from within or outside of the Adviser with respect to any particular voting decision, he or she should contact the CCO. The CCO will use her best judgment to address any such conflict of interest and ensure that it is resolved in accordance with her independent assessment of the best interests of the Clients.

Engagement of Proxy Advisers

Consistent with the Clients' governing documents and other disclosure documents, unaffiliated third parties may be used to help resolve conflicts or to otherwise assist the Adviser in fulfilling all or part of its voting obligations. In this regard, the Adviser may retain independent fiduciaries, consultants or professionals (collectively, "Proxy Advisers") to assist with voting decisions and/or to which voting powers may be delegated. In determining whether to engage (and whether to continue to retain) a Proxy Adviser, the CCO will evaluate whether the Proxy Adviser has the capacity and competency to adequately analyze the matters for which the Adviser is responsible for Voting, considering such factors as the CCO deems appropriate, which may include, among other things:

• the quality of the Proxy Adviser's staffing and personnel;
• the technology and information used to form the basis of the Proxy Adviser's voting recommendations;
• the processes and methodologies the Proxy Adviser uses in formulating its voting recommendations, including when and how the Proxy Adviser engages with issuers and third parties;
• the adequacy of the Proxy Adviser's disclosure of its processes and methodologies; and
• the Proxy Adviser's policies for identifying, disclosing and addressing potential conflicts of interest, including conflicts that generally arise from providing proxy voting recommendations, proxy services and related activities.

In the event the Adviser retains a Proxy Adviser, the CCO will be responsible for:

• conducting ongoing oversight of the Proxy Adviser to ensure the Proxy Adviser continues to vote proxies in the best interest of the Clients;
• requesting that the Proxy Adviser keep the Adviser apprised of any material changes or conflicts of interest with respect to the Proxy Adviser's business so the Adviser can determine whether such changes are relevant to an assessment of the Proxy Adviser's ability to provide its services and how any conflicts of interest are being addressed;
• confirming that the Proxy Adviser has complied with its obligations by undertaking a periodic sampling of proxy votes; and
• determining that the Proxy Adviser has the capacity and competency to adequately analyze proxy issues by providing materially accurate information.

Registered Fund Disclosure Requirements

The Registered Funds will include the required disclosure relating to proxy voting in the appropriate filings and will, in accordance with Rule 30b1-4 under the 1940 Act, file with the SEC an annual record of proxies voted by a fund on Form N-PX. Form N-PX must be filed each year no later than August 31 and must contain each Registered Fund's proxy voting record for the most recent twelve-month period ending June 30.

The Registered Funds must also state in their disclosure documents that information regarding how the Registered Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling a specified toll-free (or collect) telephone number; or on or through the Registered Fund's website at a specified Internet address; or both; and (2) on the SEC's website at http://www.sec.gov.

If a Registered Fund discloses that its proxy voting record is available by calling a toll-free (or collect) telephone number, and the Registered Fund (or financial intermediary through which shares of the Registered Fund may be purchased or sold) receives a request for this information, the Registered Fund (or financial intermediary) must send the information disclosed in the Registered Fund's most recently filed report on Form N-PX within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

If a Registered Fund discloses that its proxy voting record is available on or through its website, the Registered Fund must make available free of charge the information disclosed in the Registered Fund's most recently filed report on Form N-PX on or through its website as soon as reasonably practicable after filing the report with the SEC. The information disclosed in the Fund's most recently filed report on Form N-PX must remain available on or through the Registered Fund's website for as long as the Registered Fund remains subject to the requirements of Rule 30b1-4 and discloses that the Registered Fund's proxy voting record is available on or through its website.

It is the responsibility of Legal and Compliance to ensure that the Registered Funds satisfy the disclosure requirements.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Information is presented as of October 9, 2024.

Dan Fleder, Paul Germain, Jeff Rabin, Li Song and Ross Stevens are the Portfolio Managers of the Fund. Each of the Portfolio Managers has been a Portfolio Manager of the Fund since inception.

Dan Fleder. Dan Fleder, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Germain, Mr. Rabin, Mr. Song and Mr. Stevens. Prior to joining Stone Ridge in 2016, Mr. Fleder was the Chief of Staff of Operations at KCG. Previously, he was the Head of Risk Management at GETCO. Mr. Fleder received his PhD in Operations Research and MS in Statistics from the University of Pennsylvania (Wharton) and BSE in Engineering from the University of Pennsylvania (Engineering School).

Paul Germain. Paul Germain, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Fleder, Mr. Rabin, Mr. Song and Mr. Stevens. Prior to joining Stone Ridge in 2015, Mr. Germain was the Global Head of Prime Services at Credit Suisse, where he worked from 2010 to 2015. Mr. Germain received his MBA from Harvard Business School and his BSE in Management from University of Pennsylvania (Wharton).

Jeff Rabin. Jeff Rabin, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Fleder, Mr. Germain, Mr. Song and Mr. Stevens. Prior to joining Stone Ridge in 2022, Mr. Rabin was co-Founder and Principal and Artvest Partners LLC, where he worked from 2009 to 2021. Mr. Rabin received his BA in Economics from the University of Pennsylvania.

Li Song. Li Song, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Fleder, Mr. Germain, Mr. Rabin and Mr. Stevens. Prior to joining Stone Ridge in 2018, Mr. Song worked at Goldman Sachs as a senior strategist in Emerging Markets foreign exchange, interest rate, options, and credit products. Mr. Song received his PhD, M.Phil., and MA in Statistics from Columbia University and his BS in Mathematics at the University of Science and Technology of China.

Ross Stevens. Ross Stevens, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Fleder, Mr. Germain, Mr. Rabin and Mr. Song. Mr. Stevens founded Stone Ridge in 2012. Mr. Stevens received his PhD in Finance and Statistics from the University of Chicago (Booth) and his BSE in Finance from the University of Pennsylvania (Wharton).

(a)(2)

Information is provided as of July 31, 2024.

The table below identifies the number of accounts for which Mr. Fleder, Mr. Germain, Mr. Rabin, Mr. Song and Mr. Stevens have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts.

Registered Investment

Companies

Other Pooled

Investment Vehicles

Other Accounts
Portfolio Manager

Number of

Accounts(1)

Total Assets

(in millions)

Number of

Accounts

Total Assets (in millions)

Number of

Accounts

Total Assets
Dan Fleder 1 $126 0 $0 0 $0
Paul Germain 5 $8,092 14 $5,206 7 $9,650
Jeff Rabin 1 $126 0 $0 0 $0
Li Song 36 $1,404 1 $853 0 $0
Ross Stevens 38 $6,828 1 $853 0 $0

(1) Includes the Fund.

The table below identifies the number of accounts for which Mr. Fleder, Mr. Germain, Mr. Rabin, Mr. Song and Mr. Stevens and have day-to-day management responsibilities and the total assets in such accounts with respect to which the advisory fee is based on the performance of the account, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts.

Registered Investment

Companies for which the

Adviser receives a

performance-based fee

Other Pooled

Investment Vehicles

managed for which the

Adviser receives a

performance-based fee

Other Accounts managed

for which the Adviser

receives a

performance-based fee

Portfolio Manager

Number of

Accounts

Total Assets

Number of

Accounts

Total Assets

Number of

Accounts

Total Assets
Dan Fleder 0 $0 0 $0 0 $0
Paul Germain 0 $0 0 $0 0 $0
Jeff Rabin 0 $0 0 $0 0 $0
Li Song 0 $0 0 $0 0 $0
Ross Stevens 0 $0 0 $0 0 $0

Potential Conflicts of Interest

Each of the Portfolio Managers is also responsible for managing other accounts in addition to the Fund, including other accounts of the Adviser or its affiliates. Other accounts may include other investment companies registered under the 1940 Act, unregistered investment companies that rely on Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, separately managed accounts, foreign investment companies and accounts or investments owned by the Adviser or its affiliates or the Portfolio Managers. Management of other accounts in addition to the Fund can present certain conflicts of interest, as described below.

From time to time, conflicts of interest arise between a Portfolio Manager's management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. The other accounts might have similar or different investment objectives or strategies as the Fund, or otherwise hold, purchase or sell securities or other assets or instruments that are eligible to be held, purchased or sold by the Fund, or may take positions that are opposite in direction from those taken by the Fund. In addition, investors in, or the owners of, certain accounts managed by the Adviser are also investors in the Adviser or its affiliates and/or have indicated an intention to invest additional assets in accounts managed by the Adviser and for which the Adviser will receive a management fee, performance allocation or incentive fee.

As a fiduciary, the Adviser owes a duty of loyalty to its clients and must treat each client fairly. The Adviser and the Fund have adopted compliance policies and procedures that are designed to avoid, mitigate, monitor and oversee areas that could present potential conflicts of interest.

Allocation of Limited Time and Attention. A Portfolio Manager who is responsible for managing multiple accounts may devote unequal time and attention to the management of those accounts. As a result, the Portfolio Manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of the accounts as might be the case if he or she were to devote substantially more attention to the management of a single account. The effects of this potential conflict may be more pronounced where accounts overseen by a particular Portfolio Manager have different investment strategies.

Allocation of Investment Opportunities. Conflicts of interest arise as a result of the Adviser's or its affiliates' management of a number of accounts with similar or different investment strategies. When the Adviser or its affiliates purchase or sell securities or other assets or instruments for more than one account, the trades must be allocated in a manner consistent with their fiduciary duties. The Adviser and its affiliates attempt to allocate investments in a fair and equitable manner over time among client accounts, with no account receiving preferential treatment over time. To this end, the Adviser and its affiliates have adopted policies and procedures that are intended to provide the Adviser and its affiliates with flexibility to allocate investments in a manner that is consistent with their fiduciary duties. There is no guarantee, however, that the policies and procedures adopted by the Adviser and its affiliates will be able to detect and/or prevent every situation in which an actual or potential conflict may appear.

An investment opportunity may be suitable for both the Fund and other accounts, but may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. If a Portfolio Manager identifies a limited investment opportunity that may be suitable for multiple accounts, the opportunity may be allocated among these several accounts; as a result of these allocations, there may be instances in which the Fund will not participate in a transaction that is allocated among other accounts or the Fund may not be allocated the full amount of an investment opportunity. Similarly, there may be limited opportunity to sell an investment held by the Fund and another account. In addition, different account guidelines and/or differences within particular investment strategies may lead to the use of different investment practices for accounts with a similar investment strategy. Whenever decisions are made to buy or sell securities or other assets or instruments by the Fund and one or more of the other accounts simultaneously, the Adviser and its affiliates may aggregate the purchases and sales of the securities or other assets or instruments. The Adviser and its affiliates will not necessarily purchase or sell the same securities or other assets or instruments at the same time, in the same direction or in the same proportionate amounts for all eligible accounts, particularly if different accounts have different amounts of capital under management by the Adviser or its affiliates, different amounts of investable cash available, different strategies or different risk tolerances. As a result, although the Adviser and its affiliates may manage different accounts with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same securities or other assets or instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account, and the trade allocation and aggregation and other policies and procedures of the Fund or the Adviser and its affiliates could have a detrimental effect on the price or amount of the securities or other assets or instruments available to the Fund from time to time. Because the aforementioned considerations may differ between the Fund and other accounts, the investment activities of the Fund and other accounts may differ considerably from time to time. In addition, the Fund could be disadvantaged because of activities conducted by the Adviser or its affiliates for their other accounts, or by the Adviser or its affiliates for their own accounts, as a result of, among other things, the difficulty of liquidating an investment for more than one account where the market cannot absorb the sale of the combined positions.

As a result of regulations governing the ability of certain clients of the Adviser and its affiliates to invest side-by-side, it is possible that the Fund may not be permitted to participate in an investment opportunity at the same time as another fund or another account managed by the Adviser or its affiliates. These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. The decision as to which accounts may participate in any particular investment opportunity will take into account applicable law and the suitability of the investment opportunity for, and the strategy of, the applicable accounts. It is possible that the Fund may be prevented from participating due to such investment opportunity being more appropriate, in the discretion of the Adviser and its affiliates, for another account.

Conflicts of Interest Among Strategies. At times, a Portfolio Manager may determine that an investment opportunity may be appropriate for only some of the accounts for which he or she exercises investment responsibility, or may decide that certain of the accounts should take differing positions with respect to a particular security or other asset or instrument. In these cases, the Portfolio Manager may place separate transactions for one or more accounts, which may affect the market price of the security or other asset or instrument or the execution of the transaction, or both, to the detriment or benefit of one or more other accounts. Similarly, the Adviser or its affiliates may take positions in accounts or investments owned by them or on behalf of clients that are similar to or different from those taken by one or more client accounts.

Conflicts may also arise in cases when accounts invest in different parts of an issuer's capital structure, including circumstances in which one or more accounts own private securities or obligations of an issuer and other accounts may own public securities of the same issuer. Actions by investors in one part of the capital structure could disadvantage investors in another part of the capital structure. In addition, purchases or sales of the same investment may be made for two or more accounts on the same date. There can be no assurance that an account will not receive less (or more) of a certain investment than it would otherwise receive if this conflict of interest among accounts did not exist. In effecting transactions, it may not be possible, or consistent with the investment objectives of accounts, to purchase or sell securities or other assets or instruments at the same time or at the same prices.

Selection of Service Providers. The Adviser or its affiliates may be able to select or influence the selection of service providers to clients, including the brokers and dealers that are used to execute securities or other transactions for the accounts that they supervise. In addition to executing trades, some brokers and dealers may provide the Adviser or its affiliates with brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial to certain accounts than to others. In addition, the Adviser or its affiliates have received and may receive loans or other services from service providers to clients. Although such services are negotiated at arm's length, they pose conflicts of interest to the Adviser or its affiliates in selecting such service providers.

Related Business Opportunities. The Adviser or its affiliates may provide more services (such as distribution or recordkeeping) for some types of accounts than for others. In such cases, a Portfolio Manager may benefit, either directly or indirectly, by devoting disproportionate attention to the management of accounts that provide greater overall returns to the Adviser and its affiliates. Capital that the Fund invests in issuers of insurance-linked securities may be invested by that issuer in other strategies managed by the Adviser or its affiliates, and the Adviser or its affiliates may earn a management fee in connection with managing those strategies. To the extent that the Adviser or its affiliates know that the issuer has the ability to invest capital from the Fund in strategies managed by the Adviser or its affiliates, this creates an incentive for the Adviser to invest the Fund's assets in such securities. In addition, insurance and reinsurance companies that are counterparties to issuers of insurance-linked securities in which the Fund invests invest in the Adviser or its affiliates or in other funds or accounts managed by the Adviser or its affiliates, which could create an incentive for the Adviser to invest the Fund's assets in such securities.

Broad and Wide-Ranging Activities. The Adviser and its related parties engage in a broad spectrum of activities and may expand the range of services that they provide over time. The Adviser and its related parties will generally not be restricted in the scope of their business or in the performance of any such services (whether now offered or undertaken in the future), even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. In the ordinary course of their business activities, including activities with third-party service providers, lenders and/or counterparties, the Adviser and its related parties engage in activities where the interests of the Adviser and its related parties or the interests of their clients conflict with the interests of the shareholders of the Fund.

Variation in Compensation. A conflict of interest arises where the financial or other benefits available to the Adviser differ among the accounts that it manages. The structure of the Adviser's management fee differs among accounts (such as where certain accounts pay higher management fees or a performance or incentive fee), which means the Adviser might be motivated to help certain accounts over others. In addition, a Portfolio Manager or the Adviser might be motivated to favor accounts in which such Portfolio Manager has an interest or in which the Adviser and/or its affiliates have interests. Similarly, the desire to maintain or raise assets under management or to enhance the Adviser's performance record or to derive other rewards, financial or otherwise, could influence the Adviser to lend preferential treatment to those accounts that could most significantly benefit the Adviser.

Investments in the Fund by the Adviser. The Adviser or its affiliates purchase shares from the Fund from time to time, and may hold a material position in the Fund. The Adviser or its affiliates face conflicting interests in determining whether, when and in what amount to tender shares for repurchase in connection with periodic repurchase offers by the Fund. If the Adviser or its affiliate tenders a signification amount of Fund shares in connection with a periodic repurchase offer, this could cause the repurchase offer to be oversubscribed and shareholders participating in the repurchase offer (including the Adviser or its affiliates) would only be able to have a portion of their shares repurchased. In such a case, the Adviser or its affiliates would be subject to the resulting proration of tendered amounts on a pari passu basis with all other tendering investors. Investments by Adviser or Related Entities. The Adviser or a related entity may invest in entities that may provide financial or other services for the Fund.

Certain Potential Conflicts Relating to Expenses. The allocation of fees and expenses among the Fund and other funds or accounts advised by the Adviser will often require the Adviser to exercise its discretion to select an allocation method it determines to be appropriate in light of the particular facts and circumstances. The Adviser will be subject to conflicts of interest in making such determinations, and there can be no assurance that any allocations (i) will reflect an entity's pro rata share of such expenses based on the amounts invested (or anticipated to be invested) and/or the market value of the investment held (or anticipated to be held) by each fund advised by the Adviser, or (ii) will be in proportion to the number of participating funds advised by the Adviser or the proportion of time spent on each such fund. Similarly, the determination of whether an expense (for instance, the fees and expenses of service providers who work on Fund-related matters) is appropriately borne by the Fund or the Adviser often cannot be resolved by reference to a pre-existing formula and will require the exercise of discretion, and the Adviser will be subject to conflicts of interest in making such determinations.

(a)(3)

As of July 31, 2024, Portfolio Managers receive a base salary and may also receive a bonus. Compensation of a Portfolio Manager is determined at the discretion of the Adviser and may be deferred. It may be based on a number of factors including the Portfolio Manager's experience, responsibilities, the perception of the quality of his or her work efforts and the consistency with which he or she demonstrates kindness to other employees, trading counterparties, vendors, and clients. As a firm focused on beta, the compensation of Portfolio Managers is not based upon the performance of client accounts that the Portfolio Managers manage. The Adviser reviews the compensation of each Portfolio Manager at least annually.

(a)(4)

As of July 31, 2024, the Portfolio Managers beneficially owned the following shares of the Fund:

Portfolio Manager Dollar Range of Shares Beneficially Owned
Dan Fleder $10,001-50,000
Paul Germain $1-10,000
Jeff Rabin $50,001-100,000
Li Song $1-10,000
Ross Stevens over $1,000,000

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(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.
(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.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(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.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Filed herewith.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Stone Ridge Trust VIII
By (Signature and Title)* /s/ Ross Stevens
Ross Stevens, President, Chief Executive Officer and Principal Executive Officer
Date 10/9/24

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 10/9/24
By (Signature and Title) /s/ Maura Keselowsky
Maura Keselowsky, Treasurer, Principal Financial Officer, Chief Financial Officer and Chief Accounting Officer
Date 10/9/24