Stone Ridge Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-22761

Investment Company Act file number

Stone Ridge Trust

(Exact name of registrant as specified in charter)

510 Madison Avenue, 21^st Floor

New York, New York 10022

(Address of principal executive offices) (Zip code)

Stone Ridge Asset Management LLC

510 Madison Avenue, 21^st Floor

New York, New York 10022

(Name and address of agent for service)

(855) 609-3680

Registrant’s telephone number, including area code

Date of fiscal year end: October 31, 2022

Date of reporting period: April 30, 2022

Item 1. Reports to Stockholders.

(a)

Semi-Annual Report

April 30, 2022

Unaudited

LOGO

Stone Ridge High Yield Reinsurance Risk Premium Fund

Stone Ridge U.S. Hedged Equity Fund

Stone Ridge Diversified Alternatives Fund

Stone Ridge Bitcoin Strategy Fund

Table of Contents


Portfolio Holdings Presentation (Unaudited)			2

Schedules of Investments (Unaudited)

Stone Ridge High Yield Reinsurance Risk Premium Fund			3

Stone Ridge U.S. Hedged Equity Fund			14

Stone Ridge Diversified Alternatives Fund			16

Stone Ridge Bitcoin Strategy Fund			72

Financial Statements and Notes (Unaudited)			73

Expense Examples (Unaudited)			117

Additional Information (Unaudited)			120


ALLOCATION OF PORTFOLIO HOLDINGS AT APRIL 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND PORTFOLIO ALLOCATION BY YEAR OF SCHEDULED MATURITY

2022	$190,029,567	11.4%

2023	295,017,735	17.7%

2024	452,127,060	27.2%

2025	283,675,406	17.1%

2026	128,741,106	7.7%

2027	17,178,352	1.0%

2028	7,985,124	0.5%

2029	64,648,825	3.9%

2030	1,746,588	0.1%

Not Applicable⁽¹⁾	133,811,908	8.0%

Other⁽²⁾	87,709,193	5.3%
	$1,662,670,864


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND PORTFOLIO ALLOCATION BY ASSET TYPE

Asset-Backed Securities	$21,612,037	4.9%

Investment Companies	224,709,479	50.7%

Purchased Options	2,846,990	0.6%

Short-Term Investments	159,651,020	36.0%

Whole Loans	28,100,296	6.3%

Other Assets in Excess of Liabilities⁽³⁾	6,436,351	1.5%
	$443,356,173


STONE RIDGE U.S. HEDGED EQUITY FUND PORTFOLIO ALLOCATION BY ASSET TYPE

Purchased Options	$1,200		0.0%

Short-Term Investments	34,152,507		102.3%

Liabilities in Excess of Other Assets⁽³⁾	(775,731	)	(2.3%	)
	$33,377,976


STONE RIDGE BITCOIN STRATEGY FUND PORTFOLIO ALLOCATION BY ASSET TYPE

Foreign Government Agency Bonds	$5,509,459		50.5%

Short-Term Investments	17,523,051		160.7%

Liabilities in Excess of Other Assets⁽³⁾	(12,130,079	)	(111.2%	)
	$10,902,431

(1)	Preference shares do not have maturity dates.

(2)	Cash, cash equivalents, short-term investments and liabilities in excess of other assets.

(3)	Cash, cash equivalents and liabilities in excess of other assets.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
EVENT LINKED BONDS - 80.3%
Europe - 0.3%
Earthquake - 0.0% (a)
Azzurro Re II Class A (3 Month Euribor + 4.760%), 01/17/2024 (b)(c)(d)(e) (Cost: $487,485; Original Acquisition Date: 07/06/2020)		EUR 431,000	$	457,344


Terrorism - 0.2%
Baltic PCC 2022-1 Class A (T-Bill 3 Month + 5.500%), 03/07/2025 (b)(c)(d)(e)(f) (Cost: $2,345,090; Original Acquisition Date: 03/02/2022)		GBP 1,750,000		2,177,928


Windstorm - 0.1%
Hexagon III Re Pte. Class B (3 Month Euribor + 11.000%), 01/15/2026 (b)(c)(d)(e)(f) (Cost: $2,250,098; Original Acquisition Date: 11/23/2021)		EUR 2,000,000		2,147,039

				4,782,311

Global - 13.4%
Earthquake - 0.9%
Acorn Re 2021-1 Class A (T-Bill 3 Month + 2.500%), 11/07/2024 (b)(c)(d)(e)(g) (Cost: $13,497,723; Original Acquisition Date: 10/25/2021)	$	13,500,000		13,410,900
IBRD CAR 123 Class A (3 Month Libor USD + 5.500%), 12/02/2022 (b)(c)(d)(e) (Cost: $1,813,701; Original Acquisition Date: 11/15/2019)		1,812,000		1,812,091

				15,222,991

Multiperil - 12.5%
2001 Cat Re 2020-1 Class A (T-Bill 3 Month + 12.480%), 01/08/2024 (b)(c)(d)(e) (Cost: $5,750,000; Original Acquisition Date: 11/13/2020)		5,750,000		5,780,188
3264 Re 2020-1 Class A (T-Bill 3 Month + 9.750%), 02/07/2023 (b)(c)(d)(e) (Cost: $7,565,401; Original Acquisition Date: 01/17/2020)		7,500,000		7,509,000
3264 Re 2022-1 Class A (T-Bill 3 Month + 19.000%), 01/08/2025 (b)(c)(d)(e) (Cost: $9,000,000; Original Acquisition Date: 12/16/2021)		9,000,000		8,694,000
Atlas Capital 2020 DAC 2020-1 (T-Bill 3 Month + 8.700%), 06/10/2024 (b)(c)(d)(e)(h) (Cost: $7,865,000; Original Acquisition Date: 04/23/2020)		7,865,000		8,159,937


	PRINCIPAL AMOUNT		VALUE
Multiperil - 12.5% (continued)
Atlas Capital UK 2018 PLC (3 Month Libor USD + 7.040%), 06/07/2022 (b)(c)(d)(e) (Cost: $8,750,000; Original Acquisition Date: 05/25/2018)	$	8,750,000	$	8,748,687
Atlas Capital UK 2019 PLC 2019-1 (3 Month Libor USD + 12.240%), 06/07/2023 (b)(c)(d)(e)(h) (Cost: $4,436,000; Original Acquisition Date: 05/24/2019)		4,436,000		4,524,276
Claveau Re 2021-1 Class A (T-Bill 3 Month + 17.250%), 07/08/2025 (b)(c)(d)(e) (Cost: $10,000,000; Original Acquisition Date: 07/01/2021)		10,000,000		9,345,500
Herbie Re 2021-1 Class A (T-Bill 3 Month + 17.250%), 06/06/2025 (b)(c)(d)(e) (Cost: $5,750,000; Original Acquisition Date: 05/19/2021)		5,750,000		5,449,850
Hypatia Ltd. 2020-1 Class A (T-Bill 3 Month + 7.275%), 06/07/2023 (b)(c)(d)(e)(h) (Cost: $3,763,000; Original Acquisition Date: 07/10/2020)		3,763,000		3,852,559
Hypatia Ltd. 2020-1 Class B (T-Bill 3 Month + 10.375%), 06/07/2023 (b)(c)(d)(e) (Cost: $5,789,000; Original Acquisition Date: 07/10/2020)		5,789,000		5,986,694
Kendall Re 2021-1 Class A (T-Bill 3 Month + 4.000%), 05/02/2024 (b)(c)(d)(e) (Cost: $11,250,000; Original Acquisition Date: 04/19/2021)		11,250,000		11,053,688
Kendall Re 2021-1 Class B (T-Bill 3 Month + 6.250%), 05/02/2024 (b)(c)(d)(e) (Cost: $8,500,000; Original Acquisition Date: 04/19/2021)		8,500,000		8,376,750
Kilimanjaro III Re 2021-1 Class A-1 (T-Bill 3 Month + 11.250%), 04/21/2025 (b)(c)(d)(e) (Cost: $8,258,111; Original Acquisition Date: 04/08/2021)		8,250,000		8,117,175
Kilimanjaro III Re 2021-1 Class B-1 (T-Bill 3 Month + 4.500%), 04/21/2025 (b)(c)(d)(e) (Cost: $2,500,000; Original Acquisition Date: 04/08/2021)		2,500,000		2,442,000
Kilimanjaro III Re 2021-1 Class C-1 (T-Bill 3 Month + 4.250%), 04/21/2025 (b)(c)(d)(e) (Cost: $6,196,000; Original Acquisition Date: 04/08/2021)		6,250,000		6,153,125


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Multiperil - 12.5% (continued)
Kilimanjaro III Re 2021-2 Class A-2 (T-Bill 3 Month + 11.250%), 04/20/2026 (b)(c)(d)(e)(h) (Cost: $6,750,000; Original Acquisition Date: 04/08/2021)	$	6,750,000	$	6,657,188
Kilimanjaro III Re 2021-2 Class B-2 (T-Bill 3 Month + 4.500%), 04/20/2026 (b)(c)(d)(e) (Cost: $3,000,000; Original Acquisition Date: 04/08/2021)		3,000,000		2,927,100
Kilimanjaro III Re 2021-2 Class C-2 (T-Bill 3 Month + 4.250%), 04/20/2026 (b)(c)(d)(e)(h) (Cost: $2,750,000; Original Acquisition Date: 04/08/2021)		2,750,000		2,717,000
Matterhorn Re Argon 2022-1 Class A (SOFR + 7.250%), 01/25/2027 (b)(c)(d)(e)(f) (Cost: $1,000,000; Original Acquisition Date: 03/31/2022)		1,000,000		1,000,600
Matterhorn Re Ltd 2020-2 Class A (T-Bill 3 Month + 5.000%), 01/08/2024 (b)(c)(d)(e)(g) (Cost: $7,415,608; Original Acquisition Date: 02/24/2021)		7,451,000		7,102,293
Matterhorn Re Ltd SR2021-1 Class A (SOFR + 5.750%), 12/07/2025 (b)(c)(d)(e) (Cost: $3,750,000; Original Acquisition Date: 12/15/2021)		3,750,000		3,708,750
Matterhorn Re Ltd SR2022-1 Class A (SOFR + 5.250%), 03/24/2025 (b)(c)(d)(e) (Cost: $4,000,000; Original Acquisition Date: 03/10/2022)		4,000,000		3,984,800
Matterhorn Re Ltd SR2022-1 Class B (SOFR + 7.750%), 03/24/2025 (b)(c)(d)(e) (Cost: $4,000,000; Original Acquisition Date: 03/10/2022)		4,000,000		3,978,000
Montoya Re 2022-1 Class A (T-Bill 3 Month + 6.750%), 04/07/2029 (b)(c)(d)(e) (Cost: $7,500,000; Original Acquisition Date: 03/23/2022)		7,500,000		7,476,000
Northshore Re 2018-1 Class A (3 Month Libor USD + 8.010%), 07/08/2022 (b)(c)(d)(e)(h) (Cost: $19,006,018; Original Acquisition Date: 07/02/2018)		19,010,000		18,952,970
Northshore Re II 2019-1 Class A (T-Bill 3 Month + 7.310%), 07/07/2023 (b)(c)(d)(e)(h) (Cost: $14,367,037; Original Acquisition Date: 06/21/2019)		14,095,000		14,272,597


	PRINCIPAL AMOUNT		VALUE
Multiperil - 12.5% (continued)
Sakura Re 2021-1 Class A (T-Bill 3 Month + 2.250%), 04/07/2025 (b)(c)(d)(e) (Cost: $6,250,000; Original Acquisition Date: 03/24/2021)	$	6,250,000	$	6,236,563
Sakura Re 2021-1 Class B (T-Bill 3 Month + 4.000%), 04/07/2025 (b)(c)(d)(e) (Cost: $10,250,000; Original Acquisition Date: 03/24/2021)		10,250,000		10,223,350
Vista Re 2021-1 Class A (T-Bill 3 Month + 6.750%), 05/21/2024 (b)(c)(d)(e)(h) (Cost: $15,000,000; Original Acquisition Date: 04/26/2021)		15,000,000		14,890,500

				208,321,140

				223,544,131

Jamaica - 1.0%
Windstorm - 1.0%
IBRD CAR 130 (SOFR + 4.400%), 12/29/2023 (b)(c)(d)(e) (Cost: $16,000,000; Original Acquisition Date: 07/19/2021)		16,000,000		15,820,000


Japan - 3.7%
Earthquake - 3.4%
Kizuna Re III 2021-1 Class A (T-Bill 3 Month + 2.000%), 04/07/2026 (b)(c)(d)(e) (Cost: $2,000,000; Original Acquisition Date: 03/22/2021)		2,000,000		1,989,000
Nakama Re 2018-1 Class 1 (3 Month Libor USD + 2.000%), 04/13/2023 (b)(c)(d)(e)(h) (Cost: $15,240,196; Original Acquisition Date: 02/22/2018)		15,256,000		15,219,386
Nakama Re 2018-1 Class 2 (3 Month Libor USD + 3.000%), 04/13/2023 (b)(c)(d)(e)(g)(h) (Cost: $6,624,751; Original Acquisition Date: 02/22/2018)		6,638,000		6,631,362
Nakama Re 2020-1 Class 1 (T-Bill 3 Month + 2.200%), 01/07/2025 (b)(c)(d)(e)(g) (Cost: $1,129,000; Original Acquisition Date: 02/04/2020)		1,129,000		1,129,790
Nakama Re Pte. 2021-1 Class 1 (T-Bill 3 Month + 2.050%), 10/13/2026 (b)(c)(d)(e)(g)(h) (Cost: $22,000,000; Original Acquisition Date: 09/22/2021)		22,000,000		21,901,000


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Earthquake - 3.4% (continued)
Nakama Re Pte. 2021-1 Class 2 (T-Bill 3 Month + 2.750%), 10/13/2026 (b)(c)(d)(e)(h) (Cost: $10,250,000; Original Acquisition Date: 09/22/2021)	$	10,250,000	$	10,219,250

				57,089,788

Multiperil - 0.3%
Tomoni Re Pte 2022-1 Class B-1 (T-Bill 3 Month + 2.750%), 04/07/2030 (b)(c)(d)(e) (Cost: $1,750,000; Original Acquisition Date: 03/28/2022)		1,750,000		1,746,588
Umigame Re 2021-1 Class A-1 (T-Bill 3 Month + 2.250%), 04/07/2025 (b)(c)(d)(e) (Cost: $1,750,000; Original Acquisition Date: 06/18/2021)		1,750,000		1,745,450
Umigame Re 2021-1 Class A-2 (T-Bill 3 Month + 2.500%), 04/07/2025 (b)(c)(d)(e) (Cost: $1,000,000; Original Acquisition Date: 06/18/2021)		1,000,000		1,000,800
Umigame Re 2021-1 Class B (T-Bill 3 Month + 4.750%), 04/07/2025 (b)(c)(d)(e) (Cost: $750,000; Original Acquisition Date: 06/18/2021)		750,000		748,875

				5,241,713

				62,331,501

Mexico - 1.1%
Earthquake - 0.6%
IBRD CAR 125 Class A (3 Month Libor USD + 3.500%), 03/13/2024 (b)(c)(d)(e)(g) (Cost: $7,009,208; Original Acquisition Date: 03/09/2022)		7,006,000		7,037,527
IBRD CAR 126 Class B (3 Month Libor USD + 9.000%), 03/13/2024 (b)(c)(d)(e) (Cost: $3,124,643; Original Acquisition Date: 02/28/2020)		3,111,000		3,127,333

				10,164,860

Windstorm - 0.5%
IBRD CAR 127 Class C (3 Month Libor USD + 10.000%), 03/13/2024 (b)(c)(d)(e)(g) (Cost: $7,545,284; Original Acquisition Date: 02/28/2020)		7,521,000		7,529,273

				17,694,133


	PRINCIPAL AMOUNT		VALUE
United States - 60.8%
Earthquake - 10.6%
Logistics Re 2021-1 Class A (T-Bill 3 Month + 3.500%), 12/20/2024 (b)(c)(d)(e) (Cost: $3,500,000; Original Acquisition Date: 12/10/2021)	$	3,500,000	$	3,491,600
Merna Re II 2021-1 Class A (T-Bill 3 Month + 3.750%), 04/05/2024 (b)(c)(d)(e)(h) (Cost: $3,500,000; Original Acquisition Date: 03/26/2021)		3,500,000		3,517,500
Merna Re II 2022-1 Class A (SOFR + 3.750%), 04/07/2025 (b)(c)(d)(e) (Cost: $10,000,000; Original Acquisition Date: 03/25/2022)		10,000,000		9,980,000
Phoenician Re 2021-1 Class A (T-Bill 3 Month + 2.500%), 12/14/2028 (b)(c)(d)(e) (Cost: $4,976,750; Original Acquisition Date: 12/01/2021)		5,000,000		4,959,500
Phoenician Re Ltd. 2020-1 Class A (T-Bill 3 Month + 3.000%), 12/14/2023 (b)(c)(d)(e)(h) (Cost: $5,000,000; Original Acquisition Date: 11/24/2020)		5,000,000		5,027,750
Phoenician Re Ltd. 2020-2 Class A (T-Bill 3 Month + 2.900%), 12/14/2023 (b)(c)(d)(e)(h) (Cost: $3,000,000; Original Acquisition Date: 12/08/2020)		3,000,000		3,016,500
Sierra 2020-1 Class A (T-Bill 3 Month + 3.250%), 12/28/2022 (b)(c)(d)(e)(g) (Cost: $2,000,000; Original Acquisition Date: 12/20/2019)		2,000,000		1,987,900
Sierra 2020-1 Class B (T-Bill 3 Month + 5.750%), 12/28/2022 (b)(c)(d)(e)(g) (Cost: $3,750,000; Original Acquisition Date: 12/20/2019)		3,750,000		3,730,312
Sierra 2021-1 Class A (T-Bill 3 Month + 2.700%), 01/31/2024 (b)(c)(d)(e)(h) (Cost: $2,749,250; Original Acquisition Date: 02/09/2022)		2,750,000		2,697,750
Sierra 2021-1 Class B (T-Bill 3 Month + 4.750%), 01/31/2024 (b)(c)(d)(e) (Cost: $1,000,000; Original Acquisition Date: 01/25/2021)		1,000,000		984,900
Sutter Re 2020-1 Class A (T-Bill 3 Month + 5.040%), 05/23/2023 (b)(c)(d)(e) (Cost: $8,108,253; Original Acquisition Date: 01/11/2022)		8,000,000		8,042,400


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Earthquake - 10.6% (continued)
Sutter Re 2020-2 Class A (T-Bill 3 Month + 5.040%), 06/06/2022 (b)(c)(d)(e) (Cost: $16,781,000; Original Acquisition Date: 05/13/2020)	$	16,781,000	$	16,776,805
Sutter Re 2020-2 Class F (T-Bill 3 Month + 8.660%), 06/06/2022 (b)(c)(d)(e) (Cost: $15,523,000; Original Acquisition Date: 05/13/2020)		15,523,000		15,547,061
Torrey Pines Re 2021-1 Class A (T-Bill 3 Month + 4.000%), 06/07/2024 (b)(c)(d)(e)(h) (Cost: $11,188,431; Original Acquisition Date: 03/12/2021)		11,200,000		11,062,800
Torrey Pines Re 2021-1 Class B (T-Bill 3 Month + 5.250%), 06/07/2024 (b)(c)(d)(e) (Cost: $12,756,867; Original Acquisition Date: 03/12/2021)		12,750,000		12,664,575
Ursa Re 2019-1 Class C (T-Bill 3 Month + 5.750%), 12/10/2022 (b)(c)(d)(e)(g)(h) (Cost: $23,363,745; Original Acquisition Date: 11/20/2019)		23,348,000		23,449,564
Ursa Re II 2020-1 Class AA (T-Bill 3 Month + 3.750%), 12/07/2023 (b)(c)(d)(e)(h) (Cost: $21,350,179; Original Acquisition Date: 10/08/2020)		21,217,000		21,126,828
Ursa Re II 2020-1 Class D (T-Bill 3 Month + 6.250%), 12/07/2023 (b)(c)(d)(e)(h) (Cost: $17,689,500; Original Acquisition Date: 10/08/2020)		17,697,000		17,617,363
Ursa Re II 2021-1 Class F (T-Bill 3 Month + 6.190%), 12/06/2024 (b)(c)(d)(e)(h) (Cost: $9,750,000; Original Acquisition Date: 02/25/2021)		9,750,000		9,447,750
Wrigley Re 2021-1 Class A (T-Bill 3 Month + 2.400%), 07/08/2024 (b)(c)(d)(e) (Cost: $750,000; Original Acquisition Date: 06/17/2021)		750,000		745,050

				175,873,908

Fire - 1.1%
Power Protective Re 2020-1 Class A (T-Bill 3 Month + 10.750%), 12/15/2023 (b)(c)(d)(e) (Cost: $4,000,000; Original Acquisition Date: 12/03/2020)		4,000,000		3,983,400
Power Protective Re 2021-1 Class A (T-Bill 3 Month + 15.000%), 10/09/2024 (b)(c)(d)(e) (Cost: $2,750,000; Original Acquisition Date: 09/29/2021)		2,750,000		2,746,975


	PRINCIPAL AMOUNT		VALUE
Fire - 1.1% (continued)
SD Re 2020-1 Class A (T-Bill 3 Month + 9.750%), 07/14/2023 (b)(c)(d)(e)(g) (Cost: $1,438,000; Original Acquisition Date: 07/02/2020)	$	1,438,000	$	1,441,523
SD Re 2021-1 Class A (T-Bill 3 Month + 8.750%), 11/19/2024 (b)(c)(d)(e) (Cost: $2,750,000; Original Acquisition Date: 10/18/2021)		2,750,000		2,750,687
SD Re 2021-1 Class B (T-Bill 3 Month + 9.250%), 11/19/2024 (b)(c)(d)(e) (Cost: $7,750,000; Original Acquisition Date: 10/18/2021)		7,750,000		7,748,063

				18,670,648

Flood - 5.8%
FloodSmart Re 2020 Class A (T-Bill 3 Month + 11.580%), 02/27/2023 (b)(c)(d)(e)(g)(h) (Cost: $25,003,719; Original Acquisition Date: 02/14/2020)		25,014,000		24,656,300
FloodSmart Re 2020 Class B (T-Bill 3 Month + 15.080%), 02/27/2023 (b)(c)(d)(e)(h) (Cost: $9,000,000; Original Acquisition Date: 02/14/2020)		9,000,000		8,729,100
FloodSmart Re 2021-1 Class A (T-Bill 3 Month + 13.580%), 03/01/2024 (b)(c)(d)(e)(h) (Cost: $26,441,052; Original Acquisition Date: 02/16/2021)		26,500,000		25,646,700
FloodSmart Re 2021-1 Class B (T-Bill 3 Month + 17.330%), 03/01/2024 (b)(c)(d)(e)(h) (Cost: $7,016,990; Original Acquisition Date: 05/07/2021)		7,000,000		6,542,550
FloodSmart Re 2022-1 Class A (T-Bill 3 Month + 11.250%), 02/26/2029 (b)(c)(d)(e) (Cost: $22,000,000; Original Acquisition Date: 02/14/2022)		22,000,000		21,695,300
FloodSmart Re 2022-1 Class B (T-Bill 3 Month + 13.750%), 02/26/2029 (b)(c)(d)(e) (Cost: $7,500,000; Original Acquisition Date: 02/14/2022)		7,500,000		7,378,125
FloodSmart Re 2022-1 Class C (T-Bill 3 Month + 17.750%), 02/26/2029 (b)(c)(d)(e) (Cost: $1,750,000; Original Acquisition Date: 02/14/2022)		1,750,000		1,706,250

				96,354,325


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Mortality/Longevity/Disease - 1.8%
La Vie Re 2020-1 Class A (3 Month Libor USD + 2.850%), 10/06/2023 (b)(c)(d)(e)(h) (Cost: $2,250,000; Original Acquisition Date: 10/19/2020)	$	2,250,000	$	2,227,387
Vita Capital VI 2021-1 Class B (SOFR + 3.124%), 01/08/2026 (b)(c)(d)(e) (Cost: $8,000,000; Original Acquisition Date: 07/02/2021)		8,000,000		7,940,000
Vitality Re X 2019 Class B (T-Bill 3 Month + 2.000%), 01/10/2023 (b)(c)(d)(e)(h) (Cost: $3,728,770; Original Acquisition Date: 01/17/2019)		3,750,000		3,692,062
Vitality Re XI Limited 2020 Class A (T-Bill 3 Month + 1.500%), 01/09/2024 (b)(c)(d)(e)(h) (Cost: $2,180,464; Original Acquisition Date: 01/23/2020)		2,200,000		2,147,200
Vitality Re XI Limited 2020 Class B (T-Bill 3 Month + 1.800%), 01/09/2024 (b)(c)(d)(e)(h) (Cost: $3,668,347; Original Acquisition Date: 01/21/2021)		3,750,000		3,627,938
Vitality Re XII 2021 Class A (T-Bill 3 Month + 2.250%), 01/07/2025 (b)(c)(d)(e)(h) (Cost: $7,864,299; Original Acquisition Date: 01/29/2021)		7,940,000		7,793,507
Vitality Re XII 2021 Class B (T-Bill 3 Month + 2.750%), 01/07/2025 (b)(c)(d)(e)(h) (Cost: $3,000,000; Original Acquisition Date: 01/29/2021)		3,000,000		2,922,150

				30,350,244

Multiperil - 25.1%
Armor Re II 2019-1 Class A (T-Bill 3 Month + 6.420%), 06/08/2022 (b)(c)(d)(e) (Cost: $9,026,321; Original Acquisition Date: 06/08/2020)		9,031,000		9,039,579
Blue Halo Re 2022-1 Class A (T-Bill 3 Month + 9.750%), 02/26/2029 (b)(c)(d)(e) (Cost: $1,500,000; Original Acquisition Date: 02/11/2022)		1,500,000		1,490,325
Blue Halo Re 2022-1 Class B (T-Bill 3 Month + 15.250%), 02/26/2029 (b)(c)(d)(e) (Cost: $1,750,000; Original Acquisition Date: 02/11/2022)		1,750,000		1,715,787
Bonanza Re 2020-1 Class A (T-Bill 3 Month + 4.870%), 02/20/2024 (b)(c)(d)(e) (Cost: $11,333,745; Original Acquisition Date: 02/13/2020)		11,275,000		11,272,181


	PRINCIPAL AMOUNT		VALUE
Multiperil - 25.1% (continued)
Bowline 2018-1 Class A (T-Bill 3 Month + 4.760%), 05/23/2022 (b)(c)(d)(e) (Cost: $16,927,958; Original Acquisition Date: 05/10/2018)	$	16,938,000	$	16,945,622
Bowline Re 2019-1 Class A (T-Bill 3 Month + 4.500%), 03/20/2023 (b)(c)(d)(e)(h) (Cost: $4,017,000; Original Acquisition Date: 03/08/2019)		4,017,000		4,014,791
Bowline Re 2019-1 Class B (T-Bill 3 Month + 8.850%), 03/20/2023 (b)(c)(d)(e)(g) (Cost: $5,434,059; Original Acquisition Date: 03/08/2019)		5,438,000		5,416,248
Caelus Re 2018-1 Class A (T-Bill 3 Month + 0.500%), 06/09/2025 (b)(c)(d)(e) (Cost: $2,319,000; Original Acquisition Date: 05/04/2018)		2,319,000		1,704,465
Caelus Re 2018-1 Class B (T-Bill 3 Month + 0.100%), 06/09/2025 (b)(c)(d)(e)(f) (Cost: $1,902,959; Original Acquisition Date: 05/04/2018)		1,905,000		23,908
Caelus Re 2018-1 Class C (T-Bill 3 Month + 0.100%), 06/09/2025 (b)(c)(d)(e)(f) (Cost: $2,782,000; Original Acquisition Date: 05/04/2018)		2,782,000		14,049
Caelus Re 2018-1 Class D (T-Bill 3 Month + 0.100%), 06/09/2025 (b)(c)(d)(e)(f) (Cost: $464,000; Original Acquisition Date: 05/04/2018)		464,000		2,343
Caelus Re 2020-1 Class A-1 (T-Bill 3 Month + 5.380%), 06/07/2023 (b)(c)(d)(e) (Cost: $6,833,491; Original Acquisition Date: 02/20/2020)		6,865,000		6,923,009
Caelus Re 2020-1 Class B-1 (T-Bill 3 Month + 5.380%), 06/07/2024 (b)(c)(d)(e) (Cost: $4,000,000; Original Acquisition Date: 02/20/2020)		4,000,000		4,061,000
Caelus Re V 2017-1 Class B (T-Bill 3 Month + 0.100%), 06/05/2024 (b)(c)(d)(e) (Cost: $129,700; Original Acquisition Date: 04/27/2017)		129,700		74,577
Caelus Re V 2017-1 Class C (T-Bill 3 Month + 0.100%), 06/05/2023 (b)(c)(d)(e)(f) (Cost: $830,000; Original Acquisition Date: 04/27/2017)		830,000		41,500


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Multiperil - 25.1% (continued)
Caelus Re V 2017-1 Class D (T-Bill 3 Month + 0.100%), 06/05/2023 (b)(c)(d)(e)(f) (Cost: $366,684; Original Acquisition Date: 04/27/2017)	$	366,684	$	37
Easton Re 2020-1 Class A (T-Bill 3 Month + 4.000%), 01/08/2024 (b)(c)(d)(e) (Cost: $4,841,912; Original Acquisition Date: 12/15/2020)		4,853,000		4,799,617
Espada Reinsurance 2016-1 Class 20 (T-Bill 3 Month + 0.500%), 06/06/2022 (b)(c)(d)(e)(f) (Cost: $152,255; Original Acquisition Date: 02/12/2016)		152,255		45,677
Four Lakes Re 2020-1 Class A (T-Bill 3 Month + 7.000%), 01/05/2024 (b)(c)(d)(e) (Cost: $750,000; Original Acquisition Date: 11/05/2020)		750,000		748,725
Four Lakes Re 2020-1 Class B (T-Bill 3 Month + 9.500%), 01/05/2024 (b)(c)(d)(e) (Cost: $3,781,680; Original Acquisition Date: 11/05/2020)		3,750,000		3,735,937
Four Lakes Re 2021-1 Class A (T-Bill 3 Month + 4.750%), 07/01/2025 (b)(c)(d)(e) (Cost: $3,500,000; Original Acquisition Date: 12/15/2021)		3,500,000		3,469,025
Galileo Re 2019-1 Class C (T-Bill 3 Month + 9.870%), 01/08/2024 (b)(c)(d)(e)(h) (Cost: $3,000,000; Original Acquisition Date: 12/06/2019)		3,000,000		2,971,500
Galileo Re 2019-1 Class D (T-Bill 3 Month + 8.070%), 01/08/2024 (b)(c)(d)(e)(g)(h) (Cost: $2,000,000; Original Acquisition Date: 12/06/2019)		2,000,000		1,989,600
Golden State Re II 2018-1 Class A (3 Month Libor USD + 2.200%), 01/08/2023 (b)(c)(d)(e)(h) (Cost: $7,250,000; Original Acquisition Date: 11/29/2018)		7,250,000		7,244,925
Herbie Re 2020-1 Class A (T-Bill 3 Month + 9.130%), 07/08/2024 (b)(c)(d)(e) (Cost: $6,899,000; Original Acquisition Date: 06/09/2020)		6,899,000		6,348,460
Herbie Re 2020-2 Class A (T-Bill 3 Month + 6.730%), 01/08/2025 (b)(c)(d)(e) (Cost: $1,250,000; Original Acquisition Date: 10/19/2020)		1,250,000		1,263,187


	PRINCIPAL AMOUNT		VALUE
Multiperil - 25.1% (continued)
Herbie Re 2020-2 Class B (T-Bill 3 Month + 9.720%), 01/08/2025 (b)(c)(d)(e) (Cost: $4,065,905; Original Acquisition Date: 10/19/2020)	$	4,000,000	$	4,060,800
Herbie Re 2020-2 Class C (T-Bill 3 Month + 15.850%), 01/06/2023 (b)(c)(d)(e) (Cost: $1,266,723; Original Acquisition Date: 10/19/2020)		1,250,000		1,209,687
Kilimanjaro III Re 2019-1 Class A-1 (T-Bill 3 Month + 16.660%), 12/19/2023 (b)(c)(d)(e) (Cost: $6,750,000; Original Acquisition Date: 12/09/2019)		6,750,000		6,418,237
Kilimanjaro III Re 2019-1 Class A-2 (T-Bill 3 Month + 16.660%), 12/19/2024 (b)(c)(d)(e) (Cost: $10,907,652; Original Acquisition Date: 12/09/2019)		11,117,000		10,591,166
Kilimanjaro III Re 2019-1 Class B-1 (T-Bill 3 Month + 9.910%), 12/19/2023 (b)(c)(d)(e) (Cost: $12,500,000; Original Acquisition Date: 12/09/2019)		12,500,000		12,433,750
Kilimanjaro III Re 2019-1 Class B-2 (T-Bill 3 Month + 9.910%), 12/19/2024 (b)(c)(d)(e)(h) (Cost: $9,250,000; Original Acquisition Date: 12/09/2019)		9,250,000		9,240,287
Kilimanjaro Re 2018-1 Class A-1 (3 Month Libor USD + 13.610%), 05/06/2022 (b)(c)(d)(e) (Cost: $12,975,927; Original Acquisition Date: 04/18/2018)		12,979,000		12,979,000
Kilimanjaro Re 2018-1 Class B-1 (3 Month Libor USD + 4.940%), 05/06/2022 (b)(c)(d)(e)(h) (Cost: $8,035,862; Original Acquisition Date: 04/18/2018)		8,036,000		8,036,402
Kilimanjaro Re 2018-2 Class A-2 (3 Month Libor USD + 13.610%), 05/05/2023 (b)(c)(d)(e) (Cost: $6,810,932; Original Acquisition Date: 04/18/2018)		6,840,000		6,568,794
Kilimanjaro Re 2018-2 Class B-2 (3 Month Libor USD + 4.940%), 05/05/2023 (b)(c)(d)(e)(h) (Cost: $8,571,761; Original Acquisition Date: 04/18/2018)		8,555,000		8,444,213
Long Point Re III 2018-1 Class A (T-Bill 3 Month + 2.750%), 06/01/2022 (b)(c)(d)(e)(h) (Cost: $20,918,634; Original Acquisition Date: 10/31/2018)		20,946,000		20,767,959


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Multiperil - 25.1% (continued)
MetroCat Re 2020-1 Class A (T-Bill 3 Month + 5.500%), 05/08/2023 (b)(c)(d)(e)(h) (Cost: $3,556,823; Original Acquisition Date: 05/06/2020)	$	3,533,000	$	3,543,246
Mona Lisa Re 2020-1 Class A (T-Bill 3 Month + 7.500%), 01/09/2023 (b)(c)(d)(e)(g) (Cost: $7,750,000; Original Acquisition Date: 12/30/2019)		7,750,000		7,695,750
Mona Lisa Re 2020-1 Class B (T-Bill 3 Month + 8.000%), 01/09/2023 (b)(c)(d)(e)(g) (Cost: $6,500,000; Original Acquisition Date: 12/30/2019)		6,500,000		6,468,800
Mona Lisa Re 2021-1 Class A (T-Bill 3 Month + 7.000%), 07/08/2025 (b)(c)(d)(e) (Cost: $12,772,931; Original Acquisition Date: 02/18/2022)		12,750,000		12,607,837
Mystic Re IV 2021-1 Class A (T-Bill 3 Month + 9.750%), 01/08/2024 (b)(c)(d)(e)(h) (Cost: $17,871,928; Original Acquisition Date: 12/15/2020)		17,638,000		17,691,796
Mystic Re IV 2021-2 Class A (T-Bill 3 Month + 5.810%), 01/08/2025 (b)(c)(d)(e) (Cost: $16,212,630; Original Acquisition Date: 06/09/2021)		16,250,000		15,892,500
Mystic Re IV 2021-2 Class B (T-Bill 3 Month + 11.690%), 01/08/2025 (b)(c)(d)(e) (Cost: $2,250,000; Original Acquisition Date: 06/09/2021)		2,250,000		2,205,225
Northshore Re II 2021-1 Class A (T-Bill 3 Month + 5.750%), 01/08/2024 (b)(c)(d)(e) (Cost: $7,500,000; Original Acquisition Date: 12/02/2020)		7,500,000		7,410,000
Putnam Re Pte. Ltd. 2021-1 Class A (T-Bill 3 Month + 5.500%), 06/07/2024 (b)(c)(d)(e) (Cost: $4,250,000; Original Acquisition Date: 05/21/2021)		4,250,000		4,246,813
Residential Re 2016-I Class 10 (T-Bill 3 Month + 0.500%), 06/06/2022 (b)(c)(d)(e)(f) (Cost: $701,983; Original Acquisition Date: 04/28/2016)		701,983		17,550
Residential Re 2018-I Class 13 (T-Bill 3 Month + 3.460%), 06/06/2022 (b)(c)(d)(e) (Cost: $6,396,295; Original Acquisition Date: 04/30/2018)		6,397,000		6,369,493


	PRINCIPAL AMOUNT		VALUE
Multiperil - 25.1% (continued)
Residential Re 2018-II Class 2 (T-Bill 3 Month + 11.650%), 12/06/2022 (b)(c)(d)(e) (Cost: $5,197,543; Original Acquisition Date: 11/15/2018)	$	5,200,000	$	5,105,620
Residential Re 2019-I Class 12 (T-Bill 3 Month + 7.940%), 06/06/2023 (b)(c)(d)(e) (Cost: $495,000; Original Acquisition Date: 05/08/2019)		495,000		462,825
Residential Re 2019-I Class 13 (T-Bill 3 Month + 4.650%), 06/06/2023 (b)(c)(d)(e) (Cost: $1,158,361; Original Acquisition Date: 05/08/2019)		1,162,000		1,147,707
Residential Re 2019-II Class 2 (T-Bill 3 Month + 12.230%), 12/06/2023 (b)(c)(d)(e) (Cost: $1,456,000; Original Acquisition Date: 11/05/2019)		1,456,000		1,410,136
Residential Re 2020-I Class 13 (T-Bill 3 Month + 5.500%), 06/06/2024 (b)(c)(d)(e) (Cost: $2,241,000; Original Acquisition Date: 05/27/2020)		2,241,000		2,229,011
Residential Re 2020-II Class 3 (T-Bill 3 Month + 8.240%), 12/06/2024 (b)(c)(d)(e) (Cost: $914,000; Original Acquisition Date: 10/30/2020)		914,000		905,546
Residential Re 2020-II Class 4 (T-Bill 3 Month + 6.510%), 12/06/2024 (b)(c)(d)(e) (Cost: $5,009,911; Original Acquisition Date: 10/30/2020)		4,981,000		5,015,618
Residential Re 2021-I Class 11 (T-Bill 3 Month + 9.250%), 06/06/2025 (b)(c)(d)(e) (Cost: $9,981,663; Original Acquisition Date: 05/06/2021)		10,000,000		9,754,000
Residential Re 2021-I Class 12 (T-Bill 3 Month + 5.250%), 06/06/2025 (b)(c)(d)(e) (Cost: $6,000,000; Original Acquisition Date: 05/06/2021)		6,000,000		5,839,800
Residential Re 2021-I Class 13 (T-Bill 3 Month + 3.750%), 06/06/2025 (b)(c)(d)(e) (Cost: $6,003,761; Original Acquisition Date: 05/06/2021)		6,000,000		5,882,100
Residential Re 2021-I Class 14 (T-Bill 3 Month + 2.500%), 06/06/2025 (b)(c)(d)(e) (Cost: $7,736,313; Original Acquisition Date: 05/06/2021)		7,750,000		7,586,863


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Multiperil - 25.1% (continued)
Riverfront Re 2021 Class A (T-Bill 3 Month + 4.250%), 01/07/2025 (b)(c)(d)(e) (Cost: $11,750,000; Original Acquisition Date: 05/21/2021)	$	11,750,000	$	11,620,750
Riverfront Re 2021 Class B (T-Bill 3 Month + 6.500%), 01/07/2025 (b)(c)(d)(e) (Cost: $2,750,000; Original Acquisition Date: 05/21/2021)		2,750,000		2,728,000
Sanders Re II 2020-1 Class A (3 Month Libor USD + 4.360%), 04/07/2024 (b)(c)(d)(e) (Cost: $4,811,000; Original Acquisition Date: 03/18/2020)		4,811,000		4,845,399
Sanders Re II 2021-1 Class A (T-Bill 3 Month + 3.500%), 04/07/2025 (b)(c)(d)(e) (Cost: $6,250,000; Original Acquisition Date: 05/24/2021)		6,250,000		6,172,188
Sanders Re II 2021-2 Class A (T-Bill 3 Month + 3.250%), 04/07/2025 (b)(c)(d)(e) (Cost: $4,000,000; Original Acquisition Date: 11/23/2021)		4,000,000		3,978,600
Sanders Re II 2021-2 Class B (T-Bill 3 Month + 12.500%), 04/07/2025 (b)(c)(d)(e) (Cost: $1,500,000; Original Acquisition Date: 11/23/2021)		1,500,000		1,460,700
Sanders Re III 2022-1 Class A (SOFR + 3.500%), 04/09/2029 (b)(c)(d)(e) (Cost: $10,000,000; Original Acquisition Date: 03/22/2022)		10,000,000		9,975,000
Sanders Re III 2022-1 Class B (SOFR + 10.750%), 04/09/2029 (b)(c)(d)(e) (Cost: $7,000,000; Original Acquisition Date: 03/22/2022)		7,000,000		6,963,600
Stratosphere Re 2020-1 Class A (T-Bill 3 Month + 2.750%), 02/07/2023 (b)(c)(d)(e)(g) (Cost: $1,929,153; Original Acquisition Date: 01/17/2020)		1,932,000		1,925,818
Sussex Capital UK PCC 2020-1 (T-Bill 3 Month + 8.180%), 01/08/2025 (b)(c)(d)(e)(h) (Cost: $15,081,518; Original Acquisition Date: 12/07/2020)		15,000,000		14,970,000
Titania Re 2021-1 Class A (T-Bill 3 Month + 4.500%), 06/21/2024 (b)(c)(d)(e) (Cost: $8,509,844; Original Acquisition Date: 06/09/2021)		8,500,000		8,457,075


	PRINCIPAL AMOUNT		VALUE
Multiperil - 25.1% (continued)
Titania Re 2021-2 Class A (T-Bill 3 Month + 6.500%), 12/27/2024 (b)(c)(d)(e) (Cost: $4,500,000; Original Acquisition Date: 12/08/2021)	$	4,500,000	$	4,450,500
Topanga Re 2021-1 Class A (T-Bill 3 Month + 4.750%), 01/08/2026 (b)(c)(d)(e) (Cost: $7,000,000; Original Acquisition Date: 12/08/2021)		7,000,000		6,916,350
Topanga Re 2021-1 Class B (T-Bill 3 Month + 15.000%), 01/08/2024 (b)(c)(d)(e) (Cost: $3,000,000; Original Acquisition Date: 12/08/2021)		3,000,000		2,946,000
Vista Re 2022-1 Class A (T-Bill 3 Month + 14.500%), 05/21/2025 (b)(c)(d)(e) (Cost: $4,500,000; Original Acquisition Date: 04/21/2022)		4,500,000		4,499,775

				417,504,360

Windstorm - 16.4%
Alamo Re 2019-1 Class A (T-Bill 3 Month + 5.040%), 06/08/2022 (b)(c)(d)(e)(g) (Cost: $2,708,000; Original Acquisition Date: 05/21/2019)		2,708,000		2,705,427
Alamo Re 2020-1 Class A (T-Bill 3 Month + 5.460%), 06/08/2023 (b)(c)(d)(e)(h) (Cost: $20,067,789; Original Acquisition Date: 05/29/2020)		19,930,000		20,173,146
Alamo Re Ltd 2021-1 Class A (T-Bill 3 Month + 4.000%), 06/07/2024 (b)(c)(d)(e) (Cost: $34,906,664; Original Acquisition Date: 05/21/2021)		35,000,000		34,195,000
Astro Re 2021-1 Class A (T-Bill 3 Month + 8.000%), 07/08/2025 (b)(c)(d)(e) (Cost: $3,600,000; Original Acquisition Date: 07/06/2021)		3,600,000		3,533,400
Blue Halo Re 2020-1 Class A (T-Bill 3 Month + 13.250%), 06/28/2023 (b)(c)(d)(e) (Cost: $4,884,000; Original Acquisition Date: 06/16/2020)		4,884,000		4,979,238
Bonanza Re 2020-2 Class A (T-Bill 3 Month + 4.750%), 12/23/2024 (b)(c)(d)(e) (Cost: $2,510,000; Original Acquisition Date: 12/15/2020)		2,510,000		2,485,402
Bonanza Re 2022-2 Class A (T-Bill 3 Month + 5.750%), 03/16/2025 (b)(c)(d)(e) (Cost: $4,500,000; Original Acquisition Date: 03/11/2022)		4,500,000		4,485,825


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
Windstorm - 16.4% (continued)
Cape Lookout Re 2019-2 Class A (T-Bill 3 Month + 6.230%), 05/09/2022 (b)(c)(d)(e) (Cost: $2,690,000; Original Acquisition Date: 06/14/2019)	$	2,690,000	$	2,690,538
Cape Lookout Re 2021-1 Class A (T-Bill 3 Month + 3.250%), 03/22/2024 (b)(c)(d)(e)(g) (Cost: $11,000,000; Original Acquisition Date: 03/09/2021)		11,000,000		10,963,700
Cape Lookout Re 2022-1 Class A (T-Bill 3 Month + 5.000%), 03/28/2025 (b)(c)(d)(e) (Cost: $26,000,000; Original Acquisition Date: 03/16/2022)		26,000,000		25,922,000
Citrus Re 2022-1 Class A (SOFR + 5.100%), 07/07/2029 (b)(c)(d)(e)(f) (Cost: $6,250,000; Original Acquisition Date: 04/11/2022)		6,250,000		6,248,437
Cosaint Re 2021-1 Class A (T-Bill 3 Month + 9.250%), 04/03/2024 (b)(c)(d)(e) (Cost: $7,063,997; Original Acquisition Date: 03/19/2021)		7,000,000		6,973,750
Everglades II 2020-2 A (T-Bill 3 Month + 6.450%), 05/04/2023 (b)(c)(d)(e) (Cost: $2,101,000; Original Acquisition Date: 05/21/2020)		2,101,000		2,093,016
Everglades Re II 2021-1 Class A (T-Bill 3 Month + 5.750%), 05/14/2024 (b)(c)(d)(e) (Cost: $23,750,000; Original Acquisition Date: 05/12/2021)		23,750,000		23,456,687
Everglades Re II 2021-1 Class B (T-Bill 3 Month + 6.750%), 05/14/2024 (b)(c)(d)(e) (Cost: $31,750,000; Original Acquisition Date: 05/12/2021)		31,750,000		31,211,838
Everglades Re II 2021-2 Class A (T-Bill 3 Month + 5.750%), 05/14/2024 (b)(c)(d)(e) (Cost: $28,000,000; Original Acquisition Date: 05/12/2021)		28,000,000		27,704,600
First Coast Re 2019-1 Class A (T-Bill 3 Month + 5.660%), 06/07/2023 (b)(c)(d)(e) (Cost: $494,000; Original Acquisition Date: 05/16/2019)		494,000		491,382
First Coast Re III 2021-1 Class A (T-Bill 3 Month + 6.000%), 04/07/2025 (b)(c)(d)(e) (Cost: $3,500,000; Original Acquisition Date: 03/04/2021)		3,500,000		3,434,200


	PRINCIPAL AMOUNT		VALUE
Windstorm - 16.4% (continued)
Frontline 2018-1 Class A (T-Bill 3 Month + 7.740%), 07/06/2022 (b)(c)(d)(e)(h) (Cost: $4,000,000; Original Acquisition Date: 06/12/2018)	$	4,000,000	$	3,608,800
Gateway Re 2022-1 Class A (T-Bill 3 Month + 8.500%), 05/12/2025 (b)(c)(d)(e)(f) (Cost: $9,500,000; Original Acquisition Date: 04/22/2022)		9,500,000		9,500,000
Hestia Re 2022-1 Class A (T-Bill 3 Month + 9.500%), 04/22/2025 (b)(c)(d)(e) (Cost: $10,000,000; Original Acquisition Date: 04/04/2022)		10,000,000		9,995,000
Integrity Re 2020-1 Class A (3 Month Libor USD + 7.493%), 04/12/2023 (b)(c)(d)(e)(g) (Cost: $7,764,984; Original Acquisition Date: 03/18/2020)		7,689,000		7,673,238
Manatee Re III 2019-1 Class B (T-Bill 3 Month + 9.820%), 06/07/2022 (b)(c)(d)(e)(f) (Cost: $1,990,323; Original Acquisition Date: 05/23/2019)		1,993,000		39,860
Matterhorn Re Ltd SR2020-5 Class A (3 Month Libor USD + 4.250%), 12/07/2022 (b)(c)(d)(e) (Cost: $5,000,000; Original Acquisition Date: 11/24/2020)		5,000,000		4,956,000
Matterhorn Re Ltd SR2020-5 Class B (3 Month Libor USD + 5.500%), 12/07/2022 (b)(c)(d)(e) (Cost: $5,750,454; Original Acquisition Date: 11/24/2020)		5,750,000		5,716,650
Merna Re II 2021-2 Class A (T-Bill 3 Month + 5.500%), 07/08/2024 (b)(c)(d)(e) (Cost: $13,500,000; Original Acquisition Date: 06/08/2021)		13,500,000		13,552,650
Pelican IV Re 2021-1 Class A (T-Bill 3 Month + 2.250%), 05/07/2027 (b)(c)(d)(e)(f) (Cost: $2,750,000; Original Acquisition Date: 04/29/2021)		2,750,000		13,888
Pelican IV Re 2021-1 Class B (T-Bill 3 Month + 5.250%), 05/07/2024 (b)(c)(d)(e) (Cost: $3,250,000; Original Acquisition Date: 04/29/2021)		3,250,000		2,843,750

				271,647,422

				1,010,400,907

TOTAL EVENT LINKED BONDS (Cost $1,360,720,998)				1,334,572,983


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	PRINCIPAL AMOUNT		VALUE
QUOTA SHARES AND OTHER REINSURANCE-RELATED SECURITIES - 14.4%
PARTICIPATION NOTES - 6.4%
Global - 6.4%
Multiperil - 6.4%
Alturas Re 2020-1 Class A 03/10/2023 (b)(d)(e)(f)(i) (Cost: $360,429; Original Acquisition Date: 02/19/2021)	$	—	$	93,924
Eden Re II 2019-1 Class A 03/22/2023 (b)(d)(e)(f)(i) (Cost: $71,858; Original Acquisition Date: 12/14/2018)		71,858		612,933
Eden Re II 2020-1 Class A 03/22/2024 (b)(d)(e)(f)(i)(j) (Cost: $1,275,000; Original Acquisition Date: 12/16/2019)		1,275,000		571,847
Eden Re II 2020-1 Class B 03/22/2024 (b)(d)(e)(f)(i)(j) (Cost: $2,470,000; Original Acquisition Date: 12/26/2019)		2,470,000		1,163,591
Eden Re II 2021-1 Class A 03/21/2025 (b)(d)(e)(f)(i)(j) (Cost: $7,440,000; Original Acquisition Date: 12/14/2020)		7,440,000		6,028,657
Eden Re II 2021-1 Class B 03/21/2025 (b)(d)(e)(f)(i)(j) (Cost: $10,110,000; Original Acquisition Date: 12/21/2020)		10,110,000		8,318,042
Eden Re II 2022-1 Class A 03/20/2026 (b)(d)(e)(f)(i)(j) (Cost: $17,600,000; Original Acquisition Date: 12/14/2021)		17,600,000		18,027,078
Eden Re II 2022-1 Class B 03/20/2026 (b)(d)(e)(f)(i)(j) (Cost: $40,900,000; Original Acquisition Date: 12/17/2021)		40,900,000		41,940,313
Limestone Re 2019-1 A 09/09/2022 (b)(d)(e)(f)(i) (Cost: $14,328; Original Acquisition Date: 12/24/2018)		14,156		—
Limestone Re 2019-2 A 03/01/2023 (b)(d)(e)(f)(i) (Cost: $25,287; Original Acquisition Date: 06/25/2019)		25,287		—
Limestone Re 2019-2 B 03/01/2023 (b)(d)(e)(f)(i) (Cost: $62,298; Original Acquisition Date: 06/25/2019)		62,298		—
Limestone Re 2020-1 B 03/01/2024 (b)(d)(e)(f)(i) (Cost: $19,498; Original Acquisition Date: 12/27/2019)		19,498		225,668
Phoenix 2 Re Pte. Ltd. 2022-1 Class A 01/04/2028 (b)(d)(e)(f)(j) (Cost: $750,000; Original Acquisition Date: 12/21/2021)		750,000		768,799


	PRINCIPAL AMOUNT		VALUE
Multiperil - 6.4% (continued)
Phoenix Re Pte. Ltd. 2022-1 Class B 01/04/2028 (b)(d)(e)(f)(j) (Cost: $2,250,000; Original Acquisition Date: 12/21/2021)	$	2,250,000	$	2,256,826
Sector Re V Series 10 Class C 12/01/2025 (b)(e)(f)(j) (Cost: $8,868; Original Acquisition Date: 12/04/2020)		8,868		430,190
Sector Re V Series 10 Class G 03/01/2025 (b)(e)(f) (Cost: $34,237; Original Acquisition Date: 04/24/2020)		34,237		460,365
Sector Re V Series 2021-Apr Class GL-R 03/01/2026 (b)(e)(f)(i)(j) (Cost: $8,043; Original Acquisition Date: 04/30/2021)		8,043		696,774
Sector Re V Series 2021-Apr Class US-R 03/01/2026 (b)(e)(f)(i)(j) (Cost: $36,271; Original Acquisition Date: 04/30/2021)		36,271		601,592
Sector Re V Series 2021-Dec Class GL-R 12/01/2026 (b)(e)(f)(j) (Cost: $4,000,000; Original Acquisition Date: 12/09/2021)		4,000,000		4,061,422
Sector Re V Series 2022-Apr Class GL-R 03/01/2027 (b)(e)(f)(i)(j) (Cost: $7,333,868; Original Acquisition Date: 04/28/2022)		7,333,868		7,333,868
Sector Re V Series 2022-Apr Class US-R 03/01/2027 (b)(e)(f)(i)(j) (Cost: $8,829,996; Original Acquisition Date: 04/28/2022)		8,829,996		8,829,996
Sector Re V Series 9 Class A 03/01/2023 (b)(e)(f)(j) (Cost: $3,594,861; Original Acquisition Date: 04/24/2019)		3,605,992		2,735,566
Sector Re V Series 9 Class B 03/01/2023 (b)(e)(f)(j) (Cost: $1,279,293; Original Acquisition Date: 04/24/2019)		1,283,254		973,498
Sector Re V Series 9 Class G 03/01/2023 (b)(e)(f) (Cost: $18,756; Original Acquisition Date: 04/24/2019)		18,782		445,831

TOTAL PARTICIPATION NOTES (Cost $108,492,891)				106,576,780


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND


	SHARES		VALUE
PREFERENCE SHARES - 8.0%
Global - 8.0%
Multiperil - 8.0%
Arenal (Artex Segregated Account Company) (b)(e)(f)(i)(j) (Cost: $8,052,460; Original Acquisition Date: 05/07/2015)		18,011	$	4,137,379
Biscayne (Artex Segregated Account Company) (b)(e)(f)(i) (Cost: $0; Original Acquisition Date: 04/30/2014)		28,192		41,805
Hatteras (Artex Segregated Account Company) (b)(e)(f)(i)(j) (Cost: $30,502,685; Original Acquisition Date: 12/30/2014)		37,256		18,622,686
Hudson Charles 2 (Mt. Logan Re) (b)(e)(f)(j) (Cost: $11,534,500; Original Acquisition Date: 04/02/2014)		11,535		7,476,805
Hudson Charles 3 (Mt. Logan Re) (b)(e)(f)(j) (Cost: $15,350,000; Original Acquisition Date: 06/19/2014)		15,350		9,721,775
Lyndhurst (Horseshoe Re) (b)(e)(f)(i)(j) (Cost: $27,139,272; Original Acquisition Date: 12/31/2020)		27,200		24,490,985
Madison (Artex Segregated Account Company) (b)(e)(f)(i)(j) (Cost: $1,258,915; Original Acquisition Date: 02/03/2020)		5,011		1,125,323
Peregrine HYR (b)(e)(f)(i)(j) (Cost: $18,022,873; Original Acquisition Date: 12/21/2020)		1,800,000		16,089,908
Rondout (Artex Segregated Account Company) (b)(e)(f)(i)(j) (Cost: $47,694,259; Original Acquisition Date: 05/29/2015)		61,417		49,028,256
Yoho (Artex Segregated Account Company) (b)(e)(f)(i)(j) (Cost: $5,294,762; Original Acquisition Date: 05/17/2016)		39,886		3,076,986

TOTAL PREFERENCE SHARES (Cost $164,849,726)				133,811,908

TOTAL QUOTA SHARES AND OTHER REINSURANCE-RELATED SECURITIES (Cost $273,342,617)				240,388,688


	SHARES		VALUE
SHORT-TERM INVESTMENTS - 6.2%
Money Market Fund - 6.2%
Fidelity Institutional Money Market Funds - Government Portfolio - Institutional Class - 0.15% (k)		51,667,225	$	51,667,225
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 0.30% (k)		51,667,224		51,667,224

TOTAL SHORT-TERM INVESTMENTS (Cost $103,334,449)				103,334,449

TOTAL INVESTMENTS (Cost $1,737,398,064) - 100.9%				1,678,296,120

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9)%				(15,625,256)

TOTAL NET ASSETS - 100.0%			$	1,662,670,864

Principal amounts stated in U.S. dollars unless otherwise stated.

Country shown is geographic area of peril risk.

Percentages are stated as a percent of net assets.

(a)	Rounds to zero.

(b)	Foreign issued security. Total foreign securities by country of domicile are $1,574,961,671. Foreign concentration is as follows: Bermuda: 77.7%, Cayman Islands: 6.8%, Singapore: 5.8%, Supranational: 2.1%, Ireland: 1.4%, and Great Britain: 0.9%.

(c)	Variable rate security. Reference rates as of April 30, 2022 are as follows: 3 Month Euribor -0.42%, T-Bill 3 Month 0.81%, 3 Month Libor 1.36%, and Secured Overnight Financing Rate (SOFR) 0.28%. Actual reference rates may vary based on the reset date of the security.

(d)	Although security is restricted as to resale, the Fund’s Adviser has determined this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at April 30, 2022 was $1,414,580,661, which represented 85.1% of net assets.

(e)	Security is restricted as to resale.

(f)	Value determined using significant unobservable inputs.

(g)	All or a portion of the security is pledged as collateral for the Fund’s reverse repurchase agreements.

(h)	All or a portion of the security is pledged as collateral for the Fund’s financing facility.

(i)	Security is fair valued by the Adviser pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities is $211,057,611, which represents 12.7% of net assets.

(j)	Non-income producing security.

(k)	Rate shown is the 7-day effective yield.

Reverse Repurchase Agreements



DESCRIPTION	PRINCIPAL VALUE		AMORTIZED COST
REVERSE REPURCHASE AGREEMENTS SOLD
Repurchase Agreement with JP Morgan Chase Securities, Inc., dated 04/22/2022, 1.60%, collateralized by $14,727,772 Event Linked Bonds, due 05/23/2022	$	5,000,000	$	5,000,000

TOTAL REVERSE REPURCHASE AGREEMENTS SOLD (Premiums Received $5,000,000)	$	5,000,000	$	5,000,000


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE U.S. HEDGED EQUITY FUND



	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		FAIR VALUE
PURCHASED OPTIONS - (a) 0.0%
PUT OPTIONS - (a) 0.0%
CBOE S&P 500 Index, Expires 05/06/2022, Strike Price $2,400.00	80	$	33,055,440	$	1,200

TOTAL PURCHASED OPTIONS (Cost $1,258)					1,200



		SHARES		FAIR VALUE
SHORT-TERM INVESTMENTS - 102.3%
Money Market Funds - 0.7%
Fidelity Investments Money Market Funds - Government Portfolio - Institutional Class - 0.15% (b)			45,082		45,082
First American Government Obligations Fund - Class Z - 0.22% (b)			45,082		45,082
First American Treasury Obligations Fund - Class Z - 0.29% (b)			45,082		45,082
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 0.30% (b)			45,082		45,082
Short-Term Investments Trust - Treasury Portfolio - Institutional Class - 0.23% (b)			45,081		45,081

				225,409



		PRINCIPAL AMOUNT		FAIR VALUE
U.S. Treasury Bills - 101.6%
0.063%, 05/19/2022 (c)(d)		$	570,000		569,943
0.061%, 06/16/2022 (c)(d)			2,125,000		2,123,830
0.071%, 08/11/2022 (c)(d)			3,250,000		3,241,256
0.069%, 09/08/2022 (c)(d)			4,575,000		4,557,623
0.113%, 10/06/2022 (c)(d)			1,795,000		1,785,978
0.598%, 11/03/2022 (c)(d)			1,300,000		1,290,727
0.519%, 12/29/2022 (c)(d)			1,250,000		1,237,695
0.924%, 01/26/2023 (c)(d)			1,675,000		1,654,737
1.121%, 02/23/2023 (c)(d)			4,150,000		4,090,846
1.542%, 03/23/2023 (c)(d)			5,870,000		5,775,765
1.934%, 04/20/2023 (c)(d)			7,750,000		7,598,698

				33,927,098

TOTAL SHORT-TERM INVESTMENTS (Cost $34,252,390)					34,152,507

TOTAL INVESTMENTS (Cost $34,253,648) - 102.3%					34,153,707

LIABILITIES IN EXCESS OF OTHER ASSETS - (2.3)%					(775,731)

TOTAL NET ASSETS - 100.0%				$	33,377,976

Percentages are stated as a percent of net assets.

(a)	Rounds to zero.

(b)	Rate shown is the 7-day effective yield.

(c)	Rate shown is the effective yield based on purchase price. The calculation assumes the security is held to maturity.

(d)	All or a portion of this security is held as collateral for written put options.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE U.S. HEDGED EQUITY FUND

Written Options



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
PUT OPTIONS
CBOE S&P 500 Index, Expires 05/02/2022, Strike Price $4,135.00		5	$	2,065,965	$	17,500
CBOE S&P 500 Index, Expires 05/02/2022, Strike Price $4,145.00		16		6,611,088		60,960
CBOE S&P 500 Index, Expires 05/02/2022, Strike Price $4,225.00		5		2,065,965		45,425
CBOE S&P 500 Index, Expires 05/02/2022, Strike Price $4,235.00		5		2,065,965		49,600
CBOE S&P 500 Index, Expires 05/04/2022, Strike Price $4,140.00		10		4,131,930		61,900
CBOE S&P 500 Index, Expires 05/04/2022, Strike Price $4,190.00		10		4,131,930		86,650
CBOE S&P 500 Index, Expires 05/04/2022, Strike Price $4,275.00		4		1,652,772		58,200
CBOE S&P 500 Index, Expires 05/06/2022, Strike Price $4,130.00		2		826,386		13,520
CBOE S&P 500 Index, Expires 05/06/2022, Strike Price $4,220.00		3		1,239,579		31,980
CBOE S&P 500 Index, Expires 05/06/2022, Strike Price $4,250.00		15		6,197,895		211,605
CBOE S&P 500 Index, Expires 05/06/2022, Strike Price $4,265.00		5		2,065,965		63,415

TOTAL PUT OPTIONS (Premiums Received $472,313)						700,755

TOTAL WRITTEN OPTIONS (Premiums Received $472,313)					$	700,755


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	ACQUISITION DATE	PRINCIPAL AMOUNT		COST		FAIR VALUE
ASSET-BACKED SECURITIES - 4.9%
United States - 4.9%
Progress Re 2021-SFR1 (a)(b)(c)	2/11/2021	$	1,750,000	$	1,749,957	$	1,715,161
Progress Re 2021-SFR2 (a)(b)(c)	4/7/2021		3,000,000		2,999,930		2,938,329
Progress Re 2021-SFR10 (a)(b)(c)	11/19/2021		5,000,000		4,999,872		4,856,060
Progress Re 2022-SFR3 (a)(b)(c)	4/5/2022		3,000,000		2,917,629		2,927,231
Upgrade MSTR CR PT TR 2021-ST3 (a)(b)(d)	5/27/2021		1,419,000		842,217		605,190
Upstart Pass-Through 2021-ST3 (a)(b)(d)	4/8/2021		2,850,000		1,626,950		1,764,053
Upstart Pass-Through 2021-ST4 (a)(b)(d)	5/13/2021		3,060,000		1,921,271		1,992,342
Upstart Pass-Through 2021-ST5 (a)(b)(d)	6/3/2021		1,000,000		733,533		799,323
Upstart Securitization 2022-1 (a)(b)(d)	4/1/2022		4,200,000		4,014,051		4,014,348

TOTAL ASSET-BACKED SECURITIES (Cost $21,805,410)							21,612,037



				SHARES		FAIR VALUE
INVESTMENT COMPANIES - 50.7%
Open-End Mutual Funds - 50.7%
Stone Ridge High Yield Reinsurance Risk Premium Fund - Class I (e)					25,390,902		224,709,479

TOTAL INVESTMENT COMPANIES (Cost $227,729,051)							224,709,479



		NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
PURCHASED OPTIONS - 0.6%
Put Options - 0.4%
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $5.50			50		3,622,000		21,550
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $5.55			75		5,433,000		35,850
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $5.60			75		5,433,000		39,675
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $5.70			50		3,622,000		32,250
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $5.75			50		3,622,000		35,500
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $5.80			75		5,433,000		58,575
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $5.95			50		3,622,000		50,453
Natural Gas Euro Future, Expires: 5/25/22, Strike Price $6.00			50		3,622,000		55,700
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.25			50		3,622,000		44,200
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.40			75		5,433,000		83,400
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.45			25		1,811,000		29,950
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.60			100		7,244,000		148,500
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.65			50		3,622,000		79,500
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.70			50		3,622,000		85,050
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.75			25		1,811,000		45,400
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $5.80			75		5,433,000		145,275
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $6.00			50		3,622,000		123,800
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $6.10			50		3,622,000		139,050
Natural Gas Euro Future, Expires: 6/27/22, Strike Price $6.15			50		3,622,000		144,364
S&P 500 Index, Expires: 5/13/22, Strike Price: $3,200.00			230		95,034,390		95,450
S&P 500 Index, Expires: 5/27/22, Strike Price: $2,600.00			250		103,298,250		75,000
Sugar Future, Expires: 5/16/22, Strike Price $17.50			72		1,544,256		806
Sugar Future, Expires: 5/16/22, Strike Price $17.75			70		1,501,360		784
Sugar Future, Expires: 5/16/22, Strike Price $18.00			68		1,458,464		2,285
Sugar Future, Expires: 5/16/22, Strike Price $18.25			66		1,415,568		3,696
Sugar Future, Expires: 5/16/22, Strike Price $18.50			65		1,394,120		7,280
Sugar Future, Expires: 5/16/22, Strike Price $18.75			63		1,351,224		12,701
Sugar Future, Expires: 6/15/22, Strike Price $17.50			72		1,544,256		5,645
Sugar Future, Expires: 6/15/22, Strike Price $17.75			70		1,501,360		8,624
Sugar Future, Expires: 6/15/22, Strike Price $18.00			68		1,458,464		12,186
Sugar Future, Expires: 6/15/22, Strike Price $18.25			66		1,415,568		17,002
Sugar Future, Expires: 6/15/22, Strike Price $18.50			65		1,394,120		22,568
Sugar Future, Expires: 6/15/22, Strike Price $18.75			63		1,351,224		29,635


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
Put Options - 0.4% (continued)
Sugar Future, Expires: 6/15/22, Strike Price $19.00		61		1,308,328		36,893
Wheat Future, Expires: 6/24/22, Srike Price $850.00		300		15,836,250		76,875
Wheat Future, Expires: 6/24/22, Srike Price $870.00		100		5,278,750		32,500
Wheat Future, Expires: 6/24/22, Srike Price $875.00		50		2,639,375		17,187
Wheat Future, Expires: 6/24/22, Srike Price $880.00		25		1,319,688		9,219
Wheat Future, Expires: 6/24/22, Srike Price $885.00		75		3,959,063		29,531
Wheat Future, Expires: 6/24/22, Srike Price $890.00		100		5,278,750		41,875
Wheat Future, Expires: 6/24/22, Srike Price $900.00		100		5,278,750		47,500

TOTAL PUT OPTIONS (Premiums Received $3,257,028)						1,983,284

Call Options - 0.1%
Sugar Future, Expires: 5/16/22, Strike Price $19.00		61		1,308,328		29,378
Sugar Future, Expires: 5/16/22, Strike Price $19.25		60		1,286,880		21,504
Sugar Future, Expires: 5/16/22, Strike Price $19.50		58		1,243,984		15,590
Sugar Future, Expires: 5/16/22, Strike Price $19.75		59		1,265,432		11,234
Sugar Future, Expires: 5/16/22, Strike Price $20.00		55		1,179,640		8,008
Sugar Future, Expires: 5/16/22, Strike Price $20.25		54		1,158,192		5,443
Sugar Future, Expires: 5/16/22, Strike Price $20.50		53		1,136,744		4,155
Sugar Future, Expires: 5/16/22, Strike Price $20.75		51		1,093,848		2,856
Sugar Future, Expires: 5/16/22, Strike Price $21.00		50		1,072,400		2,240
Sugar Future, Expires: 5/16/22, Strike Price $21.25		49		1,050,952		1,646
Sugar Future, Expires: 5/16/22, Strike Price $21.50		48		1,029,504		1,613
Sugar Future, Expires: 6/15/22, Strike Price $19.25		60		1,286,880		39,648
Sugar Future, Expires: 6/15/22, Strike Price $19.50		58		1,243,984		31,830
Sugar Future, Expires: 6/15/22, Strike Price $19.75		57		1,222,536		26,813
Sugar Future, Expires: 6/15/22, Strike Price $20.00		55		1,179,640		21,560
Sugar Future, Expires: 6/15/22, Strike Price $20.25		54		1,158,192		18,144
Sugar Future, Expires: 6/15/22, Strike Price $20.50		53		1,136,744		14,840
Sugar Future, Expires: 6/15/22, Strike Price $20.75		51		1,093,848		11,995
Sugar Future, Expires: 6/15/22, Strike Price $21.00		50		1,072,400		10,080
Sugar Future, Expires: 6/15/22, Strike Price $21.25		49		1,050,952		8,232
Sugar Future, Expires: 6/15/22, Strike Price $21.50		48		1,029,504		6,989

TOTAL CALL OPTIONS (Premiums Received $305,618)						293,798



	COUNTERPARTY
OTC Put Options - 0.1%
Japanese Yen, Expires: 5/19/22, Strike Price AUD 87.75		BNP Paribas		165,000,000		395,243
Japanese Yen, Expires: 5/31/22, Strike Price AUD 83.50		Morgan Stanley		165,000,000		174,665

TOTAL OTC PUT OPTIONS (Premiums Received $446,930)						569,908

TOTAL PURCHASED OPTIONS (Cost $4,009,576)						2,846,990



			SHARES		FAIR VALUE
SHORT-TERM INVESTMENTS - 36.0%
Money Market Funds - 8.2%
First American Government Obligations Fund - Class X 0.22% (f)				18,090,528		18,090,528
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class 0.30% (f)				18,090,528		18,090,528

						36,181,056


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PRINCIPAL AMOUNT		FAIR VALUE
U.S. Treasury Bills - 27.8%
0.062%, 8/11/2022 (g)(h)		4,288,000		4,276,463
0.073%, 9/8/2022 (g)(h)		1,000,000		996,202
0.089%, 10/6/2022 (g)(h)		2,500,000		2,487,434
0.218%, 11/3/2022 (g)(h)		14,562,000		14,458,125
0.279%, 12/1/2022 (g)(h)		10,250,000		10,165,551
0.396%, 12/29/2022 (g)(h)		15,000,000		14,852,337
0.786%, 1/26/2023 (g)(h)		17,539,000		17,326,821
1.054%, 2/23/2023 (g)(h)		37,250,000		36,719,041
1.690%, 3/23/2023 (g)(h)		22,550,000		22,187,990

				123,469,964

TOTAL SHORT-TERM INVESTMENTS (Cost $160,289,432)				159,651,020



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
WHOLE LOANS - 6.3%
Consumer Loans - 6.3%
United States - 6.3%
185043849, 13.49%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		12,058		12,058		11,939
185102286, 8.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		8,100		8,100		8,083
185140223, 8.99%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		23,361		23,361		23,261
185222071, 14.19%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		3,221		3,221		3,188
185240121, 14.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		26,751		26,751		26,489
185241731, 18.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		12,731		12,731		12,511
185253855, 24.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		12,022		12,022		11,781
185262054, 8.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		22,829		22,829		22,756
185262514, 27.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		6,795		6,795		6,711
185323172, 9.59%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		2,379		2,379		2,365
185340369, 21.49%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		11,614		11,614		11,363
185359117, 12.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		6,106		6,106		6,041
185362448, 20.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		5,756		5,756		5,658
185388732, 6.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		4,748		4,748		4,739
185434476, 9.59%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		14,275		14,275		14,190
185456190, 12.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		13,323		13,323		13,181
185513199, 28.99%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		3,545		3,545		3,477
185537602, 11.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		39,002		39,002		38,794
185539968, 23.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		5,894		5,894		5,760
185575065, 24.99%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		12,776		12,776		12,536
185585109, 10.24%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,140		9,140		9,086
185617758, 12.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		19,433		19,433		19,304
185623354, 9.24%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		30,444		30,444		30,287
185642943, 14.71%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		5,468		5,468		5,411
185661524, 5.99%, 02/16/2024 (a)(i)	Lending Club		2/18/2022		9,211		9,211		9,189
185665084, 9.24%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,513		9,513		9,456
185668066, 5.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		28,471		28,471		28,373
185670728, 7.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		7,847		7,847		7,827
185670829, 12.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		7,629		7,629		7,555
185710985, 9.49%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		14,022		14,022		13,950
185716280, 7.49%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		11,402		11,401		11,371
185741639, 17.94%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		9,583		9,583		9,502
185754712, 7.74%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		11,404		11,404		11,365
185759494, 19.74%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		24,942		24,942		24,476
185767416, 10.74%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		28,574		28,574		28,425
185771295, 7.24%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		4,756		4,756		4,749
185780292, 21.49%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		17,658		17,658		17,232
185783823, 11.19%, 02/22/2027 (a)(i)(j)	Lending Club		2/24/2022		9,903		9,903		9,868


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
185790106, 18.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		33,531		33,531		32,936
185795774, 8.99%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		38,935		38,935		38,766
185805124, 12.49%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		28,614		28,614		28,447
185807144, 15.99%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		39,115		39,115		38,598
185808493, 8.99%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		13,178		13,178		13,149
185811543, 22.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		27,858		27,858		27,305
185816178, 15.49%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		4,779		4,779		4,712
185816655, 8.74%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		8,780		8,780		8,752
185816728, 10.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		17,052		17,052		16,964
185818512, 12.74%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		39,035		39,035		38,744
185821978, 6.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		18,988		18,988		18,935
185830109, 5.99%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		14,250		14,250		14,225
185836040, 4.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		22,789		22,789		22,744
185865725, 11.49%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		11,477		11,477		11,430
185866588, 20.44%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		24,510		24,510		24,085
185884862, 30.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		5,162		5,162		5,079
185885230, 17.19%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		14,679		14,679		14,534
185890987, 16.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		10,273		10,273		10,157
185891666, 14.94%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		27,363		27,363		27,152
185919562, 18.19%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		9,789		9,789		9,640
185924532, 8.99%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		38,533		38,533		38,383
185930253, 7.09%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		15,553		15,553		15,498
185933330, 22.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		14,408		14,408		14,191
185933778, 13.99%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		12,674		12,674		12,542
185941933, 5.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		15,184		15,184		15,136
185947404, 16.74%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		33,874		33,874		33,468
185965085, 4.99%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		14,558		14,558		14,496
185970566, 5.09%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		2,608		2,608		2,600
185973703, 9.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		21,422		21,422		21,292
185974412, 10.84%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		734		734		735
185982944, 5.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		2,850		2,850		2,844
185983273, 5.09%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		17,544		17,544		17,485
185987276, 11.69%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		14,262		14,262		14,169
185987298, 9.34%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		25,389		25,389		25,277
185994538, 10.09%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		38,080		38,080		37,843
185995458, 8.99%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		14,601		14,601		14,542
186000295, 25.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		13,766		13,766		13,452
186000552, 12.74%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		11,472		11,472		11,395
186002006, 5.94%, 02/16/2025 (a)(i)(j)	Lending Club		2/18/2022		10,611		10,611		10,576
186002746, 10.59%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		19,047		19,047		18,925
186004968, 6.59%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		7,975		7,975		7,954
186008277, 17.94%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		33,507		33,507		33,133
186008308, 11.24%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		11,434		11,434		11,374
186008372, 7.24%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		9,360		9,360		9,331
186012573, 7.09%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,498		9,498		9,468
186016502, 14.19%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		23,723		23,723		23,520
186016736, 6.59%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		16,760		16,760		16,704
186019656, 23.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		5,767		5,767		5,652
186019990, 8.24%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		14,260		14,260		14,215
186020936, 7.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		2,851		2,851		2,842
186023728, 5.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		7,592		7,592		7,566
186024590, 6.59%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		14,575		14,575		14,512
186025925, 14.19%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		14,827		14,827		14,711
186029660, 6.59%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		28,179		28,179		28,066
186031815, 11.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		11,440		11,440		11,366
186032956, 12.74%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		14,475		14,475		14,360
186034822, 9.49%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		29,212		29,212		29,040


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186035989, 6.49%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		6,836		6,836		6,812
186036775, 8.49%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		19,027		19,027		18,986
186036790, 7.44%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		34,030		34,030		33,893
186038132, 24.99%, 02/25/2027 (a)(i)(j)	Lending Club		3/1/2022		19,243		19,243		18,728
186038736, 10.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		9,523		9,523		9,473
186039362, 7.24%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		3,744		3,744		3,737
186040653, 12.69%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		39,033		39,033		38,674
186041625, 17.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		24,471		24,777		24,697
186050704, 13.04%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		3,816		3,816		3,776
186051440, 23.49%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		14,730		14,730		14,369
186052585, 26.49%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		9,121		9,121		8,935
186052715, 10.24%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		19,874		19,874		19,754
186058758, 5.09%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		20,864		20,864		20,792
186058908, 17.69%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		4,307		4,307		4,251
186059526, 12.19%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		10,731		10,731		10,625
186060302, 5.99%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		23,726		23,726		23,654
186061145, 15.74%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		19,717		19,717		19,511
186061425, 6.59%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		18,989		18,989		18,924
186063741, 20.49%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		14,695		14,879		14,811
186063949, 4.99%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		3,793		3,793		3,780
186064509, 5.59%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		3,320		3,320		3,309
186068704, 8.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		32,067		32,067		31,965
186070979, 7.24%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		4,750		4,750		4,734
186075189, 28.99%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		9,847		9,847		9,611
186078713, 21.99%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		18,552		18,552		18,045
186078991, 13.74%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		9,599		9,599		9,513
186080289, 6.49%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		6,646		6,646		6,623
186083977, 10.24%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		8,281		8,281		8,228
186084237, 5.99%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		15,200		15,200		15,170
186084600, 7.59%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		37,000		37,000		36,899
186086541, 24.99%, 02/11/2027 (a)(i)(j)	Lending Club		2/15/2022		9,697		9,697		9,465
186087410, 11.99%, 02/09/2025 (a)(i)	Lending Club		2/11/2022		11,440		11,440		11,367
186088225, 24.99%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		24,569		24,569		24,045
186089886, 16.94%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		17,745		17,745		17,578
186092349, 15.99%, 02/09/2027 (a)(i)	Lending Club		2/11/2022		19,558		19,558		19,299
186094747, 10.59%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		21,952		21,952		21,880
186094950, 6.99%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		7,836		7,836		7,811
186096639, 7.59%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		37,924		37,924		37,761
186098721, 12.24%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		31,656		31,656		31,350
186100035, 16.99%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		4,707		4,707		4,665
186100718, 9.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		33,317		33,317		33,110
186102860, 23.99%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		29,672		29,672		29,275
186103667, 5.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		15,184		15,184		15,134
186106421, 5.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		17,082		17,082		17,035
186106808, 23.49%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		6,874		6,874		6,708
186107208, 18.49%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		13,711		13,711		13,459
186107664, 11.99%, 02/10/2025 (a)(i)	Lending Club		2/14/2022		38,289		38,289		38,178
186108436, 10.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		5,686		5,686		5,652
186108490, 14.99%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		7,818		7,818		7,741
186110286, 9.24%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		5,233		5,233		5,206
186114509, 14.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		7,163		7,163		7,102
186115028, 22.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		5,098		5,162		5,125
186116099, 18.19%, 02/10/2027 (a)(i)	Lending Club		2/14/2022		7,833		7,833		7,689
186118456, 14.74%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		38,645		38,645		38,289
186118888, 29.49%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		14,888		14,888		14,571
186118898, 10.59%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		19,047		19,047		18,939
186119179, 27.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,932		2,969		2,946


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186119250, 16.19%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		5,761		5,761		5,692
186120139, 12.74%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		5,246		5,246		5,192
186120864, 23.49%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		18,335		18,335		18,013
186122704, 14.49%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		7,378		7,378		7,302
186124468, 9.34%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		12,657		12,657		12,589
186126018, 19.99%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		8,650		8,650		8,523
186127839, 15.19%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		6,353		6,353		6,272
186129128, 13.24%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		24,189		24,189		23,941
186130342, 5.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		34,201		34,201		34,133
186131293, 15.19%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		13,628		13,628		13,505
186133242, 9.34%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		5,708		5,708		5,673
186133493, 14.49%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		17,191		17,191		17,015
186134601, 6.59%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		4,700		4,700		4,684
186134822, 8.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		3,424		3,424		3,413
186135551, 6.45%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		14,574		14,574		14,512
186135609, 10.49%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		9,523		9,523		9,463
186135953, 19.99%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		7,900		7,900		7,809
186136661, 6.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		8,544		8,544		8,517
186137516, 23.49%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		24,551		24,551		23,966
186137950, 4.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		27,233		27,233		27,167
186139201, 15.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		9,560		9,560		9,429
186139447, 20.44%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		36,511		36,511		36,115
186139498, 12.49%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		9,537		9,537		9,439
186140379, 9.59%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		2,897		2,897		2,894
186143484, 18.44%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,405		4,405		4,342
186144111, 12.34%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		9,536		9,536		9,438
186144333, 6.59%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		14,298		14,298		14,239
186145906, 13.69%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		21,483		21,483		21,346
186147186, 18.49%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		5,892		5,892		5,822
186149504, 30.99%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		19,711		19,711		19,237
186152098, 22.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		9,630		9,630		9,512
186152237, 18.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		13,711		13,711		13,473
186153238, 7.49%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		38,038		38,038		37,962
186154920, 4.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		18,017		18,017		17,960
186156292, 14.49%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		15,631		15,631		15,480
186156482, 24.99%, 02/11/2027 (a)(i)	Lending Club		2/15/2022		19,656		19,656		19,187
186158244, 22.99%, 02/11/2025 (a)(i)	Lending Club		2/15/2022		2,882		2,882		2,824
186158788, 10.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		1,905		1,905		1,893
186160074, 16.94%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		8,806		8,806		8,718
186161317, 23.19%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		19,820		19,820		19,410
186161926, 9.84%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		19,483		19,483		19,372
186163058, 20.44%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		5,883		5,883		5,780
186163232, 8.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,522		9,522		9,504
186163249, 6.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		3,798		3,798		3,785
186163618, 5.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		18,044		18,044		18,011
186164619, 9.84%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		31,408		31,408		31,221
186165363, 7.59%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		9,724		9,724		9,685
186165439, 8.74%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		21,113		21,113		21,046
186165991, 9.24%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,181		9,181		9,126
186167712, 15.44%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		2,544		2,544		2,523
186168326, 14.01%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		9,531		9,531		9,445
186169162, 21.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		1,333		1,333		1,319
186169655, 7.24%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		5,700		5,700		5,681
186170254, 4.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		21,810		21,810		21,741
186170688, 9.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		19,474		19,474		19,356
186171063, 20.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		23,537		23,537		23,132
186173853, 5.99%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		37,961		37,961		37,846


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186175899, 15.74%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		32,216		32,216		31,823
186176306, 9.24%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		19,083		19,083		19,033
186176757, 9.09%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		5,589		5,589		5,553
186177397, 7.84%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		33,263		33,263		33,157
186177952, 9.34%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		33,301		33,301		33,103
186178681, 22.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		5,763		5,763		5,654
186180834, 9.09%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		3,229		3,229		3,210
186182819, 7.24%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		11,399		11,399		11,363
186183312, 18.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		8,817		8,817		8,664
186183710, 6.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,921		9,921		9,890
186187343, 9.34%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		8,549		8,549		8,501
186188347, 15.24%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		8,797		8,797		8,690
186191072, 17.49%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		5,743		5,743		5,697
186192404, 11.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		2,155		2,155		2,147
186193863, 21.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		7,644		7,740		7,710
186193980, 6.74%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		14,244		14,244		14,198
186194140, 7.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,501		9,501		9,471
186194306, 6.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		17,096		17,096		17,041
186198172, 8.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		34,719		34,719		34,608
186199812, 16.44%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		5,738		5,738		5,663
186200044, 20.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		33,761		33,761		33,175
186201714, 23.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		7,867		7,867		7,751
186203190, 29.99%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		18,126		18,126		17,777
186203478, 6.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		5,694		5,694		5,676
186204014, 10.19%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		13,639		13,639		13,566
186204229, 10.99%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		5,758		5,758		5,725
186205484, 23.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		535		535		530
186205905, 8.59%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		13,623		13,623		13,569
186207781, 9.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		24,343		24,343		24,195
186208596, 4.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		31,066		31,066		30,989
186208796, 11.84%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,441		9,441		9,386
186210843, 5.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		23,726		23,726		23,650
186211572, 14.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		4,886		4,886		4,841
186212884, 9.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		11,689		11,689		11,626
186215262, 15.44%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		2,867		2,867		2,830
186216449, 13.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		7,311		7,311		7,239
186217507, 24.49%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		14,422		14,422		14,153
186219997, 6.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		29,159		29,159		29,040
186222490, 17.19%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		39,143		39,143		38,681
186223918, 7.59%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		17,503		17,503		17,432
186226030, 23.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		9,820		9,820		9,597
186227457, 12.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		3,984		3,984		3,946
186227792, 14.19%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		19,551		19,551		19,370
186228314, 12.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		14,305		14,305		14,166
186229168, 12.19%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,535		9,535		9,442
186229985, 11.24%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		14,292		14,292		14,208
186230040, 8.24%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		1,521		1,521		1,517
186230332, 15.44%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		9,557		9,557		9,450
186230437, 13.24%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		11,432		11,432		11,320
186230918, 11.49%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		10,292		10,292		10,235
186231687, 4.99%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		15,528		15,528		15,465
186232036, 10.99%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		11,432		11,432		11,365
186232907, 5.09%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		10,432		10,432		10,399
186233955, 6.49%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		9,494		9,494		9,464
186235024, 5.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		4,745		4,745		4,730
186237910, 23.49%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		19,639		19,639		19,192
186239039, 5.09%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		12,343		12,343		12,320


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186240458, 17.24%, 02/14/2027 (a)(i)	Lending Club		2/16/2022		29,358		29,358		29,000
186240797, 13.49%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		14,604		14,604		14,471
186242332, 5.99%, 02/14/2025 (a)(i)	Lending Club		2/16/2022		14,420		14,420		14,375
186243917, 8.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		29,265		29,265		29,177
186243926, 5.09%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		20,864		20,864		20,799
186245604, 5.99%, 02/15/2025 (a)(i)(j)	Lending Club		2/17/2022		24,364		24,364		24,314
186253758, 10.49%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		34,282		34,282		34,085
186253866, 6.49%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		9,494		9,494		9,464
186254716, 9.59%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		14,275		14,275		14,191
186255930, 21.49%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		14,250		14,250		14,001
186258464, 24.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		19,830		19,830		19,464
186258857, 22.49%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		5,761		5,761		5,654
186260146, 4.99%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		18,017		18,017		17,961
186261645, 9.84%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		10,757		10,757		10,735
186262246, 23.99%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		29,693		29,693		29,296
186263107, 23.99%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		24,213		24,213		23,671
186263527, 15.94%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		33,247		33,247		32,848
186263569, 10.54%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		18,094		18,094		18,002
186263958, 12.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		9,540		9,540		9,462
186264307, 14.49%, 02/15/2025 (a)(i)	Lending Club		2/17/2022		2,865		2,865		2,838
186264535, 30.99%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		19,711		19,711		19,331
186264830, 9.34%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		21,420		21,420		21,305
186265083, 14.69%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		34,199		34,199		34,038
186266713, 8.99%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		23,361		23,361		23,268
186266842, 10.49%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		2,857		2,857		2,841
186269763, 10.24%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		11,691		11,691		11,622
186270920, 18.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		2,874		2,874		2,834
186271797, 9.24%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		28,542		28,542		28,378
186271799, 20.49%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		21,570		21,570		21,201
186272685, 8.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		17,075		17,075		17,022
186273429, 9.34%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		10,466		10,466		10,406
186280147, 20.99%, 02/15/2027 (a)(i)	Lending Club		2/17/2022		16,470		16,470		16,188
186281130, 6.59%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		24,585		24,585		24,548
186283677, 5.99%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		37,887		37,887		37,769
186285554, 8.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		19,554		19,554		19,525
186288696, 21.99%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		7,199		7,199		7,068
186288822, 8.99%, 02/17/2025 (a)(i)(j)	Lending Club		2/22/2022		6,960		6,960		6,940
186290975, 16.49%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		5,869		5,869		5,802
186291079, 28.99%, 02/25/2027 (a)(i)(j)	Lending Club		3/1/2022		16,077		16,077		15,774
186291293, 30.99%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		11,914		12,067		12,060
186295500, 14.69%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		26,381		26,381		26,154
186296041, 7.59%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		11,158		11,158		11,115
186296227, 23.99%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		24,557		24,557		24,016
186297344, 9.24%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		1,522		1,522		1,514
186297382, 9.24%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		5,899		5,899		5,865
186298102, 28.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		3,929		3,979		3,963
186301354, 12.12%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		39,019		39,019		38,677
186305524, 7.09%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		14,581		14,581		14,524
186305780, 5.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		15,184		15,184		15,142
186306461, 5.99%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		6,833		6,833		6,812
186308416, 12.49%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		4,578		4,578		4,534
186310528, 24.99%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		23,587		23,587		23,084
186311093, 25.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		19,241		19,241		18,930
186311139, 18.44%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		38,307		38,306		37,682
186314151, 5.99%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		19,929		19,929		19,869
186314710, 28.99%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		11,816		11,816		11,554
186314998, 10.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		38,091		38,091		37,894


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186315514, 7.84%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		7,603		7,603		7,580
186315573, 14.94%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		5,912		5,912		5,860
186316064, 23.99%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		11,895		11,895		11,647
186318381, 14.99%, 02/16/2027 (a)(i)	Lending Club		2/18/2022		16,767		16,767		16,623
186318619, 15.99%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		22,547		22,547		22,436
186318804, 18.49%, 02/16/2025 (a)(i)	Lending Club		2/18/2022		10,535		10,535		10,363
186321143, 15.94%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		27,380		27,380		27,090
186323534, 5.99%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		18,980		18,980		18,924
186329289, 7.09%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		5,699		5,699		5,682
186330289, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		14,893		15,084		15,051
186330393, 9.34%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		18,961		18,961		18,854
186330563, 9.84%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		29,219		29,219		29,063
186332316, 13.99%, 02/17/2025 (a)(i)(j)	Lending Club		2/22/2022		9,829		9,829		9,768
186333355, 12.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		9,760		9,760		9,682
186333856, 21.49%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		29,430		29,430		28,867
186335388, 22.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		4,821		4,821		4,742
186338039, 9.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		12,910		12,910		12,878
186338182, 26.49%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		8,664		8,664		8,530
186339093, 17.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		8,320		8,425		8,421
186340276, 16.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		9,497		9,497		9,395
186340874, 10.09%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,880		4,880		4,853
186341316, 9.74%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		19,478		19,478		19,365
186342352, 16.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,783		9,783		9,688
186342803, 18.44%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		9,600		9,600		9,508
186344334, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		11,914		12,067		11,970
186344749, 23.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		5,767		5,767		5,678
186345496, 18.19%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		34,271		34,271		33,750
186346831, 30.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		16,879		17,096		17,140
186347310, 18.99%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		4,749		4,749		4,677
186350286, 7.49%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		7,126		7,126		7,105
186352548, 8.49%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		19,017		19,017		18,960
186353252, 18.99%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		4,809		4,809		4,762
186353558, 13.49%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		5,370		5,370		5,330
186354607, 22.99%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		2,889		2,889		2,860
186355122, 23.99%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		9,823		9,823		9,610
186356513, 14.19%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		9,491		9,491		9,405
186356520, 20.49%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		29,709		29,709		29,247
186358108, 16.69%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		5,566		5,566		5,501
186359383, 15.99%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		23,834		23,834		23,534
186359587, 19.94%, 02/17/2027 (a)(i)	Lending Club		2/22/2022		16,662		16,662		16,387
186360338, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		5,957		6,032		6,007
186362290, 9.69%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		2,379		2,379		2,367
186365788, 23.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		29,469		29,468		28,883
186365957, 30.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		14,655		14,841		14,721
186366292, 11.99%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		2,645		2,645		2,630
186366745, 22.49%, 02/17/2025 (a)(i)	Lending Club		2/22/2022		11,523		11,523		11,317
186366857, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		6,156		6,235		6,198
186367313, 6.59%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		38,882		38,882		38,794
186367879, 8.99%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		38,935		38,935		38,785
186368614, 23.99%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		18,830		18,830		18,568
186374382, 5.99%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		23,725		23,725		23,655
186376281, 7.09%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		25,187		25,187		25,089
186376929, 8.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,837		2,837		2,829
186378594, 10.54%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		8,571		8,571		8,528
186379785, 11.69%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		11,702		11,702		11,635
186381065, 13.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		28,323		28,323		28,097
186382921, 8.74%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		9,510		9,510		9,484


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186384422, 10.89%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		4,763		4,763		4,736
186388373, 6.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		9,494		9,494		9,467
186388863, 12.24%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		7,112		7,112		7,052
186388985, 4.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		29,116		29,116		29,009
186389884, 15.99%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		28,682		28,682		28,331
186390394, 23.99%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		14,734		14,734		14,420
186398361, 15.99%, 02/18/2025 (a)(i)(j)	Lending Club		2/23/2022		9,839		9,839		9,757
186399374, 6.74%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		24,689		24,689		24,620
186401408, 22.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		4,812		4,812		4,767
186404263, 20.99%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		9,904		9,904		9,747
186406480, 14.19%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		23,443		23,443		23,255
186407529, 23.49%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		11,784		11,784		11,533
186407769, 27.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		5,892		5,966		5,902
186409868, 13.24%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		17,962		17,962		17,818
186410723, 13.24%, 02/18/2025 (a)(i)	Lending Club		2/23/2022		11,450		11,450		11,346
186411265, 9.59%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		9,516		9,516		9,467
186411740, 5.09%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		9,104		9,104		9,079
186412503, 7.59%, 03/14/2025 (a)(i)(j)	Lending Club		3/16/2022		9,262		9,262		9,238
186414924, 7.59%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		26,255		26,255		26,159
186415311, 5.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		14,230		14,230		14,190
186417393, 28.74%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		14,733		14,918		14,808
186420008, 12.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		3,816		3,816		3,785
186422250, 30.99%, 03/08/2027 (a)(i)(j)	Lending Club		3/10/2022		5,850		5,924		5,808
186422320, 21.49%, 02/18/2027 (a)(i)	Lending Club		2/23/2022		14,715		14,715		14,402
186422693, 14.19%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		22,466		22,466		22,286
186423051, 5.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		23,725		23,725		23,659
186423124, 25.49%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		19,241		19,241		18,944
186424467, 17.49%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		7,829		7,927		7,897
186425657, 8.79%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		10,462		10,462		10,433
186430295, 19.94%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		10,782		10,782		10,618
186430834, 15.24%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		28,150		28,150		27,852
186431138, 19.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		29,397		29,397		28,950
186431339, 11.52%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		30,232		30,232		30,071
186431907, 7.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		15,202		15,202		15,160
186432025, 30.49%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		7,881		7,982		7,974
186432471, 18.44%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		11,492		11,492		11,324
186433520, 14.94%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		4,886		4,886		4,847
186435948, 13.49%, 02/22/2027 (a)(i)(j)	Lending Club		2/24/2022		39,664		39,664		39,434
186439441, 30.49%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		13,934		14,113		14,179
186439607, 24.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		1,980		2,005		2,006
186440679, 8.59%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		1,712		1,712		1,707
186441268, 20.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		3,810		3,858		3,865
186442601, 8.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		31,877		31,877		31,788
186443078, 9.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		35,066		35,066		34,879
186443751, 27.99%, 03/17/2024 (a)(i)	Lending Club		3/21/2022		14,527		14,707		14,640
186444042, 23.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		8,920		8,920		8,754
186444057, 24.79%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		9,616		9,616		9,461
186444854, 18.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		8,324		8,324		8,198
186445485, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,957		6,034		6,043
186445568, 17.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		39,150		39,150		38,736
186448014, 16.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		7,043		7,043		6,968
186448116, 17.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		11,749		11,749		11,624
186448593, 8.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		28,526		28,525		28,446
186449199, 23.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		19,971		19,971		19,762
186450032, 5.09%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		18,945		18,945		18,892
186450296, 6.74%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		8,384		8,384		8,360
186450406, 18.19%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		29,375		29,375		28,928


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186451093, 5.59%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		12,622		12,622		12,576
186455794, 14.19%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		29,303		29,303		29,069
186457043, 9.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		4,674		4,674		4,649
186459728, 13.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		1,718		1,718		1,703
186460226, 7.49%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		17,579		17,579		17,555
186462208, 22.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		9,605		9,605		9,451
186463985, 10.74%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		24,364		24,364		24,234
186465186, 7.59%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		20,904		20,904		20,847
186465325, 30.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,913		4,975		4,924
186469377, 6.59%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		6,836		6,836		6,817
186469623, 18.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		7,051		7,051		6,944
186470642, 15.69%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		11,470		11,470		11,345
186473434, 7.24%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		16,149		16,149		16,104
186475599, 7.74%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		28,509		28,509		28,430
186475971, 18.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		1,437		1,437		1,417
186481362, 14.94%, 02/22/2027 (a)(i)(j)	Lending Club		2/24/2022		11,584		11,584		11,489
186481468, 4.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		14,509		14,509		14,468
186482676, 15.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		6,214		6,214		6,144
186482761, 20.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		8,363		8,363		8,280
186483902, 24.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		7,652		7,749		7,732
186484216, 9.63%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		33,482		33,482		33,306
186485157, 20.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		34,316		34,316		33,793
186488340, 9.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		29,222		29,222		29,066
186488587, 9.63%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		13,633		13,633		13,561
186494520, 20.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		4,701		4,701		4,632
186498606, 4.99%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		10,676		10,676		10,637
186499265, 10.59%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		13,668		13,668		13,597
186499500, 7.09%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		30,599		30,599		30,551
186499981, 7.09%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		37,994		37,993		37,938
186500365, 21.79%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		5,759		5,759		5,666
186500893, 19.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		21,388		21,662		21,696
186501252, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		14,742		14,928		14,774
186502686, 6.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		11,393		11,393		11,361
186507209, 9.74%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		38,956		38,956		38,748
186509911, 16.49%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		5,381		5,381		5,324
186510221, 7.24%, 03/07/2025 (a)(i)(j)	Lending Club		3/9/2022		40,000		40,000		39,943
186512499, 26.49%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		19,061		19,061		18,761
186512978, 8.24%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		14,260		14,260		14,221
186515777, 27.49%, 03/07/2024 (a)(i)	Lending Club		3/9/2022		14,524		14,702		14,569
186516008, 12.34%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		4,768		4,768		4,728
186517183, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		7,500		7,596		7,640
186518196, 10.54%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		10,482		10,482		10,453
186519049, 14.49%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		14,234		14,234		14,109
186519359, 8.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		9,517		9,517		9,504
186520234, 17.19%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		7,339		7,339		7,267
186522630, 12.49%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		24,796		24,796		24,589
186525066, 6.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		38,991		38,991		38,883
186525669, 6.49%, 02/28/2025 (a)(i)(j)	Lending Club		3/2/2022		9,748		9,748		9,724
186526396, 28.99%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		9,847		9,847		9,657
186526649, 30.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		14,893		15,084		15,011
186527081, 14.94%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		26,386		26,386		26,186
186527225, 18.49%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		19,587		19,587		19,289
186527801, 8.24%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		11,408		11,408		11,376
186529536, 16.99%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		6,664		6,664		6,586
186530931, 19.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		6,183		6,183		6,097
186531370, 8.79%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		5,706		5,706		5,690
186532048, 9.49%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		7,613		7,613		7,574


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186532892, 28.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		4,935		4,998		5,020
186534674, 5.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		6,169		6,169		6,152
186535728, 9.63%, 02/23/2027 (a)(i)	Lending Club		2/25/2022		27,267		27,267		27,124
186538516, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		7,863		7,962		7,910
186538736, 8.24%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		6,655		6,655		6,636
186539534, 17.94%, 02/22/2025 (a)(i)	Lending Club		2/24/2022		14,360		14,360		14,197
186542560, 24.99%, 02/23/2027 (a)(i)	Lending Club		2/25/2022		19,656		19,656		19,272
186542844, 17.19%, 03/03/2027 (a)(i)(j)	Lending Club		3/7/2022		21,861		21,861		21,602
186544047, 20.99%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		10,697		10,834		10,838
186544338, 15.24%, 02/22/2027 (a)(i)	Lending Club		2/24/2022		6,842		6,842		6,770
186545919, 13.94%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		8,565		8,565		8,493
186547658, 10.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		9,780		9,780		9,756
186548379, 5.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		9,965		9,965		9,938
186548881, 15.74%, 02/23/2027 (a)(i)	Lending Club		2/25/2022		25,176		25,176		24,915
186549505, 22.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		9,605		9,605		9,457
186549507, 27.99%, 03/14/2024 (a)(i)	Lending Club		3/16/2022		9,684		9,804		9,746
186552069, 14.99%, 02/23/2027 (a)(i)	Lending Club		2/25/2022		39,091		39,091		38,784
186552397, 10.54%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		5,714		5,714		5,685
186553759, 15.49%, 02/23/2025 (a)(i)(j)	Lending Club		2/25/2022		1,969		1,969		1,958
186554572, 22.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		13,493		13,493		13,367
186555755, 11.69%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		19,753		19,753		19,643
186556405, 23.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		23,538		23,834		23,719
186556557, 18.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		6,706		6,706		6,610
186556881, 21.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		8,639		8,639		8,503
186560731, 13.49%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		23,432		23,432		23,252
186561715, 22.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		4,803		4,803		4,727
186561967, 27.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		2,409		2,409		2,371
186563488, 9.63%, 02/23/2027 (a)(i)	Lending Club		2/25/2022		39,575		39,575		39,434
186563944, 7.09%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		11,873		11,873		11,840
186564080, 13.24%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		15,636		15,636		15,497
186566370, 7.09%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		25,273		25,273		25,185
186566531, 18.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		5,748		5,748		5,666
186567448, 19.49%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		19,009		19,009		18,710
186568548, 22.99%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		4,902		4,902		4,811
186568662, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		14,893		15,084		15,051
186571697, 18.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		9,197		9,197		9,075
186572817, 16.99%, 02/23/2025 (a)(i)	Lending Club		2/25/2022		14,351		14,351		14,191
186572822, 9.49%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		9,898		9,898		9,867
186573934, 17.69%, 02/23/2027 (a)(i)	Lending Club		2/25/2022		7,831		7,831		7,750
186574776, 23.49%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		9,820		9,820		9,632
186576309, 17.99%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		10,770		10,770		10,662
186576419, 30.99%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		4,914		4,972		4,912
186588133, 24.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		15,565		15,565		15,415
186598087, 18.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		11,440		11,439		11,251
186598394, 18.99%, 03/09/2027 (a)(i)(j)	Lending Club		3/11/2022		27,500		27,500		27,322
186604392, 10.24%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		15,234		15,234		15,159
186604983, 8.49%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		19,017		19,017		18,966
186606803, 22.69%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		17,669		17,669		17,337
186606885, 22.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		2,305		2,305		2,270
186606955, 10.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		14,646		14,646		14,564
186609833, 16.49%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		21,129		21,129		20,913
186610819, 30.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		9,929		10,056		10,007
186611261, 23.49%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		9,820		9,820		9,632
186611625, 5.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		4,271		4,271		4,259
186611666, 15.99%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		34,226		34,226		33,877
186612247, 9.09%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		39,029		39,029		38,809
186612790, 8.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		11,862		11,862		11,837


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186614496, 28.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		14,734		14,920		14,863
186615155, 22.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		4,902		4,902		4,824
186615940, 22.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		7,684		7,684		7,566
186616266, 22.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		3,842		3,842		3,783
186616543, 25.49%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		3,656		3,656		3,599
186617394, 18.49%, 02/24/2027 (a)(i)	Lending Club		2/28/2022		24,483		24,483		24,124
186617731, 16.19%, 02/25/2025 (a)(i)(j)	Lending Club		3/1/2022		14,714		14,714		14,610
186617758, 5.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		28,471		28,471		28,394
186618032, 10.59%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		38,978		38,978		38,781
186618575, 18.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		13,764		13,764		13,577
186618990, 12.49%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		1,717		1,717		1,703
186620390, 21.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		10,559		10,559		10,397
186621339, 15.69%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		4,015		4,015		3,971
186622303, 30.99%, 03/03/2025 (a)(i)(j)	Lending Club		3/7/2022		4,511		4,568		4,492
186623322, 22.99%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		14,865		14,865		14,557
186623473, 10.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		5,697		5,697		5,669
186627742, 9.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		29,222		29,222		29,072
186630251, 18.99%, 02/24/2025 (a)(i)(j)	Lending Club		2/28/2022		19,975		19,975		19,675
186632305, 18.99%, 02/24/2025 (a)(i)	Lending Club		2/28/2022		13,795		13,795		13,602
186632825, 28.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		2,357		2,387		2,370
186633493, 15.24%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		6,055		6,055		6,021
186635190, 6.59%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		8,545		8,545		8,523
186636012, 22.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		2,882		2,882		2,838
186638846, 14.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		11,727		11,727		11,639
186639728, 8.79%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		13,315		13,315		13,280
186640995, 15.94%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		11,734		11,734		11,617
186643887, 8.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		7,300		7,300		7,273
186644292, 8.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		20,927		20,927		20,871
186646185, 21.99%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		19,625		19,625		19,257
186647083, 21.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		20,361		20,361		19,991
186647551, 19.99%, 03/14/2024 (a)(i)	Lending Club		3/16/2022		14,487		14,665		14,614
186647860, 17.94%, 02/25/2025 (a)(i)(j)	Lending Club		3/1/2022		6,852		6,852		6,783
186648666, 13.94%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		5,209		5,209		5,166
186648726, 6.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		9,498		9,498		9,471
186649759, 7.49%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		24,703		24,703		24,635
186651540, 8.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		22,829		22,829		22,764
186652442, 22.99%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		11,781		11,781		11,560
186655387, 13.19%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		2,932		2,932		2,909
186655839, 4.99%, 02/28/2025 (a)(i)(j)	Lending Club		3/2/2022		28,264		28,264		28,219
186656549, 27.99%, 02/25/2027 (a)(i)	Lending Club		3/1/2022		24,607		24,607		24,339
186657762, 8.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		37,962		37,962		37,822
186659296, 12.34%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		39,076		39,076		38,733
186659582, 7.49%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		13,302		13,302		13,265
186660887, 7.49%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		7,126		7,126		7,106
186661222, 22.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		9,605		9,605		9,461
186662050, 28.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,880		6,967		6,968
186663166, 19.94%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		9,586		9,586		9,458
186663652, 22.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		11,487		11,487		11,313
186663937, 30.49%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		14,487		14,487		14,359
186664039, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		1,473		1,492		1,482
186665851, 16.99%, 02/25/2025 (a)(i)(j)	Lending Club		3/1/2022		1,192		1,192		1,198
186667574, 18.49%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		22,527		22,527		22,349
186668155, 25.99%, 02/25/2025 (a)(i)	Lending Club		3/1/2022		2,695		2,695		2,654
186669127, 11.52%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		39,555		39,555		39,412
186669465, 11.19%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		8,573		8,573		8,531
186671873, 16.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,394		6,474		6,478
186672812, 30.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		12,787		12,787		12,548


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186673896, 17.49%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		18,547		18,547		18,346
186675548, 14.49%, 03/02/2025 (a)(i)(j)	Lending Club		3/4/2022		9,427		9,427		9,346
186676177, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		7,943		8,045		8,027
186678676, 22.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		5,763		5,763		5,679
186678682, 5.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		15,278		15,278		15,225
186679649, 27.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		8,094		8,094		7,974
186681238, 30.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		11,914		12,067		12,009
186682233, 12.74%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		23,712		23,711		23,508
186682717, 30.49%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		9,530		9,653		9,607
186683202, 23.79%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		7,688		7,688		7,576
186684633, 5.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		20,477		20,477		20,441
186685210, 10.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		14,621		14,621		14,545
186686440, 10.99%, 02/28/2025 (a)(i)(j)	Lending Club		3/2/2022		13,279		13,279		13,206
186686476, 5.59%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		4,872		4,872		4,858
186688317, 14.49%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		7,034		7,034		6,981
186690505, 7.24%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		14,249		14,249		14,210
186691527, 22.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		1,441		1,441		1,420
186693132, 7.79%, 02/28/2025 (a)(i)(j)	Lending Club		3/2/2022		5,366		5,366		5,357
186693742, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		11,925		12,078		12,204
186694140, 9.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		4,379		4,379		4,357
186694143, 5.59%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		12,623		12,623		12,578
186694258, 7.24%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		6,080		6,079		6,063
186695293, 10.24%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		9,872		9,872		9,815
186695548, 8.49%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		31,735		31,735		31,645
186696309, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		11,914		12,067		12,041
186697126, 6.49%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		2,373		2,373		2,367
186697448, 6.49%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		19,432		19,432		19,363
186697817, 8.44%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		10,852		10,852		10,818
186698123, 5.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		18,980		18,980		18,929
186698291, 10.24%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		19,456		19,456		19,355
186698646, 23.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		9,737		9,737		9,593
186699230, 27.49%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		24,599		24,599		24,144
186701229, 5.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		11,388		11,388		11,357
186701588, 7.49%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		3,040		3,040		3,032
186702573, 9.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		21,894		21,894		21,786
186703239, 9.99%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		38,962		38,962		38,763
186703275, 10.49%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		19,488		19,488		19,388
186703553, 7.24%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		5,366		5,366		5,358
186704869, 27.99%, 02/28/2025 (a)(i)	Lending Club		3/2/2022		5,299		5,299		5,221
186706496, 4.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		19,484		19,484		19,430
186710117, 10.99%, 03/10/2025 (a)(i)(j)	Lending Club		3/14/2022		1,970		1,970		1,963
186712916, 17.44%, 02/28/2027 (a)(i)	Lending Club		3/2/2022		15,660		15,660		15,505
186715502, 8.74%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		29,268		29,268		29,172
186716052, 14.49%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		10,874		10,874		10,779
186718466, 27.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		20,000		20,256		19,939
186720629, 30.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		14,833		15,022		15,098
186724366, 27.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,467		2,498		2,489
186728098, 11.19%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		11,850		11,850		11,781
186729808, 19.49%, 03/04/2025 (a)(i)(j)	Lending Club		3/8/2022		6,500		6,581		6,590
186731533, 17.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,404		4,459		4,445
186732927, 4.99%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		39,412		39,412		39,275
186735419, 8.59%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		9,755		9,755		9,724
186736373, 11.49%, 03/08/2025 (a)(i)(j)	Lending Club		3/10/2022		11,631		11,631		11,569
186737733, 21.99%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		14,702		14,702		14,430
186745628, 7.49%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		31,264		31,264		31,223
186747376, 7.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		10,727		10,727		10,695
186748363, 5.59%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		13,642		13,642		13,601


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186748391, 20.99%, 03/07/2025 (a)(i)(j)	Lending Club		3/9/2022		2,004		2,029		2,013
186751096, 4.99%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		7,808		7,808		7,796
186752739, 12.69%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		10,868		10,868		10,781
186754103, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		8,936		9,050		8,977
186755943, 24.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		11,773		11,773		11,584
186758530, 20.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		16,070		16,070		15,840
186758825, 12.74%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		7,904		7,904		7,835
186759602, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		19,857		20,111		19,961
186759667, 8.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		22,695		22,695		22,626
186761128, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,064		4,971
186761684, 24.49%, 03/10/2026 (a)(i)	Lending Club		3/14/2022		13,924		14,101		14,060
186763393, 27.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,960		5,024		5,073
186765099, 23.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		18,635		18,635		18,292
186766384, 17.19%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		6,926		6,925		6,841
186767172, 25.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		1,963		1,987		1,972
186767656, 6.59%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		8,773		8,773		8,746
186771213, 6.99%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		17,549		17,549		17,494
186771871, 6.49%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		9,748		9,748		9,717
186771996, 14.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		10,950		10,950		10,850
186772214, 8.24%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		17,070		17,070		17,015
186773721, 18.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		14,688		14,873		14,868
186776246, 30.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		9,828		9,953		9,943
186776571, 10.84%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		10,154		10,154		10,095
186776724, 14.99%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		35,593		35,593		35,276
186776862, 12.74%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		13,679		13,679		13,554
186778413, 15.69%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		8,314		8,314		8,215
186778695, 14.69%, 03/02/2025 (a)(i)	Lending Club		3/4/2022		9,777		9,777		9,686
186779898, 9.09%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		6,830		6,830		6,792
186780275, 19.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		10,000		10,128		10,047
186782843, 24.79%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		23,544		23,544		23,150
186783705, 18.44%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		34,712		34,712		34,500
186784007, 28.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		19,645		19,645		19,315
186784052, 30.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		14,755		14,941		14,973
186784874, 12.54%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,035
186786554, 11.74%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		31,062		31,062		30,875
186787477, 5.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		4,879		4,879		4,871
186787643, 7.59%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		11,702		11,702		11,671
186787670, 30.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		11,914		12,067		12,002
186787796, 7.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		17,552		17,552		17,498
186788217, 15.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		34,615		34,615		34,205
186790897, 17.39%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		11,744		11,744		11,618
186791798, 23.99%, 03/02/2027 (a)(i)(j)	Lending Club		3/4/2022		25,000		25,000		24,723
186792901, 14.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		7,910		7,910		7,840
186793247, 17.49%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		2,740		2,775		2,767
186797391, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		9,730		9,854		9,781
186799571, 16.49%, 03/02/2027 (a)(i)	Lending Club		3/4/2022		12,416		12,416		12,334
186799618, 28.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		1,965		1,989		1,982
186801721, 10.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		9,762		9,762		9,707
186803441, 10.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		39,497		39,497		39,304
186804749, 16.19%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		3,130		3,130		3,093
186805386, 6.74%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		14,623		14,623		14,578
186805633, 18.49%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		4,895		4,957		4,944
186806066, 5.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		14,635		14,635		14,616
186807331, 12.54%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,805		9,927		9,944
186809107, 28.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		3,831		3,879		3,850
186810869, 24.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		12,736		12,736		12,505
186811188, 16.19%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		7,826		7,826		7,751


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186812331, 12.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		8,859		8,859		8,827
186813004, 17.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		7,341		7,433		7,411
186813237, 6.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		24,374		24,374		24,298
186815269, 30.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		14,442		14,624		14,426
186816335, 8.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		8,292		8,292		8,270
186816361, 12.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,886		4,886		4,842
186816513, 14.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		8,305		8,305		8,232
186816681, 12.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		14,657		14,657		14,525
186818540, 25.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		17,665		17,886		17,721
186818765, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		4,994		5,059		5,084
186819598, 18.49%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		5,385		5,453		5,446
186819952, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		5,957		6,033		5,985
186820218, 13.19%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		22,828		22,828		22,719
186820799, 26.49%, 03/14/2026 (a)(i)	Lending Club		3/16/2022		3,952		4,003		3,996
186821095, 27.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		1,178		1,193		1,184
186823822, 7.74%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		8,777		8,777		8,750
186824468, 9.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		17,764		17,764		17,680
186825061, 9.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		33,215		33,215		33,023
186826265, 28.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		2,234		2,262		2,241
186826333, 25.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		4,977		5,041		5,087
186830632, 7.09%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		9,861		9,861		9,826
186831107, 22.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		3,235		3,276		3,268
186831594, 6.59%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		19,496		19,496		19,436
186832201, 16.39%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		18,001		18,001		17,783
186832447, 5.59%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		2,923		2,923		2,915
186833531, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		12,000		12,154		11,962
186833830, 28.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		3,964		4,015		4,012
186834062, 5.59%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		29,565		29,565		29,463
186834383, 6.59%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		38,992		38,992		38,875
186835181, 6.59%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		9,651		9,651		9,621
186835752, 9.69%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		29,279		29,279		29,128
186836967, 12.69%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		7,049		7,049		6,992
186837086, 14.49%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		16,853		16,853		16,769
186837726, 7.59%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		7,801		7,801		7,777
186838206, 6.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		18,521		18,521		18,468
186838258, 14.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,256		6,335		6,317
186838633, 17.99%, 03/03/2025 (a)(i)(j)	Lending Club		3/7/2022		524		530		523
186838683, 11.24%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		12,914		12,914		12,860
186839002, 24.49%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		4,957		5,020		5,006
186841310, 9.29%, 03/03/2025 (a)(i)(j)	Lending Club		3/7/2022		11,682		11,682		11,617
186841662, 25.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		24,793		25,109		25,091
186842035, 17.19%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		1,957		1,957		1,934
186842406, 9.59%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		4,880		4,880		4,855
186842521, 16.19%, 03/03/2025 (a)(i)(j)	Lending Club		3/7/2022		4,004		4,004		3,962
186842695, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		13,900		14,079		14,100
186843437, 28.99%, 03/03/2025 (a)(i)(j)	Lending Club		3/7/2022		4,341		4,396		4,349
186843462, 28.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		19,545		19,797		19,492
186843869, 25.74%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		5,888		5,963		5,953
186844674, 17.19%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		2,349		2,349		2,321
186844698, 25.99%, 03/03/2024 (a)(i)	Lending Club		3/7/2022		3,871		3,918		3,878
186845535, 11.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		3,906		3,906		3,884
186845838, 17.19%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,893		4,893		4,834
186845846, 11.69%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		8,790		8,790		8,743
186846354, 19.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		4,113		4,113		4,049
186846768, 22.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		2,941		2,978		2,957
186847292, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		14,893		15,084		14,995
186847313, 15.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,543		2,575		2,567


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186847923, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		7,863		7,962		7,910
186848558, 25.49%, 03/08/2025 (a)(i)(j)	Lending Club		3/10/2022		8,679		8,784		8,677
186849373, 12.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		1,172		1,172		1,162
186849738, 15.69%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		978		978		966
186850090, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		10,921		11,061		10,972
186851000, 11.19%, 03/04/2025 (a)(i)(j)	Lending Club		3/8/2022		30,076		30,076		29,946
186851436, 20.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		6,270		6,348		6,317
186851932, 28.99%, 03/07/2024 (a)(i)	Lending Club		3/9/2022		4,650		4,707		4,663
186852060, 25.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,514		4,570		4,534
186852061, 15.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		1,956		1,956		1,933
186852069, 20.74%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		14,696		14,880		14,807
186853537, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		19,857		20,111		19,950
186854659, 18.49%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		3,496		3,496		3,444
186855078, 22.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		7,872		7,971		7,980
186855159, 23.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		24,396		24,396		23,951
186855976, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		12,411		12,570		12,496
186856510, 30.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		5,897		5,971		5,896
186857181, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		12,411		12,569		12,469
186857816, 6.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		19,499		19,499		19,440
186858561, 12.34%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		14,654		14,654		14,525
186859192, 25.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		5,950		5,950		5,828
186859608, 8.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		19,735		19,735		19,663
186859612, 23.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		22,597		22,597		22,168
186859882, 20.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		8,320		8,320		8,192
186860203, 6.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		38,998		38,998		38,892
186860250, 30.99%, 03/07/2027 (a)(i)(j)	Lending Club		3/9/2022		12,000		12,156		12,243
186860547, 9.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		29,612		29,612		29,443
186861655, 20.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		6,932		6,932		6,837
186862002, 22.49%, 03/04/2027 (a)(i)(j)	Lending Club		3/8/2022		18,850		18,850		18,479
186862268, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		5,858		5,933		5,885
186863025, 27.49%, 03/03/2027 (a)(i)(j)	Lending Club		3/7/2022		6,000		6,078		6,108
186863352, 17.24%, 03/03/2025 (a)(i)(j)	Lending Club		3/7/2022		14,071		14,245		14,196
186863423, 4.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		19,484		19,484		19,428
186864141, 24.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		19,996		20,253		20,340
186865643, 20.24%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		4,898		4,959		4,935
186865652, 25.49%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		2,453		2,484		2,460
186868654, 15.19%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		24,719		24,719		24,433
186869127, 18.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		7,809		7,809		7,689
186869195, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		5,461		5,531		5,519
186869536, 8.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,391		4,391		4,377
186870125, 16.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		1,174		1,174		1,160
186870252, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		9,929		10,056		9,975
186872196, 8.24%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		39,017		39,017		38,894
186874394, 19.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		10,774		10,909		10,857
186874455, 5.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		3,410		3,410		3,401
186876529, 21.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		11,762		11,762		11,548
186878387, 10.49%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		22,707		22,707		22,576
186878812, 30.24%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		11,416		11,562		11,496
186880394, 12.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		34,948		34,948		34,656
186880643, 6.49%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		7,018		7,018		6,997
186880718, 30.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		11,976		12,130		12,227
186881064, 9.29%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		24,395		24,395		24,268
186881471, 8.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,754		9,754		9,725
186882814, 9.74%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		11,844		11,844		11,783
186883253, 30.99%, 03/03/2027 (a)(i)	Lending Club		3/7/2022		4,964		5,028		4,987
186883462, 20.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		15,000		15,191		15,066
186883666, 21.79%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,801		9,801		9,636


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186883905, 5.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,744		9,744		9,717
186884089, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		14,893		15,082		14,970
186884409, 30.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		3,931		3,981		3,967
186885615, 9.59%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		7,807		7,807		7,764
186885801, 25.49%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,906		4,968		4,922
186886248, 12.49%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		6,350		6,350		6,294
186886262, 28.99%, 03/03/2025 (a)(i)	Lending Club		3/7/2022		2,405		2,436		2,409
186887274, 13.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		7,820		7,820		7,754
186887509, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,929		10,056		9,996
186887684, 23.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		9,721		9,721		9,558
186887752, 9.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		6,344		6,344		6,312
186887816, 26.74%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		4,508		4,565		4,516
186887863, 19.44%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		6,855		6,855		6,759
186888535, 24.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		5,886		5,960		5,913
186888572, 14.44%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,888		4,888		4,848
186888672, 30.99%, 03/07/2027 (a)(i)(j)	Lending Club		3/9/2022		10,000		10,129		10,201
186889045, 8.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		2,342		2,342		2,335
186889259, 30.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		1,769		1,791		1,770
186890838, 9.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		7,106		7,106		7,067
186890975, 18.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		23,757		23,757		23,422
186890980, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		9,633		9,758		9,661
186892953, 9.69%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		21,713		21,713		21,596
186893891, 5.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		38,983		38,983		38,873
186894617, 9.34%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		19,244		19,244		19,140
186894895, 13.19%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		27,362		27,362		27,132
186894964, 19.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		14,977		15,170		15,224
186894997, 30.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		2,359		2,388		2,366
186896317, 29.49%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		8,611		8,719		8,722
186897446, 21.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		19,812		19,812		19,439
186898217, 26.24%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		1,178		1,193		1,185
186898646, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		6,454		6,536		6,487
186899161, 20.49%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		5,942		6,018		5,999
186899942, 8.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		39,020		39,020		38,903
186900684, 15.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		24,725		24,725		24,452
186900994, 30.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		9,880		10,005		9,996
186901302, 13.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		39,092		39,092		38,769
186901896, 18.19%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		10,670		10,670		10,516
186902256, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		7,744		7,844		7,797
186902418, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		7,744		7,843		7,785
186902851, 28.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,742		4,802		4,745
186903091, 7.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		8,604		8,604		8,580
186903373, 17.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		5,873		5,946		5,924
186904149, 11.89%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		34,186		34,186		34,004
186905651, 18.99%, 03/08/2026 (a)(i)	Lending Club		3/10/2022		14,789		14,975		14,941
186905982, 6.79%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,824		6,824		6,804
186906144, 30.49%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		2,629		2,662		2,639
186907056, 28.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,322		4,376		4,336
186908329, 19.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		20,555		20,555		20,267
186908663, 5.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,746		9,746		9,718
186908684, 9.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		11,845		11,845		11,781
186909305, 12.54%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		1,954		1,978		1,972
186909328, 18.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		5,875		5,875		5,808
186909356, 22.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		3,922		3,971		3,944
186909994, 28.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		4,317		4,368		4,320
186910060, 30.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		8,340		8,447		8,383
186910066, 14.04%, 03/04/2026 (a)(i)	Lending Club		3/8/2022		9,851		9,976		9,998
186910501, 24.49%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		2,943		2,980		2,953


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186910636, 12.19%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,394		9,394		9,362
186911198, 22.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		2,941		2,978		2,962
186913037, 8.74%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		14,634		14,634		14,590
186913728, 30.49%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		19,654		19,901		19,730
186914338, 7.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		39,081		39,081		39,023
186914343, 10.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,764		9,764		9,712
186914579, 27.99%, 03/04/2025 (a)(i)	Lending Club		3/8/2022		5,887		5,961		5,907
186914848, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		19,262		19,508		19,393
186914996, 6.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,924		2,924		2,916
186916189, 23.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		23,790		23,790		23,337
186917027, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		4,960		5,024		4,994
186917181, 20.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,918		4,980		4,994
186918776, 7.09%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		39,000		39,000		38,886
186919095, 13.19%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		25,692		25,692		25,485
186919628, 15.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		11,736		11,736		11,605
186921060, 12.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		7,816		7,816		7,752
186921772, 16.19%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		8,609		8,609		8,514
186921775, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		4,964		5,028		4,998
186922130, 16.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,785		9,907		9,876
186922494, 10.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		39,057		39,057		38,849
186922822, 27.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		11,784		11,784		11,579
186923282, 9.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		7,807		7,807		7,767
186923495, 28.99%, 03/04/2027 (a)(i)	Lending Club		3/8/2022		9,924		9,924		9,720
186923646, 20.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,898		4,960		4,944
186925202, 30.99%, 03/07/2026 (a)(i)	Lending Club		3/9/2022		9,892		10,018		9,942
186925691, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,064		4,972
186925869, 22.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		1,471		1,489		1,481
186927765, 18.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		13,734		13,734		13,534
186927899, 30.99%, 03/07/2025 (a)(i)(j)	Lending Club		3/9/2022		2,823		2,859		2,819
186929069, 23.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		6,938		6,938		6,808
186929124, 17.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		16,941		17,154		17,093
186929213, 24.79%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		5,886		5,886		5,785
186929745, 6.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		10,723		10,723		10,692
186929796, 12.54%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,345		2,374		2,368
186929997, 5.09%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		10,346		10,346		10,313
186930176, 30.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		9,928		10,055		10,013
186930217, 14.19%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,843		6,843		6,814
186930238, 17.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,788		9,911		9,879
186930558, 9.84%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		11,712		11,712		11,651
186934357, 23.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		4,903		4,964		4,937
186934755, 18.19%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,389		6,389		6,344
186935113, 15.49%, 03/07/2024 (a)(i)	Lending Club		3/9/2022		1,928		1,952		1,944
186935363, 30.99%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		14,893		15,084		15,083
186936722, 7.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		39,007		39,007		38,892
186936790, 30.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		6,453		6,536		6,498
186937917, 17.74%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		8,809		8,919		8,890
186938222, 18.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,895		4,956		4,940
186938507, 7.09%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		19,500		19,500		19,447
186938563, 22.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,902		4,964		4,936
186938697, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		8,439		8,548		8,529
186938756, 22.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		7,844		7,942		7,897
186939170, 15.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,891		4,952		4,944
186940496, 15.44%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		9,780		9,780		9,675
186941047, 29.99%, 03/07/2027 (a)(i)(j)	Lending Club		3/9/2022		25,000		25,000		24,750
186941232, 8.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,754		9,754		9,725
186941874, 15.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,263		6,341		6,345
186942033, 6.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,823		6,823		6,804


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186942302, 6.79%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		29,246		29,246		29,162
186943445, 25.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,453		2,484		2,464
186943871, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,901		4,963		4,911
186944478, 17.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		979		991		988
186944501, 7.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		13,655		13,655		13,614
186944620, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,128		9,944
186945043, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		7,099		7,190		7,147
186946625, 22.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		7,599		7,694		7,698
186946979, 17.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,937		2,973		2,964
186946994, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		14,815		15,005		14,912
186947728, 20.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,507		9,507		9,369
186948086, 9.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		5,921		5,921		5,890
186948516, 29.74%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		1,965		1,990		1,970
186949502, 19.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,855		6,941		6,916
186950014, 13.74%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		10,707		10,707		10,660
186950304, 30.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		12,262		12,419		12,352
186950596, 5.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		38,983		38,983		38,875
186950730, 5.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		16,568		16,568		16,521
186951746, 22.74%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,780		6,866		6,880
186952065, 17.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		5,873		5,947		5,927
186952635, 7.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		39,002		39,002		38,888
186952678, 5.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		18,517		18,517		18,465
186952792, 26.99%, 03/07/2024 (a)(i)	Lending Club		3/9/2022		3,872		3,920		3,885
186952838, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		5,967		6,045		6,083
186952903, 19.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		5,940		6,016		6,003
186953143, 13.19%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		13,834		13,834		13,726
186953189, 18.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		13,969		13,969		13,872
186954345, 30.99%, 03/10/2026 (a)(i)	Lending Club		3/14/2022		4,847		4,909		4,880
186954862, 9.59%, 03/08/2025 (a)(i)(j)	Lending Club		3/10/2022		17,000		17,000		6,131
186955240, 20.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		8,000		8,102		8,133
186955508, 30.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,042		9,157		9,132
186955644, 16.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,783		9,783		9,673
186956488, 12.54%, 03/07/2025 (a)(i)(j)	Lending Club		3/9/2022		5,662		5,732		5,714
186957057, 12.74%, 03/11/2024 (a)(i)	Lending Club		3/15/2022		19,264		19,500		19,438
186957097, 9.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,662		9,662		9,611
186957333, 9.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,476		9,476		9,424
186958180, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		4,964		5,028		4,998
186958321, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		7,918		8,020		8,002
186958422, 29.74%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		4,982
186958654, 14.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,391		9,391		9,315
186959040, 16.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		5,928		6,004		6,029
186959392, 30.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		5,957		6,034		6,026
186960205, 6.59%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		18,732		18,732		18,669
186960953, 6.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		23,395		23,395		23,328
186963432, 5.59%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		11,637		11,637		11,599
186963564, 6.59%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,924		2,924		2,920
186963965, 21.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		5,943		6,019		6,005
186965774, 22.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,805		9,927		9,871
186966365, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		5,897		5,971		5,909
186966485, 7.59%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		29,587		29,587		29,487
186966989, 30.99%, 03/07/2027 (a)(i)(j)	Lending Club		3/9/2022		7,000		7,091		7,142
186967519, 10.19%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		24,198		24,198		24,071
186968317, 14.69%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		29,332		29,332		29,082
186968818, 5.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		21,950		21,950		21,920
186969031, 25.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,906		4,968		4,955
186969110, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,929		10,056		9,996
186969603, 28.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		1,473		1,492		1,480


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186969754, 21.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		15,000		15,192		15,005
186969770, 27.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		5,952		6,029		6,029
186969924, 17.19%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		31,066		31,066		30,732
186970990, 10.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		10,778		10,778		10,749
186971589, 9.29%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,879		4,879		4,854
186972144, 22.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,353		2,353		2,313
186973856, 11.19%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		23,700		23,700		23,568
186973876, 20.49%, 03/07/2024 (a)(i)	Lending Club		3/9/2022		4,347		4,400		4,376
186974562, 17.19%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,893		4,893		4,837
186974858, 12.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		15,857		15,857		15,790
186975112, 22.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,803		9,926		9,894
186975750, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		3,145		3,185		3,152
186975831, 27.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,921		10,048		10,048
186976156, 19.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		3,257		3,298		3,282
186976450, 21.79%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		5,880		5,880		5,796
186976477, 21.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		6,763		6,763		6,649
186977311, 22.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		6,910		6,998		6,994
186977592, 27.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		5,952		6,029		6,048
186977896, 27.74%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		24,803		25,121		25,143
186978035, 6.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		18,524		18,524		18,465
186978206, 17.19%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		24,734		24,734		24,458
186978254, 8.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		39,470		39,470		39,331
186978338, 28.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		10,890		11,028		11,035
186979291, 26.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		3,533		3,578		3,549
186980070, 7.09%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		5,460		5,460		5,444
186980107, 23.49%, 03/10/2026 (a)(i)	Lending Club		3/14/2022		24,681		24,995		24,946
186980309, 10.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		9,764		9,764		9,715
186980691, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		4,990		5,054		5,089
186980962, 30.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		14,891		15,082		15,019
186981038, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		5,926		6,002		5,967
186981641, 23.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		3,923		3,972		3,949
186982180, 26.24%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		1,789		1,811		1,792
186982223, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,877		9,877		9,680
186982354, 5.09%, 03/07/2025 (a)(i)(j)	Lending Club		3/9/2022		8,819		8,819		8,807
186982361, 22.49%, 03/07/2026 (a)(i)	Lending Club		3/9/2022		19,739		19,990		19,933
186982644, 12.54%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		7,523		7,617		7,590
186982976, 17.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		8,810		8,921		8,909
186983409, 15.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,445		2,476		2,468
186983820, 23.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,808		9,931		9,873
186984103, 12.69%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		12,943		12,943		12,839
186984270, 17.19%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		6,926		6,926		6,848
186984328, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		7,149		7,240		7,197
186984751, 23.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		15,639		15,835		15,743
186985079, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		14,893		15,084		15,019
186985421, 12.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,780		9,780		9,741
186985653, 21.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		9,800		9,800		9,639
186986577, 30.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,828		9,952		9,871
186987081, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		5,897		5,971		5,909
186987216, 11.19%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		29,625		29,625		29,461
186987619, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,457		2,488		2,462
186988151, 28.49%, 03/07/2027 (a)(i)(j)	Lending Club		3/9/2022		6,097		6,175		6,154
186988932, 8.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		15,788		15,788		15,732
186990845, 8.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		14,820		14,820		14,792
186990892, 23.49%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		14,867		14,867		14,605
186991595, 28.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		23,818		23,818		23,362
186991800, 20.74%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,797		9,920		9,883
186991977, 18.74%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		11,749		11,896		11,857


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
186992140, 27.99%, 03/08/2024 (a)(i)	Lending Club		3/10/2022		4,817		4,876		4,863
186993415, 22.74%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		1,130		1,145		1,137
186993852, 9.09%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		4,879		4,879		4,855
186994604, 15.99%, 03/07/2024 (a)(i)	Lending Club		3/9/2022		3,688		3,733		3,728
186994906, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,457		2,488		2,462
186994916, 6.59%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		24,251		24,250		24,175
186994926, 17.49%, 03/09/2026 (a)(i)	Lending Club		3/11/2022		5,124		5,124		5,068
186994940, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		11,914		12,067		11,996
186995154, 15.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,250		2,278		2,271
186995899, 24.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,943		2,980		2,956
186996001, 10.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		29,357		29,357		29,282
186996360, 30.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		4,171		4,224		4,231
186996547, 30.99%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		10,764		10,893		10,837
186997520, 21.49%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		6,860		6,946		6,936
186997574, 7.09%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		19,500		19,500		19,450
186997746, 5.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		3,898		3,898		3,887
186997911, 24.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		8,792		8,902		8,832
186998317, 30.49%, 03/07/2027 (a)(i)	Lending Club		3/9/2022		9,775		9,900		9,924
186998840, 6.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		29,313		29,313		29,236
186999371, 7.59%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		7,801		7,801		7,779
187000623, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,948		2,986		2,955
187002010, 17.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		7,341		7,434		7,434
187002217, 19.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,897		4,958		4,940
187002654, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,538		3,583		3,573
187003180, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		19,517		19,767		19,652
187003355, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		14,893		15,084		15,019
187003763, 21.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		4,907		4,968		4,972
187004185, 20.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		24,492		24,797		24,705
187004337, 14.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		23,729		23,729		23,539
187007026, 16.19%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		8,609		8,609		8,519
187007115, 30.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		4,914		4,976		4,925
187007624, 28.49%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		5,893		5,967		5,920
187008942, 15.29%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		3,301		3,301		3,264
187009222, 28.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		9,823		9,946		9,868
187009900, 16.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		4,893		4,893		4,838
187010363, 23.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		2,942		2,942		2,892
187010379, 15.99%, 03/07/2025 (a)(i)	Lending Club		3/9/2022		3,783		3,830		3,832
187012069, 30.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		7,863		7,962		7,888
187012487, 21.49%, 03/08/2027 (a)(i)(j)	Lending Club		3/10/2022		6,700		6,786		6,761
187012693, 30.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		1,479		1,498		1,500
187013586, 5.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		9,746		9,746		9,719
187013940, 18.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		22,071		22,071		21,761
187014462, 30.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		9,929		10,056		10,002
187014518, 9.69%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		34,629		34,629		34,541
187014710, 20.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		3,527		3,571		3,567
187014822, 15.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		5,384		5,451		5,456
187015235, 30.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		8,936		9,050		9,002
187016656, 27.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		9,820		9,943		9,871
187016803, 7.24%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		39,058		39,058		39,003
187016906, 20.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		18,843		18,843		18,584
187017386, 30.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		2,948		2,986		2,956
187017395, 28.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		14,390		14,574		14,711
187017868, 18.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		34,271		34,271		33,803
187018701, 16.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		9,519		9,519		9,434
187019293, 29.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		17,868		17,868		17,524
187019567, 9.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		27,239		27,239		27,094
187019968, 24.99%, 03/09/2027 (a)(i)(j)	Lending Club		3/11/2022		2,626		2,626		2,580


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187019977, 26.24%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		2,463		2,494		2,495
187020605, 13.74%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		11,860		11,860		11,768
187022209, 30.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		7,149		7,240		7,201
187022466, 28.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		8,932		8,932		8,764
187023324, 30.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		8,340		8,447		8,433
187024361, 23.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		9,808		9,808		9,644
187024410, 14.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		2,933		2,933		2,908
187024503, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		7,863		7,962		7,910
187024750, 22.74%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		4,706		4,765		4,739
187029679, 30.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		3,538		3,583		3,548
187030017, 12.34%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		14,818		14,818		14,705
187030695, 6.59%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		3,899		3,899		3,894
187031324, 27.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		9,922		10,049		10,053
187031407, 14.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		34,218		34,218		33,932
187031627, 12.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		29,314		29,314		29,077
187032911, 16.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		7,828		7,828		7,743
187033012, 12.74%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		1,175		1,175		1,171
187033037, 30.99%, 03/11/2027 (a)(i)(j)	Lending Club		3/15/2022		13,000		13,169		13,291
187033106, 17.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		6,801		6,887		6,865
187033122, 7.09%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		26,525		26,525		26,439
187034307, 24.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		1,480		1,499		1,499
187034438, 8.79%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		5,854		5,854		5,836
187035689, 12.54%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		2,442		2,473		2,467
187035966, 23.49%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		9,911		9,911		9,730
187036563, 24.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		11,914		11,914		11,827
187036809, 30.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		1,474		1,493		1,478
187036897, 30.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		9,911		10,039		10,065
187037256, 23.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		11,895		11,895		11,681
187037815, 25.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		10,909		11,049		11,063
187038529, 22.49%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		7,877		7,977		7,983
187038824, 8.24%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		13,656		13,656		13,616
187039305, 24.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		2,943		2,980		2,958
187039708, 21.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		4,953		5,016		5,005
187039842, 6.59%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,748		9,748		9,722
187040123, 30.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		24,571		24,883		24,816
187040321, 21.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		15,950		15,950		15,667
187040621, 23.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		7,930		7,930		7,798
187040626, 9.34%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		12,880		12,880		12,847
187040937, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		4,964		5,028		5,036
187042692, 11.89%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		26,668		26,668		26,522
187042914, 17.19%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		1,272		1,272		1,258
187043557, 30.99%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		11,914		12,067		12,002
187044456, 28.49%, 03/08/2027 (a)(i)	Lending Club		3/10/2022		8,335		8,442		8,444
187044734, 15.99%, 03/08/2025 (a)(i)	Lending Club		3/10/2022		6,847		6,933		6,913
187045339, 16.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		7,828		7,828		7,743
187045611, 15.74%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		3,326		3,367		3,360
187045971, 7.09%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		14,770		14,770		14,723
187046745, 19.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,897		4,959		4,943
187047990, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		6,454		6,537		6,546
187048685, 6.59%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		14,690		14,690		14,644
187049271, 20.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		5,878		5,952		5,933
187049632, 16.49%, 03/09/2025 (a)(i)(j)	Lending Club		3/11/2022		6,440		6,521		6,504
187050428, 22.49%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		5,945		6,021		6,023
187050484, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		14,893		15,084		15,051
187050949, 21.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		1,960		1,985		1,978
187051535, 27.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,910		4,972		4,938
187052570, 22.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		12,638		12,797		12,750


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187053282, 30.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		1,474		1,493		1,479
187053309, 5.59%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		12,667		12,667		12,635
187053584, 30.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		14,893		15,084		15,011
187055517, 28.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,911		4,973		4,938
187056626, 15.19%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		9,888		9,888		9,786
187057455, 30.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		2,457		2,488		2,466
187057871, 14.19%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		2,444		2,444		2,424
187058552, 27.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		1,178		1,178		1,159
187059401, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		9,929		10,056		10,012
187060262, 18.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		985		985		979
187060772, 20.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		7,878		7,977		7,986
187060807, 22.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		2,353		2,353		2,315
187060878, 25.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		8,831		8,942		8,895
187061785, 28.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		17,864		18,092		18,103
187061900, 20.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		11,797		11,945		11,958
187061950, 22.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,902		4,964		4,939
187062738, 27.99%, 03/14/2025 (a)(i)(j)	Lending Club		3/16/2022		16,139		16,139		15,957
187063181, 10.24%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		14,863		14,863		14,825
187063469, 11.34%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		19,751		19,751		19,646
187063470, 23.19%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		6,864		6,864		6,752
187063725, 16.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		24,463		24,463		24,197
187064351, 20.74%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		24,759		25,076		25,031
187064981, 16.49%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		16,116		16,116		15,947
187065183, 15.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		10,758		10,893		10,865
187065357, 17.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		11,744		11,891		11,858
187065925, 19.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		3,836		3,836		3,811
187066092, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		5,983		6,060		6,111
187066402, 13.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		19,870		19,870		19,794
187066767, 15.49%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		10,171		10,299		10,322
187066773, 6.59%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		39,435		39,435		39,308
187066929, 7.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		39,006		39,006		38,895
187067030, 21.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		11,591		11,591		11,381
187067446, 14.19%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		2,200		2,200		2,182
187067662, 15.74%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		32,907		32,907		32,658
187067840, 8.59%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		9,755		9,755		9,727
187068023, 12.19%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		4,396		4,396		4,361
187069624, 19.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		6,394		6,394		6,352
187069722, 30.99%, 03/10/2027 (a)(i)(j)	Lending Club		3/14/2022		6,500		6,585		6,642
187070240, 21.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		11,959		11,959		11,757
187070699, 30.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		19,857		20,112		20,079
187070990, 15.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		7,043		7,131		7,112
187073165, 11.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		4,884		4,884		4,859
187073409, 9.59%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		11,711		11,711		11,653
187073789, 18.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,680		4,738		4,724
187073898, 12.69%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		14,825		14,825		14,768
187074059, 22.49%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		4,901		4,963		4,938
187076024, 12.19%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		25,683		25,683		25,491
187077040, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		6,454		6,536		6,522
187077555, 26.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		11,834		11,983		12,002
187077933, 11.19%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		9,900		9,900		9,841
187079283, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		14,893		15,071		14,846
187079325, 7.24%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		39,002		39,002		38,893
187079529, 22.49%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,803		9,926		9,884
187080468, 13.99%, 03/09/2025 (a)(i)	Lending Club		3/11/2022		6,842		6,928		6,911
187080922, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		5,000		5,064		5,109
187081426, 30.99%, 03/09/2027 (a)(i)	Lending Club		3/11/2022		14,893		15,084		15,011
187083049, 19.49%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		5,876		5,950		5,935


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187083667, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		7,943		8,045		8,010
187083927, 30.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		5,897		5,971		5,919
187084131, 25.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		7,766		7,865		7,937
187084134, 21.49%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		24,500		24,500		24,122
187084350, 30.99%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		9,828		9,945		9,823
187085796, 27.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		11,905		12,057		12,074
187087199, 11.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		2,930		2,930		2,915
187087599, 4.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		12,191		12,191		12,177
187087946, 6.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		17,586		17,586		17,586
187089441, 17.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		17,619		17,841		17,811
187090647, 30.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		983		995		987
187093287, 24.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		7,849		7,947		7,891
187093442, 24.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		5,886		5,960		5,933
187094642, 6.59%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		10,723		10,723		10,694
187094773, 19.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		5,409		5,477		5,486
187095146, 17.49%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		29,684		29,684		29,369
187096378, 17.24%, 03/10/2027 (a)(i)(j)	Lending Club		3/14/2022		19,750		19,750		19,543
187096917, 22.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		8,824		8,824		8,687
187098980, 28.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		9,923		10,050		10,081
187099521, 30.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		1,376		1,393		1,382
187099924, 17.44%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		19,573		19,573		19,380
187101376, 27.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		6,383		6,383		6,278
187103577, 28.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		4,962		4,962		4,871
187103780, 28.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		5,955		6,031		6,040
187104737, 10.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		16,599		16,599		16,517
187105051, 15.19%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		3,928		3,928		3,911
187105742, 30.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		14,893		15,084		15,027
187105908, 30.99%, 03/11/2027 (a)(i)(j)	Lending Club		3/15/2022		20,000		20,259		20,446
187106160, 5.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,924		2,924		2,916
187107161, 4.99%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		39,001		39,001		38,956
187107777, 21.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		4,799		4,859		4,851
187109249, 16.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		5,871		5,871		5,810
187111599, 23.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		12,886		12,886		12,659
187112294, 27.49%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		5,952		6,029		6,040
187112380, 25.99%, 03/11/2025 (a)(i)(j)	Lending Club		3/15/2022		1,742		1,764		1,752
187113010, 28.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		23,818		24,122		24,199
187113052, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,077		5,966
187113417, 12.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		6,840		6,840		6,787
187113627, 28.49%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		6,946		7,035		7,047
187113823, 8.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		39,020		39,020		38,915
187114091, 8.59%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		35,646		35,646		35,588
187114622, 25.74%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		9,813		9,937		9,887
187116136, 12.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		28,457		28,457		28,242
187116827, 7.59%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		14,628		14,628		14,587
187118843, 25.49%, 03/10/2025 (a)(i)	Lending Club		3/14/2022		19,624		19,624		19,308
187119161, 25.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		11,901		11,901		11,701
187120238, 28.49%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		2,946		2,984		2,975
187120319, 30.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		24,822		25,140		25,045
187121118, 17.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		11,746		11,894		11,864
187122896, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		5,957		6,029		5,938
187123648, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,128		9,944
187123953, 30.49%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		4,964		5,027		5,022
187125258, 8.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		15,221		15,221		15,177
187125272, 9.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		9,871		9,871		9,821
187127273, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		5,954		6,030		6,058
187127542, 30.99%, 03/14/2026 (a)(i)	Lending Club		3/16/2022		6,430		6,512		6,487
187128843, 30.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		9,100		9,217		9,302


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187129496, 30.99%, 03/10/2027 (a)(i)	Lending Club		3/14/2022		18,000		18,000		17,838
187131130, 15.69%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		6,846		6,846		6,776
187131674, 22.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,235		3,276		3,265
187132024, 15.49%, 03/11/2025 (a)(i)(j)	Lending Club		3/15/2022		2,340		2,369		2,363
187132605, 15.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		39,560		39,560		39,154
187133370, 28.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		4,301		4,356		4,284
187133675, 24.99%, 03/11/2027 (a)(i)	Lending Club		3/15/2022		6,445		6,527		6,529
187133996, 16.74%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		15,865		15,865		15,796
187134429, 17.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,788		9,911		9,887
187134949, 30.24%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		19,854		20,109		20,112
187137324, 25.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		1,963		1,963		1,932
187137965, 4.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		14,615		14,615		14,601
187138571, 15.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		7,043		7,043		6,970
187140750, 30.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		5,897		5,971		5,923
187140773, 27.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		5,953		6,030		6,051
187142052, 5.59%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		17,540		17,540		17,496
187142957, 6.59%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		19,321		19,321		19,266
187143408, 12.34%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		39,515		39,515		39,242
187143516, 22.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,805		9,928		9,885
187144146, 8.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		29,602		29,602		29,509
187144338, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		7,000		7,090		6,974
187145482, 30.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		1,479		1,498		1,502
187145522, 14.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		10,876		10,876		10,798
187146211, 6.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		14,790		14,790		14,746
187148537, 19.49%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		1,959		1,983		1,978
187148647, 30.99%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		7,149		7,240		7,240
187149771, 27.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		1,178		1,178		1,159
187149966, 14.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,777		9,777		9,704
187151370, 30.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		9,828		9,952		9,871
187151404, 15.69%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,934		2,934		2,906
187152660, 7.09%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		19,500		19,500		19,450
187153068, 30.99%, 03/29/2026 (a)(i)	Lending Club		3/31/2022		9,892		10,011		9,875
187153289, 7.59%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		14,043		14,043		14,006
187155317, 9.59%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,904		3,904		3,886
187156154, 26.99%, 03/15/2025 (a)(i)(j)	Lending Club		3/17/2022		12,000		12,151		12,217
187156614, 26.74%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		5,890		5,964		5,930
187156735, 19.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,449		2,480		2,475
187156876, 10.19%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		11,846		11,846		11,789
187157596, 19.96%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		17,691		17,691		17,596
187158857, 20.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		4,487		4,544		4,556
187158989, 7.74%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		39,009		39,009		38,907
187159686, 22.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		39,634		39,634		39,006
187161193, 22.99%, 03/11/2025 (a)(i)	Lending Club		3/15/2022		4,902		4,964		4,942
187161794, 16.39%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		15,400		15,400		15,316
187161851, 24.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,811		9,811		9,667
187162945, 24.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		9,914		10,041		10,057
187163922, 28.24%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		14,884		15,075		15,121
187163955, 18.74%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		5,345		5,413		5,412
187164598, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		5,957		6,029		5,938
187165466, 19.49%, 03/15/2025 (a)(i)(j)	Lending Club		3/17/2022		9,261		9,378		9,364
187165663, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,828		9,953		9,888
187165954, 27.49%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		5,952		6,029		6,051
187166501, 25.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,316		3,358		3,333
187166799, 11.19%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		39,512		39,512		39,423
187170600, 23.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		19,825		20,079		20,117
187170952, 20.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		4,090		4,090		4,038
187171695, 7.59%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,901		3,901		3,890


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187171712, 22.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		5,392		5,460		5,442
187172025, 23.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		5,947		6,023		6,035
187172125, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		14,893		15,071		14,846
187173507, 22.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		7,343		7,436		7,411
187175139, 22.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,805		9,928		9,895
187175565, 20.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		7,837		7,936		7,921
187177101, 13.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,775		9,898		9,884
187177117, 28.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,837		2,873		2,856
187177496, 27.99%, 03/14/2024 (a)(i)	Lending Club		3/16/2022		4,842		4,902		4,873
187181524, 27.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		8,249		8,353		8,360
187181621, 30.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		8,400		8,508		8,372
187185335, 24.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,453		2,484		2,471
187185579, 23.74%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		8,265		8,370		8,394
187185770, 23.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		8,849		8,963		8,979
187185872, 27.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,368		2,398		2,407
187191386, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		14,893		15,084		15,051
187192260, 25.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		4,416		4,471		4,447
187194642, 28.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		4,923		4,986		5,003
187196077, 28.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		5,955		6,031		6,048
187196888, 13.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		8,064		8,165		8,154
187199260, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		4,964		5,028		5,017
187202745, 30.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		2,567		2,599		2,621
187202884, 23.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		8,326		8,433		8,471
187204003, 20.24%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		2,939		2,974		2,961
187204897, 18.99%, 04/04/2024 (a)(i)	Lending Club		4/6/2022		4,800		4,861		4,829
187205330, 18.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		19,003		19,246		19,241
187205484, 20.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		5,879		5,953		5,941
187207505, 30.99%, 03/14/2026 (a)(i)	Lending Club		3/16/2022		16,322		16,531		16,468
187208713, 29.24%, 03/17/2026 (a)(i)	Lending Club		3/21/2022		4,944		5,007		4,998
187208730, 19.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,526		3,570		3,564
187210013, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		14,751		14,928		14,690
187210693, 28.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		24,553		24,863		24,747
187212284, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		1,474		1,493		1,483
187212490, 28.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,438		3,481		3,465
187214657, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		7,744		7,844		7,856
187216159, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,538		3,583		3,560
187216699, 19.49%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,938		2,975		2,970
187219138, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		8,340		8,447		8,428
187219910, 17.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		2,937		2,974		2,970
187220895, 16.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		3,897		3,946		3,928
187222056, 28.49%, 03/25/2027 (a)(i)	Lending Club		3/29/2022		12,900		13,066		13,171
187222188, 23.49%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		9,911		10,038		10,058
187223726, 15.49%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		978		990		990
187224366, 15.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		8,000		8,102		8,082
187225809, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		14,893		15,084		15,107
187225907, 24.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		6,940		7,029		7,043
187227077, 17.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		14,683		14,867		14,840
187227226, 28.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		982		995		990
187227612, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		9,929		10,056		10,034
187228160, 26.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		4,911		4,974		4,992
187228476, 30.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		14,949		15,142		14,958
187228732, 19.49%, 03/14/2025 (a)(i)(j)	Lending Club		3/16/2022		965		977		976
187228869, 12.54%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		6,350		6,430		6,422
187229868, 29.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,884		10,009		10,056
187230381, 13.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		6,451		6,532		6,523
187230799, 14.24%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		3,128		3,168		3,164
187231533, 21.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		9,801		9,925		9,900


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

			��

	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187231604, 19.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		9,828		9,947		9,974
187232276, 28.99%, 03/14/2025 (a)(i)(j)	Lending Club		3/16/2022		1,444		1,463		1,455
187232739, 30.49%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		7,942		8,044		8,032
187233907, 21.49%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		4,900		4,962		4,953
187235755, 20.99%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		15,847		16,050		16,042
187238400, 17.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		6,852		6,938		6,925
187238457, 18.74%, 03/14/2027 (a)(i)	Lending Club		3/16/2022		8,413		8,521		8,518
187239832, 21.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		4,411		4,466		4,453
187241100, 28.99%, 03/15/2025 (a)(i)(j)	Lending Club		3/17/2022		10,000		10,127		10,102
187241147, 30.99%, 03/14/2025 (a)(i)	Lending Club		3/16/2022		2,457		2,488		2,472
187241800, 30.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		13,948		14,120		14,272
187242033, 30.24%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		14,890		15,082		15,076
187242298, 28.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		4,420		4,476		4,457
187242328, 17.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		8,075		8,177		8,164
187243100, 18.49%, 03/15/2026 (a)(i)	Lending Club		3/17/2022		5,915		5,990		5,985
187243392, 30.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		3,980		4,031		4,020
187244144, 26.99%, 03/15/2025 (a)(i)(j)	Lending Club		3/17/2022		2,537		2,569		2,558
187244325, 22.49%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		11,764		11,912		11,877
187246625, 30.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		14,893		15,084		15,059
187247273, 20.49%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		11,884		12,036		12,034
187254153, 8.99%, 04/07/2025 (a)(i)	Lending Club		4/11/2022		7,000		7,000		6,989
187256106, 30.99%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		8,936		9,050		9,040
187257769, 19.74%, 03/15/2025 (a)(i)(j)	Lending Club		3/17/2022		10,000		10,126		10,122
187258824, 28.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		4,995
187259128, 30.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		983		995		989
187262284, 21.49%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		7,132		7,224		7,223
187265375, 22.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		9,805		9,928		9,898
187266158, 17.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		3,915		3,965		3,958
187266552, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		12,000		12,155		11,959
187266613, 27.99%, 03/15/2027 (a)(i)(j)	Lending Club		3/17/2022		6,000		6,078		6,107
187266709, 17.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		4,743		4,803		4,793
187267837, 30.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		1,957		1,982		1,959
187272493, 13.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		7,000		7,089		7,048
187273036, 28.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		12,000		12,156		11,989
187273576, 27.49%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		8,929		9,043		9,077
187274598, 19.49%, 03/15/2026 (a)(i)	Lending Club		3/17/2022		9,861		9,986		9,981
187275330, 30.49%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		4,964		5,027		5,020
187276102, 30.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		2,948		2,986		2,981
187277318, 25.49%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		1,958		1,983		1,973
187278011, 30.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		11,914		12,067		12,047
187278656, 26.24%, 03/15/2026 (a)(i)	Lending Club		3/17/2022		24,700		25,015		24,984
187280200, 28.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		12,465		12,622		12,551
187280297, 30.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		7,332		7,425		7,379
187282942, 13.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		9,775		9,898		9,886
187283205, 26.24%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		4,122		4,174		4,158
187284415, 14.24%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,399		4,455		4,454
187285539, 30.99%, 03/15/2027 (a)(i)	Lending Club		3/17/2022		4,964		5,028		5,020
187288192, 28.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		4,911		4,973		4,954
187289700, 27.99%, 03/15/2025 (a)(i)	Lending Club		3/17/2022		4,910		4,972		4,951
187291064, 30.49%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		14,891		15,082		15,067
187292781, 21.49%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		1,116		1,130		1,125
187296926, 18.99%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		7,919		8,020		8,021
187297380, 8.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		27,000		27,000		26,955
187297514, 28.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,823		9,947		9,932
187297824, 20.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		7,643		7,739		7,739
187298430, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		9,858		9,976		9,825
187298940, 27.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		5,826		5,900		5,880


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187299086, 20.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		4,899		4,961		4,957
187299402, 20.49%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		10,147		10,277		10,253
187299766, 18.99%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		9,478		9,599		9,599
187300111, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		9,966
187300531, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		8,000		8,102		7,975
187300979, 19.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		3,399		3,442		3,443
187301254, 26.24%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		2,944		2,982		2,973
187302762, 20.49%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		8,842		8,954		8,940
187304207, 30.99%, 03/28/2025 (a)(i)(j)	Lending Club		3/30/2022		4,000		4,051		4,039
187305059, 14.24%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,776		9,899		9,899
187308704, 17.49%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		5,872		5,946		5,938
187308972, 30.99%, 03/17/2026 (a)(i)	Lending Club		3/21/2022		5,935		6,011		5,998
187313739, 18.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		8,803		8,914		8,902
187314680, 28.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,911		4,974		4,966
187315215, 23.49%, 03/16/2026 (a)(i)	Lending Club		3/18/2022		19,745		19,997		19,999
187315282, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		19,857		20,113		20,175
187315776, 26.24%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		7,910		8,011		8,040
187317167, 17.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		1,958		1,982		1,983
187317328, 23.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		7,731		7,830		7,866
187318442, 30.99%, 03/16/2027 (a)(i)(j)	Lending Club		3/18/2022		7,840		7,932		7,928
187320803, 30.99%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		4,964		5,028		5,022
187322872, 20.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		4,812		4,873		4,823
187324350, 25.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		3,925		3,975		3,957
187324593, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		12,000		12,153		12,079
187324930, 30.99%, 03/16/2026 (a)(i)	Lending Club		3/18/2022		11,871		12,023		11,989
187325075, 17.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		4,893		4,955		4,935
187326098, 17.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		15,662		15,859		15,836
187326921, 23.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		10,000		10,128		10,028
187327008, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		14,893		15,071		14,846
187329678, 15.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,695		4,755		4,753
187330323, 28.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		20,000		20,258		19,975
187331199, 24.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		7,064		7,153		7,126
187332393, 22.49%, 03/16/2026 (a)(i)	Lending Club		3/18/2022		4,935		4,998		4,999
187332662, 26.49%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		3,926		3,976		3,957
187333328, 15.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		8,265		8,370		8,363
187334993, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		9,929		10,056		10,072
187336142, 28.99%, 03/16/2025 (a)(i)	Lending Club		3/18/2022		3,929		3,979		3,963
187337172, 30.99%, 03/16/2027 (a)(i)	Lending Club		3/18/2022		14,893		15,084		15,067
187337396, 20.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		9,798		9,922		9,911
187337874, 25.99%, 03/17/2027 (a)(i)(j)	Lending Club		3/21/2022		8,000		8,103		8,097
187337889, 28.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		5,894		5,968		5,948
187340968, 24.99%, 04/04/2025 (a)(i)(j)	Lending Club		4/6/2022		4,801		4,862		4,795
187341389, 16.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		4,697		4,756		4,751
187344458, 23.49%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		24,778		25,095		25,173
187344577, 28.99%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		8,363		8,471		8,562
187345282, 23.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		24,519		24,830		24,809
187346943, 30.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		5,897		5,972		5,943
187347460, 18.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		6,217		6,295		6,292
187348658, 25.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		4,700		4,760		4,729
187349522, 30.99%, 03/30/2025 (a)(i)	Lending Club		4/1/2022		12,000		12,153		11,920
187351790, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		9,966
187352483, 25.49%, 03/24/2025 (a)(i)(j)	Lending Club		3/28/2022		20,997		21,261		21,100
187354823, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		4,964		5,028		5,044
187355184, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,957		6,034		6,043
187356072, 24.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		5,886		5,961		5,936
187356525, 30.49%, 03/17/2026 (a)(i)	Lending Club		3/21/2022		1,484		1,503		1,499
187361064, 18.49%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		4,949		5,012		5,014


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187362610, 28.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		4,911		4,973		4,959
187363680, 17.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		1,713		1,735		1,732
187365303, 20.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		2,942		2,980		2,989
187366874, 30.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		4,914		4,976		4,952
187367777, 30.99%, 03/18/2026 (a)(i)	Lending Club		3/22/2022		11,871		12,023		12,002
187369277, 19.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		1,967		1,992		1,992
187372411, 28.99%, 03/17/2025 (a)(i)(j)	Lending Club		3/21/2022		2,000		2,025		2,038
187372513, 24.49%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		24,784		25,102		25,173
187375311, 19.49%, 04/05/2026 (a)(i)	Lending Club		4/7/2022		12,000		12,154		12,059
187376132, 23.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		14,711		14,898		14,880
187376316, 30.49%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		9,928		10,055		10,077
187378370, 17.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		3,531		3,576		3,584
187379565, 30.99%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		16,879		17,095		17,094
187380284, 8.49%, 04/13/2025 (a)(i)	Lending Club		4/15/2022		3,200		3,200		3,196
187382263, 30.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		7,801		7,899		7,857
187382692, 18.99%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		9,792		9,915		9,902
187382979, 26.49%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		9,918		10,046		10,074
187383199, 17.49%, 03/17/2025 (a)(i)	Lending Club		3/21/2022		9,395		9,514		9,502
187383572, 24.49%, 03/17/2027 (a)(i)	Lending Club		3/21/2022		7,733		7,832		7,854
187386845, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,000		5,065		5,062
187390660, 19.49%, 03/28/2027 (a)(i)(j)	Lending Club		3/30/2022		18,000		18,230		18,316
187394985, 30.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		11,794		11,943		11,892
187395731, 26.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,500		4,557		4,527
187398247, 28.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		1,965		1,989		1,986
187400455, 30.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		1,474		1,493		1,486
187401784, 25.49%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		5,887		5,962		5,939
187401895, 20.49%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		15,675		15,873		15,860
187402002, 23.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		4,708		4,767		4,757
187403421, 24.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		3,924		3,974		3,959
187404590, 23.99%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		9,912		10,039		10,073
187407657, 23.49%, 03/18/2026 (a)(i)	Lending Club		3/22/2022		11,847		11,998		12,008
187410207, 19.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		4,897		4,959		4,956
187412866, 30.49%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		9,928		10,055		10,056
187413846, 19.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		4,870		4,931		4,928
187415660, 28.99%, 03/22/2025 (a)(i)(j)	Lending Club		3/24/2022		4,000		4,051		4,031
187417087, 30.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		2,948		2,986		2,978
187418071, 27.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,952		6,029		6,068
187418539, 23.99%, 03/18/2025 (a)(i)	Lending Club		3/22/2022		9,808		9,932		9,910
187419334, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,064		4,972
187419808, 28.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		3,929		3,979		3,973
187420524, 30.99%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		6,950		7,039		7,039
187422244, 30.99%, 03/18/2027 (a)(i)	Lending Club		3/22/2022		11,914		12,067		12,067
187423593, 17.99%, 03/18/2024 (a)(i)	Lending Club		3/22/2022		5,811		5,884		5,890
187425427, 30.99%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		8,175		8,272		8,157
187425429, 17.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,875		4,937		4,934
187426440, 28.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		4,962		5,025		5,057
187427964, 30.99%, 03/22/2027 (a)(i)(j)	Lending Club		3/24/2022		15,000		15,193		15,206
187428232, 22.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		3,431		3,474		3,471
187428738, 22.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		5,883		5,957		5,951
187429515, 22.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		3,921		3,971		3,967
187429965, 28.99%, 03/21/2024 (a)(i)	Lending Club		3/23/2022		1,163		1,178		1,181
187430493, 28.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,550		3,595		3,546
187433972, 19.99%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		14,693		14,871		14,802
187435110, 17.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		979		991		991
187435569, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		19,857		20,113		20,143
187437735, 28.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,823		9,947		9,932
187437787, 30.99%, 03/24/2027 (a)(i)(j)	Lending Club		3/28/2022		17,500		17,725		17,746


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187437994, 24.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		2,900		2,937		2,891
187440378, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		15,000		15,192		14,916
187441218, 13.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		7,820		7,919		7,918
187441493, 30.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		19,855		20,110		20,144
187441544, 30.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		8,256		8,361		8,338
187442318, 17.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,788		9,912		9,908
187442715, 25.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		19,832		20,087		20,172
187444837, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		7,744		7,844		7,856
187445072, 18.49%, 03/21/2025 (a)(i)(j)	Lending Club		3/23/2022		3,000		3,038		3,031
187446671, 28.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		3,438		3,482		3,476
187447133, 28.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		4,962		5,026		5,057
187447300, 30.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,957		6,033		6,043
187447743, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		9,929		10,056		10,072
187447912, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		14,893		15,083		15,164
187448298, 30.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		4,914		4,977		4,966
187448526, 23.49%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		4,903		4,965		4,961
187449396, 18.99%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		15,838		16,041		16,067
187450206, 23.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		9,496		9,618		9,605
187452751, 28.74%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		24,315		24,623		24,658
187452870, 21.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		6,600		6,685		6,632
187453378, 15.99%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		9,782		9,901		9,862
187453710, 17.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		8,102		8,204		8,201
187453785, 25.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		20,229		20,489		20,473
187454106, 22.74%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,706		4,765		4,761
187454945, 22.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		7,353		7,446		7,439
187455901, 22.74%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		1,961		1,986		1,984
187456488, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		9,929		10,056		10,072
187456902, 21.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		10,192		10,321		10,340
187457770, 22.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		3,137		3,177		3,174
187457805, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,957		6,034		6,043
187460656, 22.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,803		9,927		9,918
187461821, 22.99%, 03/21/2025 (a)(i)(j)	Lending Club		3/23/2022		5,000		5,063		5,066
187462931, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		14,893		15,084		15,107
187464426, 25.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,395		5,464		5,486
187465329, 16.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		14,840		15,030		15,055
187465365, 17.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,788		9,912		9,908
187467222, 20.49%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		7,543		7,639		7,643
187467259, 17.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		6,460		6,542		6,539
187469218, 25.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		14,853		15,043		15,108
187470501, 25.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		9,916		10,043		10,086
187470658, 29.74%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		2,456		2,487		2,481
187473488, 24.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,905		4,967		4,955
187473519, 24.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,120		4,173		4,162
187474710, 24.49%, 03/21/2024 (a)(i)	Lending Club		3/23/2022		11,981		12,129		12,087
187474925, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		11,763		11,913		11,918
187475141, 23.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		3,922		3,972		3,968
187475589, 24.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		9,498		9,620		9,662
187479960, 30.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		9,837		9,962		10,043
187480312, 25.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		5,911		5,987		6,019
187480766, 30.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		9,946		10,074		10,216
187480898, 30.49%, 03/21/2026 (a)(i)	Lending Club		3/23/2022		19,782		20,036		20,036
187481809, 23.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,903		4,965		4,960
187481988, 22.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		6,356		6,437		6,429
187483864, 22.99%, 03/21/2024 (a)(i)	Lending Club		3/23/2022		5,801		5,873		5,862
187484926, 19.99%, 03/22/2024 (a)(i)	Lending Club		3/24/2022		7,726		7,822		7,812
187485299, 30.99%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		14,893		15,084		15,115
187485758, 30.49%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		11,913		12,066		12,099


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187486081, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		10,000		10,128		9,963
187486551, 28.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		2,946		2,984		2,979
187487027, 21.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		11,762		11,911		11,900
187488781, 22.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,705		4,765		4,760
187488800, 22.99%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		6,441		6,524		6,554
187489002, 17.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,404		4,460		4,458
187489246, 24.49%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		6,673		6,759		6,789
187492842, 15.54%, 03/21/2027 (a)(i)	Lending Club		3/23/2022		5,933		6,009		6,021
187493017, 30.99%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		9,929		10,056		10,077
187493386, 5.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		25,000		25,000		24,962
187493907, 24.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		2,929		2,966		2,958
187493953, 24.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		2,698		2,732		2,725
187495095, 18.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		5,483		5,553		5,550
187495162, 21.99%, 03/21/2026 (a)(i)	Lending Club		3/23/2022		2,960		2,998		3,005
187495905, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		14,893		15,083		15,164
187496148, 20.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		1,616		1,637		1,637
187499615, 17.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		7,829		7,928		7,925
187504263, 18.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		7,200		7,293		7,242
187507264, 19.99%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		4,917		4,981		5,001
187507529, 19.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		3,300		3,342		3,311
187509207, 30.49%, 03/21/2025 (a)(i)	Lending Club		3/23/2022		7,862		7,961		7,941
187510418, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		14,893		15,083		15,164
187511213, 26.49%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		6,380		6,461		6,450
187512182, 25.49%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		9,519		9,642		9,687
187512697, 22.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		4,902		4,964		4,961
187514131, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		20,000		20,256		19,888
187515864, 13.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		7,331		7,424		7,425
187515959, 22.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		1,961		1,986		1,984
187515980, 24.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		9,915		10,042		10,098
187516507, 6.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		22,000		22,000		21,967
187518035, 20.49%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		7,837		7,936		7,939
187518043, 29.74%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		4,716		4,776		4,767
187518225, 20.49%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		5,942		6,018		6,030
187518815, 27.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		3,437		3,480		3,477
187518895, 22.49%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		8,323		8,430		8,476
187519245, 30.49%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		11,913		12,066		12,099
187520954, 22.49%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		9,908		10,036		10,087
187522807, 15.74%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		8,803		8,914		8,916
187523529, 30.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		11,000		11,143		10,973
187524265, 24.99%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		5,949		6,025		6,054
187526342, 19.49%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		7,200		7,292		7,234
187526379, 5.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		40,000		40,000		39,952
187528155, 23.99%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		11,200		11,200		11,200
187529725, 28.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		19,500		19,747		19,724
187530390, 28.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		2,947		2,984		2,981
187531536, 25.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		17,746		17,970		17,859
187531570, 25.49%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		7,654		7,751		7,733
187532223, 22.49%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		6,936		7,025		7,061
187534180, 5.59%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		24,000		24,000		23,973
187535359, 30.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		4,914		4,977		4,969
187536934, 30.49%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		7,148		7,240		7,259
187540531, 22.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		9,805		9,929		9,922
187542274, 30.49%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		8,339		8,446		8,465
187542436, 30.49%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		9,928		10,055		10,088
187543108, 23.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		14,868		15,059		15,138
187543709, 17.99%, 03/22/2025 (a)(i)	Lending Club		3/24/2022		19,577		19,824		19,819
187545735, 30.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		11,914		12,068		12,099


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT			COST		FAIR VALUE
United States - 6.3% (continued)
187547112, 23.49%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		4,827			4,886		4,909
187547337, 19.49%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		5,000			5,063		5,017
187547351, 27.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		4,910			4,972		4,970
187547558, 30.99%, 03/25/2027 (a)(i)	Lending Club		3/29/2022		4,964			5,028		5,047
187547562, 30.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		7,863			7,963		7,954
187547644, 27.79%, 04/07/2025 (a)(i)	Lending Club		4/11/2022		25,000			25,000		24,774
187547926, 19.49%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		4,897			4,959		4,965
187548413, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		9,606			9,729		9,781
187548600, 30.49%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		5,460			5,530		5,548
187548602, 22.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		9,908			10,035		10,110
187548640, 19.49%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		8,808			8,921		8,942
187548817, 19.99%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		2,449			2,480		2,483
187551152, 30.99%, 03/22/2027 (a)(i)	Lending Club		3/24/2022		6,950			7,039		7,054
187552176, 28.49%, 03/24/2027 (a)(i)(j)	Lending Club		3/28/2022		8,500			8,609		8,619
187552397, 24.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		7,358			7,451		7,438
187552655, 15.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		25,000			25,317		25,147
187552772, 22.74%, 03/24/2025 (a)(i)(j)	Lending Club		3/28/2022		6,000			6,076		6,061
187554738, 28.49%, 03/28/2027 (a)(i)(j)	Lending Club		3/30/2022		20,000			20,256		20,321
187559830, 23.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		9,808			9,932		9,927
187560748, 21.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		5,881			5,955		5,954
187561457, 30.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		1,179			1,194		1,192
187562351, 25.99%, 03/23/2025 (a)(i)(j)	Lending Club		3/25/2022		15,000			15,190		15,130
187562521, 30.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		14,742			14,929		14,947
187563557, 17.99%, 03/25/2025 (a)(i)(j)	Lending Club		3/29/2022		4,501			4,558		4,557
187564444, 27.49%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		4,960			5,024		5,061
187566077, 29.49%, 04/06/2026 (a)(i)	Lending Club		4/8/2022		10,000			10,128		9,977
187566191, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		5,000			5,065		4,988
187568029, 30.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		14,893			15,084		15,123
187569851, 23.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		14,573			14,760		14,564
187571871, 7.49%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		2,300			2,300		2,298
187572979, 18.24%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,844			4,905		4,910
187573397, 30.49%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		4,913			4,976		4,968
187573654, 9.59%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		25,000			25,000		24,947
187575336, 23.49%, 03/23/2027 (a)(i)(j)	Lending Club		3/25/2022		8,500			8,609		8,667
187576025, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		12,000			12,153		11,933
187580546, 28.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		4,875			4,937		4,935
187581030, 30.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		9,929			10,056		10,082
187581437, 30.99%, 03/23/2026 (a)(i)	Lending Club		3/25/2022		4,968			5,032		5,095
187583183, 30.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		4,200			4,253		4,175
187583199, 30.49%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		9,928			10,047		9,897
187583216, 25.99%, 04/12/2027 (a)(i)	Lending Club		4/14/2022		14,400			14,400		14,293
187585796, 28.99%, 03/23/2024 (a)(i)	Lending Club		3/25/2022		2,325			2,354		2,350
187587017, 26.49%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		11,778			11,919		11,810
187587643, 27.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		11,784			11,933		11,927
187588124, 30.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		4,990			5,055		5,075
187588292, 24.49%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		9,914			10,034		9,946
187588355, 30.99%, 03/23/2027 (a)(i)	Lending Club		3/25/2022		10,921			11,062		11,091
187592785, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		9,929			10,056		10,088
187593124, 17.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		4,405			4,461		4,460
187593444, 23.99%, 04/13/2027 (a)(i)	Lending Club		4/15/2022		20,000			20,000		19,861
187593526, 18.99%, 04/12/2027 (a)(i)	Lending Club		4/14/2022		1,500			1,500		1,492
187593665, 21.49%, 03/24/2026 (a)(i)	Lending Club		3/28/2022		6,907			6,995		7,006
187593758, 15.99%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		3,913	��		3,962		3,963
187594268, 22.49%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		1,054			1,067		1,067
187594403, 25.49%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		1,374			1,391		1,389
187595243, 23.49%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		7,355			7,448		7,445
187595700, 21.49%, 03/23/2025 (a)(i)	Lending Club		3/25/2022		4,900			4,962		4,964


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187596231, 24.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		9,811		9,935		9,937
187597607, 30.99%, 03/31/2027 (a)(i)(j)	Lending Club		4/4/2022		25,000		25,319		24,881
187601450, 27.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		12,000		12,154		11,993
187606448, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		14,622		14,810		14,839
187608167, 27.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		3,928		3,978		3,978
187609056, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		9,929		10,056		10,088
187609294, 16.49%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		2,935		2,972		2,973
187611557, 26.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		2,945		2,982		2,983
187611788, 24.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		981		994		992
187612717, 20.49%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		2,946		2,983		2,998
187616322, 9.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		16,000		16,000		15,955
187618422, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		4,983
187620736, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		9,929		10,056		10,088
187621853, 30.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		9,828		9,953		9,943
187621898, 23.99%, 04/13/2027 (a)(i)	Lending Club		4/15/2022		25,750		25,750		25,571
187622881, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		9,531		9,654		9,684
187623348, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		6,000		6,077		5,983
187623477, 30.49%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		2,653		2,687		2,684
187624729, 30.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		4,128		4,180		4,176
187625169, 30.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		2,948		2,986		2,983
187625273, 27.49%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		5,952		6,029		6,076
187626309, 17.99%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		4,111		4,163		4,165
187626903, 23.99%, 03/25/2027 (a)(i)	Lending Club		3/29/2022		16,800		17,017		17,044
187628074, 11.99%, 03/24/2024 (a)(i)	Lending Club		3/28/2022		9,629		9,749		9,745
187628308, 30.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		9,929		10,056		10,088
187629164, 30.49%, 03/25/2027 (a)(i)	Lending Club		3/29/2022		9,928		10,055		10,093
187629864, 30.99%, 03/25/2027 (a)(i)	Lending Club		3/29/2022		7,943		8,045		8,074
187629900, 27.99%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		9,820		9,944		9,944
187632083, 17.49%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		5,872		5,947		5,948
187632542, 23.74%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		981		993		993
187636106, 30.99%, 03/29/2026 (a)(i)	Lending Club		3/31/2022		7,866		7,960		7,843
187637005, 16.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		5,871		5,945		5,952
187638238, 30.99%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		4,850		4,911		4,906
187641240, 26.24%, 03/24/2025 (a)(i)	Lending Club		3/28/2022		2,944		2,982		2,977
187641863, 25.49%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		8,242		8,341		8,265
187642052, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,964		5,028		5,055
187643474, 21.99%, 03/24/2027 (a)(i)	Lending Club		3/28/2022		6,935		7,024		7,066
187643783, 15.19%, 04/15/2025 (a)(i)	Lending Club		4/19/2022		10,000		10,000		9,962
187646172, 28.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,911		4,973		4,981
187646351, 30.99%, 03/29/2026 (a)(i)	Lending Club		3/31/2022		1,187		1,201		1,185
187646651, 28.49%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		1,964		1,989		1,990
187648874, 30.99%, 03/25/2027 (a)(i)	Lending Club		3/29/2022		4,964		5,028		5,047
187649484, 23.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,354		2,384		2,387
187650206, 15.99%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		14,673		14,859		14,867
187653936, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		6,000		6,077		5,981
187655412, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		20,000		20,258		19,932
187656424, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		9,531		9,653		9,705
187657079, 30.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,964		5,027		5,055
187660527, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		9,966
187664282, 17.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		3,524		3,568		3,572
187665599, 30.99%, 03/25/2027 (a)(i)	Lending Club		3/29/2022		6,454		6,537		6,560
187666286, 7.49%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		6,000		6,000		5,993
187666337, 30.99%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		983		995		995
187670344, 30.99%, 03/25/2025 (a)(i)(j)	Lending Club		3/29/2022		2,500		2,532		2,536
187671142, 20.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		10,046
187672826, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		14,400		14,584		14,320
187675115, 30.99%, 03/28/2027 (a)(i)(j)	Lending Club		3/30/2022		5,200		5,267		5,286


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187677488, 28.99%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		7,662		7,759		7,761
187678597, 28.49%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,063		4,985
187680243, 19.49%, 03/25/2025 (a)(i)	Lending Club		3/29/2022		14,690		14,877		14,895
187680335, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		14,854		15,045		15,124
187681770, 22.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		1,471		1,489		1,491
187682075, 17.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		7,200		7,292		7,248
187682628, 20.49%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		4,500		4,558		4,522
187683385, 19.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		11,880		12,032		12,076
187683440, 30.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,128		9,945
187683447, 20.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,063		5,016
187683918, 23.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		10,018
187683952, 30.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		4,982
187684046, 25.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,002
187684901, 17.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		8,450		8,558		8,508
187687190, 30.99%, 03/28/2025 (a)(i)(j)	Lending Club		3/30/2022		12,000		12,152		12,124
187688454, 13.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,887		4,949		4,956
187689067, 10.89%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		11,925		11,925		11,891
187689256, 23.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,956		5,019		5,055
187691527, 16.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		7,914		8,016		8,043
187692276, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		11,914		12,067		12,131
187693942, 16.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		3,424		3,468		3,471
187694094, 28.49%, 03/28/2025 (a)(i)(j)	Lending Club		3/30/2022		10,000		10,127		10,101
187695089, 30.99%, 03/30/2026 (a)(i)(j)	Lending Club		4/1/2022		3,000		3,038		2,983
187697798, 21.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		18,821		19,062		19,124
187698352, 28.99%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		1,768		1,789		1,773
187698457, 28.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		4,995
187698781, 15.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		9,780		9,904		9,916
187699788, 23.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		24,781		25,098		25,276
187700256, 20.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,800		4,861		4,821
187701077, 22.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		5,183		5,249		5,256
187701388, 28.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		7,938		8,040		8,116
187701762, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		14,893		15,083		15,164
187702574, 24.99%, 03/28/2025 (a)(i)(j)	Lending Club		3/30/2022		6,000		6,076		6,066
187705680, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,420		4,476		4,484
187708100, 30.99%, 03/29/2027 (a)(i)(j)	Lending Club		3/31/2022		10,000		10,120		9,933
187708178, 30.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		3,600		3,646		3,635
187708340, 30.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		10,000		10,130		10,005
187708352, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,128		9,937
187708889, 20.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		25,000		25,322		25,115
187708953, 21.49%, 04/04/2024 (a)(i)	Lending Club		4/6/2022		5,000		5,063		5,020
187709072, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		9,966
187711247, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		1,965		1,989		1,993
187711920, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,947		2,984		2,989
187711960, 21.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		7,925		8,026		8,052
187712696, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,715		4,775		4,783
187715822, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		14,893		15,083		15,164
187716768, 28.49%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		1,277		1,292		1,280
187717300, 30.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,948		2,986		2,989
187717342, 15.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,891		4,953		4,959
187719585, 28.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		12,000		12,153		11,987
187720227, 30.99%, 03/28/2026 (a)(i)	Lending Club		3/30/2022		2,374		2,404		2,413
187720584, 19.99%, 03/28/2025 (a)(i)(j)	Lending Club		3/30/2022		5,000		5,063		5,082
187721287, 14.04%, 03/28/2026 (a)(i)	Lending Club		3/30/2022		3,181		3,222		3,231
187721323, 21.74%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,953		5,017		5,054
187722814, 14.99%, 03/28/2024 (a)(i)	Lending Club		3/30/2022		4,820		4,880		4,881
187724339, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,500		4,558		4,483
187725925, 25.24%, 03/28/2026 (a)(i)	Lending Club		3/30/2022		6,000		6,077		6,080


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187726419, 30.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		7,148		7,239		7,279
187726884, 23.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		5,947		6,023		6,066
187726957, 20.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		7,922		8,024		8,052
187727353, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,964		5,028		5,055
187727701, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,947		2,984		2,989
187727906, 29.74%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,912		4,975		4,982
187728129, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		9,929		10,056		10,109
187728775, 20.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,939		2,977		2,982
187729933, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		4,983
187730016, 26.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		1,767		1,789		1,789
187730103, 30.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		6,880		6,967		6,975
187731187, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		14,712		14,901		14,693
187732651, 17.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		11,746		11,895		11,906
187733555, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		14,893		15,071		14,846
187734013, 24.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		1,166		1,181		1,181
187734606, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,964		5,028		5,055
187734741, 22.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,902		4,964		4,971
187735938, 30.99%, 03/28/2026 (a)(i)	Lending Club		3/30/2022		14,839		15,028		15,084
187737195, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		1,942		1,967		1,970
187737593, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,911		4,973		4,982
187737762, 30.99%, 04/04/2026 (a)(i)	Lending Club		4/6/2022		2,600		2,633		2,591
187737991, 25.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		9,812		9,936		9,938
187738310, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		7,943		8,038		7,918
187738763, 15.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		8,804		8,915		8,926
187738813, 18.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		15,838		16,041		16,091
187739186, 28.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		11,909		12,061		12,175
187740004, 17.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		6,806		6,893		6,899
187740151, 22.74%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		3,137		3,177		3,181
187740418, 18.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		19,580		19,828		19,846
187740881, 22.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		5,882		5,956		5,965
187741210, 30.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		14,742		14,929		14,947
187741519, 30.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		3,504		3,548		3,552
187742712, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		7,450		7,546		7,425
187743339, 14.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		5,866		5,940		5,948
187744064, 18.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		15,667		15,865		15,879
187744146, 22.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		7,059		7,149		7,158
187744547, 28.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		1,473		1,492		1,494
187744622, 20.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		11,181		11,323		11,343
187745440, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,911		4,973		4,982
187746188, 19.49%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		8,400		8,502		8,422
187746700, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		8,439		8,547		8,593
187746746, 28.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,911		4,973		4,981
187746983, 23.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		3,923		3,973		3,978
187747845, 17.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		12,647		12,807		12,819
187749050, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		5,957		6,033		6,066
187749843, 25.99%, 03/28/2025 (a)(i)(j)	Lending Club		3/30/2022		12,000		12,152		12,131
187751211, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		6,727		6,813		6,849
187751530, 18.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,028
187752612, 28.99%, 03/28/2025 (a)(i)(j)	Lending Club		3/30/2022		5,000		5,063		5,053
187752645, 26.99%, 03/28/2024 (a)(i)	Lending Club		3/30/2022		4,841		4,901		4,904
187753460, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		4,964		5,028		5,055
187754067, 17.49%, 03/28/2026 (a)(i)	Lending Club		3/30/2022		4,927		4,990		5,001
187754377, 28.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		9,813		9,938		9,955
187755696, 30.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		15,000		15,190		14,910
187755875, 17.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,447		2,478		2,480
187756826, 17.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		6,050		6,127		6,119
187758138, 22.49%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		4,901		4,964		4,971


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

					��

	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187758892, 20.49%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		9,797		9,915		9,870
187759243, 28.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,654		2,688		2,700
187760320, 27.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		11,905		12,057		12,175
187762428, 30.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		7,200		7,293		7,184
187762661, 24.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,600		5,672		5,605
187762709, 17.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		3,899		3,949		3,925
187763202, 22.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		6,863		6,950		6,960
187763926, 24.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		6,500		6,582		6,496
187764063, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		20,000		20,256		19,925
187764071, 19.49%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		4,800		4,861		4,816
187764292, 30.99%, 03/28/2025 (a)(i)	Lending Club		3/30/2022		2,948		2,986		2,989
187764329, 30.99%, 03/28/2027 (a)(i)(j)	Lending Club		3/30/2022		15,000		15,192		15,242
187764407, 19.49%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		9,009		9,125		9,158
187764471, 22.49%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		25,000		25,321		25,133
187764798, 22.99%, 03/29/2025 (a)(i)	Lending Club		3/31/2022		7,844		7,938		7,886
187765017, 22.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		3,000		3,038		3,003
187765049, 27.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		15,600		15,797		15,555
187765326, 30.99%, 03/28/2027 (a)(i)	Lending Club		3/30/2022		5,957		6,033		6,066
187765977, 19.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,128		10,033
187766134, 24.99%, 03/28/2027 (a)(i)(j)	Lending Club		3/30/2022		13,000		13,166		13,281
187767443, 30.99%, 03/29/2027 (a)(i)	Lending Club		3/31/2022		7,943		8,038		7,918
187768851, 22.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,127		10,011
187768946, 12.54%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		11,000		11,140		11,078
187770730, 19.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		4,500		4,557		4,515
187770978, 30.49%, 03/30/2025 (a)(i)	Lending Club		4/1/2022		6,000		6,076		5,964
187771530, 15.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		20,000		20,256		20,143
187771765, 30.99%, 03/30/2025 (a)(i)	Lending Club		4/1/2022		1,461		1,480		1,458
187772030, 30.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,128		9,938
187772301, 30.99%, 03/30/2027 (a)(i)	Lending Club		4/1/2022		9,465		9,587		9,394
187773011, 13.19%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		25,000		25,000		24,888
187773304, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		4,981
187773425, 30.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,076		5,964
187773626, 14.24%, 03/30/2025 (a)(i)	Lending Club		4/1/2022		2,930		2,967		2,947
187774067, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		7,000		7,090		6,980
187775635, 22.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,064		5,002
187776367, 22.74%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,063		5,006
187777756, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,077		5,967
187778504, 30.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,064		4,972
187778653, 30.99%, 03/30/2025 (a)(i)	Lending Club		4/1/2022		6,807		6,893		6,750
187779942, 30.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		3,500		3,544		3,479
187780414, 18.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,076		6,034
187780746, 21.49%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		7,800		7,900		7,827
187780777, 30.99%, 03/30/2027 (a)(i)	Lending Club		4/1/2022		9,799		9,925		9,756
187780836, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,200		2,228		2,192
187781026, 17.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,063		5,029
187781426, 20.49%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		13,000		13,165		13,043
187781840, 30.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		3,500		3,544		3,479
187781877, 15.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		2,000		2,026		2,014
187782545, 16.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		15,000		15,192		15,070
187783446, 18.49%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,076		6,034
187784224, 22.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		4,000		4,051		4,005
187784638, 22.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		4,200		4,253		4,205
187784777, 28.49%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,076		5,979
187786026, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,077		5,967
187789570, 22.49%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		3,000		3,038		3,003
187789803, 30.24%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		11,900		12,053		11,816
187790097, 24.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		2,000		2,025		1,999


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187790872, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,077		5,967
187791035, 26.24%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		18,000		18,228		17,987
187791123, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		9,100		9,216		9,049
187792825, 19.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		6,000		6,076		6,020
187793076, 28.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		3,600		3,646		3,589
187793104, 28.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		10,000		10,127		9,970
187794659, 15.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,500		3,545		3,524
187795400, 30.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		5,000		5,064		4,972
187795721, 7.49%, 04/13/2025 (a)(i)	Lending Club		4/15/2022		11,000		11,000		10,987
187796391, 27.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		1,000		1,013		997
187797389, 30.99%, 03/30/2026 (a)(i)	Lending Club		4/1/2022		1,570		1,590		1,558
187799353, 17.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		6,300		6,380		6,336
187799361, 16.99%, 03/30/2027 (a)(i)(j)	Lending Club		4/1/2022		13,000		13,166		13,061
187800170, 30.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		2,800		2,835		2,783
187801163, 21.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		10,000		10,128		10,026
187802573, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,000		6,077		5,978
187803166, 19.49%, 03/30/2025 (a)(i)	Lending Club		4/1/2022		2,427		2,457		2,433
187804133, 17.24%, 03/30/2025 (a)(i)	Lending Club		4/1/2022		3,473		3,517		3,492
187804147, 22.99%, 03/30/2025 (a)(i)(j)	Lending Club		4/1/2022		3,000		3,038		3,003
187804192, 6.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		8,500		8,500		8,487
187809503, 27.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		6,000		6,000		5,943
187810172, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		15,000		15,194		14,949
187812001, 30.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		4,983
187812184, 28.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		2,000		2,026		2,000
187813470, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,200		3,241		3,188
187814662, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		5,000		5,065		4,986
187814754, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		15,000		15,195		14,964
187815910, 26.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		15,000		15,193		14,993
187816052, 28.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,000		6,077		5,994
187817752, 22.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,000		4,051		4,010
187818458, 19.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,000		2,026		2,009
187818533, 28.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,000		6,077		5,993
187820470, 20.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,000		2,026		2,009
187821270, 30.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,000		4,051		3,985
187821300, 30.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,000		3,038		2,989
187821800, 22.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		12,000		12,155		12,022
187822317, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		6,000		6,077		5,980
187822913, 15.99%, 04/04/2024 (a)(i)	Lending Club		4/6/2022		1,500		1,519		1,509
187823371, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		15,000		15,194		14,954
187823915, 19.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,022
187824476, 21.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		13,000		13,166		13,034
187824940, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,000		4,051		4,026
187825124, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		12,000		12,155		11,959
187830629, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,600		6,683		6,579
187830962, 12.54%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		7,000		7,089		7,048
187832105, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		14,815		15,005		14,799
187832338, 22.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		15,000		15,192		15,038
187833165, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		6,000		6,078		5,982
187835742, 15.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		10,000		10,128		10,068
187836068, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		8,400		8,508		8,371
187838477, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		13,000		13,166		12,952
187839088, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		15,000		15,194		14,949
187839187, 20.99%, 04/19/2027 (a)(i)	Lending Club		4/21/2022		18,000		18,000		17,932
187840012, 19.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,600		3,646		3,616
187842093, 22.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		10,018
187843197, 11.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		18,000		18,000		17,947
187843892, 24.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,000		4,051		4,004


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187844022, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		15,000		15,194		14,949
187844450, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,075		2,102		2,067
187844865, 20.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,000		3,038		3,013
187845510, 19.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,023
187845740, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		8,000		8,103		7,975
187846033, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,500		6,583		6,543
187847354, 25.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		25,000		25,322		25,012
187847388, 13.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,500		4,557		4,531
187847747, 19.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,022
187848474, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		1,800		1,823		1,794
187848759, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		11,863		12,014		11,873
187849251, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,000		4,051		3,985
187849309, 28.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		12,000		12,153		11,987
187850054, 17.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,000		6,077		6,040
187850176, 28.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,150		3,190		3,147
187850551, 30.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		4,982
187851090, 23.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,000		3,038		3,007
187851585, 19.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		19,000		19,245		19,089
187852320, 26.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		12,000		12,155		12,005
187853356, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		8,000		8,102		7,970
187853969, 29.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		9,000		9,116		8,970
187853993, 15.49%, 04/04/2024 (a)(i)	Lending Club		4/6/2022		1,500		1,519		1,509
187854084, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,000		2,026		1,993
187854140, 20.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		14,500		14,687		14,567
187854293, 16.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,033
187854397, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,000		3,038		2,989
187854697, 22.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,009
187855534, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		20,000		20,258		19,932
187855775, 26.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,050		2,076		2,048
187856387, 22.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,500		3,545		3,509
187857140, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		4,986
187857239, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,600		2,633		2,590
187857517, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,000		3,038		3,020
187857930, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		10,000		10,128		9,963
187858022, 17.74%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,034
187858630, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,600		5,672		5,581
187858670, 28.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		8,800		8,913		8,794
187859053, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,000		3,038		3,020
187859227, 20.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,500		6,583		6,529
187859323, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		14,777		14,967		14,759
187859532, 20.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,022
187859602, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		1,000		1,013		996
187860616, 22.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		7,000		7,090		7,020
187861515, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		7,000		7,090		6,976
187862773, 28.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		7,200		7,292		7,192
187862799, 30.99%, 04/04/2027 (a)(i)(j)	Lending Club		4/6/2022		4,000		4,051		3,958
187863084, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		1,000		1,013		996
187864208, 18.99%, 04/04/2024 (a)(i)	Lending Club		4/6/2022		5,525		5,595		5,559
187864635, 24.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		6,600		6,685		6,612
187864708, 27.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		18,000		18,232		17,979
187865104, 23.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		8,000		8,103		8,014
187865546, 19.99%, 04/04/2025 (a)(i)(j)	Lending Club		4/6/2022		6,677		6,762		6,696
187865693, 15.74%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		18,000		18,230		18,121
187865748, 16.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,000		6,077		6,040
187865773, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		7,200		7,292		7,248
187865865, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,000		2,026		1,993
187866166, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		15,000		15,194		14,949


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187866389, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		4,983
187869709, 28.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		18,000		18,234		17,984
187871047, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,000		6,077		5,978
187871605, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		25,000		25,323		24,915
187872123, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		12,000		12,155		11,972
187872175, 30.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		4,825		4,887		4,812
187872374, 24.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,905		3,955		3,902
187872386, 22.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,500		2,532		2,506
187872532, 26.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		15,000		15,193		15,006
187872598, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		1,500		1,519		1,494
187873132, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,033
187873200, 17.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,000		4,051		4,026
187873238, 25.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		8,000		8,102		8,007
187873507, 28.74%, 04/04/2026 (a)(i)	Lending Club		4/6/2022		10,000		10,129		9,990
187874950, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,600		3,646		3,587
187875092, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		4,983
187875474, 14.09%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		40,000		40,000		39,819
187875633, 18.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		30,000		30,000		29,789
187875778, 6.79%, 04/15/2025 (a)(i)	Lending Club		4/19/2022		17,000		17,000		16,982
187876452, 12.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		32,000		32,000		31,889
187876494, 28.49%, 04/04/2024 (a)(i)	Lending Club		4/6/2022		7,616		7,712		7,586
187876607, 15.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		3,000		3,038		3,020
187876882, 20.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		10,046
187876893, 18.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		5,029
187877543, 26.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		12,000		12,155		12,005
187877609, 21.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,023
187877651, 21.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		19,643		19,896		19,780
187878586, 6.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,500		5,500		5,491
187881830, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		20,000		20,258		19,932
187882608, 22.49%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		5,000		5,064		5,014
187883261, 16.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,064		5,033
187884247, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		10,000		10,129		9,967
187884491, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		15,000		15,192		14,944
187885149, 30.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,500		6,583		6,476
187885477, 27.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		4,820		4,882		4,810
187887142, 24.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		8,000		8,103		8,005
187887270, 25.49%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		10,000		10,128		10,013
187887355, 30.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		15,000		15,194		14,958
187887520, 26.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		15,000		15,000		14,846
187887568, 16.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		4,000		4,051		4,028
187887641, 20.49%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		9,600		9,724		9,650
187890698, 17.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		5,500		5,570		5,538
187891190, 24.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		5,000		5,065		5,007
187894188, 22.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		25,000		25,322		25,046
187895127, 27.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,200		4,254		4,197
187899203, 24.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		21,800		22,079		21,830
187899456, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		24,000		24,310		23,944
187899525, 24.99%, 04/07/2025 (a)(i)	Lending Club		4/11/2022		5,000		5,064		5,011
187899555, 19.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		6,625		6,710		6,658
187902334, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		9,000		9,115		8,972
187902906, 24.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		3,000		3,038		3,004
187903235, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		5,000		5,065		4,983
187903875, 17.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		3,500		3,545		3,524
187903936, 29.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		6,000		6,077		5,985
187904384, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		6,000		6,077		5,983
187904399, 17.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		5,200		5,266		5,235
187904515, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		2,000		2,026		1,994


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187904645, 23.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		10,000		10,000		9,901
187904786, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		3,000		3,038		2,991
187904904, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		6,000		6,077		5,981
187905066, 24.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		7,200		7,292		7,210
187905484, 26.74%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		15,000		15,194		15,001
187906366, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		15,000		15,192		14,953
187907513, 28.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		11,000		11,142		10,992
187907723, 23.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,000		6,000		5,940
187909316, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		5,000		5,065		4,986
187909377, 13.19%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,500		6,500		6,470
187910215, 20.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		2,400		2,431		2,411
187910262, 15.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		8,000		8,102		8,054
187911176, 30.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		9,500		9,623		9,471
187912440, 20.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		6,000		6,077		6,029
187914262, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		20,000		20,258		19,943
187914526, 13.19%, 04/26/2025 (a)(i)	Lending Club		4/28/2022		8,250		8,250		8,240
187916897, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		8,400		8,508		8,376
187917757, 23.49%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		12,000		12,154		12,038
187919994, 26.24%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		5,841		5,915		5,861
187920689, 25.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		7,000		7,090		7,006
187921967, 17.49%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		4,400		4,456		4,430
187923397, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		15,000		15,194		14,957
187924285, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		15,000		15,194		14,957
187925186, 25.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		8,000		8,103		8,007
187925702, 23.99%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,000		4,000		3,960
187925716, 24.49%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		12,000		12,155		12,017
187926595, 22.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		7,000		7,090		7,022
187926631, 26.74%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		15,000		15,194		14,991
187926998, 7.99%, 04/15/2025 (a)(i)	Lending Club		4/19/2022		12,000		12,000		11,987
187927267, 26.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		25,000		25,323		25,021
187929544, 30.99%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		15,000		15,195		14,965
187930185, 26.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		2,500		2,532		2,500
187930630, 27.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		5,000		5,064		4,997
187934515, 30.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		15,000		15,192		14,962
187934694, 19.49%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		15,000		15,192		15,074
187935982, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		6,000		6,077		5,986
187936291, 16.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		5,000		5,064		5,030
187936598, 28.99%, 04/05/2024 (a)(i)	Lending Club		4/7/2022		5,000		5,063		4,998
187939209, 30.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		3,300		3,342		3,291
187939726, 19.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		10,000		10,129		10,052
187939812, 14.24%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		4,500		4,557		4,533
187940222, 23.49%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		25,000		25,320		25,079
187940357, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		15,000		15,194		14,965
187941246, 22.74%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		1,000		1,013		1,003
187941261, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		25,000		25,323		24,942
187941743, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		6,000		6,077		5,986
187943162, 28.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		3,000		3,038		3,000
187943954, 9.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		40,000		40,000		39,888
187944203, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		12,000		12,155		11,972
187944605, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		15,000		15,194		14,965
187945171, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		12,583		12,745		12,527
187945878, 15.49%, 04/06/2024 (a)(i)	Lending Club		4/8/2022		3,000		3,038		3,020
187947629, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		5,000		5,065		4,988
187948199, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		10,000		10,130		9,979
187948779, 30.99%, 04/06/2027 (a)(i)(j)	Lending Club		4/8/2022		11,700		11,849		11,673
187951250, 15.69%, 04/26/2027 (a)(i)	Lending Club		4/28/2022		28,500		28,500		28,458
187953821, 19.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		5,000		5,064		5,025


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
187953962, 11.99%, 04/14/2027 (a)(i)	Lending Club		4/18/2022		3,200		3,200		3,194
187957138, 22.99%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		25,000		25,000		24,749
187958137, 15.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		2,500		2,532		2,518
187961050, 11.29%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		12,000		12,000		12,000
187961428, 11.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		10,000		10,000		9,977
187961524, 30.99%, 04/06/2026 (a)(i)	Lending Club		4/8/2022		14,000		14,180		13,967
187965733, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		10,000		10,129		9,977
187967618, 5.59%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		30,000		30,000		29,956
187967810, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		12,000		12,156		11,977
187969294, 25.49%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		3,000		3,038		3,005
187973616, 13.19%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,500		4,500		4,479
187973884, 9.69%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		20,000		20,000		20,000
187974382, 24.49%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		7,000		7,090		7,010
187975935, 20.49%, 04/26/2025 (a)(i)	Lending Club		4/28/2022		9,000		9,000		8,982
187977450, 29.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		15,600		15,800		15,561
187978396, 30.49%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		5,916		5,991		5,889
187978760, 30.99%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		5,500		5,571		5,487
187978875, 23.49%, 04/07/2025 (a)(i)	Lending Club		4/11/2022		12,400		12,400		12,292
187979553, 30.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		1,800		1,823		1,795
187980437, 30.99%, 04/06/2025 (a)(i)(j)	Lending Club		4/8/2022		5,750		5,823		5,726
187981341, 21.49%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		5,000		5,064		5,026
187981645, 30.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		8,200		8,306		8,182
187982842, 19.49%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		1,200		1,215		1,206
187982886, 22.49%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		24,000		24,000		23,760
187983448, 28.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		5,860		5,934		5,859
187984127, 18.49%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		16,000		16,206		16,098
187984198, 9.69%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		20,000		20,000		19,944
187984558, 17.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		1,500		1,519		1,511
187996722, 25.99%, 04/06/2027 (a)(i)(j)	Lending Club		4/8/2022		4,768		4,768		4,723
187999901, 6.59%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		6,500		6,500		6,490
188003565, 13.19%, 04/04/2027 (a)(i)	Lending Club		4/6/2022		21,000		21,000		20,906
188003641, 7.59%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		40,000		40,000		39,933
188004259, 21.79%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		5,000		5,000		4,951
188007878, 22.49%, 04/08/2027 (a)(i)	Lending Club		4/12/2022		10,000		10,000		9,914
188018369, 14.49%, 04/04/2025 (a)(i)	Lending Club		4/6/2022		4,400		4,400		4,380
188028189, 12.19%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		5,000		5,000		4,984
188037002, 7.49%, 04/05/2027 (a)(i)	Lending Club		4/7/2022		9,600		9,600		9,584
188044743, 23.99%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		1,000		1,000		990
188045476, 9.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		15,000		15,000		14,967
188047484, 9.69%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		15,000		15,000		14,958
188048867, 11.99%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		20,950		20,950		20,903
188049422, 18.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		13,200		13,200		13,120
188062837, 7.59%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		30,000		30,000		29,953
188063554, 14.19%, 04/05/2025 (a)(i)	Lending Club		4/7/2022		3,000		3,000		2,987
188069029, 7.99%, 04/05/2027 (a)(i)(j)	Lending Club		4/7/2022		22,560		22,560		22,529
188071537, 14.99%, 04/07/2027 (a)(i)	Lending Club		4/11/2022		23,250		23,250		23,154
188077112, 7.49%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		40,000		40,000		39,939
188090500, 26.79%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		15,000		15,000		14,885
188093871, 13.19%, 04/06/2027 (a)(i)	Lending Club		4/8/2022		16,000		16,000		15,934
188101498, 23.99%, 04/07/2027 (a)(i)	Lending Club		4/11/2022		25,525		25,525		25,294
188102874, 28.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		7,000		7,000		6,933
188110010, 13.19%, 04/07/2027 (a)(i)	Lending Club		4/11/2022		16,500		16,500		16,434
188111080, 22.49%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		13,000		13,000		12,935
188112239, 8.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		15,825		15,825		15,802
188115513, 7.49%, 04/07/2025 (a)(i)	Lending Club		4/11/2022		3,000		3,000		2,996
188116171, 10.99%, 04/06/2025 (a)(i)	Lending Club		4/8/2022		9,600		9,600		9,574
188118276, 14.09%, 04/08/2027 (a)(i)	Lending Club		4/12/2022		30,000		30,000		29,882


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
188125168, 7.99%, 04/07/2025 (a)(i)	Lending Club		4/11/2022		25,000		25,000		24,963
188135932, 25.99%, 04/07/2027 (a)(i)	Lending Club		4/11/2022		8,000		8,000		7,927
188141825, 16.99%, 04/07/2025 (a)(i)	Lending Club		4/11/2022		6,000		6,000		5,967
188144427, 22.49%, 04/26/2027 (a)(i)	Lending Club		4/28/2022		9,500		9,500		9,478
188151431, 6.49%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		9,600		9,600		9,591
188152374, 6.49%, 04/08/2025 (a)(i)	Lending Club		4/12/2022		20,000		20,000		19,973
188154421, 6.59%, 04/07/2027 (a)(i)	Lending Club		4/11/2022		14,500		14,500		14,478
188155614, 12.49%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		5,000		5,000		5,000
188157838, 9.99%, 04/14/2027 (a)(i)	Lending Club		4/18/2022		15,000		15,000		14,971
188173201, 9.99%, 04/08/2025 (a)(i)	Lending Club		4/12/2022		1,000		1,000		997
188176512, 21.49%, 04/15/2027 (a)(i)	Lending Club		4/19/2022		20,000		20,000		19,878
188177085, 7.09%, 04/08/2025 (a)(i)	Lending Club		4/12/2022		11,500		11,500		11,484
188180448, 8.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		15,000		15,000		14,980
188180458, 13.19%, 04/08/2027 (a)(i)	Lending Club		4/12/2022		16,000		16,000		15,938
188180817, 9.69%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		20,000		20,000		19,969
188186855, 6.59%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		6,000		6,000		5,993
188187819, 23.99%, 04/08/2027 (a)(i)	Lending Club		4/12/2022		9,000		9,000		8,922
188192898, 23.49%, 04/13/2027 (a)(i)	Lending Club		4/15/2022		20,000		20,000		19,862
188193597, 12.49%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		25,000		25,000		24,941
188196917, 22.49%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		19,000		19,000		18,856
188197766, 8.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		3,200		3,200		3,195
188200624, 7.59%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		17,000		17,000		16,977
188202504, 18.19%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		10,000		10,000		9,943
188203484, 12.49%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		8,000		8,000		7,972
188208257, 14.49%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		2,000		2,000		1,993
188209820, 20.99%, 04/20/2027 (a)(i)	Lending Club		4/22/2022		10,000		10,000		9,965
188210936, 9.29%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		15,500		15,500		15,466
188212079, 7.59%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		8,000		8,000		7,990
188214895, 26.79%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		17,000		17,000		16,875
188214926, 16.19%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		5,400		5,400		5,376
188223707, 16.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		14,000		14,000		13,934
188232246, 14.19%, 04/14/2025 (a)(i)	Lending Club		4/18/2022		28,000		28,000		27,914
188232511, 4.99%, 04/11/2025 (a)(i)(j)	Lending Club		4/13/2022		12,825		12,825		12,812
188241974, 26.79%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		6,600		6,600		6,600
188243266, 12.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		15,000		15,000		14,949
188245083, 18.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		32,200		32,200		32,015
188252818, 28.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		11,000		11,000		10,912
188253660, 8.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		10,000		10,000		9,985
188257765, 13.19%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		3,000		3,000		2,990
188262303, 8.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		4,000		4,000		3,995
188267203, 5.99%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		3,000		3,000		2,996
188269841, 14.99%, 04/11/2027 (a)(i)	Lending Club		4/13/2022		25,000		25,000		24,912
188271685, 5.09%, 04/11/2025 (a)(i)	Lending Club		4/13/2022		6,000		6,000		5,993
188272070, 7.59%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		11,500		11,500		11,486
188288146, 19.49%, 04/13/2027 (a)(i)	Lending Club		4/15/2022		7,000		7,000		6,963
188299292, 8.99%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		11,000		11,000		10,986
188303266, 28.99%, 04/14/2027 (a)(i)	Lending Club		4/18/2022		3,600		3,600		3,575
188306165, 14.19%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		7,700		7,700		7,674
188309379, 9.69%, 04/12/2025 (a)(i)	Lending Club		4/14/2022		18,400		18,400		18,361
188317069, 20.99%, 04/19/2027 (a)(i)	Lending Club		4/21/2022		12,000		12,000		11,955
188317779, 6.99%, 04/14/2027 (a)(i)	Lending Club		4/18/2022		10,200		10,200		10,188
188325419, 9.59%, 04/13/2027 (a)(i)	Lending Club		4/15/2022		25,000		25,000		24,951
188334977, 8.99%, 04/13/2025 (a)(i)	Lending Club		4/15/2022		30,000		30,000		29,962
188335663, 16.99%, 04/13/2025 (a)(i)	Lending Club		4/15/2022		8,000		8,000		7,965
188347330, 12.49%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		9,000		9,000		8,979
188348223, 25.99%, 04/13/2027 (a)(i)	Lending Club		4/15/2022		16,000		16,000		15,887
188369317, 10%, 04/22/2027 (a)(i)	Lending Club		4/26/2022		36,000		36,000		35,957


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
188382495, 10.59%, 04/14/2027 (a)(i)	Lending Club		4/18/2022		25,000		25,000		24,951
188383621, 17.19%, 04/14/2027 (a)(i)	Lending Club		4/18/2022		6,400		6,400		6,375
188394163, 20.49%, 04/14/2025 (a)(i)	Lending Club		4/18/2022		35,000		35,000		34,813
188396800, 10.89%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		31,500		31,500		31,455
188413118, 9.79%, 04/15/2027 (a)(i)	Lending Club		4/19/2022		5,000		5,000		4,991
188414239, 5.99%, 04/15/2025 (a)(i)	Lending Club		4/19/2022		4,500		4,500		4,495
188418241, 11.99%, 04/22/2027 (a)(i)	Lending Club		4/26/2022		18,000		18,000		17,977
188423939, 6.59%, 04/15/2027 (a)(i)	Lending Club		4/19/2022		23,000		23,000		22,975
188429512, 26.79%, 04/14/2025 (a)(i)	Lending Club		4/18/2022		3,000		3,000		2,980
188443111, 9.99%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		13,000		13,000		12,980
188449984, 5.49%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		10,000		10,000		9,992
188453072, 23.99%, 04/19/2027 (a)(i)	Lending Club		4/21/2022		12,000		12,000		11,942
188458413, 16.99%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		5,000		5,000		4,984
188459918, 12.49%, 04/21/2025 (a)(i)	Lending Club		4/25/2022		22,650		22,650		22,607
188461120, 7.59%, 04/19/2027 (a)(i)	Lending Club		4/21/2022		10,000		10,000		9,991
188463802, 15.99%, 04/15/2025 (a)(i)	Lending Club		4/19/2022		10,000		10,000		9,962
188469901, 8.79%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		33,000		33,000		32,967
188470491, 7.09%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		7,500		7,500		7,495
188472377, 20.44%, 04/21/2025 (a)(i)	Lending Club		4/25/2022		36,000		36,000		35,879
188487773, 8.99%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		12,000		12,000		11,989
188494020, 15.19%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		14,000		14,000		13,958
188498586, 16.99%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		25,000		25,000		25,000
188506333, 7.59%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		18,000		18,000		17,982
188508384, 27.79%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		6,000		6,000		5,968
188511308, 9.99%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		34,325		34,325		34,272
188512606, 16.19%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		10,900		10,900		10,865
188512665, 16.19%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		7,000		7,000		6,977
188521296, 30.99%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		25,000		25,000		24,886
188524513, 14.09%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		18,000		18,000		17,956
188524541, 7.59%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		12,000		12,000		11,990
188525090, 7.49%, 04/21/2025 (a)(i)	Lending Club		4/25/2022		2,000		2,000		1,998
188525914, 10.44%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		2,400		2,400		2,396
188528715, 6.59%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		4,500		4,500		4,496
188533982, 14.19%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		12,000		12,000		11,971
188533985, 8.79%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		15,000		15,000		14,990
188536750, 23.99%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		19,000		19,000		18,901
188541448, 30.99%, 04/18/2027 (a)(i)	Lending Club		4/20/2022		15,000		15,000		14,917
188546778, 14.19%, 04/19/2025 (a)(i)	Lending Club		4/21/2022		11,785		11,785		11,761
188550074, 5.99%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		26,000		26,000		25,978
188551734, 6.99%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		12,000		12,000		11,993
188560211, 14.19%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		12,000		12,000		11,983
188560858, 15.19%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		30,000		30,000		29,951
188563688, 5.09%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		5,000		5,000		4,996
188566856, 10.99%, 04/18/2025 (a)(i)	Lending Club		4/20/2022		8,400		8,400		8,386
188574358, 7.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		2,400		2,400		2,398
188574943, 28.99%, 04/22/2027 (a)(i)	Lending Club		4/26/2022		12,000		12,000		11,951
188576274, 6.99%, 04/19/2025 (a)(i)	Lending Club		4/21/2022		10,000		10,000		9,991
188588178, 7.49%, 04/19/2025 (a)(i)	Lending Club		4/21/2022		16,000		16,000		15,986
188593549, 27.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		24,000		24,000		23,888
188596533, 21.79%, 04/19/2025 (a)(i)	Lending Club		4/21/2022		3,600		3,600		3,583
188597290, 7.49%, 04/19/2027 (a)(i)	Lending Club		4/21/2022		30,000		30,000		29,972
188602043, 23.99%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		19,000		19,000		18,922
188603010, 14.69%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		6,000		6,000		5,987
188610073, 11.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		1,500		1,500		1,498
188616867, 27.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		2,000		2,000		1,991
188620193, 9.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		6,000		6,000		5,992
188623035, 11.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		23,300		23,300		23,265


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



	PLATFORM	ORIGINAL ACQUISITION DATE		PRINCIPAL AMOUNT		COST		FAIR VALUE
United States - 6.3% (continued)
188633812, 14.99%, 04/20/2027 (a)(i)	Lending Club		4/22/2022		12,000		12,000		11,974
188637325, 9.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		13,000		13,000		12,982
188639510, 23.99%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		10,000		10,000		9,959
188643355, 11.99%, 04/20/2027 (a)(i)	Lending Club		4/22/2022		16,000		16,000		15,976
188643790, 11.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		10,000		10,000		9,985
188651498, 9.99%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		8,000		8,000		7,990
188655269, 9.09%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		10,000		10,000		9,987
188662151, 10.99%, 04/20/2025 (a)(i)	Lending Club		4/22/2022		12,000		12,000		11,983
188663171, 10.89%, 04/21/2025 (a)(i)	Lending Club		4/25/2022		14,000		14,000		13,981
188678408, 7.59%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		19,000		19,000		18,988
188683792, 14.99%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		7,000		7,000		6,990
188683963, 30.99%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		20,000		20,000		20,000
188686129, 9.99%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		14,000		14,000		13,982
188687759, 14.99%, 04/22/2027 (a)(i)	Lending Club		4/26/2022		15,000		15,000		14,972
188691099, 7.59%, 04/26/2027 (a)(i)	Lending Club		4/28/2022		19,000		19,000		18,989
188694863, 9.99%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		34,100		34,100		34,100
188695663, 8.99%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		12,000		12,000		12,000
188701267, 17.44%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		20,000		20,000		19,949
188705387, 6.49%, 04/22/2025 (a)(i)	Lending Club		4/26/2022		5,000		5,000		4,996
188705941, 14.99%, 04/21/2027 (a)(i)	Lending Club		4/25/2022		20,000		20,000		19,959
188715091, 23.99%, 04/22/2027 (a)(i)	Lending Club		4/26/2022		40,000		40,000		39,848
188726937, 16.99%, 04/26/2025 (a)(i)	Lending Club		4/28/2022		5,000		5,000		4,992
188732658, 14.99%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		20,800		20,800		20,770
188734305, 8.49%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		40,000		40,000		40,000
188737087, 13.49%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		40,000		40,000		39,946
188759011, 11.69%, 04/25/2026 (a)(i)	Lending Club		4/27/2022		24,500		24,500		24,475
188761265, 6.59%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		10,000		10,000		9,994
188767705, 30.99%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		18,000		18,000		17,944
188777837, 14.99%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		27,350		27,350		27,311
188779064, 21.49%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		5,000		5,000		5,000
188780842, 8.49%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		20,000		20,000		19,987
188788459, 10.59%, 04/25/2027 (a)(i)	Lending Club		4/27/2022		14,500		14,500		14,486
188790151, 5.49%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		5,000		5,000		4,998
188793044, 8.49%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		10,000		10,000		9,993
188799399, 6.99%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		40,000		40,000		39,977
188800045, 5.59%, 04/26/2027 (a)(i)	Lending Club		4/28/2022		40,000		40,000		39,981
188805410, 6.59%, 04/26/2025 (a)(i)	Lending Club		4/28/2022		12,000		12,000		11,994
188815893, 8.79%, 04/25/2025 (a)(i)	Lending Club		4/27/2022		3,500		3,500		3,498
188837059, 8.49%, 04/26/2025 (a)(i)	Lending Club		4/28/2022		5,000		5,000		4,997
188838520, 12.49%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		15,000		15,000		15,000
188843204, 14.99%, 04/26/2027 (a)(i)	Lending Club		4/28/2022		10,000		10,000		9,987
188846276, 11.89%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		40,000		40,000		40,000
188852531, 13.49%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		30,000		30,000		30,000
188871984, 22.49%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		16,000		16,000		16,000
188874439, 21.79%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		3,000		3,000		3,000
188879701, 23.99%, 04/27/2027 (a)(i)	Lending Club		4/29/2022		25,000		25,000		25,000
188880423, 21.49%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		5,000		5,000		5,000
188890261, 22.99%, 04/27/2025 (a)(i)	Lending Club		4/29/2022		2,475		2,475		2,475

Total Loans (Cost $28,282,088)							28,282,088		28,100,296

TOTAL INVESTMENTS (Cost $442,115,557) - 98.5%									436,919,822

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%									6,436,351

TOTAL NET ASSETS - 100.0%								$	443,356,173


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

Percentages are stated as a percent of net assets.

(a)	Security is fair valued by a third-party valuation specialist pursuant to procedures approved by the Board of Trustees. Value is determined using significant unobservable inputs.

(b)	Security is restricted to resale to institutional investors. The aggregate value of these securities is $21,612,037, which represents 4.9% of net assets.

(c)	Underlying holdings are mortgages.

(d)	Underlying holdings are consumer loans.

(e)	Affiliated company. See Note 10.

(f)	Rate shown is the 7-day effective yield.

(g)	All or a portion of this security is held as collateral for derivative contracts.

(h)	Rate shown is the effective yield based on purchase price. The calculation assumes the security is held to maturity.

(i)	Security may be deemed restricted to resale to institutional investors. The aggregate value of these securities is $28,100,296 which represents 6.3% of net assets.

(j)	Non-income producing security.

Written Options



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
CALL OPTIONS
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $74.75		1		70,870	$	10
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $75.00		122		8,646,140		1,220
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $75.25		79		5,598,730		790
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $75.50		246		17,434,020		2,460
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $75.75		26		1,842,620		260
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $76.00		139		9,850,930		1,390
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $76.25		34		2,409,580		340
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $76.50		50		3,543,500		500
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $77.00		63		4,464,810		630
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $77.50		28		1,984,360		280
Australian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $77.50		50		3,543,500		1,000
Australian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $78.00		15		1,063,050		300
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $131.00		141		11,102,869		881
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $131.25		53		4,173,419		331
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $131.50		118		9,291,763		738
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $131.75		78		6,142,013		487
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $132.00		134		10,551,663		837
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $132.25		84		6,614,475		525
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $132.50		93		7,323,169		581
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $133.00		33		2,598,544		206
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $133.50		54		4,252,163		338
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $134.00		18		1,417,388		113
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $137.50		5		393,719		31
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $138.00		5		393,719		31
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $138.50		5		393,719		31
British Pound Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $134.50		79		6,220,756		1,975
British Pound Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $135.00		40		3,149,750		750
British Pound Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $135.50		10		787,438		188
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $79.75		120		9,349,200		1,800
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $80.00		336		26,177,760		3,360
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $80.25		101		7,868,910		1,010
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $80.50		193		15,036,630		965
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $80.75		14		1,090,740		70
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $81.00		125		9,738,750		625
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $81.50		43		3,350,130		215
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $82.00		19		1,480,290		95
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $82.50		10		779,100		50
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $80.50		25		1,947,750		2,250
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $81.00		13		1,012,830		780
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $81.50		44		3,428,040		1,760


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $82.00		52		4,051,320	$	1,560
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $28.00		352		1,175,680		190,080
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $29.00		441		1,472,940		216,090
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $30.00		50		167,000		22,500
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $32.50		350		1,169,000		126,000
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $35.00		208		694,720		58,760
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $37.50		200		668,000		45,000
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $40.00		87		290,580		15,660
CBOE SPX Volatility Index, May 2022 Settlement, Expires 05/18/2022 Strike Price $45.00		10		33,400		1,200
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,550.00		58		1,506,260		28,420
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,600.00		62		1,610,140		17,980
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,650.00		12		311,640		2,160
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,700.00		169		4,388,930		20,280
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,750.00		160		4,155,200		12,800
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,800.00		220		5,713,400		13,200
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,850.00		175		4,544,750		7,000
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,900.00		151		3,921,470		4,530
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $2,950.00		125		3,246,250		3,750
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,000.00		216		5,609,520		4,320
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,050.00		57		1,480,290		1,140
Cocoa Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,100.00		25		649,250		250
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,600.00		40		1,038,800		29,200
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,650.00		98		2,545,060		53,900
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,700.00		171		4,440,870		71,820
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,750.00		145		3,765,650		46,400
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,800.00		134		3,479,980		32,160
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,850.00		164		4,259,080		31,160
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,900.00		169		4,388,930		25,350
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $2,950.00		115		2,986,550		13,800
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $3,000.00		175		4,544,750		17,500
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $3,050.00		100		2,597,000		8,000
Cocoa Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $3,100.00		50		1,298,500		3,500
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $250.00		4		333,825		495
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $252.50		113		9,430,556		11,017
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $255.00		88		7,344,150		6,930
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $257.50		38		3,171,338		2,422
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $260.00		33		2,754,056		1,733
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $262.50		31		2,587,144		1,279
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $265.00		16		1,335,300		540
Corn Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $935.00		5		204,563		375
Cotton Future, June 2022 Settlement, Expires 06/10/2022 Strike Price $177.00		5		365,775		3,175
Crude Oil Future, May 2022 Settlement, Expires 05/17/2022 Strike Price $131.00		2		209,380		720
Crude Oil Future, May 2022 Settlement, Expires 05/17/2022 Strike Price $140.50		11		1,151,590		2,200
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $123.00		5		523,450		8,850
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $123.25		10		1,046,900		17,400
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $123.50		15		1,570,350		25,500
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $123.75		31		3,245,390		51,770
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $124.00		39		4,082,910		63,960
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $124.25		37		3,873,530		59,570
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $124.50		38		3,978,220		60,040
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $125.00		38		3,978,220		57,760
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $125.50		27		2,826,630		39,690
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $126.00		27		2,826,630		38,070
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $126.50		32		3,350,080		43,520
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $127.00		26		2,721,940		34,060
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $127.50		27		2,826,630		34,290
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $128.00		17		1,779,730		20,740
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $128.50		8		837,520		9,440


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $129.00		10		1,046,900	$	11,400
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $129.50		8		837,520		8,800
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $130.00		15		1,570,350		15,900
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $130.50		5		523,450		5,150
Euro FX Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $1.095		17		2,231,250		106
Euro FX Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $1.105		25		3,281,250		156
Euro FX Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $1.115		7		918,750		44
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,005.00		25		4,779,250		25,750
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,010.00		32		6,117,440		31,040
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,015.00		20		3,823,400		18,200
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,020.00		43		8,220,310		36,550
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,025.00		58		11,087,860		46,400
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,030.00		88		16,822,960		66,880
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,035.00		101		19,308,170		72,720
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,040.00		13		2,485,210		8,840
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,045.00		5		955,850		3,200
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,050.00		38		7,264,460		23,180
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,055.00		5		955,850		2,900
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,060.00		25		4,779,250		13,750
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $2,065.00		5		955,850		2,600
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $485.00		17		1,873,613		8,500
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $486.00		26		2,865,525		12,350
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $487.00		37		4,077,863		17,112
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $488.00		32		3,526,800		14,400
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $489.00		39		4,298,288		16,575
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $490.00		21		2,314,463		8,663
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $491.00		8		881,700		3,200
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $492.00		8		881,700		3,100
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $493.00		8		881,700		3,000
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $495.00		14		1,542,975		4,900
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $498.00		3		330,638		938
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $499.00		8		881,700		2,400
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $500.00		8		881,700		2,300
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $501.00		8		881,700		2,300
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $502.00		8		881,700		2,200
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $503.00		5		551,063		1,312
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $80.25		5		483,438		156
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $80.50		86		8,315,125		2,150
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $80.75		125		12,085,938		2,344
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $81.00		80		7,735,000		1,000
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $81.25		100		9,668,750		1,250
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $81.50		41		3,964,188		513
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $82.00		32		3,094,000		400
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $82.25		25		2,417,188		156
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $82.50		14		1,353,625		87
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $89.50		15		1,450,313		94
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $90.00		9		870,188		56
Japanese Yen Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $81.50		25		2,417,188		5,313
Japanese Yen Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $82.00		31		2,997,313		5,425
Japanese Yen Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $82.50		54		5,221,125		7,425
Japanese Yen Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $83.00		70		6,768,125		7,875
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $134.00		22		887,920		2,200
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $135.00		75		3,027,000		6,750
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $136.00		61		2,461,960		4,880
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $137.00		50		2,018,000		3,500
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $138.00		25		1,009,000		1,750
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $139.00		14		565,040		840
Live Cattle Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $138.00		75		4,257,000		2,250


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS			NOTIONAL AMOUNT		FAIR VALUE
Live Cattle Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $139.00		36			2,043,360	$	720
Live Cattle Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $140.00		25			1,419,000		250
Live Cattle Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $143.00		23			1,305,480		230
Live Cattle Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $142.00		88			4,994,880		7,920
Live Cattle Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $143.00		36			2,043,360		2,520
Live Cattle Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $144.00		56			3,178,560		3,360
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $8.35		50			3,622,000		121,650
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $8.40		50			3,622,000		117,100
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $8.45		75			5,433,000		169,125
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $8.50		75			5,433,000		162,825
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $8.60		75			5,433,000		150,975
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $8.70		50			3,622,000		93,350
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $9.05		50			3,622,000		73,387
Natural Gas Euro Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $9.35		50			3,622,000		58,300
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.00		25			1,811,000		106,000
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.05		50			3,622,000		207,450
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.10		75			5,433,000		304,500
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.15		75			5,433,000		298,050
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.20		75			5,433,000		291,675
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.40		25			1,811,000		90,693
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.45		25			1,811,000		89,693
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.50		50			3,622,000		170,900
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $9.55		100			7,244,000		334,600
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $10.05		50			3,622,000		135,150
Natural Gas Euro Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $10.10		50			3,622,000		132,300
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $25.80		5			577,250		2,675
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $25.85		4			461,800		2,080
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $25.95		4			461,800		1,960
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.00		3			346,350		1,425
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.05		7			808,150		3,220
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.10		3			346,350		1,335
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.15		4			461,800		1,740
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.20		6			692,700		2,520
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.25		4			461,800		1,640
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.30		7	��		808,150		2,800
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.45		8			923,600		2,960
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.50		2			230,900		720
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.55		2			230,900		700
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.60		3			346,350		1,035
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.65		2			230,900		670
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.70		9			1,039,050		2,925
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.75		4			461,800		1,260
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.90		1			115,450		290
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $26.95		2			230,900		570
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $27.25		1			115,450		245
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $28.00		2			230,900		370
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $28.50		3			346,350		465
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $30.25		5			577,250		450
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $31.25		5			577,250		375
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $31.75		4			461,800		280
Soybean Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $1810.00		5			421,345		719
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $85.00		30			1,515,240		41,310
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $88.50		4			202,032		2,748
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $89.00		57			2,878,956		35,226
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $89.50		51			2,575,908		28,305
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $90.00		32			1,616,256		15,936
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $90.50		69			3,485,052		30,843
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $91.00		49			2,474,892		19,698


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $91.50		53		2,676,924	$	18,921
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $92.00		83		4,192,164		26,643
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $92.50		10		505,080		2,850
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $93.00		58		2,929,464		14,790
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $93.50		22		1,111,176		4,950
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $94.00		72		3,636,576		14,472
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $94.50		34		1,717,272		6,120
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $95.00		27		1,363,716		4,293
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $95.50		28		1,414,224		3,948
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $96.00		15		757,620		1,890
Soybean Oil Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $97.00		29		1,464,732		2,958
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,245.00		50		2,639,375		41,563
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,250.00		25		1,319,688		20,000
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,335.00		50		2,639,375		23,437
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,340.00		50		2,639,375		22,812
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,345.00		50		2,639,375		22,187
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,350.00		50		2,639,375		21,563
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,355.00		75		3,959,063		31,406
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,360.00		50		2,639,375		20,313
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,370.00		50		2,639,375		19,375
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,380.00		50		2,639,375		18,438
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,390.00		50		2,639,375		17,500
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,400.00		100		5,278,750		33,125
Wheat Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $1,410.00		100		5,278,750		31,875

TOTAL CALL OPTIONS (Premiums Received $8,194,047)						6,062,096



PUT OPTIONS
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $71.50		26		1,842,620		24,180
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $72.00		45		3,189,150		58,500
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $72.50		92		6,520,040		158,240
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $72.75		37		2,622,190		71,780
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $73.00		177		12,543,990		384,090
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $73.25		75		5,315,250		180,750
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $73.50		214		15,166,180		567,100
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $73.75		105		7,441,350		303,450
Australian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $74.00		150		10,630,500		471,000
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $124.00		1		78,744		144
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $125.50		10		787,438		3,625
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $126.00		20		1,574,875		9,875
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $126.50		39		3,071,006		25,594
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $127.00		46		3,622,213		39,388
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $127.50		60		4,724,625		65,250
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $128.25		98		7,716,888		145,775
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $128.50		72		5,669,550		117,000
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $128.75		32		2,519,800		56,600
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $129.25		41		3,228,494		84,562
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $129.50		125		9,842,969		276,562
British Pound Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $129.75		22		1,732,363		51,975
British Pound Future, May 2022 Settlement, Expires 05/10/2022 Strike Price $128.00		155		12,205,281		209,250
British Pound Future, May 2022 Settlement, Expires 05/10/2022 Strike Price $129.00		106		8,346,838		202,725
British Pound Future, May 2022 Settlement, Expires 05/10/2022 Strike Price $130.00		7		551,206		17,631
British Pound Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $123.00		13		1,023,669		5,038
British Pound Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $125.00		27		2,126,081		19,406
British Pound Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $125.50		100		7,874,375		83,125
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $76.50		13		1,012,830		780
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $77.00		4		311,640		520
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $77.50		127		9,894,570		30,480


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $77.75		95		7,401,450	$	31,350
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $78.00		180		14,023,800		81,000
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $78.25		60		4,674,600		35,400
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $78.50		354		27,580,140		269,040
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $78.75		115		8,959,650		109,250
Canadian Dollar Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $79.00		150		11,686,500		174,000
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $74.00		12		934,920		840
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $76.00		25		1,947,750		6,250
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $76.50		14		1,090,740		4,760
Canadian Dollar Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $77.50		25		1,947,750		15,750
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,885.00		25		10,329,825		37,750
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,890.00		25		10,329,825		41,000
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,900.00		33		13,635,369		54,120
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,905.00		25		10,329,825		45,500
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,910.00		75		30,989,475		132,000
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,915.00		50		20,659,650		94,000
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,920.00		50		20,659,650		97,250
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,925.00		75		30,989,475		149,625
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,930.00		50		20,659,650		103,400
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,935.00		50		20,659,650		104,300
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,950.00		25		10,329,825		55,825
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,955.00		25		10,329,825		57,400
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,970.00		37		15,288,141		95,090
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,975.00		55		22,725,615		146,025
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,980.00		50		20,659,650		137,000
CBOE S&P 500 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,990.00		58		23,965,194		169,070
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $34,500.00		25		4,874,663		125
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $35,000.00		90		17,548,785		450
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $35,500.00		20		3,899,730		100
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $36,000.00		15		2,924,798		75
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $36,500.00		10		1,949,865		50
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $37,000.00		20		3,899,730		100
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $37,500.00		20		3,899,730		100
CME Bitcoin Future, May 2022 Settlement, Expires 05/02/2022 Strike Price $38,000.00		15		2,924,798		75
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $29,000.00		10		1,949,865		12,000
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $29,500.00		10		1,949,865		13,750
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $30,000.00		20		3,899,730		31,000
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $30,500.00		60		11,699,190		97,969
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $31,000.00		45		8,774,393		75,614
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $31,500.00		40		7,799,460		76,554
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $32,000.00		35		6,824,528		75,969
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $32,500.00		15		2,924,798		39,630
CME Bitcoin Future, May 2022 Settlement, Expires 05/31/2022 Strike Price $33,000.00		5		974,933		14,585
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $200.00		1		83,456		79
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $202.50		1		83,456		120
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $205.00		5		417,281		937
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $207.50		45		3,755,531		12,656
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $210.00		73		6,092,306		30,386
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $212.50		57		4,757,006		34,841
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $215.00		52		4,339,725		45,045
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $217.50		48		4,005,900		57,420
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $220.00		6		500,738		9,585
Coffee ‘C’ Future, May 2022 Settlement, Expires 05/13/2022 Strike Price $222.50		7		584,194		14,490
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $84.00		7		732,830		2,590
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $84.50		13		1,360,970		5,070
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $85.25		13		1,360,970		5,460
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $85.50		23		2,407,870		10,120
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $85.75		25		2,617,250		11,250


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $86.00		43		4,501,670	$	19,780
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $86.25		37		3,873,530		17,760
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $86.50		23		2,407,870		11,270
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $86.75		28		2,931,320		14,280
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $87.00		37		3,873,530		19,610
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $87.25		38		3,978,220		20,520
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $87.50		60		6,281,400		33,600
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $87.75		38		3,978,220		22,040
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $88.00		30		3,140,700		18,000
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $88.25		49		5,129,810		30,380
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $88.50		41		4,292,290		26,240
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $88.75		44		4,606,360		29,040
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $89.00		10		1,046,900		6,900
Crude Oil Future, May 2022 Settlement, Expires 05/26/2022 Strike Price $89.25		16		1,675,040		11,360
Euro FX Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $1.070		4		525,000		6,500
Euro FX Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $1.075		13		1,706,250		27,788
Euro FX Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $1.085		12		1,575,000		39,450
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,745.00		6		1,147,020		840
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,750.00		2		382,340		300
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,765.00		4		764,680		760
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,770.00		1		191,170		210
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,775.00		41		7,837,970		9,430
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,780.00		7		1,338,190		1,820
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,785.00		38		7,264,460		10,640
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,790.00		51		9,749,670		15,810
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,795.00		82		15,675,940		27,880
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,800.00		75		14,337,750		28,500
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,805.00		24		4,588,080		10,080
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,810.00		31		5,926,270		14,570
Gold Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $1,815.00		34		6,499,780		17,680
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $405.00		7		771,488		3,762
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $410.00		34		3,747,225		23,800
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $415.00		40		4,408,500		36,000
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $420.00		53		5,841,263		61,612
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $425.00		50		5,510,625		75,000
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $426.00		51		5,620,838		80,325
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $427.00		41		4,518,713		68,163
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $428.00		55		6,061,688		95,563
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $429.00		61		6,722,963		111,325
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $430.00		87		9,588,488		166,388
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $431.00		82		9,037,425		164,000
HG Copper Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $432.00		11		1,212,338		22,963
Japanese Yen Future, May 2022 Settlement, Expires 05/10/2022 Strike Price $78.00		58		5,607,875		68,150
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $78.25		2		193,375		2,825
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $78.50		2		193,375		3,325
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $78.75		105		10,152,188		203,437
Japanese Yen Future, May 2022 Settlement, Expires 05/10/2022 Strike Price $79.00		106		10,248,875		234,525
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $79.25		75		7,251,563		186,563
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $79.50		129		12,472,688		356,362
Japanese Yen Future, May 2022 Settlement, Expires 05/10/2022 Strike Price $80.00		23		2,223,813		77,050
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $82.00		5		483,438		29,125
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $82.50		25		2,417,188		160,938
Japanese Yen Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $86.00		25		2,417,188		270,313
Japanese Yen Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $77.00		21		2,030,438		25,725
Japanese Yen Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $79.00		75		7,251,563		205,312
Japanese Yen Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $79.50		25		2,417,188		80,625
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $100.00		25		1,009,000		22,500
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $101.00		25		1,009,000		25,500


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		FAIR VALUE
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $102.00		25		1,009,000	$	28,750
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $105.00		50		2,018,000		82,500
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $106.00		25		1,009,000		46,000
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $107.00		50		2,018,000		102,500
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $108.00		2		80,720		4,540
Lean Hogs Future, June 2022 Settlement, Expires 06/14/2022 Strike Price $109.00		25		1,009,000		62,750
Live Cattle Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $132.00		100		5,676,000		37,000
Live Cattle Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $133.00		44		2,497,440		24,200
Live Cattle Future, May 2022 Settlement, Expires 05/06/2022 Strike Price $134.00		91		5,165,160		71,890
Live Cattle Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $124.00		25		1,419,000		4,250
Live Cattle Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $125.00		70		3,973,200		14,700
Live Cattle Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $126.00		25		1,419,000		6,250
Live Cattle Future, June 2022 Settlement, Expires 06/03/2022 Strike Price $127.00		50		2,838,000		15,500
NASDAQ 100 Stock Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $11,975.00		3		3,856,440		12,780
NASDAQ 100 Stock Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $12,000.00		4		5,141,920		27,200
NASDAQ 100 Stock Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $12,025.00		2		2,570,960		5,900
NASDAQ 100 Stock Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $12,050.00		4		5,141,920		21,800
NASDAQ 100 Stock Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $12,075.00		6		7,712,880		45,540
NASDAQ 100 Stock Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $12,100.00		6		7,712,880		49,434
Russell 2000 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $1,720.00		50		9,320,500		26,900
Russell 2000 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $1,735.00		45		8,388,450		12,780
Russell 2000 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $1,740.00		45		8,388,450		31,725
Russell 2000 Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $1,760.00		5		932,050		5,580
S&P 500 DOW Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,985.00		55		22,725,615		155,100
S&P 500 DOW Index, May 2022 Settlement, Expires 05/06/2022 Strike Price $3,995.00		50		20,659,650		150,250
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $20.50		5		577,250		2,034
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $20.75		4		461,800		2,111
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $21.00		5		577,250		3,219
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $21.25		5		577,250		3,575
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $21.75		10		1,154,500		11,050
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $21.80		6		692,700		6,930
Silver Future, May 2022 Settlement, Expires 05/25/2022 Strike Price $21.85		6		692,700		7,260
Silver Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $19.25		7		808,150		3,974
Silver Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $19.50		3		346,350		1,973
Silver Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $19.75		4		461,800		2,860
Silver Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $20.00		20		2,309,000		16,600
Silver Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $20.50		9		1,039,050		9,909
Silver Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $20.75		5		577,250		6,625
Silver Future, June 2022 Settlement, Expires 06/27/2022 Strike Price $21.00		14		1,616,300		21,700
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $410.00		6		264,300		930
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $415.00		46		2,026,300		11,270
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $420.00		14		616,700		5,250
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $425.00		11		484,550		6,050
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $430.00		29		1,277,450		22,620
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $435.00		47		2,070,350		49,585
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $440.00		139		6,122,950		190,430
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $445.00		130		5,726,500		224,250
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $450.00		161		7,092,050		339,710
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $455.00		140		6,167,000		352,800
Soybean Meal Future, May 2022 Settlement, Expires 05/20/2022 Strike Price $460.00		32		1,409,600		94,720
Soybean Meal Future, June 2022 Settlement, Expires 06/24/2022 Strike Price $390.00		6		264,300		1,050
Sugar Future, May 2022 Settlement, Expires 05/16/2022 Strike Price $16.25		20		428,960		224
Sugar Future, May 2022 Settlement, Expires 05/16/2022 Strike Price $16.50		75		1,608,600		840
Sugar Future, May 2022 Settlement, Expires 05/16/2022 Strike Price $16.75		25		536,200		280

TOTAL PUT OPTIONS (Premiums Received $5,947,463)						12,389,447

TOTAL WRITTEN OPTIONS (Premiums Received $14,141,510)					$	18,451,543


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

Open Futures Contracts

						��

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL VALUE		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
FUTURES CONTRACTS SOLD
Australian Dollar, June 2022 Settlement		695	$	49,254,650	$	885,683
British Pound, June 2022 Settlement		780		61,420,125		453,064
Canadian Dollar, June 2022 Settlement		590		45,963,950		198,834
CAC 40 Index, May 2022 Settlement		64		4,372,736		2,692
Coffee ‘C’, July 2022 Settlement		50		4,164,375		(104,112	)
Coffee ‘C’, September 2022 Settlement		80		6,657,000		119,171
Copper, July 2022 Settlement		110		12,123,375		65,745
Corn, September 2022 Settlement		155		5,952,000		(760,538	)
DAX Index, June 2022 Settlement		7		2,601,249		(38,044	)
E-Mini Russell 2000 Index, June 2022 Settlement		20		1,861,300		30,216
Euro, June 2022 Settlement		20		2,647,250		2,259
FTSE 100 Index, June 2022 Settlement		48		4,534,668		(9,434	)
Gasoline RBOB, October 2022 Settlement		22		2,702,608		(222,717	)
Japanese Yen, June 2022 Settlement		510		49,310,625		251,913
KC HRW Wheat, September 2022 Settlement		124		6,875,800		242,888
Kospi2 Index, June 2022 Settlement		166		11,749,522		61,189
Lean Hogs, June 2022 Settlement		80		3,404,000		121,416
Live Cattle, June 2022 Settlement		130		6,897,800		42,607
Low Su Gasoil, October 2022 Settlement		41		4,056,950		(451,014	)
NASDAQ 100 E-Mini Index, June 2022 Settlement		10		2,570,400		32,334
Natural Gas, October 2022 Settlement		27		1,970,730		(175,521	)
Nikkei 225, June 2022 Settlement		55		11,387,786		(839,622	)
NY Harbor ULSD, October 2022 Settlement		28		3,932,662		(429,190	)
S&P/TSX 60 Index, June 2022 Settlement		20		3,898,338		223,502
S&P500 Emini, June 2022 Settlement		235		48,498,125		506,939
SGX Nifty 50 Index, May 2022 Settlement		356		12,194,068		33,242
Soybean Meal, July 2022 Settlement		500		21,615,000		642,269
Soybean Oil, October 2022 Settlement		36		1,640,952		(152,262	)
SPI 200, June 2022 Settlement		87		11,385,737		98,981
Sugar #11, July 2022 Settlement		120		2,573,760		8,448
Wheat Future, September 2022 Settlement		130		6,878,625		57,262
WTI Crude, October 2022 Settlement		27		2,610,360		(147,021	)

TOTAL FUTURES CONTRACTS SOLD			$	417,706,526	$	751,179


FUTURES CONTRACTS PURCHASED
Amsterdam Index, May 2022 Settlement		29		4,322,695		(9,226	)
Brent Crude, July 2022 Settlement		40		4,285,600		65,587
Brent Crude, October 2022 Settlement		59		5,990,860		308,797
CBOE VIX, May 2022 Settlement		60		1,898,922		158,335
Cocoa, July 2022 Settlement		271		6,956,570		(219,018	)
Copper, September 2022 Settlement		22		2,427,425		(88,601	)
Cotton No.2, July 2022 Settlement		127		9,247,505		1,647,690
Euro Stoxx 50 Index, June 2022 Settlement		295		11,626,842		(325,906	)
FTSE China A50 Index, May 2022 Settlement		343		4,626,727		162,238
FTSE/JSE Top 40 Index, June 2022 Settlement		101		4,209,543		(92,988	)
FTSE/MIB Index, June 2022 Settlement		93		11,733,535		(318,542	)
FTSE Taiwan Index, May 2022 Settlement		126		7,344,540		39,687
Gold 100 Oz, June 2022 Settlement		7		1,338,190		(25,266	)
Hang Seng Index, May 2022 Settlement		34		4,550,159		234,495
IBEX 35 Index, May 2022 Settlement		135		12,204,561		79,474
Lean Hogs, October 2022 Settlement		65		2,429,700		(107,083	)
Live Cattle, October 2022 Settlement		45		2,564,550		(15,446	)
Natural Gas, June 2022 Settlement		165		11,952,600		411,306


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND



DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL VALUE		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
FUTURES CONTRACTS PURCHASED (continued)
Natural Gas, July 2022 Settlement		250	$	18,387,500	$	624,902
OMXS30 Index, May 2022 Settlement		563		11,792,415		(193,035	)
Silver, September 2022 Settlement		10		1,157,800		(159,590	)
Soybean, September 2022 Settlement		89		6,934,212		143,174
Soybean Meal, October 2022 Settlement		162		6,565,860		(322,127	)
Soybean Oil, July 2022 Settlement		190		9,596,520		24,003
Sugar #11, October 2022 Settlement		193		4,161,080		(8,019	)
Swiss Market Index, June 2022 Settlement		24		2,982,884		166,508
Wheat Future, July 2022 Settlement		200		10,557,500		(215,314	)

TOTAL FUTURES CONTRACTS PURCHASED			$	181,846,295	$	1,966,035

Open Forward Currency Contracts



COUNTERPARTY	FORWARD SETTLEMENT DATE		CURRENCY TO BE RECEIVED	AMOUNT OF CURRENCY TO BE RECEIVED IN LOCAL CURRENCY		CURRENCY TO BE DELIVERED	AMOUNT OF CURRENCY TO BE DELIVERED IN LOCAL CURRENCY		UNREALIZED APPRECIATION (DEPRECIATION)
Morgan Stanley Capital Services LLC		7/6/2022	Brazilian Real		23,256,187	United States Dollar		4,820,135	$	(206,198	)
Morgan Stanley Capital Services LLC		7/5/2022	British Pound		17,720,746	United States Dollar		23,210,013		(922,121	)
Morgan Stanley Capital Services LLC		7/5/2022	Canadian Dollar		1,457,982	United States Dollar		1,166,502		(31,847	)
Morgan Stanley Capital Services LLC		7/6/2022	Colombian Peso		66,400,527,360	United States Dollar		17,291,804		(684,512	)
Morgan Stanley Capital Services LLC		7/5/2022	Euro		18,935,100	United States Dollar		20,995,334		(950,006	)
Morgan Stanley Capital Services LLC		7/5/2022	Hungarian Forint		236,055,260	United States Dollar		699,901		(47,259	)
Morgan Stanley Capital Services LLC		7/5/2022	Indian Rupee		1,272,847,839	United States Dollar		16,591,903		(47,168	)
Morgan Stanley Capital Services LLC		7/5/2022	Indonesian Rupiah		228,875,023,604	United States Dollar		15,892,002		(209,912	)
Morgan Stanley Capital Services LLC		7/5/2022	Japanese Yen		740,641,329	United States Dollar		6,041,746		(318,795	)
Morgan Stanley Capital Services LLC		7/6/2022	Mexican Peso		14,076,398	United States Dollar		699,901		(19,390	)
Morgan Stanley Capital Services LLC		7/5/2022	Polish Zloty		70,275,171	United States Dollar		16,591,903		(878,818	)
Morgan Stanley Capital Services LLC		7/5/2022	South African Rand		69,784,326	United States Dollar		4,719,329		(333,267	)
Morgan Stanley Capital Services LLC		7/5/2022	United States Dollar		22,226,041	Australian Dollar		29,559,679		1,314,868
Morgan Stanley Capital Services LLC		7/6/2022	United States Dollar		15,892,002	Chilean Peso		12,681,181,916		1,203,557
Morgan Stanley Capital Services LLC		7/7/2022	United States Dollar		16,591,903	Czech Koruna		371,820,730		781,887
Morgan Stanley Capital Services LLC		7/5/2022	United States Dollar		17,291,804	Israeli New Shekel		55,210,413		696,607
Morgan Stanley Capital Services LLC		7/5/2022	United States Dollar		699,901	New Taiwan Dollar		19,997,011		16,785


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

COUNTERPARTY

FORWARD
SETTLEMENT
DATE

CURRENCY TO
BE RECEIVED

AMOUNT OF
CURRENCY TO BE
RECEIVED IN
LOCAL
CURRENCY

CURRENCY TO
BE DELIVERED

AMOUNT OF
CURRENCY TO BE
DELIVERED IN
LOCAL
CURRENCY

UNREALIZED
APPRECIATION
(DEPRECIATION)

Morgan Stanley Capital Services LLC

7/5/2022

United States Dollar

20,956,036

Norwegian Krone

183,575,399

1,377,469

Morgan Stanley Capital Services LLC

7/5/2022

United States Dollar

699,901

Singapore Dollar

949,671

13,188

Morgan Stanley Capital Services LLC

7/5/2022

United States Dollar

20,326,729

South Korean Won

24,799,625,203

681,421

Morgan Stanley Capital Services LLC

5/4/2022

United States Dollar

4,399,748

Swiss Franc

4,034,653

251,186

Morgan Stanley Capital Services LLC

7/5/2022

United States Dollar

18,889,292

Swiss Franc

17,436,724

896,075

2,583,750


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Schedule of Investments		as of April 30, 2022 (Unaudited)


STONE RIDGE BITCOIN STRATEGY FUND

ACQUISTION
DATE

PRINCIPAL
AMOUNT

COST

FAIR VALUE

FOREIGN GOVERNMENT AGENCY BONDS - 50.5%

International Bank for Reconstruction and Development 2.13%, 7/1/2022 (a)

8/4/2021

4,500,000

4,515,349

4,507,276

European Investment Bank 2.25%, 8/15/2022 (a)

8/18/2021

1,000,000

1,006,235

1,002,183

TOTAL FOREIGN GOVERNMENT AGENCY BONDS (Cost $5,521,584)

5,509,459

SHARES

FAIR VALUE

SHORT-TERM INVESTMENTS - 160.7%

Money Market Funds - 69.1%

First American Government Obligations Fund - Class X - 0.22% (b)

3,769,373

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 0.30% (b)

3,769,373

7,538,746

PRINCIPAL
AMOUNT

FAIR VALUE

U.S. Treasury Bills - 91.6%

0.063%, 7/14/2022 (a)(c)

10,000,000

9,984,305

TOTAL SHORT-TERM INVESTMENTS ($17,537,472)

17,523,051

TOTAL INVESTMENTS (Cost $23,059,056) - 211.2%

23,032,510

OTHER LIABILITIES IN EXCESS OF ASSETS - (111.2)%

(12,130,079)

TOTAL NET ASSETS - 100.0%

10,902,431

Percentages are stated as a percent of net assets.

(a)	All or a portion of this security is held as collateral for reverse repurchase agreements.

(b)	Rate shown is the 7-day effective yield.

(c)	Rate shown is the effective yield based on purchase price. The calculation assumes the security is held to maturity.

Open Futures Contracts



DESCRIPTION	NUMBER OF CONTRACTS PURCHASED		NOTIONAL VALUE		VALUE/ UNREALIZED DEPRECIATION
FUTURES CONTRACTS PURCHASED
CME Bitcoin Future, May 2022 Settlement		53	$	10,145,525	$	(304,158	)
CME Bitcoin Future, June 2022 Settlement		4		767,600		(58,036	)

TOTAL FUTURES CONTRACTS PURCHASED			$	10,913,125	$	(362,194	)

Reverse Repurchase Agreements



DESCRIPTION	PRINCIPAL VALUE		AMORTIZED COST
REVERSE REPURCHASE AGREEMENTS SOLD
Repurchase Agreement with Canadian Imperial Bank of Commerce, dated 02/25/2022, 0.75%, collateralized by $9,984,300 U.S. Treasury Bill, due 05/26/2022	$	9,951,060	$	9,951,060
Repurchase Agreement with Canadian Imperial Bank of Commerce, dated 04/28/2022, 0.90%, collateralized by $5,509,458 Foreign Government Agency Bonds, due 05/31/2022		5,270,078		5,270,078

TOTAL REVERSE REPURCHASE AGREEMENTS SOLD (Premiums Received $15,221,138)	$	15,221,138	$	15,221,138


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Statement of Assets and Liabilities		As of April 30, 2022 (Unaudited)



	STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND

ASSETS:
Investments, at fair value⁽¹⁾	$	1,678,296,120
Interest receivable		9,415,164
Receivable for fund shares sold		4,510,921
Foreign currencies at custodian, at fair value⁽²⁾		2
Receivable for investment securities sold		16,163,864
Other assets		319,036

Total assets		1,708,705,107

LIABILITIES:
Payable for investment securities purchased		32,645,783
Reverse repurchase agreements		5,000,000
Payable for fund shares redeemed		683,139
Loans payable		5,000,000
Payable to Adviser		2,033,957
Payable for Chief Compliance Officer compensation		4,540
Payable to Trustees		39,714
Payable to Custodian		26,531
Accrued distribution fees		17,772
Accrued interest expense		9,858
Other accrued expenses		572,949

Total liabilities		46,034,243

Total net assets	$	1,662,670,864


NET ASSETS CONSIST OF:
Capital stock	$	1,827,459,041
Total distributable losses		(164,788,177	)

Total net assets	$	1,662,670,864


Class I
Net assets	$	1,517,685,936
Shares outstanding		171,426,076
Class I Net asset value, offering and redemption price per share	$	8.85

Class M
Net assets	$	144,984,928
Shares outstanding		16,371,074
Class M Net asset value, offering and redemption price per share	$	8.86

(1) Cost of Investments	$	1,737,398,064
(2) Cost of Foreign currencies		2


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Statement of Assets and Liabilities		As of April 30, 2022 (Unaudited)



	STONE RIDGE U.S. HEDGED EQUITY FUND

ASSETS:
Investments, at fair value⁽¹⁾	$	34,153,707
Due from Adviser		13,692
Receivable for investment securities sold		613,904
Interest receivable		28
Other assets		45,669

Total assets		34,827,000

LIABILITIES:
Written options, at fair value⁽²⁾		700,755
Payable for investment securities purchased		634,077
Payable for fund shares redeemed		26,528
Payable to Custodian		572
Accrued distribution fees		362
Accrued legal fees		5,859
Accrued audit and tax fees		31,758
Payable to Trustees		1,416
Payable for Chief Compliance Officer compensation		4,540
Other accrued expenses		43,157

Total liabilities		1,449,024

Total net assets	$	33,377,976


NET ASSETS CONSIST OF:
Capital stock	$	35,023,006
Total distributable losses		(1,645,030	)

Total net assets	$	33,377,976


Class I
Net assets	$	30,632,164
Shares outstanding		2,657,205
Class I Net asset value, offering and redemption price per share	$	11.53

Class M
Net assets	$	2,745,812
Shares outstanding		241,304
Class M Net asset value, offering and redemption price per share	$	11.38

(1) Cost of Investments	$	34,253,648
(2) Premiums received		472,313


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Statement of Assets and Liabilities		As of April 30, 2022 (Unaudited)



	STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

ASSETS:
Investments, at fair value⁽¹⁾:
Unaffiliated issuers	$	212,210,343
Affiliated issuers		224,709,479
Unrealized appreciation on forward currency contracts		7,233,043
Collateral held at broker		12,721,243
Foreign currencies at broker, at value⁽²⁾		3,367,702
Receivable for investment securities sold		5,933,289
Receivable for fund shares sold		1,281,365
Interest receivable		309,736
Other assets		569,677

Total assets		468,335,877

LIABILITIES:
Written options, at fair value⁽³⁾		18,451,543
Unrealized depreciation on forward currency contracts		4,649,293
Interest payable		3,153
Payable for investment securities purchased		566,492
Payable for fund shares redeemed		97,936
Payable to Adviser		191,351
Payable to Trustees		6,873
Payable for Chief Compliance Officer compensation		6,128
Other accrued expenses		1,006,935

Total liabilities		24,979,704

Total net assets	$	443,356,173


NET ASSETS CONSIST OF:
Capital stock	$	324,397,755
Total distributable earnings		118,958,418

Total net assets	$	443,356,173


Class I
Net assets	$	411,921,156
Shares outstanding		39,901,654
Class I Net asset value, offering and redemption price per share	$	10.32

Class J
Net assets	$	31,435,017
Shares outstanding		3,058,436
Class J Net asset value, offering and redemption price per share	$	10.28

(1) Cost of Investments
Unaffiliated issuers	$	214,386,506
Affiliated issuers (See Note 9)		227,729,051
(2) Cost of foreign currencies		3,469,313
(3) Premiums received		14,141,510


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Statement of Assets and Liabilities		As of April 30, 2022 (Unaudited)



	STONE RIDGE BITCOIN STRATEGY FUND

ASSETS:
Investments, at fair value⁽¹⁾	$	23,032,510
Collateral held at broker		3,143,163
Deferred offering expense		85,055
Interest receivable		38,084
Receivable for fund shares sold		600
Other assets		62,054

Total assets		26,361,466

LIABILITIES:
Reverse repurchase agreements		15,221,138
Payable to Adviser		134,253
Interest payable		13,871
Payable for Chief Compliance Officer compensation		6,968
Payable to Trustees		3,213
Other accrued expenses		79,592

Total liabilities		15,459,035

Total net assets	$	10,902,431


NET ASSETS CONSIST OF:
Capital stock	$	18,313,868
Total distributable losses		(7,411,437	)

Total net assets	$	10,902,431


Class I
Net assets	$	10,247,003
Shares outstanding		2,061,330
Class I Net asset value, offering and redemption price per share	$	4.97

Class M
Net assets	$	655,428
Shares outstanding		131,880
Class M Net asset value, offering and redemption price per share	$	4.97

(1) Cost of Investments	$	23,059,056


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Statement of Operations		For the Period Ended April 30, 2022 (Unaudited)



	STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND

INVESTMENT INCOME:
Dividend income	$	1,440,957
Interest income		43,128,681

Total investment income		44,569,638

EXPENSES
Advisory fees (See Note 4)		11,311,290
Fund accounting and administration fees		542,186
Transfer agency fees and expenses		270,106
Interest expense		132,035
Trustees fees and expenses		92,700
Legal fees		85,849
Audit and tax related fees		82,118
Distribution (12b-1) fees — Class M Only		61,919
Federal and state registration fees		48,694
Custody fees		47,224
Chief Compliance Officer compensation		29,684
Other expenses		96,135

Total expenses before Adviser waiver		12,799,940
Expenses waived by Adviser (See Note 4)		(118,497	)

Total net expenses		12,681,443

Net investment income		31,888,195

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Investments		678,203
Foreign currency		53,723
Net change in unrealized appreciation (depreciation) on:
Investments		(18,885,655	)
Foreign currency		1,934

Net realized and unrealized loss		(18,151,795	)

Net increase in net assets resulting from operations	$	13,736,400


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Statement of Operations		For the Period Ended April 30, 2022 (Unaudited)



	STONE RIDGE U.S. HEDGED EQUITY FUND

INVESTMENT INCOME:
Interest income	$	38,302

Total investment income		38,302

EXPENSES
Advisory fees (See Note 4)		94,690
Fund accounting and administration fees		40,046
Audit and tax expenses		34,931
Chief Compliance Officer compensation		29,684
Transfer agency fees and expenses		23,389
Registration expense		19,641
Trustees fees and expenses		2,720
Distribution (12b-1) fees — Class M Only		1,467
Custody fees		947
Other expenses		25,019

Total expenses before Adviser waiver		272,534
Expenses waived by Adviser (See Note 4)		(176,157	)

Total net expenses		96,377

Net investment loss		(58,075	)

NET REALIZED AND UNREALIZED LOSS:
Net realized loss on:
Investments:		(31,598	)
Written options		(1,974,928	)
Net change in unrealized depreciation on:
Investments		(96,993	)
Written options		(328,540	)

Net realized and unrealized loss		(2,432,059	)

Net decrease in net assets resulting from operations	$	(2,490,134	)


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Statement of Operations		For the Period Ended April 30, 2022 (Unaudited)



	STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

INVESTMENT INCOME:
Dividend income
Affiliated issuers	$	3,580,264
Interest income		1,675,637

Total investment income		5,255,901

EXPENSES
Advisory fees (See Note 4)		1,201,659
Compliance fees		451,133
Fund accounting and administration fees		260,418
Investment expense		232,673
Audit and tax related fees		78,879
Legal fees		74,731
Transfer agency fees and expenses		41,927
Chief Compliance Officer compensation		29,684
Interest expense		28,987
Federal and state registration fees		25,119
Custody fees		21,934
Trustees fees and expenses		12,128
Other expenses		135,540

Total expenses before Adviser waiver		2,594,812
Expenses waived by Adviser (See Note 4)		(630,991	)

Total net expenses		1,963,821

Net investment income		3,292,080

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		(2,104,475	)
Affiliated issuers		(459,898	)
Foreign currencies		(31,723	)
Forward currency contracts		(3,772,927	)
Futures contracts		(33,299,297	)
Written options		40,097,658
Net change in unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		(2,505,717	)
Affiliated issuers		(1,828,504	)
Foreign currencies		(122,474	)
Forward currency contracts		3,028,253
Futures contracts		4,265,564
Written options		(6,700,750	)

Net realized and unrealized loss		(3,434,290	)

Net decrease in net assets resulting from operations	$	(142,210	)


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Statement of Operations		For the Period Ended April 30, 2022 (Unaudited)



	STONE RIDGE BITCOIN STRATEGY FUND

INVESTMENT INCOME:
Interest income	$	9,723
Dividend income		15

Total investment income		9,738

EXPENSES
Offering Costs		83,641
Legal fees		70,381
Advisory fees (See Note 4)		31,948
Interest expense		31,419
Audit and tax related fees		27,957
Chief Compliance Officer compensation		27,044
Fund accounting and administration fees		20,941
Transfer agency fees and expenses		15,111
Custody fees		8,720
Compliance fees		1,848
Trustees fees and expenses		837
Distribution (12b-1) fees		325
Other expenses		21,581

Total expenses before Adviser waiver		341,753
Expenses waived by Adviser (See Note 4)		(244,319	)

Total net expenses		97,434

Net investment loss		(87,696	)

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments		(140	)
Futures contracts		(6,965,228	)
Net change in unrealized depreciation on:
Investments		(18,964	)
Futures contracts		(331,827	)

Net realized and unrealized loss		(7,316,019	)

Net decrease in net assets resulting from operations	$	(7,403,715	)


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Statement of Changes in Net Assets



	STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND

	PERIOD ENDED APRIL 30, 2022 (UNAUDITED)			YEAR ENDED OCTOBER 30, 2021

OPERATIONS:
Net investment income	$	31,888,195		$	60,003,366
Net realized gain (loss) on:
Investments		678,203			(14,468,316	)
Foreign currency		53,723			2,288
Net change in unrealized appreciation (depreciation) on:
Investments		(18,885,655	)		(20,235,094	)
Foreign currency		1,934			(2,685	)
Net increase in net assets resulting from operations		13,736,400			25,299,559

DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions — Class I		(35,368,400	)		(53,948,580	)
Net dividends and distributions — Class M		(3,770,492	)		(6,542,221	)
Total distributions		(39,138,892	)		(60,490,801	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold — Class I		466,250,393			696,869,967
Proceeds from shares sold — Class M		22,365,745			69,051,839
Proceeds from shares issued to holders in reinvestment of dividends — Class I		20,409,809			31,267,778
Proceeds from shares issued to holders in reinvestment of dividends — Class M		3,304,778			5,335,425
Cost of shares redeemed — Class I		(215,102,102	)		(313,687,760	)
Cost of shares redeemed — Class M		(26,531,201	)		(35,288,589	)
Net increase in net assets from capital share transactions		270,697,422			453,548,660
Total increase in net assets		245,294,930			418,357,418

NET ASSETS:
Beginning of period		1,417,375,934			999,018,516

End of period	$	1,662,670,864		$	1,417,375,934


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Statement of Changes in Net Assets



	STONE RIDGE U.S. HEDGED EQUITY FUND

	PERIOD ENDED APRIL 30, 2022 (UNAUDITED)			YEAR ENDED OCTOBER 31, 2021

OPERATIONS:
Net investment loss	$	(58,075	)	$	(183,564	)
Net realized gain (loss) on:
Investments		(31,598	)		(61,076	)
Written options		(1,974,928	)		10,914,808
Net change in unrealized depreciation on:
Investments		(96,993	)		(23,708	)
Written options		(328,540	)		(80,822	)
Net increase (decrease) in net assets resulting from operations		(2,490,134	)		10,565,638

DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions — Class I		(1,877,404	)		(766,886	)
Net dividends and distributions — Class M		(152,629	)		(49,359	)
Total distributions		(2,030,033	)		(816,245	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold — Class I		1,013,312			8,282,595
Proceeds from shares sold — Class M		1,226,366			44,616
Proceeds from shares issued to holders in reinvestment of dividends — Class I		1,207,784			597,901
Proceeds from shares issued to holders in reinvestment of dividends — Class M		142,526			47,719
Cost of shares redeemed — Class I		(7,935,804	)		(31,777,600	)
Cost of shares redeemed — Class M		(1,241,400	)		(310,386	)
Net decrease in net assets from capital share transactions		(5,587,216	)		(23,115,155	)
Total decrease in net assets		(10,107,383	)		(13,365,762	)

NET ASSETS:
Beginning of period		43,485,359			56,851,121

End of period	$	33,377,976		$	43,485,359


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Statement of Changes in Net Assets



	STONE RIDGE DIVERSIFIED ALTERNATIVES FUND

	PERIOD ENDED APRIL 30, 2022 (UNAUDITED)			YEAR ENDED OCTOBER 31, 2021

OPERATIONS:
Net investment income	$	3,292,080		$	1,760,828
Net realized gain (loss) on:
Investments
Unaffiliated issuers		(2,104,475	)		(1,346,660	)
Affiliated issuers		(459,898	)		128,714
Foreign currencies		(31,723	)		(91,962	)
Forward currency contracts		(3,772,927	)		1,136,087
Futures contracts		(33,299,297	)		(32,203,575	)
Written options		40,097,658			47,463,857
Net change in unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		(2,505,717	)		452,862
Affiliated issuers		(1,828,504	)		(1,683,006	)
Foreign currencies		(122,474	)		18,152
Forward currency contracts		3,028,253			(401,608	)
Futures contracts		4,265,564			(3,970,401	)
Written options		(6,700,750	)		3,221,743
Net increase (decrease) in net assets resulting from operations		(142,210	)		14,485,031

DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions — Class I		(17,304,688	)		(825,586	)
Net dividends and distributions — Class J		(1,004,997	)		(299	)
Total distributions		(18,309,685	)		(825,885	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold — Class I		239,096,644			125,150,782
Proceeds from shares sold — Class J		20,950,106			12,831,477
Proceeds from shares issued in connection with acquisition — Class I(1)		—			75,727,187
Proceeds from shares issued to holders in reinvestment of dividends — Class I		15,065,424			786,553
Proceeds from shares issued to holders in reinvestment of dividends — Class J		971,555			299
Cost of shares redeemed — Class I		(26,430,261	)		(33,758,935	)
Cost of shares redeemed — Class J		(2,394,553	)		(113,394	)
Net increase in net assets from capital share transactions		247,258,915			180,623,969
Total increase in net assets		228,807,020			194,283,115

NET ASSETS:
Beginning of period		214,549,153			20,266,038

End of period	$	443,356,173		$	214,549,153

(1)

On February 5, 2021, the Stone Ridge Diversified Alternatives Fund acquired the Stone Ridge All Asset Variance Risk Premium Fund.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Statement of Changes in Net Assets



	STONE RIDGE BITCOIN STRATEGY FUND

	PERIOD ENDED APRIL 30, 2022 (UNAUDITED)			PERIOD ENDED OCTOBER 31, 2021⁽¹⁾

OPERATIONS:
Net investment loss	$	(87,696	)	$	(40,094	)
Net realized gain (loss) on:
Investments		(140	)		—
Futures contracts		(6,965,228	)		5,970,963
Net change in unrealized depreciation on:
Investments		(18,964	)		(7,582	)
Futures contracts		(331,827	)		(30,367	)
Net increase (decrease) in net assets resulting from operations		(7,403,855	)		5,892,920

DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions — Class I		(5,704,167	)		—
Net dividends and distributions — Class M		(196,335	)		—
Total distributions		(5,900,502	)		—

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold — Class I		1,145,742			11,417,350
Proceeds from shares sold — Class M		686,702			361,462
Proceeds from shares issued to holders in reinvestment of dividends — Class I		5,704,167			—
Proceeds from shares issued to holders in reinvestment of dividends — Class M		196,335			—
Cost of shares redeemed — Class I		(959,982	)		(38,212	)
Cost of shares redeemed — Class M		(189,885	)		(9,811	)
Net increase in net assets from capital share transactions		6,583,079			11,730,789
Total increase (decrease) in net assets		(6,721,278	)		17,623,709

NET ASSETS:
Beginning of period		17,623,709			—

End of period	$	10,902,431		$	17,623,709

(1)

The Stone Ridge Bitcoin Strategy Fund commenced operations on July 30, 2021.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Statement of Cash Flows		For the Period Ended April 30, 2022 (Unaudited)



	STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND

CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	13,736,400
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net realized and unrealized loss:		18,207,452
Amortization and accretion of premium and discount		(390,265	)
Changes in assets and liabilities:
Payable for investment securities purchased		30,572,533
Receivable for investment securities sold		(16,163,864	)
Foreign currencies at broker		111,612
Interest receivable		(1,176,341	)
Other assets		(256,111	)
Payable to Custodian		5,973
Payable to Trustees		(2,288	)
Payable for Chief Compliance Officer compensation		(316	)
Accrued interest expense		(29,182	)
Accrued distribution fees		(1,129	)
Other accrued expenses		61,652
Payable to Adviser		465,623
Purchases of investments		(401,971,690	)
Proceeds from sale of investments		241,078,327
Proceeds from cost adjustments		5,850,093
Net purchases and sales of short-term investments		(103,143,794	)
Net cash used in operating activities		(213,045,315	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares issued		488,557,350
Payment on shares redeemed		(241,337,730	)
Cash distributions to shareholders		(15,424,305	)
Proceeds from reverse repurchase agreements		60,824,349
Payments on reverse repurchase agreements		(60,824,349	)
Loan withdrawals		13,500,000
Loan paydowns		(32,250,000	)
Net cash provided by financing activities		213,045,315
Net decrease in cash and restricted cash		—
Cash and restricted cash, beginning of period		—
Cash and restricted cash, end of period	$	—


Supplemental Disclosures of Cash Flow and Non-Cash Information:
Reinvested distributions	$	23,714,587
Cash paid for interest on loans outstanding and reverse repurchase agreements	$	161,217


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Financial Highlights		April 30, 2022 (Unaudited)


	PER SHARE DATA:
	Income (loss) from Investment Operations
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gains (Losses)			Total from Investment Operations
STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND—CLASS I
Period Ended April 30, 2022 (Unaudited)	$	9.01		0.19		(0.11	)		0.08
Year Ended October 31, 2021	$	9.28		0.43		(0.23	)		0.20
Year Ended October 31, 2020	$	9.30		0.45		0.06			0.51
Year Ended October 31, 2019	$	9.54		0.44		(0.19	)		0.25
Year Ended October 31, 2018	$	9.14		0.46		0.21			0.67
Year Ended October 31, 2017	$	10.50		0.67		(1.13	)		(0.46	)
STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM FUND—CLASS M
Period Ended April 30, 2022 (Unaudited)	$	9.01		0.18		(0.10	)		0.08
Year Ended October 31, 2021	$	9.29		0.42		(0.25	)		0.17
Year Ended October 31, 2020	$	9.30		0.43		0.07			0.50
Year Ended October 31, 2019	$	9.53		0.42		(0.18	)		0.24
Year Ended October 31, 2018	$	9.13		0.45		0.20			0.65
Year Ended October 31, 2017	$	10.49		0.66		(1.13	)		(0.47	)

(1)

Net investment income per share has been calculated based on average shares outstanding during the period.

(2)

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).

(3)

Includes borrowing and investment-related expenses not covered by the Fund’s expense limitation agreement. See Note 4.

(4)

Includes less than $0.01 per share of return of capital.

(5)

Not annualized.

(6)

Annualized.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Financial Highlights		April 30, 2022 (Unaudited)


													SUPPLEMENTAL DATA AND RATIOS:
Distributions to Shareholders
Net Investment Income			Net Realized Gains		Total Distributions			Net Asset Value, End of Period		Total Return⁽²⁾			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (Before Expense Reimbursement/ Recoupment)⁽³⁾			Ratio of Expenses to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽³⁾			Ratio of Net Investment Income to Average Net Assets (Before Expense Reimbursement/ Recoupment)⁽³⁾			Ratio of Net Investment Income to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽³⁾			Portfolio Turnover Rate

	(0.24	)		—		(0.24	)	$	8.85		0.89	%⁽⁵⁾	$	1,517,686		1.69	%⁽⁶⁾		1.67	%⁽⁶⁾		4.21	%⁽⁶⁾		4.23	%⁽⁶⁾		16.34	%⁽⁵⁾
	(0.47	)		—		(0.47	)	$	9.01		2.16	%	$	1,269,044		1.73	%		1.69	%		4.73	%		4.77	%		28.45	%
	(0.53	)		—		(0.53	)	$	9.28		5.73	%	$	886,011		1.73	%		1.68	%		4.87	%		4.92	%		50.26	%
	(0.49	)		—		(0.49	)	$	9.30		2.87	%	$	800,883		1.71	%		1.70	%		4.75	%		4.76	%		21.85	%
	(0.27	)		—		(0.27	)	$	9.54		7.41	%	$	815,827		1.73	%		1.68	%		4.87	%		4.92	%		27.71	%
	(0.90	)		—		(0.90	)⁽⁴⁾	$	9.14		(4.85	%)	$	910,525		1.81	%		1.77	%		6.78	%		6.82	%		29.74	%

	(0.23	)		—		(0.23	)	$	8.86		0.95	%⁽⁵⁾	$	144,985		1.78	%⁽⁶⁾		1.76	%⁽⁶⁾		4.14	%⁽⁶⁾		4.16	%⁽⁶⁾		16.34	%⁽⁵⁾
	(0.45	)		—		(0.45	)	$	9.01		1.90	%	$	148,332		1.88	%		1.84	%		4.57	%		4.61	%		28.45	%
	(0.51	)		—		(0.51	)	$	9.29		5.68	%	$	113,008		1.87	%		1.82	%		4.72	%		4.77	%		50.26	%
	(0.47	)		—		(0.47	)	$	9.30		2.78	%	$	116,551		1.86	%		1.85	%		4.61	%		4.62	%		21.85	%
	(0.25	)		—		(0.25	)	$	9.53		7.23	%	$	116,356		1.88	%		1.83	%		4.74	%		4.79	%		27.71	%
	(0.89	)		—		(0.89	)⁽⁴⁾	$	9.13		(5.01	%)	$	186,748		1.96	%		1.91	%		6.60	%		6.65	%		29.74	%


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Financial Highlights		April 30, 2022 (Unaudited)


	PER SHARE DATA:
	Income (loss) from Investment Operations
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gains (Losses)			Total from Investment Operations
STONE RIDGE U.S. HEDGED EQUITY FUND—CLASS I
Period Ended April 30, 2022 (Unaudited)	$	13.01		(0.02	)		(0.82	)		(0.84	)
Year Ended October 31, 2021	$	10.59		(0.05	)		2.66			2.61
Year Ended October 31, 2020	$	10.45		0.12			0.09			0.21
Year Ended October 31, 2019	$	9.82		0.08			0.64			0.72
Year Ended October 31, 2018	$	11.49		—			(0.18	)		(0.18	)
Year Ended October 31, 2017	$	10.58		(0.08	)		1.45			1.37
STONE RIDGE U.S. HEDGED EQUITY FUND—CLASS M
Period Ended April 30, 2022 (Unaudited)	$	12.85		(0.02	)		(0.81	)		(0.83	)
Year Ended October 31, 2021	$	10.48		(0.07	)		2.64			2.57
Year Ended October 31, 2020	$	10.35		0.12			0.08			0.20
Year Ended October 31, 2019	$	9.72		0.06			0.64			0.70
Year Ended October 31, 2018	$	11.40		(0.02	)		(0.17	)		(0.19	)
Year Ended October 31, 2017	$	10.52		(0.10	)		1.44			1.34

(1)

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

(2)

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).

(3)

Includes borrowing and investment-related expenses not covered by the Fund’s expense limitation agreement. See Note 4.

(4)

Not annualized.

(5)

Annualized.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Financial Highlights		April 30, 2022 (Unaudited)


																SUPPLEMENTAL 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⁽²⁾			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (Before Expense Reimbursement/ Recoupment)⁽³⁾			Ratio of Expenses to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Expense Reimbursement/ Recoupment)⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽³⁾			Portfolio Turnover Rate

	—			(0.64	)		—		(0.64	)	$	11.53		(6.75	)%⁽⁴⁾	$	30,632		1.43	%⁽⁵⁾		0.50	%⁽⁵⁾		(1.23	%)⁽⁵⁾		(0.30	%)⁽⁵⁾		0.00	%⁽⁴⁾
	(0.19	)		—			—		(0.19	)	$	13.01		25.00	%	$	40,475		1.35	%		0.50	%		(1.24	%)		(0.40	%)		0.00	%
	(0.02	)		(0.05	)		—		(0.07	)	$	10.59		2.02	%	$	54,205		1.13	%		0.48	%		0.52	%		1.17	%		0.00	%
	(0.08	)		(0.01	)		—		(0.09	)	$	10.45		7.40	%	$	147,559		1.70	%		1.70	%		0.78	%		0.78	%		0.00	%
	—			(1.49	)		—		(1.49	)	$	9.82		(2.04	)%	$	192,725		1.58	%		1.60	%		(0.01	%)		(0.03	%)		0.00	%
	—			(0.46	)		—		(0.46	)	$	11.49		13.34	%	$	301,447		1.55	%		1.53	%		(0.84	%)		(0.82	%)		0.00	%

	—			(0.64	)		—		(0.64	)	$	11.38		(6.76	)%⁽⁴⁾	$	2,746		1.53	%⁽⁵⁾		0.60	%⁽⁵⁾		(1.33	%)⁽⁵⁾		(0.40	%)⁽⁵⁾		0.00	%⁽⁴⁾
	(0.20	)		—			—		(0.20	)	$	12.85		24.79	%	$	3,010		1.51	%		0.65	%		(1.41	%)		(0.55	%)		0.00	%
	(0.02	)		(0.05	)		—		(0.07	)	$	10.48		1.90	%	$	2,646		1.21	%		0.63	%		0.58	%		1.16	%		0.00	%
	(0.06	)		(0.01	)		—		(0.07	)	$	10.35		7.24	%	$	12,903		1.87	%		1.86	%		0.63	%		0.64	%		0.00	%
	—			(1.49	)		—		(1.49	)	$	9.72		(2.16	)%	$	21,534		1.73	%		1.75	%		(0.19	%)		(0.21	%)		0.00	%
	—			(0.46	)		—		(0.46	)	$	11.40		13.13	%	$	51,341		1.68	%		1.67	%		(0.98	%)		(0.97	%)		0.00	%


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Financial Highlights		April 30, 2022 (Unaudited)


	PER SHARE DATA:
	Income (loss) from Investment Operations
	Net Asset Value, Beginning of Period		Net Investment Income⁽²⁾			Net Realized and Unrealized Gains			Total from Investment Operations
STONE RIDGE DIVERSIFIED ALTERNATIVES FUND—CLASS I
Period Ended April 30, 2022 (Unaudited)	$	11.19		0.11	⁽⁴⁾		(0.05	)⁽⁴⁾		0.06	⁽⁴⁾
Year Ended October 31, 2021	$	10.42		0.14	⁽⁴⁾		0.95	⁽⁴⁾		1.09	⁽⁴⁾
Period Ended October 31, 2020⁽¹⁾	$	10.00		0.09	⁽⁴⁾		0.33	⁽⁴⁾		0.42	⁽⁴⁾
STONE RIDGE DIVERSIFIED ALTERNATIVES FUND—CLASS J
Period Ended April 30, 2022 (Unaudited)	$	11.15		0.09	⁽⁴⁾		(0.04	)⁽⁴⁾		0.05	⁽⁴⁾
Year Ended October 31, 2021	$	10.42		0.08	⁽⁴⁾		0.96	⁽⁴⁾		1.04	⁽⁴⁾
Period Ended October 31, 2020⁽¹⁾	$	10.00		0.08	⁽⁴⁾		0.34	⁽⁴⁾		0.42	⁽⁴⁾

(1)

The Fund commenced operations on May 1, 2020.

(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)

Per share amounts include income and expenses of the Stone Ridge Diversified Alternatives Fund, which are shown on the Fund’s Statement of Operations. Amounts do not include the Fund’s proportionate share of the income and expenses of the underlying investor funds.

(5)

Not annualized.

(6)

Annualized.

(7)

Includes investment-related expenses not covered by the Fund’s expense limitation agreement. See Note 4.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Financial Highlights		April 30, 2022 (Unaudited)


																SUPPLEMENTAL 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)⁽⁷⁾			Ratio of Expenses to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽⁷⁾			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Expense Reimbursement/ Recoupment)⁽⁷⁾			Ratio of Net Investment Income (Loss) to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽⁷⁾			Portfolio Turnover Rate

	(0.78	)		(0.15	)		—		(0.93	)	$	10.32		0.54	%⁽⁵⁾	$	411,921		1.57	%⁽⁶⁾		1.19	%⁽⁶⁾		1.66	%⁽⁶⁾		2.04	%⁽⁶⁾		14.26	%⁽⁵⁾
	(0.26	)		(0.06	)		—		(0.32	)	$	11.19		10.70	%	$	201,434		2.13	%		1.15	%		0.30	%		1.28	%		33.34	%
	—			—			—		—		$	10.42		4.20	%⁽⁵⁾	$	20,261		3.57	%⁽⁶⁾		1.04	%⁽⁶⁾		(0.80	%)⁽⁶⁾		1.73	%⁽⁶⁾		28.54	%⁽⁵⁾

	(0.77	)		(0.15	)		—		(0.92	)	$	10.28		0.44	%⁽⁵⁾	$	31,435		1.85	%⁽⁶⁾		1.47	%⁽⁶⁾		1.41	%⁽⁶⁾		1.79	%⁽⁶⁾		14.26	%⁽⁵⁾
	(0.25	)		(0.06	)		—		(0.31	)	$	11.15		10.25	%	$	13,115		2.35	%		1.46	%		(0.19	)%		0.70	%		33.34	%
	—			—			—		—		$	10.42		4.20	%⁽⁵⁾	$	5		3.64	%⁽⁶⁾		1.14	%⁽⁶⁾		(0.87	%)⁽⁶⁾		1.63	%⁽⁶⁾		28.54	%⁽⁵⁾


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Financial Highlights		April 30, 2022 (Unaudited)


	PER SHARE DATA:
	Income (loss) from Investment Operations
	Net Asset Value, Beginning of Period		Net Investment Income⁽²⁾			Net Realized and Unrealized Gains			Total from Investment Operations
STONE RIDGE BITCOIN STRATEGY FUND—CLASS I
Period Ended April 30, 2022	$	15.40		(0.05	)		(5.33	)		(5.38	)
Period Ended October 31, 2021⁽¹⁾	$	10.00		(0.04	)		5.44			5.40
STONE RIDGE BITCOIN STRATEGY FUND—CLASS M
Period Ended April 30, 2022	$	15.40		(0.05	)		(5.33	)		(5.38	)
Period Ended October 31, 2021⁽¹⁾	$	10.00		(0.04	)		5.44			5.40

(1)

The Fund commenced operations on July 30, 2021.

(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)

Not annualized.

(5)

Annualized.

(6)

Includes investment-related expenses not covered by the Fund’s expense limitation agreement. See Note 4.


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Consolidated Financial Highlights		April 30, 2022 (Unaudited)


															SUPPLEMENTAL 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)⁽⁶⁾			Ratio of Expenses to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽⁶⁾			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Expense Reimbursement/ Recoupment)⁽⁶⁾			Ratio of Net Investment Income (Loss) to Average Net Assets (After Expense Reimbursement/ Recoupment)⁽⁶⁾			Portfolio Turnover Rate

	(5.05	)		—		—		(5.05	)	$	4.97		(41.00	%)⁽⁴⁾	$	10,247		5.34	%⁽⁵⁾		1.52	%⁽⁵⁾		(5.19	%)⁽⁵⁾		(1.37	%)⁽⁵⁾		0.00	%⁽⁴⁾
	—			—		—		—		$	15.40		54.00	%⁽⁴⁾	$	17,196		6.06	%⁽⁵⁾		1.27	%⁽⁵⁾		(5.98	%)⁽⁵⁾		(1.19	%)⁽⁵⁾		0.00	%⁽⁴⁾

	(5.05	)		—		—		(5.05	)	$	4.97		(41.03	%)⁽⁴⁾	$	655		5.89	%⁽⁵⁾		1.74	%⁽⁵⁾		(5.72	%)⁽⁵⁾		(1.57	%)⁽⁵⁾		0.00	%⁽⁴⁾
	—			—		—		—		$	15.40		54.00	%⁽⁴⁾	$	428		5.40	%⁽⁵⁾		1.41	%⁽⁵⁾		(5.33	%)⁽⁵⁾		(1.34	%)⁽⁵⁾		0.00	%⁽⁴⁾


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

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Notes to Financial Statements		April 30, 2022 (Unaudited)

1. Organization

Stone Ridge Trust (the “Trust”) was organized as a Delaware statutory trust on September 28, 2012 and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company issuing shares in multiple series, each series representing a distinct portfolio with its own investment objectives and policies. As of April 30, 2022, the Stone Ridge High Yield Reinsurance Risk Premium Fund (the “High Yield Reinsurance Fund”), the Stone Ridge U.S. Hedged Equity Fund (the “U.S. Hedged Equity Fund”), the Stone Ridge Diversified Alternatives Fund (the “Diversified Alternatives Fund”) and the Stone Ridge Bitcoin Strategy Fund (the “Bitcoin Strategy Fund”) (and together, the “Funds”) were each series of the Trust. The High Yield Reinsurance Fund and the Bitcoin Strategy Fund are non-diversified, while the U.S. Hedged Equity Fund and the Diversified Alternatives Fund are diversified. The High Yield Reinsurance Fund commenced operations on February 1, 2013. The U.S. Hedged Equity Fund commenced operations on May 1, 2013. The Diversified Alternatives Fund commenced operations on May 1, 2020. The Bitcoin Strategy Fund commenced operations on July 30, 2021. The High Yield Reinsurance Fund, the U.S. Hedged Equity Fund and the Bitcoin Strategy Fund each offer two classes of shares to investors: Class I shares, with no front-end or back-end sales charges, and no 12b-1 fees; and Class M shares, with no front-end or back-end sales charges, and a 0.15% 12b-1 fee. The Diversified Alternatives Fund offers two classes of shares to investors: Class I shares and Class J shares, with no front-end or back-end sales charges, and no 12b-1 fees. The Funds do not charge redemption fees. There are an unlimited number of authorized shares.

On February 5, 2021, the Diversified Alternatives Fund acquired all of the assets, and assumed all of the liabilities, of the Stone Ridge All Asset Variance Risk Premium Fund (the “All Asset VRP Fund”) pursuant to a Plan of Reorganization approved by the Board of Trustees (the “Board”). Shareholders of the All Asset VRP Fund received Class I shares of the Diversified Alternatives Fund in exchange for their shares of the All Asset VRP Fund. The acquisition was accomplished by a tax-free exchange of 7,277,511 shares of the Diversified Alternatives Fund (valued at $75,727,187) for all 10,496,873 Class I shares of the All Asset VRP Fund.

For financial reporting purposes, assets received and shares issued by the Diversified Alternatives Fund were recorded at fair value; however, the cost basis of the investments received from the All Asset VRP Fund was carried forward to align ongoing reporting of the Diversified Alternatives Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The All Asset VRP Fund’s net assets at that date $75,727,187, including $1,524,541 of unrealized appreciation, $(189,247,596) of undistributed net realized losses and $6,349,431 of undistributed net investment income, were combined with those of the Diversified Alternatives Fund. The aggregate net assets of the Diversified Alternatives Fund immediately after the acquisition were $129,779,202 which had previously been $54,052,015 prior to the acquisition. Assuming the acquisition had been completed on November 1, 2020, the beginning of the Funds’ fiscal year, pro forma results of operations for the Diversified Alternatives Fund for the year ended October 31, 2021, would have been $732,282 of net investment income, $16,361,376 of net realized and unrealized gains on investments, and $17,093,658 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the All Asset VRP Fund that have been included in Diversified Alternatives Fund’s statement of operations since February 5, 2021.

The investment objective of the High Yield Reinsurance Fund is to seek a high level of total return consisting of income and preservation of capital. The High Yield Reinsurance Fund pursues its investment objective by investing primarily in reinsurance-related securities, including event-linked bonds, preference shares or participation notes issued in connection with quota shares (“Quota Share Notes”), and to a lesser extent, preference shares or participation notes issued in connection with industry loss warranties (“ILW Notes”), event-linked swaps, equity securities (publicly or privately offered) and the derivatives of equity securities of companies in the reinsurance and insurance industry (collectively, “reinsurance-related securities”). The investment objective of the U.S. Hedged Equity Fund is to seek capital appreciation. The U.S. Hedged Equity Fund typically pursues its investment objective by writing (selling) call and put options related to U.S. securities. The investment objective of the Diversified Alternatives Fund is to seek total return. The Diversified Alternatives Fund pursues its investment objective by generating income from diverse investment strategies that have potential for attractive returns such as reinsurance, market risk transfer, style premium investing, alternative lending, single family real estate and healthcare royalties. The investment objective of the Bitcoin Strategy Fund is to seek capital appreciation. The Bitcoin Strategy Fund pursues its investment objective primarily by investing in bitcoin futures contracts and in pooled investment vehicles that invest directly or indirectly in bitcoin. The Bitcoin

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Notes to Financial Statements		April 30, 2022 (Unaudited)

Strategy Fund does not directly invest in bitcoin or other digital assets. As of April 30, 2022, the Bitcoin Strategy Fund held no investments in pooled investment vehicles that invest directly or indirectly in bitcoin.

The consolidated financial statements include the accounts of the Stone Ridge Diversified Alternatives Sub Fund Ltd. and the Stone Ridge Bitcoin Strategy Sub Fund Ltd. (each a “Subsidiary”), each of which is a wholly-owned and controlled subsidiary of the Diversified Alternatives Fund and the Bitcoin Strategy Fund, respectively. Reference made within this report to schedules of investments or statements of assets and liabilities refer to Consolidated Schedules of Investments or Consolidated Statement of Assets and Liabilities for the Diversified Alternatives Fund and Bitcoin Strategy Fund. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiaries gain exposure to the commodities markets by investing in commodity-linked derivatives such as commodity-linked futures, options and swaps. As of April 30, 2022, the Subsidiaries’ consolidated net assets were $71,283,498 and $4,549,711, which represented 16.1% and 41.7% of the Diversified Alternatives Fund and Bitcoin Strategy Fund’s net assets, respectively.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Funds are investment companies and apply 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 each Fund values its investments (the “Valuation Procedures”). The Board has established an Adviser Valuation Committee made up of employees of Stone Ridge Asset Management LLC (the “Adviser”) to which the Board has delegated responsibility for overseeing the implementation of the Valuation Procedures, including fair value determinations made on behalf of the Board.

Listed below is a summary of certain of the methods generally used currently to value investments of each Fund under the Valuation Procedures:

With respect to pricing of insurance-linked securities for which at least one designated independent broker provides a price, that price (or, if multiple designated independent brokers provide a price, the average of such prices) will be used to value the security. The Funds typically utilize an independent data delivery vendor to obtain the prices, average them and communicate the resulting value to the Administrator. If no designated independent broker provides a price for the security in question, the Adviser Valuation Committee will generally utilize prices provided by one or more other brokers that the Adviser has approved to value the security. For certain securities, an administrator or third-party manager may regularly provide net asset values that may be used to determine the price at which an investor can subscribe for or redeem an investment in that security, subject to any relevant restrictions on the timing of such subscriptions or redemptions. The Adviser Valuation Committee will generally rely upon such valuations, with any necessary adjustment to reflect relevant corporate actions (e.g., dividends paid but not yet reflected in the reported net asset value).

The Diversified Alternatives Fund’s holdings in whole loans, securitizations and certain other types of alternative lending-related securities, and the Fund’s holdings in mortgage loans, mezzanine loans and certain other types of single-family real estate debt investments, are typically fair valued based on prices provided by a third-party pricing service. Each loan and fractional loan is fair valued using inputs that take into account individual borrower-level data (e.g., payment history) that is updated periodically to reflect new information regarding the borrower or loan.

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

Other debt securities, including corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, loans, mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities (except event-linked bonds) are valued by an independent pricing service at an evaluated (or estimated) mean between the closing bid and asked prices.

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Notes to Financial Statements		April 30, 2022 (Unaudited)

Reverse repurchase agreements are accounted for at amortized cost, which approximates fair value.

For investments in investment companies that are registered under the 1940 Act, the value of the shares of such funds is calculated based upon the net asset value (“NAV”) per share of such funds. The prospectuses for such funds explain the circumstances under which they will use fair value pricing and its effects.

The Diversified Alternatives Fund’s holdings in private funds are fair valued based on valuations of the Fund’s interests in such private funds provided by the managers of such private funds or their agents. Valuations will be provided to the Fund on a monthly or quarterly basis based on the interim unaudited financial statements of such private funds, and, therefore, will be estimates subject to adjustment (upward or downward) upon the completion of the audit of such financial statements and may fluctuate as a result. The Fund will perform an independent review of such valuations and will consider all relevant information, including the reliability of the pricing information provided by the managers of the private funds. The Fund may conclude, in certain circumstances, that the valuation provided by the manager of a private fund is not indicative of what actual fair value would be in an active, liquid or established market. In those circumstances, the Fund may value its interests in the private fund at a discount or a premium to the valuation it receives from the private fund. Additionally, between the monthly or quarterly dates on which such private fund provides a net asset value, the valuation of the Fund’s interest in such private fund may be adjusted more frequently based on the estimated total return that such private fund will generate during such period and other general market or private fund -specific changes the Adviser is aware of. At the end of the month or quarter, as applicable, each private investment private fund’s net asset value is adjusted based on the actual income and appreciation or depreciation realized by such private fund when the monthly or quarterly valuations and income are reported.

Equity securities (other than insurance-linked securities that are valued pursuant to the valuation methods described above) are valued at the last sale, official close or if there are no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded. The values of the Funds’ investments in publicly-traded foreign equity securities generally will be the closing or final trading prices in the local trading markets but may be adjusted based on values determined by a pricing service using pricing models designed to estimate changes in the values of those securities between the times in which the trading in those securities is substantially completed and the close of the New York Stock Exchange (“NYSE”).

Exchange-traded derivatives, such as options and futures contracts, are valued at the settlement price on the exchange or mean of the bid and asked prices.

Non-exchange traded derivatives, including over-the-counter (“OTC”) options, are generally valued on the basis of valuations provided by a pricing service or using quotes provided by a broker/dealer (typically the counterparty).

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 the Adviser Valuation Committee, then such instruments will be valued as determined in good faith by the Adviser Valuation Committee. In these circumstances, the Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Adviser Valuation Committee of any information or factors it deems appropriate.

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

A substantial portion of the Funds’ investments are U.S. dollar denominated investments. Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. International markets are sometimes open on days when U.S. markets are closed, which means that the value of foreign securities owned by a Fund could change on days when Fund shares cannot be bought or sold. The value of

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Notes to Financial Statements		April 30, 2022 (Unaudited)

investments traded in markets outside the U.S. or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed, and the NAV of a Fund’s shares may change on days when an investor is not able to purchase, redeem or exchange shares. The calculation of a Fund’s NAV may not take place contemporaneously with the determination of the prices of foreign securities used in NAV calculations.

The Funds adhere 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 within 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.

There were transfers between Level 2 and 3 during the reporting period. The transfers from Level 3 to Level 2 occurred because there was observable market data that became available as of April 30, 2022. The following table summarizes the inputs used to value the Funds’ investments as of April 30, 2022:


DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
*High Yield Reinsurance Fund*
Assets
Event-Linked Bonds
Europe	$	—	$	457,344	$	4,324,967	$	4,782,311
Global		—		222,543,531		1,000,600		223,544,131
Jamaica		—		15,820,000		—		15,820,000
Japan		—		62,331,501		—		62,331,501
Mexico		—		17,694,133		—		17,694,133
United States		—		994,453,658		15,947,249		1,010,400,907
Total Event-Linked Bonds		—		1,313,300,167		21,272,816		1,334,572,983
Quota Shares and Other Reinsurance-Related Securities
Participation Notes⁽¹⁾⁽²⁾		—		—		106,576,780		106,576,780
Preference Shares⁽¹⁾		—		—		133,811,908		133,811,908
Total Quota Shares and Other Reinsurance-Related Securities		—		—		240,388,688		240,388,688
Money Market Funds		103,334,449		—		—		103,334,449

Total Assets	$	103,334,449	$	1,313,300,167	$	261,661,504	$	1,678,296,120

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Notes to Financial Statements		April 30, 2022 (Unaudited)


DESCRIPTION	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
*U.S. Hedged Equity Fund⁽³⁾*
Assets
Purchased Options	$	1,200		$	—		$	—	$	1,200
Money Market Funds		225,409			—			—		225,409
U.S. Treasury Bills		—			33,927,098			—		33,927,098

Total Assets	$	226,609		$	33,927,098		$	—	$	34,153,707
Liabilities
Written Options	$	460,880		$	239,875		$	—	$	700,755

Total Liabilities	$	460,880		$	239,875		$	—	$	700,755



*Diversified Alternatives Fund*
Assets
Asset-Backed Securities	$	—		$	—		$	21,612,037	$	21,612,037
Investment Companies—Open End		224,709,479			—			—		224,709,479
Purchased Options		1,986,815			860,175			—		2,846,990
Money Market Funds		36,181,056			—			—		36,181,056
U.S. Treasury Bills		—			123,469,964			—		123,469,965
Whole Loan Consumer Loans		—			—			28,100,296		28,100,296

Total Assets	$	262,877,350		$	124,330,139		$	49,712,333	$	436,919,822
Liabilities
Written Options	$	16,266,404		$	2,185,139		$	—	$	18,451,543

Total Liabilities	$	16,266,404		$	2,185,139		$	—	$	18,451,543
Other Financial Instruments*
Unrealized appreciation on forward currency contracts	$	—		$	7,233,043		$	—	$	7,233,043
Unrealized depreciation on forward currency contracts		—			(4,649,293	)		—		(4,649,293	)
Unrealized appreciation on futures contracts		8,146,852			—			—		8,146,852
Unrealized depreciation on futures contracts		(5,429,638	)		—			—		(5,429,638	)

Total	$	2,717,214		$	2,583,750		$	—	$	5,300,964


*Bitcoin Strategy Fund*
Assets
Foreign Government Agency Bonds	$	—		$	5,509,459		$	—	$	5,509,459
Money Market Funds		7,538,746			—			—		7,538,746
U.S. Treasury Bills		—			9,984,305			—		9,984,305

Total Assets	$	7,538,746		$	15,493,764		$	—	$	23,032,510
Other Financial Instruments*
Unrealized depreciation on futures contracts	$	(362,194	)	$	—		$	—	$	(362,194	)

Total	$	(362,194	)	$	—		$	—	$	(362,194	)

(1)	For further security characteristics, see the Funds’ Schedules of Investments.

(2)	Includes Level 3 investments with values of zero.

(3)

The Fund measures Level 3 activity as of the beginning and end of each financial reporting period. For the period ended April 30, 2022, the Fund did not have significant unobservable inputs (Level 3 securities) used in determining fair value. Therefore, the reconciliation of assets and liabilities in which significant unobservable inputs (Level 3 securities) was used in determining fair value is not applicable.

*	Other financial instruments are derivatives, such as futures and forward currency contracts. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument.

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Notes to Financial Statements		April 30, 2022 (Unaudited)

Below

is a reconciliation that details the activity of securities in Level 3 during the period ended April 30, 2022:


	HIGH YIELD REINSURANCE FUND									DIVERSIFIED ALTERNATIVES FUND
	EVENT- LINKED BONDS			PARTICIPATION NOTES			PREFERENCE SHARES			ASSET-BACKED SECRUTIES			WHOLE LOAN CONSUMER LOANS
Beginning Balance—November 1, 2021	$	6,069,513		$	83,949,955		$	125,333,720		$	12,053,281		$	—
Acquisitions		21,345,188			81,867,171			15,000,000			11,929,105			29,319,076
Dispositions/Paydowns		(5,509,221	)		(61,885,726	)		—			—			(1,028,106	)
Realized gain (loss)		140,600			550,434			—			—			(6,103	)
Return of capital		—			(22,505	)		(5,875,152	)		(1,740,916	)		—
Change in unrealized appreciation (depreciation)		(698,686	)		2,117,451			(646,660	)		(629,433	)		(181,792	)
Amortization of premium		—			—			—			—			(2,779	)
Net transfers in/(out) of Level 3		(74,578	)		—			—			—			—
Ending Balance—April 30, 2022	$	21,272,816		$	106,576,780		$	133,811,908		$	21,612,037		$	28,100,296

As of April 30, 2022, the change in unrealized appreciation (depreciation) on Level 3 positions still held in the High Yield Reinsurance Fund was $(446,078) for Event-Linked Bonds, $2,611,603 for Participation Notes, and $(646,660) for Preference Shares. As of April 30, 2022, the change in unrealized appreciation (depreciation) on positions still held in the Diversified Alternatives Fund was $(629,433) for Asset-Backed Securities and $(181,792) for Whole Loan Consumer Loans.

Unobservable inputs for event-linked bonds, participation notes, and preference shares included losses from severe weather events, other natural and non-natural catastrophes and insurance and reinsurance premiums. Significant decreases in premiums or increases in losses related to severe weather or other natural and non-natural catastrophes in isolation would result in a significantly lower fair value measurement. Participation notes and preference shares are monitored daily for significant events that could affect the value of the instruments. The value of asset-backed securities is determined by the forecast performance of alternative lending loans and single-family rental homes in each security’s respective underlying asset pool and the priority the security has with respect to the cash flows of such assets. Because the securities have exposure to the underlying loans and homes, any deterioration of the assets may result in a markdown of fair values.

Whole Loans are valued using a discounted cash flow framework that takes into account the original purchase price, the scheduled loan payments, and forecast losses. The loss forecasts are based on industry and platform historical loan performance, as well as evaluation of the current underwriting environment. Higher expectations of losses, due to factors such as rising delinquencies on a platform’s loans or a deteriorating macroeconomic environment, would result in a markdown of fair values.

The following table summarizes the significant quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of April 30, 2022.

High Yield Reinsurance Fund

TYPE OF SECURITY

INDUSTRY

FAIR VALUE AT
4/30/22

VALUATION
TECHNIQUES

UNOBSERVABLE
INPUTS

RANGE

WEIGHTED
AVERAGE⁽¹⁾

Event-Linked Bonds

Financial Services

9,500,000

Insurance industry loss model

Estimated losses:
Estimated premium earned:

$0.7MM-$0.7MM
$0.8MM-$0.8MM

$0.7MM
$0.8MM

Participation Notes

Financial Services

78,280,419

Insurance industry loss model

Estimated losses:
Estimated premium earned:

$0.0MM-$7.2MM
$0.4MM-$7.8MM

$5.1MM
$6.0MM

Preference Shares

Financial Services

116,613,329

Insurance industry loss model

Estimated losses:
Estimated premium earned:

$0.1MM-$37.1MM
$0.0MM-$30.8MM

$9.8MM
$14.7MM

(1)	Weighted by relative fair value.

Stone Ridge Funds

Semi-Annual Report

April 30, 2022


Notes to Financial Statements		April 30, 2022 (Unaudited)

The Level 3 securities listed above were fair valued by the Adviser Valuation Committee. Other Level 3 securities not listed above were priced using indicative bids and have a value equal to $11,772,816 for Event-Linked Bonds, $28,296,361 for Participation Notes and $17,198,579 for Preference Shares.

Diversified Alternatives Fund

TYPE OF SECURITY

INDUSTRY

FAIR VALUE AT
4/30/2022

VALUATION
TECHNIQUES

UNOBSERVABLE
INPUTS

RANGE

WEIGHTED
AVERAGE

Asset-Backed Securities

Financial Services

21,612,037

Discounted Cash Flow

Constant Prepament Rate
Constant Default Rate
Severity
Discount Rate

0.00%-24.17%
0.00%-24.93%
90.00%-100.00%
5.25%-17.00%

6.94%
4.92%
94.90%
8.99%

Whole Loans—Consumer Loans

Financial Services

28,100,296

Discounted Cash Flow

Loss-Adjusted Discounted Rate
Projected Loss Rate

5.95%-12.45%
3.53%-27.30%

9.21%
13.46%

Derivative Transactions — The Funds engaged in derivatives for hedging and speculative purposes during the period ended April 30, 2022. The U.S. Hedged Equity Fund, the Diversified Alternatives Fund and the Bitcoin Strategy Fund also engaged in derivatives to generate income from premiums. The use of derivatives included options, forwards and futures.

Futures Contracts — The Funds may purchase and sell futures contracts. The Diversified Alternatives Fund and the Bitcoin Strategy Fund held futures contracts during the period ended April 30, 2022. The High Yield Reinsurance Fund and Diversified Alternatives Fund use futures contracts to hedge interest rate and foreign exchange rate exposure. The U.S. Hedged Equity Fund uses futures contracts to maintain appropriate equity market exposure. The Bitcoin Strategy Fund uses futures contracts to maintain appropriate bitcoin market exposure. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Upon entering into a contract, the Funds deposit and maintain as collateral, an initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract the Funds agree to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains and losses. Variation margin is settled daily. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. In connection with physically-settled futures contracts, the Funds are required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. The amount of the segregated assets is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

The average notional amount of futures contracts during the period ended April 30, 2022, was as follows:


	DIVERSIFIED ALTERNATIVES FUND		BITCOIN STRATEGY FUND
Total long futures contracts	$	149,843,546	$	13,358,761
Total short futures contracts		167,280,347		—

Options — The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. The Funds write put and call options to earn premium income. The U.S. Hedged Equity Fund and Diversified Alternatives Fund wrote call or put options during the period ended April 30, 2022. With exchange-traded options, there is minimal counterparty credit risk to the Funds since options are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. OTC options are customized agreements between the parties. With OTC options, there is no clearinghouse guarantee against default, thus OTC options are subject to the risk that the counterparty will not fulfill its obligations under the contract. As the writer of a call option, the Funds have the obligation to sell the security at the exercise price during or at the expiration of the exercise period. As a writer of a put option, the Funds have the obligation to buy the underlying security at the exercise price

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April 30, 2022

100


Notes to Financial Statements		April 30, 2022 (Unaudited)

during or at the expiration of the exercise period. The premium that the Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of the option.

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (the exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during or at the expiration of the exercise period. When an option is exercised, the premium originally received decreases the cost basis of the underlying security (or increases the proceeds on the security sold short) and the Funds realize a gain or loss from the sale of the security (or closing of the short sale).

Options on indices are similar to options on securities, except that upon exercise index options require cash payments and do not involve the actual purchase or sale of securities.

The average market values of purchased and written options for the period ended April 30, 2022, were as follows:


	U.S. HEDGED EQUITY FUND		DIVERSIFIED ALTERNATIVES FUND
Purchased Options	$	848	$	992,735
Written Options		383,199		12,211,928

Forward Currency Contracts — The Diversified Alternatives Fund enters into forward currency contracts. When entering into a forward currency contract, in the case of a deliverable contract the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date or in the case of a non-deliverable contract to settle the equivalent in U.S. dollar. The Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk from movements in currencies or credit risk from the possible inability of counterparties to meet the terms of their contracts. The average notional amount of forward currency contracts during the period ended April 30, 2022 was $102,051,697 for long contracts and $108,808,835 for short contracts.

The tables below reflect the values of derivative assets and liabilities as reflected in the Statement of Assets and Liabilities.


	ASSET DERIVATIVES
	STATEMENT OF ASSETS AND LIABILITIES LOCATION	FAIR VALUE
U.S. Hedged Equity Fund
Options
Equity contracts	Investments, at fair value	$	1,200

Diversified Alternatives Fund
Forwards
Foreign exchange contracts	Unrealized appreciation on forward currency contracts		7,233,043

Futures
Commodity contracts	Net assets—Unrealized appreciation*		4,525,265
Equity contracts	Net assets—Unrealized appreciation*		1,832,092
Foreign exchange contracts	Net assets—Unrealized appreciation*		1,789,494

Options
Commodity contracts	Investments, at fair value		2,106,632
Equity contracts	Investments, at fair value		170,450
Foreign exchange contracts	Investments, at fair value		569,908

*	Reflects cumulative unrealized appreciation of futures contracts as reported in the Schedule of Investments.

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April 30, 2022

101


Notes to Financial Statements		April 30, 2022 (Unaudited)


	LIABILITY DERIVATIVES
	STATEMENT OF ASSETS AND LIABILITIES LOCATION	FAIR VALUE
U.S. Hedged Equity Fund
Written options
Equity contracts	Written options, at fair value	$	700,755

Diversified Alternatives Fund
Forwards
Foreign exchange contracts	Unrealized depreciation on forward currency contracts		4,649,293

Futures
Commodity contracts	Net assets—Unrealized depreciation*		3,602,839
Equity contracts	Net assets—Unrealized depreciation*		1,826,798

Written options
Commodity contracts	Written options, at fair value		9,275,548
Equity contracts	Written options, at fair value		2,739,634
Foreign exchange contracts	Written options, at fair value		6,436,361

Bitcoin Strategy Fund
Futures
Commodity contracts	Net assets—Unrealized depreciation*	$	362,194

*	Reflects cumulative unrealized depreciation of futures contracts as reported in the Schedule of Investments.

The tables below reflect the effect of derivative instruments on the Statement of Operations for the period ended April 30, 2022.


AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES TRANSACTIONS
	FORWARD CURRENCY CONTRACTS			FUTURES CONTRACTS			PURCHASED OPTIONS⁽¹⁾			WRITTEN OPTIONS			TOTAL
U.S. Hedged Equity Fund
Equity contracts	$	—		$	—		$	(34,001	)	$	(1,974,928	)	$	(2,008,929	)

Diversified Alternatives Fund
Commodity contracts		—			(27,746,906	)		—			23,351,888			(4,395,018	)
Equity contracts		—			2,446,867			468,876			8,446,171			11,361,914
Foreign exchange contracts		(3,772,927	)		(7,999,258	)		1,606,415			8,299,599			(1,866,171	)

Bitcoin Strategy Fund
Commodity contracts		—			(6,965,228	)		—			—			(6,965,228	)


CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) ON DERIVATIVES TRANSACTIONS
	FORWARD CURRENCY CONTRACTS		FUTURES CONTRACTS			PURCHASED OPTIONS⁽¹⁾			WRITTEN OPTIONS			TOTAL
U.S. Hedged Equity Fund
Equity contracts	$	—	$	—		$	10		$	(328,540	)	$	(328,530	)

Diversified Alternatives Fund
Commodity contracts		—		2,867,369			(1,330,415	)		(1,871,165	)		(334,211	)
Equity contracts		—		(258,353	)		69,941			(1,675,467	)		(1,863,879	)
Foreign exchange contracts		3,028,253		1,656,548			197,213			(3,154,118	)		1,727,896

Bitcoin Strategy Fund
Commodity contracts		—		(331,827	)		—			—			(331,827	)

(1)	Purchased options are included in realized loss from unaffiliated issuers and change in unrealized depreciation from unaffiliated issuers on the Statement of Operations.

Stone Ridge Funds

Semi-Annual Report

April 30, 2022

102


Notes to Financial Statements		April 30, 2022 (Unaudited)

A reverse repurchase agreement is the sale by a fund of a security to a party for a specified price, with the simultaneous agreement by the fund to repurchase that security from that party on a future date at a higher price. Reverse repurchase agreements involve the risk that the counterparty will become subject to bankruptcy or other insolvency proceedings or fail to return a security to a fund. In such situations, a fund may incur losses as a result of a possible decline in the value of the underlying security during the period while a fund seeks to enforce its rights, a possible lack of access to income on the underlying security during this period, or expenses of enforcing its rights. The Funds will segregate assets determined to be liquid by the Adviser or otherwise cover its obligation under the reverse repurchase agreement.

(b) Offsetting on the Statement of Assets and Liabilities. Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset on the Statement of Assets and Liabilities, and disclose instruments and transactions subject to master netting or similar agreements. In addition, in January 2013, the FASB issued Accounting Standards Update No. 2013-1 “Clarifying the Scope of Offsetting Assets and Liabilities” specifying exactly which transactions are subject to offsetting disclosures. The scope of the disclosure requirement is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities lending transactions. The International Swap and Derivative Association agreements specify collateral posting arrangements. Under the agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under an agreement with a counterparty in a given account exceeds a specified threshold.

The Diversified Alternatives Fund is subject to a netting arrangements, which govern the terms of certain transactions with select counterparties. The netting arrangements allow the Diversified Alternatives Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The netting arrangements also specify collateral posting arrangements at prearranged exposure levels.

High Yield Reinsurance Fund


LIABILITIES:	GROSS AMOUNT OF RECOGNIZED LIABILITIES		GROSS AMOUNT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		NET AMOUNTS PRESENTED IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
LIABILITIES:	GROSS AMOUNT OF RECOGNIZED LIABILITIES						FINANCIAL INSTRUMENTS		COLLATERAL PLEDGED			NET AMOUNT
Reverse Repurchase Agreements	$	5,000,000	$	—	$	5,000,000	$	—	$	(5,000,000	)	$	—
	$	5,000,000	$	—	$	5,000,000	$	—	$	(5,000,000	)	$	—

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April 30, 2022

103


Notes to Financial Statements		April 30, 2022 (Unaudited)

Diversified Alternatives Fund


ASSETS:	GROSS AMOUNT OF RECOGNIZED LIABILITIES		GROSS AMOUNT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		NET AMOUNTS PRESENTED IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
ASSETS:	GROSS AMOUNT OF RECOGNIZED LIABILITIES						FINANCIAL INSTRUMENTS			COLLATERAL PLEDGED		NET AMOUNT
Forward Currency Contracts	$	7,233,043	$	—	$	7,233,043	$	(7,233,043	)	$	—	$	—
Purchased Options		2,846,990		—		2,846,990		(2,846,990	)		—		—
	$	10,080,033	$	—	$	10,080,033	$	(10,080,033	)	$	—	$	—


LIABILITIES:							FINANCIAL INSTRUMENTS			COLLATERAL PLEDGED		NET AMOUNT
Forward Currency Contracts	$	4,649,293	$	—	$	4,649,293	$	(7,233,043	)	$	2,583,750	$	—
	$	4,649,293	$	—	$	4,649,293	$	(7,233,043	)	$	2,583,750	$	—

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

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

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

(f) Reverse Repurchase Agreements. The Funds intend to enter into reverse repurchase agreements with banks and brokers, with the Funds as the initial seller of securities to the banks or brokers. In this case, a reverse repurchase agreement involves a sale by a fund of portfolio securities concurrently with an agreement by a fund to repurchase the same securities at a later date at a fixed price. During the reverse repurchase agreement period, an individual fund continues to receive principal and interest payments on the securities.

If the buyer in a reverse repurchase agreement files for bankruptcy or becomes insolvent, a fund’s use of proceeds from the sale of its securities may be restricted while the other party or its trustee or receiver determines whether to honor the fund’s right to repurchase the securities. Furthermore, in that situation a fund may be unable to recover the securities it sold in connection with a reverse repurchase agreement and as a result would realize a loss equal to the difference between the value of the securities and the payment it received for them. This loss would be greater to the extent the buyer paid less than the value of the securities the fund sold to it (e.g., a buyer may only be willing to pay $95 for a security with a market value of $100). A fund’s use of reverse repurchase agreements also subjects the fund to interest costs based on the difference between the sale and repurchase price of a security involved in such a transaction. Additionally, reverse repurchase agreements entail the same risks as OTC derivatives. These include the risk that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the parties may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Reverse repurchase agreements and dollar rolls are not considered borrowings by a fund for purposes of the fund’s fundamental investment restriction on borrowings if the fund covers its obligations under these transactions or maintains liquid assets equal in value to its obligations in respect of these transactions.

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April 30, 2022

104


Notes to Financial Statements		April 30, 2022 (Unaudited)

The gross obligations for secured borrowing by the type of collateral pledged and remaining time to maturity is as follows:

High Yield Reinsurance Fund


REVERSE REPURCHASE AGREEMENTS	OVERNIGHT AND CONTINUOUS		UP TO 30 DAYS		30-90 DAYS			GREATER THAN 90 DAYS		TOTAL
Event Linked Bonds	$	—	$	5,000,000	$	—		$	—	$	5,000,000
Total	$	—	$	5,000,000	$	—	��	$	—	$	5,000,000

Bitcoin Strategy Fund


REVERSE REPURCHASE AGREEMENTS	OVERNIGHT AND CONTINUOUS		UP TO 30 DAYS		30-90 DAYS		GREATER THAN 90 DAYS		TOTAL
Foreign Government Agency	$	—	$	—	$	5,270,078	$	—	$	5,270,078
Treasury Bills		—		9,951,060					$	9,951,060
Total	$	—	$	9,951,060	$	5,270,078	$	—	$	15,221,138

(g) Event-Linked Bonds. Event-linked bonds are variable rate debt securities for which the return of principal and payment of interest are contingent on the non-occurrence of a specified trigger event(s) that leads to economic and/or human loss, such as an earthquake of a particular magnitude or a hurricane of a specific category. The most common type of event-linked bonds is known as “catastrophe” or “CAT” bonds. In most cases, the trigger event(s) will not be deemed to have occurred unless the event(s) happened in a particular geographic area and was of a certain magnitude (based on independent scientific readings) and/or caused a certain amount of actual or modeled loss. If the trigger event(s) occurs prior to a bond’s maturity, the High Yield Reinsurance Fund or the Diversified Alternatives Fund may lose all or a portion of its principal and forgo additional interest. In this regard, event-linked bonds typically have a special condition that states that if the sponsor suffers a loss from a particular pre-defined catastrophe or other event that results in physical and/or economic loss, then the issuer’s obligation to pay interest and/or repay the principal is either deferred or completely forgiven. For example, if the High Yield Reinsurance Fund or the Diversified Alternatives Fund holds a bond that covers a sponsor’s losses due to a hurricane with a “trigger” at $1 billion and a hurricane hits causing $1 billion or more in losses to such sponsor, then the Fund will lose all or a portion of its principal invested in the bond and forgo any future interest payments. If the trigger event(s) does not occur, the Fund will recover its principal plus interest. Interest typically accrues and is paid on a quarterly basis for the specified duration of the bond, as long as the trigger event(s) does not occur. Although principal typically is repaid only on the maturity date, it may be repaid in installments, depending on the terms of the bond, as long as the trigger event(s) does not occur. The High Yield Reinsurance Fund may invest in event-linked bonds directly or indirectly through certain derivative instruments. The High Yield Reinsurance Fund or the Diversified Alternatives Fund may pursue other types of event-linked derivative strategies using derivative instruments that are typically contingent, or formulaically related to defined trigger events. Trigger events may include hurricanes, earthquakes and weather-related phenomena, non-natural catastrophes, such as plane crashes, or other events resulting in a specified level of physical or economic loss, such as mortality or longevity.

(h) Quota Share Notes. Investments in Quota Share Notes provide exposure to a form of proportional reinsurance in which an investor participates in the premiums and losses of a reinsurer’s portfolio according to a pre-defined percentage. For example, under a 20% quota-share agreement, a special purpose vehicle (“SPV”) would obtain 20% of all premiums of the subject portfolio while being responsible for 20% of all claims, and the High Yield Reinsurance Fund or the Diversified Alternatives Fund, as a holder of a Quota Share Note issued by the SPV, would be entitled to its pro rata share of the premiums received by the SPV and would be responsible for its pro rata share of the claims up to the total amount invested.

(i) ILW Notes. ILW Notes provide exposure to a transaction through which one party (typically, an insurance company or reinsurance company, or a reinsurance-related asset manager) purchases protection based on the total loss arising from a catastrophic event to the entire insurance industry rather than the losses of any particular insurer. For example, the buyer of a “$100 million limit U.S. Wind ILW attaching at $20 billion” will pay an upfront premium to a protection writer (i.e., the reinsurer or an SPV) and in return will receive $100 million if total losses to the insurance industry from a single

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U.S. hurricane exceed $20 billion. The industry loss ($20 billion in this case) is often referred to as the “trigger” and is reported by an independent third party after an event has occurred. The amount of protection offered by the contract ($100 million in this case) is referred to as the “limit.” ILW Notes could also provide exposure to transactions linked to an index not linked to insurance industry losses, such as wind speed or earthquake magnitude and location. The High Yield Reinsurance Fund or the Diversified Alternatives Fund, as a holder of an ILW Note, would be entitled to a return linked to the premium paid by the sponsor and the occurrence or non-occurrence of the trigger event.

(j) Alternative Lending. Alternative lending, which is sometimes referred to as peer-to-peer lending, online lending or marketplace lending, is a method of financing in which an alternative lending platform facilitates the borrowing and lending of money while generally not relying on deposits for capital to fund loans. It is considered an alternative to more traditional debt financing done through a bank. There are several different models of alternative lending but, very generally, a platform typically matches consumers, small or medium-sized businesses or other types of borrowers with investors that are interested in gaining investment exposure to the loans made to such borrowers. Prospective borrowers are usually required to provide or give access to certain financial information to the platform, such as the intended purpose of the loan, income, employment information, credit score, debt-to-income ratio, credit history (including defaults and delinquencies) and home ownership status, and, in the case of small business loans, business financial statements and personal credit information regarding any guarantor, some of which information is made available to prospective lenders. Often, platforms charge fees to borrowers to cover these screening and administrative costs. Based on this and other relevant supplemental information, the platform usually assigns its own credit rating to the borrower and sets the interest rate for the requested borrowing. Platforms then post the borrowing requests online and investors may choose among the loans, based on the interest rates the loans are expected to yield less any servicing or origination fees charged by the platform or others involved in the lending arrangement, the background data provided on the borrowers, and the credit rating assigned by the platform. In some cases, a platform partners with a bank to originate a loan to a borrower, after which the bank sells the loan to the platform or directly to the investor; alternatively, some platforms may originate loans themselves. Some investors, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments. Other alternative lending platforms are non-traditional intermediaries. Unlike marketplace lenders, non-traditional intermediaries do not themselves (either alone or working with a bank) originate loans. Instead, they intermediate sales of loans originated by more traditional lenders to buyers that utilize alternative sources of capital (i.e., capital other than bank deposits). Platforms may set minimum eligibility standards for borrowers to participate in alternative lending arrangements and may limit the maximum permitted borrowings. Depending on the purpose and nature of the loan, its term may, for example, be as short as six months or shorter, or as long as thirty years or longer. Set forth below is additional information about some of the Fund’s alternative lending-related investments.

(k) Whole Loans. When the Diversified Alternatives Fund invests directly or indirectly in whole loans, it typically purchases all rights, title and interest in the loans pursuant to a loan purchase agreement directly from the platform or its affiliate. The platform or a third-party servicer typically continues to service the loans, collecting payments and distributing them to investors, less any servicing fees assessed against the Fund, and the servicing entity typically will make all decisions regarding any modification, forbearance or other form of relief that may be provided to a borrower experiencing financial hardship and acceleration or enforcement of the loans following any default by a borrower. Where a platform or its affiliate acts as the loan servicer, there is typically a backup servicer in place in case that platform or affiliate ceases or fails to perform these servicing functions. The Diversified Alternatives Fund, as an investor in a whole loan, would be entitled to receive payment only from the borrower and/or any guarantor, and would not be able to recover any deficiency from the platform, except under very narrow circumstances, which may include fraud by the borrower in some cases. The whole loans in which the Diversified Alternatives Fund may invest may be secured or unsecured. Cash segregated for the purchase of whole loans, if any, is located in Deposits for Issuing Loans on the Consolidated Statement of Assets and Liabilities. As of April 30, 2022, there was no cash segregated for the purchase of whole loans.

(l) Loan Participations. The Diversified Alternatives Fund may invest in participation interests in whole loans, which are typically originated by an alternative lending platform in partnership with a bank. When the Fund invests in participation interests, the Diversified Alternatives Fund typically purchases a fractional or full economic interest in the underlying whole loans and the originating bank retains the legal title to such loans. As with the Diversified Alternatives Fund’s investments in whole loans, the alternative lending platform or a third party servicer typically continues to service the

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loans, collecting payments and distributing them to investors in the loan participations, less any servicing fees assessed against the Diversified Alternatives Fund, and the servicing entity typically will make all decisions regarding any modification, forbearance or other form of relief that may be provided to a borrower experiencing financial hardship and acceleration or enforcement of the loans following any default by a borrower. The servicing entity may distribute payments of principal and interest from the borrower directly to the Fund as a holder of participation interests. Alternatively, the Diversified Alternatives Fund may receive payments of principal and interest as passed through by the bank originating the whole loans and issuing the participation interests.

(m) Pass-Through Certificates. The Diversified Alternatives Fund may invest in pass-through certificates, which are a form of asset-backed security that is backed by a pool of whole loans originated or sourced by one or more alternative lending platforms and that represents the right of the holder to receive specified distributions in respect of such whole loans; specifically, holders are entitled to receive payments on account of principal and interest payments made by borrowers on the underlying loans, as well as proceeds from the sale or liquidation of any loan underlying the pass-through certificate, net of fees, expenses and other amounts payable to the issuer, trustee, originating platform(s) or other third parties as required. Unlike many other asset-backed securities, pass-through certificates are generally not issued with multiple tranches; instead, all holders of a particular certificate share a pro rata interest in the underlying pool of whole loans and distributions with respect thereto.

(n) Other Asset-Backed Securities. The Diversified Alternatives Fund may invest in, and sells certain of its alternative lending-related investments to, securitization vehicles, formed by alternative lending platforms or third parties for the purpose of acquiring alternative lending-related investments and issuing securities, the payments on which are funded by payments received on such entities’ underlying investments. Such asset-backed securities, including mortgage-backed securities, may be issued in different tranches of debt and residual equity interests with different rights and preferences. The Diversified Alternatives Fund may hold any tranche of such asset-backed securities. The volume and frequency of the Diversified Alternatives Fund’s sales of pools of loans to securitization vehicles may increase as a more active and reliable secondary market develops over time.

(o) Shares, Certificates, Notes or Other Securities. The Diversified Alternatives Fund may invest in shares, certificates, notes or other securities representing the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans. The platform or a separate special purpose entity organized by or on behalf of the platform may hold the whole loans underlying such investments on its books and issue to the Diversified Alternatives Fund, as an investor, a share, certificate, note or other security, the payments on which track and depend upon the borrower payments on the underlying loans. As with whole loans, the platforms or third-party servicers typically continue to service the underlying loans on which the performance of such securities is based. Such securities may be linked to any of the types of whole loans in which the Diversified Alternative Fund may invest directly. Such securities may also track fractions of a whole loan. These securities may be sold through publicly registered offerings or through unregistered private offerings.

(p) Equity Securities. The Diversified Alternatives Fund may invest directly or indirectly in equity securities of both non-U.S. and U.S. companies.

(q) Distributions to Shareholders. The Funds intend to distribute to their shareholders any net investment income and any net realized long- or short-term capital gains, if any, at least annually. Distributions are recorded on ex-dividend date. The Funds each may periodically make reclassifications among certain of their 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.

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

The High Yield Reinsurance Fund may invest in reinsurance-related securities issued by foreign sovereigns and foreign entities that are corporations, partnerships, trusts or other types of business entities. Because the majority of

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reinsurance-related security issuers are domiciled outside the United States, the High Yield Reinsurance Fund will normally invest a significant amount of its assets in non-U.S. entities. Accordingly, the High Yield Reinsurance Fund may invest without limitation in securities issued by non-U.S. entities, including those in emerging market countries. Certain SPVs in which the High Yield Reinsurance Fund invests may be sponsored by non-U.S. insurers that are not subject to the same regulation as that to which U.S. ceding insurers are subject. Such SPVs may pose a greater risk of loss, for example due to less stringent underwriting and/or risk-retention requirements. The High Yield Reinsurance Fund’s investments will consist primarily of event-linked bonds, Quota Share Notes, Excess of Loss Notes and ILW Notes that provide the High Yield Reinsurance Fund with contractual rights under the terms of the bond issuance. While the contractual rights of such instruments are similar whether they are issued by a U.S. issuer or a non-U.S. issuer, there may be certain additional risks associated with non-U.S. issuers. For example, foreign issuers could be affected by factors not present in the United States, including expropriation, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available financial and other information, potential difficulties in enforcing contractual obligations, and increased costs to enforce applicable contractual obligations outside the United States. Fluctuations in foreign currency exchange rates and exchange controls may adversely affect the market value of the High Yield Reinsurance Fund’s investments in foreign securities. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States, which could affect the liquidity of the High Yield Reinsurance Fund’s assets.

If the Funds invest in foreign issuers by purchasing American Depositary Receipts (“ADRs”) (U.S. dollar-denominated depositary receipts issued generally by banks and representing the deposit with the bank of a security of a non-U.S. issuer; ADRs are publicly traded on exchanges or over-the counter in the United States), the Funds are exposed to credit risk with respect to the issuer of the ADR, in addition to the risks of the underlying foreign securities.

(s) Allocation of Income, Expenses, Gains/Losses. Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each fund are allocated daily to each share class based upon the ratio of net assets represented by each class as a percentage of the net assets of each fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most expenses are allocated based on average net assets, with the exception of 12b-1 fees, which are expensed at 0.15% of average daily net assets of the Class M shares.

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

(u) Restricted Securities. The Funds may invest a substantial portion of their assets in securities that are restricted, but eligible for purchase and sale by certain qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933, as amended, as well as other restricted securities. 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.

(v) REIT Distributions. The character of distributions received from real estate investment trusts (“REITs”) held by the Funds is generally made up of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds’ records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

(w) Rule 18f-4. In October 2020, the SEC adopted new regulations governing the use of derivatives and certain related instruments by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. In addition, when the Funds come into compliance with Rule 18f-4, the Funds’ treatment of investments or trading practices that involve contractual obligations to pay in the future will change. Most such investments or trading

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practices will be considered to be derivatives under Rule 18f-4. For certain investments, such as reverse repurchase agreements and similar financing transactions, a Fund will have the option to either treat all such transactions as (1) senior securities under Section 18 of the 1940 Act, in which case they would be subject to the 300% asset coverage requirement set forth therein, or (2) derivatives subject to Rule 18f-4. The Bitcoin Strategy Fund currently complies with Rule 18f-4, and the other Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. The Adviser is currently evaluating the potential impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect the Funds’ performance and increase costs related to the Funds’ use of derivatives.

(x) New Accounting Pronouncements. In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the Fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within regulatory deadlines.

(y) COVID-19. The COVID-19 pandemic, which began in December 2019 and has spread worldwide, has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border scrutiny, vaccine requirements and other measures. The outbreak, along with more recent COVID-19 variants, and government measures taken in response have also had a significant impact, both directly and indirectly, on businesses and commerce, as worker shortages have occurred, supply chains have been disrupted, production has been suspended and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. Supply chain disruptions have led to increased costs, inventory shortages, shipping delays and an inability to meet customer demands. The impact of the COVID-19 pandemic has adversely affected the economies of many nations and the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. The COVID-19 crisis has also exacerbated other pre-existing political, social and economic risks in certain countries or globally. Other public health crises that may arise in the future could have similar or other unforeseen effects. The duration of the COVID-19 outbreak or any such future outbreak and its effects cannot be determined with certainty. The COVID-19 outbreak has led, and in the future the COVID-19 outbreak and new COVID-19 variants or other future public health crises could lead, to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Funds’ investments, and financial results.

3. Federal Tax Matters

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

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For the year(period) October 31, 2021, the effect of permanent “book/tax” reclassifications resulted in increases and decreases to components of the Funds’ net assets as follows:


	TOTAL DISTRIBUTABLE EARNINGS/(LOSS)			PAID IN CAPITAL
High Yield Reinsurance Fund	$	—		$	—
U.S. Hedged Equity Fund		—			—
Diversified Alternatives Fund		(7,929,456	)		7,929,456
Bitcoin Strategy Fund		(5,948,684	)		5,948,684

These differences primarily relate to realized foreign currency gains/(losses), investments in passive foreign investment companies and controlled foreign corporations, and impact of net operating losses in taxable income.


	HIGH YIELD REINSURANCE RISK PREMIUM FUND			U.S. HEDGED EQUITY FUND			DIVERSIFIED ALTERNATIVES FUND			BITCOIN STRATEGY FUND
Tax cost of investments	$	1,496,027,242		$	43,652,731		$	222,377,101		$	35,756,081
Unrealized appreciation		24,462,549			747			5,048,165			313,608
Unrealized depreciation		(82,566,268	)		(3,627	)		(15,706,689	)		(6,269,874	)
Net unrealized appreciation (depreciation)		(58,103,719	)		(2,880	)		(10,658,524	)		(5,956,266	)
Undistributed ordinary income		19,902,839			1,051,242			13,559,046			5,900,502
Undistributed long-term gain (capital loss carryover)		(109,162,020	)		978,765			(56,229,267	)		—
Distributable earnings		(89,259,181	)		2,030,007			(42,670,221	)		5,900,502
Other accumulated earnings (loss)		7,977,215			—			(88,563	)		—
Total accumulated gain (loss)	$	(139,385,685	)	$	2,027,127		$	(53,417,308	)	$	(55,764	)

The tax character of distributions paid during the year/period ended October 31, 2021 was as follows:


	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		TOTAL
High Yield Reinsurance Fund	$	60,490,801	$	—	$	—	$	60,490,801
U.S. Hedged Equity Fund		816,245		—		—		816,245
Diversified Alternatives Fund		825,885		—		—		825,885
Bitcoin Strategy Fund		—		—		—		—

Each of the Funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the funds related to net capital gain to zero for the tax year ended October 31, 2021.

The tax character of distributions paid during the year/period ended October 31, 2020 was as follows:


	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		TOTAL
High Yield Reinsurance Fund	$	54,271,775	$	—	$	—	$	54,271,775
U.S. Hedged Equity Fund		352,775		705,138		—		1,057,913
Diversified Alternatives Fund		—		—		—		—
Bitcoin Strategy Fund		—		—		—		—

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As of October 31, 2021 certain Funds have tax basis capital losses which may be carried forward indefinitely to offset future capital gains as shown below:


	SHORT-TERM			LONG-TERM			TOTAL
High Yield Reinsurance Fund	$	(9,109,106	)	$	(100,052,914	)	$	(109,162,020	)
U.S. Hedged Equity Fund		—			—			—
Diversified Alternatives Fund⁽¹⁾		(44,915,145	)		(14,268,400	)		(59,183,545	)
Bitcoin Strategy Fund		—			—			—

(1)

Tax basis short-term capital losses of $(45,379,316) and long-term capital losses of $(14,415,855) were transferred from the All Asset VRP Fund to the Diversified Alternatives Fund as a result of the acquisition of the former by the latter on February 5, 2021. Utilization of these losses is subject to limitation under IRC Section 382.

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/period ended October 31, 2021, or for any other tax years which are open for exam. As of October 31, 2021, open tax years include the periods ended October 31, 2019, 2020 and 2021. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year/period ended October 31, 2021, the Funds did not incur any interest or penalties.

4. Agreements

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

As compensation for its services, the Adviser is paid by the High Yield Reinsurance Fund a fee, computed daily and paid monthly in arrears, at the annual rate of 1.50% of the Fund’s average daily net assets. As compensation for its services, the Adviser is paid by the U.S. Hedged Equity Fund a fee, computed daily and paid monthly in arrears, at the annual rate of 0.50% of the Fund’s average daily net assets. As compensation for its services, the Adviser is paid by the Diversified Alternatives Fund a fee, computed daily and paid monthly in arrears, at the annual rate of (i) 0.00% of the Fund’s average daily net assets invested in any other fund advised by the Adviser and (ii) 1.50% of the Fund’s average daily net assets invested in other investments. As compensation for its services, the Adviser is paid by the Bitcoin Strategy Fund a fee, computed daily and paid monthly in arrears, at the annual rate of 0.50% of the Fund’s average daily net assets.

Through February 28, 2023 for the High Yield Reinsurance Fund and the U.S. Hedged Equity Fund, the Adviser has agreed to waive its advisory fee and/or pay or otherwise bear operating and other expenses of the Funds or classes thereof (excluding brokerage and transactional expenses, borrowing and other investment-related costs and fees including 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 Funds’ business collectively, the (“Excluded Expenses”)) solely to the extent necessary to limit the Funds’ total annual fund operating expenses, other than the Excluded Expenses, to 1.70% for Class I shares and 1.85% for Class M shares of the High Yield Reinsurance Fund (prior to March 1, 2022, 1.65% for Class I shares and 1.80% for Class M shares), and 0.50% for the Class I shares and 0.65 % for the Class M shares of the U.S. Hedged Equity Fund. Through February 28, 2023 for the Diversified Alternatives Fund, the Adviser has agreed to waive its advisory fee and/or pay or otherwise bear operating and other expenses of the Fund or classes thereof (excluding the Fund’s investment management fee, financial intermediary fees and expenses (including shareholder servicing fees and expenses, sub-transfer agency servicing fees and expenses and fees and expenses for custodial services rendered to shareholders), brokerage and transactional expenses; borrowing and other investment-related costs and fees including interest payments on borrowed funds, loan servicing fees, loan collection and administration fees and expenses; 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 Diversified Alternatives Expenses”)) solely to the extent necessary to limit the Diversified Alternatives Fund’s total annual fund operating expenses, other than Excluded Diversified Alternatives Expenses, to 0.40% for the Class I and Class J shares of the Diversified Alternatives Fund (prior to January 22, 2021, 0.55% for the Class J shares, previously Class M shares, of the Diversified Alternatives Fund). Through February 28, 2023 for the Bitcoin Strategy Fund, the Adviser has agreed to waive its advisory fee and/or pay or otherwise bear operating and other expenses of the Fund or classes thereof (excluding the Bitcoin Strategy Fund’s investment management fee, brokerage and transactional expenses, borrowing

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and other investment-related costs and fees including interest payments on borrowed funds, 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 Funds’ business collectively, the (“Excluded Bitcoin Strategy Expenses”)) solely to the extent necessary to limit the Funds’ total annual fund operating expenses, other than the Excluded Bitcoin Strategy Expenses, to 0.50% for Class I shares and 0.65% for Class M shares of the Bitcoin Strategy Fund. With respect to each Fund, the Adviser is permitted to recoup in later periods expenses attributable to a Class that the Adviser has paid or otherwise borne (whether through reduction of its advisory fee or otherwise) to the extent that the expenses for the Class of shares fall below the annual limitation rate in effect at the time of the actual waiver/reimbursement and to the extent that they do not cause the Class to exceed the annual rate in effect at the time of the recoupment. However, the Adviser shall not be, and under the expense limitation agreements that were in place during the period covered by this report the Adviser was not, permitted to recoup any such fees or expenses beyond three years from the month end in which the Adviser reduced a fee or reimbursed an expense. The Adviser has waived and recouped amounts as disclosed in each Fund’s Statement of Operations. As of April 30, 2022, the remaining amount of waived fees subject to be recouped in future years are as follows:


FUND	REMAINING AMOUNT TO BE RECOUPED (EXPIRING BY OCTOBER 31, 2022)		REMAINING AMOUNT TO BE RECOUPED (EXPIRING BY OCTOBER 31, 2023)		REMAINING AMOUNT TO BE RECOUPED (EXPIRING BY OCTOBER 31, 2024)		REMAINING AMOUNT TO BE RECOUPED (EXPIRING BY OCTOBER 31, 2025)
High Yield Reinsurance Fund	$	42,804	$	480,007	$	563,960	$	118,497
U.S. Hedged Equity Fund		203		650,643		384,371		176,157
Diversified Alternatives Fund		—		287,870		1,388,393		630,991
Bitcoin Strategy Fund		—		—		161,263		244,319

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

(c) Distributor. ALPS Distributors, Inc. (the “Distributor”) serves as the Funds’ distributor.

5. Distribution and Service Arrangements

Financial intermediaries may provide varying investment products, programs, platforms and accounts for the benefit of shareholders. Such intermediaries generally charge fees in connection with a variety of services, which may include (i) personal and account maintenance services, sub-transfer agency services and custodial services rendered to shareholders who are customers of the intermediary, including electronic transmission and processing of orders, electronic fund transfers between shareholders and the relevant Fund, reinvestment of distributions, settlement and reconciliation of transactions, liaising with the Transfer Agent, facilitation of electronic delivery to shareholders of Fund documentation, monitoring shareholder accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and other similar services (fees for such services, “servicing fees”) and/or (ii) activities or expenses primarily intended to result in the sale of shares (fees for such services, if any, “distribution fees” and, together with servicing fees, “intermediary fees”). Such fees may be based on the number of accounts or may be a percentage of the average value of accounts for which the intermediary provides services, and are intended to compensate intermediaries for their provision of services of the type that would be provided by the Transfer Agent or other service providers if the shares were registered on the books of the relevant Fund. The Funds do not believe that any portion of fees currently paid to financial intermediaries are distribution fees.

For the High Yield Reinsurance Fund, U.S. Hedged Equity Fund and the Bitcoin Strategy Fund, intermediary fees may be paid pursuant to a Distribution Plan (“12b-1 Plan”) adopted by each Fund with respect to its Class M shares, at the maximum annual rate of 0.15% of each Fund’s average daily net assets attributable to Class M. These fees are paid out of each Fund’s Class M shares’ assets on an ongoing basis and may be administered or facilitated by the Distributor. Because Rule 12b-1 fees are paid out of each Fund’s Class M shares’ assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges. 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 each Fund’s Class M shares and the Adviser also performs certain services in connection with the servicing of shareholders. If amounts remain from the Rule 12b-1 fees after the

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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 the Rule 12b-1 fees. To the extent that there are expenses associated with shareholder services that exceed the amounts payable pursuant to the 12b-1 Plan, the Class M shares of each Fund will bear such expenses. For Class I shares of each Fund, the Adviser pays all intermediary fees.

For the Diversified Alternatives Fund, intermediary fees may be paid out of the Fund’s Class J shares’ assets on an ongoing basis. Because these intermediary fees are paid out of the Fund’s Class J shares’ assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of charges. For Class J shares, the Adviser pays a portion of the intermediary fees, and the Class J shares bear the remainder. For Class I shares, the Adviser pays all intermediary fees.

6. 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 and are then amortized to expense over twelve months on a straight-line basis. Certain offering costs totaling $178,570 have been advanced by the Adviser. These will be recovered in the first year of the Bitcoin Strategy Fund’s operations. The total amount of the offering costs incurred by the Fund is estimated at approximately $179,945.

7. Related Parties

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.

8. Investment Transactions

For the period ended April 30, 2022, aggregate purchases and sales of securities (excluding short-term securities) by the Funds were as follows:


	HIGH YIELD REINSURANCE FUND		U.S. HEDGED EQUITY FUND		DIVERSIFIED ALTERNATIVES FUND		BITCOIN STRATEGY FUND
Purchases	$	401,971,690	$	—	$	194,431,519	$	—
Sales		241,078,327		—		26,464,936		—
U.S. Government Security Purchases		—		—		—		—
U.S. Government Security Sales		—		—		—		—

9. Capital Share Transactions


HIGH YIELD REINSURANCE FUND - CLASS I	PERIOD ENDED APRIL 30, 2022			YEAR ENDED OCTOBER 31, 2021
Shares sold		52,371,123			76,480,738
Shares issued to holders in reinvestment of dividends		2,308,100			3,458,347
Shares redeemed		(24,131,776	)		(34,496,558	)
Net increase in shares		30,547,447			45,442,527
Shares outstanding:
Beginning of period		140,878,629			95,436,102
End of period		171,426,076			140,878,629

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Notes to Financial Statements		April 30, 2022 (Unaudited)


HIGH YIELD REINSURANCE FUND - CLASS M	PERIOD ENDED APRIL 30, 2022			YEAR ENDED OCTOBER 31, 2021
Shares sold		2,510,566			7,572,208
Shares issued to holders in reinvestment of dividends		373,321			589,564
Shares redeemed		(2,974,080	)		(3,869,437	)
Net increase (decrease) in shares		(90,193	)		4,292,335
Shares outstanding:
Beginning of period		16,461,267			12,168,932
End of period		16,371,074			16,461,267


U.S. HEDGED EQUITY FUND - CLASS I	PERIOD ENDED APRIL 30, 2022			YEAR ENDED OCTOBER 31, 2021
Shares sold		82,636			695,181
Shares issued to holders in reinvestment of dividends		97,796			53,768
Shares redeemed		(635,057	)		(2,755,909	)
Net decrease in shares		(454,625	)		(2,006,960	)
Shares outstanding:
Beginning of period		3,111,830			5,118,790
End of period		2,657,205			3,111,830


U.S. HEDGED EQUITY FUND - CLASS M	PERIOD ENDED APRIL 30, 2022			YEAR ENDED OCTOBER 31, 2021
Shares sold		99,484			3,707
Shares issued to holders in reinvestment of dividends		11,692			4,338
Shares redeemed		(104,101	)		(26,258	)
Net increase (decrease) in shares		7,075			(18,213	)
Shares outstanding:
Beginning of period		234,229			252,442
End of period		241,304			234,229


DIVERSIFIED ALTERNATIVES FUND - CLASS I	PERIOD ENDED APRIL 30, 2022			YEAR ENDED OCTOBER 31, 2021
Shares sold		22,992,873			11,900,940
Shares sold in connection with acquisition⁽¹⁾		—			7,277,511
Shares issued to holders in reinvestment of dividends		1,457,004			77,113
Shares redeemed		(2,543,874	)		(3,204,044	)
Net increase in shares		21,906,003			16,051,520
Shares outstanding:
Beginning of period		17,995,651			1,944,131
End of period		39,901,654			17,995,651


DIVERSIFIED ALTERNATIVES FUND - CLASS J	PERIOD ENDED APRIL 30, 2022			YEAR ENDED OCTOBER 31, 2021
Shares sold		2,010,635			1,185,543
Shares issued to holders in reinvestment of dividends		94,234			29
Shares redeemed		(222,134	)		(10,371	)
Net increase in shares		1,882,735			1,175,201
Shares outstanding:
Beginning of period		1,175,701			500
End of period		3,058,436			1,175,701

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Notes to Financial Statements		April 30, 2022 (Unaudited)


BITCOIN STRATEGY FUND - CLASS I⁽²⁾	PERIOD ENDED APRIL 30, 2022			PERIOD ENDED OCTOBER 31, 2021
Shares sold		137,658			1,119,610
Shares issued to holders in reinvestment of dividends		935,109			—
Shares redeemed		(128,341	)		(2,706	)
Net increase in shares		944,426			1,116,904
Shares outstanding:
Beginning of period		1,116,904			—
End of period		2,061,330			1,116,904


BITCOIN STRATEGY FUND - CLASS M⁽²⁾	PERIOD ENDED APRIL 30, 2022			PERIOD ENDED OCTOBER 31, 2021
Shares sold		91,559			28,612
Shares issued to holders in reinvestment of dividends		32,186			—
Shares redeemed		(19,647	)		(830	)
Net increase in shares		104,098			27,782
Shares outstanding:
Beginning of period		27,782			—
End of period		131,880			27,782

(1)	On February 5, 2021, the Diversified Alternatives Fund acquired the All Asset VRP Fund.

(2)	Commenced operations on July 30, 2021.

10. Transactions with Affiliate

The following issuers may be deemed to be affiliated with the Funds during the period ended April 30, 2022. As defined in Section (2)(a)(3) of the 1940 Act, such issuers are:



	DIVERSIFIED ALTERNATIVES FUND⁽¹⁾
	STONE RIDGE HIGH YIELD REINSURANCE RISK PREMIUM—CLASS I
November 1, 2021 Balance
Shares		12,171,767
Cost	$	110,858,686
Additions
Shares		15,967,596
Cost	$	141,830,264
Reductions
Shares		2,748,461
Cost	$	24,959,899
April 30, 2022 Balance
Shares		25,390,902
Cost	$	227,729,051
Value	$	224,709,479
Dividend Income	$	3,580,264
Realized Gain/(Loss)	$	(459,898	)
Change in Unrealized Depreciation	$	(1,828,504	)

(1)	The Diversified Alternatives Fund is not paying advisory fees on its holdings of the High Yield Reinsurance Fund as the Adviser is paid an advisory fee from the High Yield Reinsurance Fund.

11. Financing Facility

The High Yield Reinsurance Fund obtains leverage through a 29-day rolling facility (the “Facility”). The Facility, when drawn, is secured by the Fund’s assets, particularly catastrophe bonds which are posted as collateral. The Facility’s maximum withdraw capacity is $125,000,000.

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Notes to Financial Statements		April 30, 2022 (Unaudited)

Through the period ended April 30, 2022, the High Yield Reinsurance Fund’s maximum borrowing was $37,250,000 and average borrowing was $7,287,370. This borrowing resulted in interest expenses of $60,549 at a weighted average interest rate of 1.65% and is included in the High Yield Reinsurance Fund’s Statement of Operations. As of April 30, 2022, the High Yield Reinsurance Fund had an outstanding balance of $5,000,000.

The Funds may obtain leverage through borrowings in seeking to achieve their investment objectives. The Funds share an umbrella line of credit. For the High Yield Reinsurance Fund, the Diversified Alternatives Fund, and the Bitcoin Strategy Fund the umbrella line of credit takes the form of a secured loan agreement, which is effective November 28, 2017, through October 22, 2022. The umbrella line of credit has a maximum withdrawal capacity of the lesser of 33.3% the net market value of collateral posted by High Yield Reinsurance Fund and Diversified Alternatives Fund, 33.3% of net assets of the U.S. Hedged Equity Fund, and 10% of net market value of the Bitcoin Strategy Fund, or $75,000,000 across all funds: provided, further, that no more than $10,000,000 can be outstanding under U.S Hedged Equity’s unsecured line of credit.

For the U.S. Hedged Equity Fund, the umbrella line of credit takes the form of an unsecured loan agreement, which is effective June 6, 2018, through October 22, 2022. During the period ended April 30, 2022, the U.S. Hedged Equity Fund’s maximum borrowing was $1,060,000 and average borrowing was $995,000. This borrowing resulted in interest expenses of $249 at a weighted average interest rate of 2.25%. These amounts are included in other expenses on the U.S. Hedged Equity Fund’s Statement of Operations. As of April 30, 2022, the Fund did not have an outstanding loan balance.

12. Subsequent Events Evaluation

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

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Expense Examples (Unaudited)

As a shareholder of the Fund(s), 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 a 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 and held for the entire period from November 1, 2021 through April 30, 2022.

Actual Expenses

The first line on each 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 Funds’ 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 on each table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios for each share class of the Funds and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 Funds 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.

Stone Ridge High Yield Reinsurance Risk Premium Fund — Class I


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	1,008.90	$	8.32
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,016.51	$	8.35

*	Expenses are equal to the share class’s annualized six-month expense ratio of 1.67%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

Stone Ridge High Yield Reinsurance Risk Premium Fund — Class M


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	1,009.50	$	8.77
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,016.07	$	8.80

*	Expenses are equal to the share class’s annualized six-month expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

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Expense Examples (Unaudited)

Stone Ridge U.S. Hedged Equity Fund — Class I


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	932.50	$	2.40
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,022.32	$	2.51

*	Expenses are equal to the share class’s annualized six-month expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

Stone Ridge U.S. Hedged Equity Fund — Class M


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	932.50	$	2.87
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,021.82	$	3.01

*	Expenses are equal to the share class’s annualized six-month expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

Stone Ridge Diversified Alternatives Fund — Class I


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	1,005.40	$	5.92
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,018.89	$	5.96

*	Expenses are equal to the share class’s annualized six-month expense ratio of 1.19%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

Stone Ridge Diversified Alternatives Fund — Class J


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	1,004.40	$	7.31
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,017.50	$	7.35

*	Expenses are equal to the share class’s annualized six-month expense ratio of 1.47%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

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Expense Examples (Unaudited)

Stone Ridge Bitcoin Strategy Fund — Class I


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	590.00	$	5.99
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,017.26	$	7.60

*	Expenses are equal to the share class’s annualized six-month expense ratio of 1.52%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

Stone Ridge Bitcoin Strategy Fund — Class M


	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2021		ENDING ACCOUNT VALUE APRIL 30, 2022		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2021 – APRIL 30, 2022
Actual	$	1,000.00	$	589.70	$	6.86
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,016.17	$	8.70

*	Expenses are equal to the share class’s annualized six-month expense ratio of 1.74%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

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Additional Information (Unaudited)

1. Shareholder Notification of Federal Tax Status

For the fiscal year ended October 31, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:


	PERCENTAGES
High Yield Reinsurance Fund		0.00%
U.S. Hedged Equity Fund		0.00%
Diversified Alternatives Fund		0.00%
Bitcoin Strategy Fund		0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year October 31, 2021 was as follows:


	PERCENTAGES
High Yield Reinsurance Fund		0.00%
U.S. Hedged Equity Fund		0.00%
Diversified Alternatives Fund		0.00%
Bitcoin Strategy Fund		0.00%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:


	PERCENTAGES
High Yield Reinsurance Fund		0.00%
U.S. Hedged Equity Fund		0.00%
Diversified Alternatives Fund		18.01%
Bitcoin Strategy Fund		0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(C) for each Fund were as follows:


	PERCENTAGES
High Yield Reinsurance Fund		0.00%
U.S. Hedged Equity Fund		98.41%
Diversified Alternatives Fund		1.48%
Bitcoin Strategy Fund		0.00%

Shareholders should not use the above information to prepare their tax returns. Since the Funds’ fiscal year is not the calendar year, another notification is available with respect to calendar year 2021. Such notification, which reflects the amount to be used by calendar year taxpayers on their Federal income tax returns, will be made in conjunction with shareholder year-end tax reporting in February 2022. Shareholders are advised to consult their own tax advisors with respect to the tax consequences of their investment in the Fund.

2. Availability of Quarterly Portfolio Holdings Schedules

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

3. Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request by calling 1.855.609.3680 and on the SEC’s website, www.sec.gov.

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Additional Information (Unaudited)

The Funds are required to file how they voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request by calling 1.855.609.3680 and on the SEC’s website, www.sec.gov.

4. Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the 1940 Act for the purpose of assessing and managing the Funds’ liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Board has designated the Adviser to administer the Program, and the Adviser has established a Liquidity Risk Management Committee to be responsible for the Program’s operation. Under the Program, the Liquidity Risk Management Committee manages the Funds’ liquidity risk by monitoring the liquidity of each Fund’s investments, limiting the amount of each Fund’s illiquid investments, and utilizing various risk management tools available to the Funds for meeting shareholder redemptions, among other means. From November 1, 2021, through April 30, 2022, the Program supported the Funds’ ability to honor redemption requests timely and the Adviser’s management of the Funds’ liquidity risk. There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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Investment Adviser

Stone Ridge Asset Management LLC

510 Madison Avenue, 21st Floor

New York, NY 10022

Independent Registered Public Accounting Firm

Ernst & Young LLP

700 Nicollet Mall, Suite 500

Minneapolis, MN 55402

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Custodians

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Millennium Trust Company, LLC

2001 Spring Road #700

Oak Brook, IL 60523

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

Stone Ridge Funds

P.O. Box 701

Milwaukee, WI 53201-0701

855-609-3680

www.stoneridgefunds.com

SQSEMI

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. 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 providers.

(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 Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. 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. Not applicable.

(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.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(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

By (Signature and Title) /s/ Ross Stevens

Ross Stevens, President, Chief Executive Officer and

Principal Executive Officer

Date 7/6/22

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 7/6/22

By (Signature and Title) /s/ Anthony Zuco

Anthony Zuco, Treasurer, Principal Financial Officer, Chief

Financial Officer and Chief Accounting Officer

Date 7/6/22

Stone Ridge Trust N-CSRSCertified semi-annual shareholder report (management investment company)