Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
EVENT LINKED BONDS - 21.3% (a)
 
 
 
 
 
Canada - 0.0% (b)
 
 
 
 
 
Multiperil - 0.0% (b)
 
 
 
 
 
MMIFS Re 2025-1 Class A, 5.66% (CORRA + 2.90%), 01/10/2028 (Acquired 1/8/2025,
Cost $654,963) (c)(d)(e)
 
 
CAD   942,000
 
 
$681,074
 
Chile - 0.2%
 
 
 
 
 
Earthquake - 0.2%
 
 
 
 
 
IBRD CAR 131, 9.18% (SOFR + 4.79%), 03/31/2026 (Acquired 3/17/2023 - 2/29/2024,
Cost $2,950,432) (c)(d)(e)
 
 
$2,946,000
 
 
2,975,902
 
Europe - 0.4%
 
 
 
 
 
Earthquake - 0.1%
 
 
 
 
 
Azzurro Re II DAC 2024-1 Class A, 8.41% (3 Month EURIBOR + 6.39%), 04/20/2028 (Acquired 3/21/2024, Cost $681,786) (c)(d)(e)
 
 
EUR   628,000
 
 
721,153
 
Lion Re DAC 2025-1 Class B, 8.01% (3 Month EURIBOR + 6.00%), 06/15/2029 (Acquired 5/22/2025,
Cost $457,909) (c)(d)(e)
 
 
406,000
 
 
462,980
 
 
 
 
 
1,184,133
 
Multiperil - 0.1%
 
 
 
 
 
King Max Re DAC, 7.03% (3 Month EURIBOR + 5.00%), 01/06/2027 (Acquired 12/8/2023,
Cost $833,136) (c)(d)(e)
 
 
774,000
 
 
887,794
 
Taranis Re DAC 2023-1 Class A, 10.96% (3 Month EURIBOR + 8.99%), 01/21/2028 (Acquired 11/29/2023, Cost $282,018) (c)(d)(e)
 
 
257,000
 
 
300,460
 
 
 
 
 
1,188,254
 
Windstorm - 0.2%
 
 
 
 
 
Blue Sky Re DAC 2023-1, 8.11% (3 Month EURIBOR + 6.16%), 01/26/2027 (Acquired 12/11/2023,
Cost $379,986) (c)(d)(e)
 
 
353,000
 
 
416,077
 
Eiffel Re 2023-1 Class A, 5.60% (3 Month EURIBOR + 3.58%), 01/19/2027 (Acquired 6/22/2023,
Cost $1,175,736) (c)(d)(e)
 
 
1,073,000
 
 
1,231,917
 
Hexagon IV Re 2023-1 Class A, 10.45% (3 Month EURIBOR + 8.43%), 01/21/2028 (Acquired 11/7/2023,
Cost $825,695) (c)(d)(e)
 
 
772,000
 
 
889,420
 
 
 
 
 
2,537,414
 
 
 
 
 
4,909,801
 
Global - 1.3%
 
 
 
 
 
Cyber - 0.4%
 
 
 
 
 
East Lane Re VII 2024-1 Class A, 13.22% (3 Month US Treasury Bill Rate + 8.89%), 03/31/2026
(Acquired 12/20/2023, Cost $569,000) (c)(d)(e)
 
 
$569,000
 
 
574,605
 
Long Walk Re 2024-1 Class A, 14.57% (3 Month US Treasury Bill Rate + 10.24%), 01/30/2026
(Acquired 11/13/2023, Cost $360,000) (c)(d)(e)
 
 
360,000
 
 
365,976
 
Matterhorn Re SR2023-1 Class CYB-A, 16.33% (3 Month US Treasury Bill Rate + 12.00%), 01/08/2026 (Acquired 12/22/2023, Cost $1,346,000) (c)(d)(e)
 
 
1,346,000
 
 
1,364,306
 
PoleStar Re 2024-1 Class A, 17.33% (3 Month US Treasury Bill Rate + 13.00%), 01/07/2026
(Acquired 12/13/2023, Cost $1,000,000) (c)(d)(e)
 
 
1,000,000
 
 
1,014,300
 
PoleStar Re 2024-3 Class A, 14.83% (3 Month US Treasury Bill Rate + 10.50%), 01/07/2028
(Acquired 9/19/2024, Cost $1,682,000) (c)(d)(e)
 
 
1,682,000
 
 
1,736,076
 
 
 
 
 
5,055,263
 
Earthquake - 0.1%
 
 
 
 
 
3264 Re 2025-1 Class B, 7.33% (3 Month US Treasury Bill Rate + 3.00%), 02/07/2028
(Acquired 1/24/2025, Cost $491,000) (c)(d)(e)
 
 
491,000
 
 
491,000
 
Ashera Re 2024-1 Class A, 9.52% (3 Month US Treasury Bill Rate + 5.19%), 04/07/2027
(Acquired 3/21/2024, Cost $506,000) (c)(d)(e)
 
 
506,000
 
 
513,590
 
 
 
 
 
1,004,590
 
Multiperil - 0.7%
 
 
 
 
 
3264 Re 2025-1 Class A, 25.58% (3 Month US Treasury Bill Rate + 21.25%), 02/07/2028
(Acquired 1/24/2025, Cost $491,000) (c)(d)(e)
 
 
491,000
 
 
487,072
 
Aragonite Re 2024-1 Class A, 9.78% (3 Month US Treasury Bill Rate + 5.45%), 04/07/2027
(Acquired 3/25/2024, Cost $627,000) (c)(d)(e)
 
 
627,000
 
 
648,193
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Multiperil - 0.7% (continued)
 
 
 
 
 
Herbie Re 2025-1 Class A, 35.34% (3 Month US Treasury Bill Rate + 31.00%), 06/07/2027
(Acquired 5/27/2025, Cost $261,000) (c)(d)(e)
 
 
$261,000
 
 
$260,347
 
Kendall Re 2024-1 Class A, 10.58% (3 Month US Treasury Bill Rate + 6.25%), 04/30/2027
(Acquired 4/22/2024, Cost $1,023,000) (c)(d)(e)
 
 
1,023,000
 
 
1,074,662
 
Matterhorn Re 2025-1 Class A, 11.33% (3 Month US Treasury Bill Rate + 7.00%), 02/04/2028
(Acquired 1/24/2025, Cost $283,000) (c)(d)(e)
 
 
283,000
 
 
283,085
 
Matterhorn Re 2025-1 Class B, 16.58% (3 Month US Treasury Bill Rate + 12.25%), 02/04/2028
(Acquired 1/24/2025, Cost $432,000) (c)(d)(e)
 
 
432,000
 
 
427,637
 
Matterhorn Re SR2020-2 Class A, 1.50% (3 Month US Treasury Bill Rate + 1.50%), 01/08/2027
(Acquired 1/29/2020, Cost $1,873,320) (c)(d)(e)(f)
 
 
1,873,320
 
 
1,498,655
 
Matterhorn Re SR2021-1 Class A, 10.13% (SOFR + 5.75%), 12/08/2025 (Acquired 9/15/2022,
Cost $259,945) (c)(d)(e)
 
 
261,000
 
 
253,274
 
Montoya Re 2022-2 Class A, 18.11% (3 Month US Treasury Bill Rate + 13.78%), 04/07/2026
(Acquired 12/8/2022 - 12/5/2024, Cost $488,835) (c)(d)(e)
 
 
476,000
 
 
493,969
 
Northshore Re II 2025-1 Class A, 9.34% (3 Month US Treasury Bill Rate + 5.00%), 04/07/2028
(Acquired 3/14/2025, Cost $897,000) (c)(d)(e)
 
 
897,000
 
 
897,718
 
Ocelot Re 2025-1 Class A, 8.83% (3 Month US Treasury Bill Rate + 4.50%), 02/26/2029
(Acquired 2/14/2025, Cost $1,407,000) (c)(d)(e)
 
 
1,407,000
 
 
1,407,703
 
Wrigley Re 2023-1 Class A, 10.57% (3 Month US Treasury Bill Rate + 6.23%), 08/07/2026
(Acquired 7/14/2023, Cost $507,000) (c)(d)(e)
 
 
507,000
 
 
517,799
 
 
 
 
 
8,250,114
 
Windstorm - 0.1%
 
 
 
 
 
Queen Street 2023 Re DAC, 11.83% (3 Month US Treasury Bill Rate + 7.50%), 12/08/2025
(Acquired 5/12/2023, Cost $1,526,000) (c)(d)(e)
 
 
1,526,000
 
 
1,527,984
 
 
 
 
 
15,837,951
 
Great Britain - 0.2%
 
 
 
 
 
Flood - 0.1%
 
 
 
 
 
Vision 2039 2025-1 Class A, 10.08% (3 Month US Treasury Bill Rate + 5.75%), 04/06/2028
(Acquired 3/10/2025, Cost $1,282,745) (c)(d)(e)
 
 
GBP 996,000
 
 
1,305,112
 
Terrorism - 0.1%
 
 
 
 
 
Baltic PCC 2025-1 Class A, 10.23% (3 Month US Treasury Bill Rate + 5.90%), 04/06/2028
(Acquired 3/24/2025, Cost $705,490) (c)(d)(e)
 
 
546,000
 
 
721,078
 
 
 
 
 
2,026,190
 
Jamaica - 0.2%
 
 
 
 
 
Windstorm - 0.2%
 
 
 
 
 
IBRD CAR 136, 11.58% (SOFR + 7.19%), 12/29/2027 (Acquired 4/25/2024, Cost $2,108,000) (c)(d)(e)
 
 
$2,108,000
 
 
2,113,797
 
Japan - 0.3%
 
 
 
 
 
Earthquake - 0.2%
 
 
 
 
 
Kizuna Re III 2024-1 Class A, 7.08% (3 Month US Treasury Bill Rate + 2.75%), 04/09/2029
(Acquired 3/13/2024, Cost $266,000) (c)(d)(e)
 
 
266,000
 
 
269,551
 
Nakama Re 2023-1 Class 2, 8.10% (3 Month Term SOFR + 4.00%), 05/09/2028
(Acquired 4/14/2023, Cost $802,000) (c)(d)(e)
 
 
802,000
 
 
820,726
 
Nakama Re 2025-1 Class 1, 6.44% (3 Month US Treasury Bill Rate + 2.10%), 04/23/2030
(Acquired 4/11/2025, Cost $268,000) (c)(d)(e)
 
 
268,000
 
 
266,660
 
Nakama Re Pte. 2021-1 Class 1, 6.38% (3 Month US Treasury Bill Rate + 2.05%), 10/13/2026
(Acquired 2/8/2024, Cost $306,132) (c)(d)(e)
 
 
307,000
 
 
306,156
 
 
 
 
 
1,663,093
 
Multiperil - 0.1%
 
 
 
 
 
Tomoni Re Pte 2024-1 Class A, 7.58% (3 Month US Treasury Bill Rate + 3.25%), 04/05/2028
(Acquired 3/25/2024, Cost $679,000) (c)(d)(e)
 
 
679,000
 
 
679,238
 
Tomoni Re Pte 2024-1 Class B, 8.33% (3 Month US Treasury Bill Rate + 4.00%), 04/05/2028
(Acquired 3/25/2024, Cost $853,000) (c)(d)(e)
 
 
853,000
 
 
864,430
 
 
 
 
 
1,543,668
 
 
 
 
 
3,206,761
 
 
 
 
 
 
 
 
(Continued)
2
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Mexico - 0.4%
 
 
 
 
 
Earthquake - 0.2%
 
 
 
 
 
IBRD CAR 132 Class A, 8.61% (SOFR + 4.22%), 04/24/2028 (Acquired 4/3/2024, Cost $1,865,000) (c)(d)(e)
 
 
$1,865,000
 
 
$1,904,538
 
IBRD CAR 133 Class B, 15.61% (SOFR + 11.22%), 04/24/2028 (Acquired 4/3/2024, Cost $651,000) (c)(d)(e)
 
 
651,000
 
 
656,827
 
 
 
 
 
2,561,365
 
Windstorm - 0.2%
 
 
 
 
 
IBRD CAR 134 Class C, 18.09% (SOFR + 13.72%), 04/24/2028 (Acquired 4/3/2024,
Cost $1,408,000) (c)(d)(e)
 
 
1,408,000
 
 
1,444,960
 
IBRD CAR 135 Class D, 16.59% (SOFR + 12.22%), 04/24/2028 (Acquired 5/1/2024, Cost $613,000) (c)(d)(e)
 
 
613,000
 
 
642,485
 
 
 
 
 
2,087,445
 
 
 
 
 
4,648,810
 
New Zealand - 0.1%
 
 
 
 
 
Multiperil - 0.1%
 
 
 
 
 
Totara Re Pte. 2023-1, 13.39%, 06/08/2027 (Acquired 5/24/2023, Cost $1,325,283) (c)(d)(e)
 
 
NZD 2,171,000
 
 
1,310,146
 
United States - 18.2%
 
 
 
 
 
Earthquake - 3.1%
 
 
 
 
 
Acorn Re 2023-1 Class A, 8.69% (3 Month US Treasury Bill Rate + 4.35%), 11/06/2026
(Acquired 6/22/2023, Cost $1,096,000) (c)(d)(e)
 
 
$1,096,000
 
 
1,113,865
 
Acorn Re 2024-1 Class A, 7.43% (3 Month US Treasury Bill Rate + 3.10%), 11/05/2027
(Acquired 10/25/2024, Cost $1,080,000) (c)(d)(e)
 
 
1,080,000
 
 
1,083,672
 
Acorn Re 2024-1 Class B, 7.43% (3 Month US Treasury Bill Rate + 3.10%), 11/07/2025
(Acquired 10/25/2024 - 3/12/2025, Cost $1,545,170) (c)(d)(e)
 
 
1,545,000
 
 
1,545,695
 
Herbie Re 2022-1 Class A, 17.83% (3 Month US Treasury Bill Rate + 13.50%), 01/08/2027
(Acquired 11/18/2022, Cost $392,000) (c)(d)(e)
 
 
392,000
 
 
417,186
 
Sutter Re 2023-1 Class B, 11.08% (3 Month US Treasury Bill Rate + 6.75%), 06/19/2026
(Acquired 6/6/2023 - 5/3/2024, Cost $1,974,568) (c)(d)(e)
 
 
1,973,000
 
 
2,020,648
 
Sutter Re 2023-1 Class E, 14.09% (3 Month US Treasury Bill Rate + 9.75%), 06/19/2026
(Acquired 6/6/2023 - 9/26/2023, Cost $2,178,287) (c)(d)(e)
 
 
2,177,000
 
 
2,249,276
 
Torrey Pines Re 2023-1 Class A, 9.54% (3 Month US Treasury Bill Rate + 5.22%), 06/05/2026
(Acquired 5/18/2023, Cost $1,132,000) (c)(d)(e)
 
 
1,132,000
 
 
1,150,452
 
Torrey Pines Re 2024-1 Class A, 10.33% (3 Month US Treasury Bill Rate + 6.00%), 06/07/2027
(Acquired 5/17/2024, Cost $1,862,000) (c)(d)(e)
 
 
1,862,000
 
 
1,936,759
 
Torrey Pines Re 2024-1 Class B, 11.58% (3 Month US Treasury Bill Rate + 7.25%), 06/07/2027
(Acquired 5/17/2024, Cost $1,263,000) (c)(d)(e)
 
 
1,263,000
 
 
1,303,669
 
Torrey Pines Re 2024-1 Class C, 13.33% (3 Month US Treasury Bill Rate + 9.00%), 06/05/2026
(Acquired 5/17/2024, Cost $598,000) (c)(d)(e)
 
 
598,000
 
 
607,957
 
Torrey Pines Re 2025-1 Class A, 8.09% (3 Month US Treasury Bill Rate + 3.75%), 06/07/2028
(Acquired 4/25/2025, Cost $913,000) (c)(d)(e)
 
 
913,000
 
 
921,263
 
Torrey Pines Re 2025-1 Class B, 8.84% (3 Month US Treasury Bill Rate + 4.50%), 06/07/2028
(Acquired 4/25/2025, Cost $1,016,000) (c)(d)(e)
 
 
1,016,000
 
 
1,022,553
 
Torrey Pines Re 2025-1 Class C, 10.84% (3 Month US Treasury Bill Rate + 6.50%), 06/07/2028
(Acquired 4/25/2025, Cost $913,000) (c)(d)(e)
 
 
913,000
 
 
919,574
 
Ursa Re 2023-1 Class AA, 9.83% (3 Month US Treasury Bill Rate + 5.50%), 12/06/2025
(Acquired 4/12/2023, Cost $633,000) (c)(d)(e)
 
 
633,000
 
 
638,254
 
Ursa Re 2023-1 Class C, 12.58% (3 Month US Treasury Bill Rate + 8.25%), 12/06/2025
(Acquired 4/12/2023, Cost $341,000) (c)(d)(e)
 
 
341,000
 
 
345,365
 
Ursa Re 2023-2 Class E, 13.58% (3 Month US Treasury Bill Rate + 9.25%), 12/07/2026
(Acquired 10/10/2023, Cost $2,489,000) (c)(d)(e)
 
 
2,489,000
 
 
2,595,405
 
Ursa Re 2023-3 Class AA, 9.65% (Treasury Money Market Fund + 5.50%), 12/07/2026
(Acquired 12/1/2023, Cost $2,194,000) (c)(d)(e)
 
 
2,194,000
 
 
2,266,950
 
Ursa Re 2023-3 Class D, 13.08% (3 Month US Treasury Bill Rate + 8.75%), 12/07/2026
(Acquired 12/1/2023 - 5/17/2024, Cost $2,618,022) (c)(d)(e)
 
 
2,614,000
 
 
2,728,101
 
Ursa Re 2025-1 Class F, 11.83% (3 Month US Treasury Bill Rate + 7.50%), 02/22/2028
(Acquired 2/10/2025, Cost $2,333,000) (c)(d)(e)
 
 
2,333,000
 
 
2,352,014
 
Ursa Re II 2022-2 Class AA, 11.33% (3 Month US Treasury Bill Rate + 7.00%), 12/06/2025
(Acquired 12/8/2022, Cost $331,000) (c)(d)(e)
 
 
331,000
 
 
335,336
 
 
 
 
 
 
 
 
(Continued)
 
 
 
 
 
 
3
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Earthquake - 3.1% (continued)
 
 
 
 
 
Ursa Re II 2022-2 Class C, 14.58% (3 Month US Treasury Bill Rate + 10.25%), 12/06/2025
(Acquired 12/8/2022 - 9/5/2023, Cost $528,497) (c)(d)(e)
 
 
$526,000
 
 
$540,465
 
Ursa Re II 2025-1 Class G, 13.34% (3 Month US Treasury Bill Rate + 9.00%), 06/07/2028
(Acquired 6/6/2025, Cost $3,086,000) (c)(d)(e)
 
 
3,086,000
 
 
3,091,400
 
Veraison Re 2023-1 Class A, 11.11% (3 Month US Treasury Bill Rate + 6.79%), 03/09/2026
(Acquired 12/14/2022, Cost $760,000) (c)(d)(e)
 
 
760,000
 
 
777,632
 
Veraison Re 2023-1 Class B, 16.96% (3 Month US Treasury Bill Rate + 12.63%), 03/09/2026
(Acquired 12/14/2022, Cost $729,000) (c)(d)(e)
 
 
729,000
 
 
758,051
 
Veraison Re 2024-1 Class A, 9.06% (3 Month US Treasury Bill Rate + 4.74%), 03/08/2027
(Acquired 1/30/2024 - 2/3/2025, Cost $1,102,743) (c)(d)(e)
 
 
1,096,000
 
 
1,116,166
 
Veraison Re 2025-1 Class A, 7.83% (3 Month US Treasury Bill Rate + 3.50%), 03/08/2028
(Acquired 1/30/2025, Cost $1,795,000) (c)(d)(e)
 
 
1,795,000
 
 
1,786,923
 
Veraison Re 2025-1 Class B, 9.33% (3 Month US Treasury Bill Rate + 5.00%), 03/08/2028
(Acquired 1/30/2025, Cost $852,000) (c)(d)(e)
 
 
852,000
 
 
861,329
 
Wrigley Re 2023-1 Class B, 11.04% (3 Month US Treasury Bill Rate + 6.70%), 08/07/2026
(Acquired 7/14/2023, Cost $1,166,000) (c)(d)(e)
 
 
1,166,000
 
 
1,208,034
 
 
 
 
 
37,693,994
 
Fire - 0.0% (b)
 
 
 
 
 
Greengrove Re 2025-1 Class A, 12.09% (3 Month US Treasury Bill Rate + 7.75%), 04/07/2028
(Acquired 3/19/2025, Cost $422,000) (c)(d)(e)
 
 
422,000
 
 
422,464
 
Flood - 0.4%
 
 
 
 
 
FloodSmart Re 2022-1 Class B, 4.83% (3 Month US Treasury Bill Rate + 0.50%), 02/26/2029
(Acquired 10/24/2023, Cost $52,645) (c)(d)(e)(f)
 
 
52,645
 
 
34,220
 
FloodSmart Re 2024-1 Class A, 18.69% (3 Month US Treasury Bill Rate + 14.36%), 03/12/2027
(Acquired 2/29/2024, Cost $4,099,000) (c)(d)(e)
 
 
4,099,000
 
 
4,224,429
 
FloodSmart Re 2024-1 Class B, 21.96% (3 Month US Treasury Bill Rate + 17.63%), 03/12/2027
(Acquired 2/29/2024, Cost $967,000) (c)(d)(e)
 
 
967,000
 
 
933,203
 
 
 
 
 
5,191,852
 
Mortality/Longevity/Disease - 0.2%
 
 
 
 
 
Vita Capital VI 2021-1 Class B, 7.52% (SOFR + 3.12%), 01/08/2026
(Acquired 2/22/2023, Cost $438,928) (c)(d)(e)(f)
 
 
449,000
 
 
0
 
Vitality Re XIII 2022 Class A, 6.33% (3 Month US Treasury Bill Rate + 2.00%), 01/06/2026
(Acquired 1/4/2023, Cost $605,926) (c)(d)(e)
 
 
611,000
 
 
610,786
 
Vitality Re XIV 2023 Class A, 7.83% (3 Month US Treasury Bill Rate + 3.50%), 01/05/2027
(Acquired 3/7/2024 - 3/14/2024, Cost $635,044) (c)(d)(e)
 
 
629,000
 
 
642,838
 
Vitality Re XIV 2023 Class B, 8.83% (3 Month US Treasury Bill Rate + 4.50%), 01/05/2027
(Acquired 1/25/2023, Cost $334,000) (c)(d)(e)
 
 
334,000
 
 
339,043
 
Vitality Re XV 2024 Class A, 6.83% (3 Month US Treasury Bill Rate + 2.50%), 01/07/2028
(Acquired 1/22/2024, Cost $372,000) (c)(d)(e)
 
 
372,000
 
 
374,809
 
Vitality Re XV 2024 Class B, 7.83% (3 Month US Treasury Bill Rate + 3.50%), 01/07/2028
(Acquired 1/22/2024, Cost $255,000) (c)(d)(e)
 
 
255,000
 
 
258,379
 
Vitality Re XVI 2025 Class A, 6.08% (3 Month US Treasury Bill Rate + 1.75%), 01/08/2029
(Acquired 1/23/2025, Cost $359,000) (c)(d)(e)
 
 
359,000
 
 
359,018
 
 
 
 
 
2,584,873
 
Multiperil - 5.8%
 
 
 
 
 
Aquila Re I 2023-1 Class A-1, 9.67% (3 Month US Treasury Bill Rate + 5.34%), 06/08/2026
(Acquired 5/10/2023, Cost $265,000) (c)(d)(e)
 
 
265,000
 
 
267,094
 
Aquila Re I 2023-1 Class B-1, 11.59% (3 Month US Treasury Bill Rate + 7.26%), 06/08/2026
(Acquired 5/10/2023, Cost $1,079,000) (c)(d)(e)
 
 
1,079,000
 
 
1,099,069
 
Aquila Re I 2023-1 Class C-1, 13.16% (3 Month US Treasury Bill Rate + 8.83%), 06/08/2026
(Acquired 5/10/2023 - 2/24/2025, Cost $1,538,827) (c)(d)(e)
 
 
1,530,000
 
 
1,568,021
 
Aquila Re I 2024-1 Class A-1, 9.58% (Treasury Money Market Fund + 5.39%), 06/07/2027
(Acquired 4/26/2024, Cost $492,000) (c)(d)(e)
 
 
492,000
 
 
498,470
 
Aquila Re I 2024-1 Class B-1, 12.68% (3 Month US Treasury Bill Rate + 8.35%), 06/07/2027
(Acquired 4/26/2024, Cost $299,000) (c)(d)(e)
 
 
299,000
 
 
309,689
 
 
 
 
 
 
 
 
(Continued)
4
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Multiperil - 5.8% (continued)
 
 
 
 
 
Baldwin Re 2023-1 Class A, 9.39% (3 Month US Treasury Bill Rate + 5.05%), 07/07/2027
(Acquired 6/21/2023, Cost $423,000) (c)(d)(e)
 
 
$423,000
 
 
$435,204
 
Baldwin Re 2025-1 Class A, 8.09% (3 Month US Treasury Bill Rate + 3.75%), 07/09/2029
(Acquired 6/16/2025, Cost $1,024,000) (c)(d)(e)
 
 
1,024,000
 
 
1,036,749
 
Bluebonnet Re 2025-2 Class A, 16.34% (3 Month US Treasury Bill Rate + 12.00%), 06/07/2027
(Acquired 5/8/2025, Cost $1,145,000) (c)(d)(e)
 
 
1,145,000
 
 
1,174,713
 
Bonanza Re 2024-1 Class A, 4.13% (Treasury Money Market Fund + 0.00%), 01/08/2026
(Acquired 12/16/2024, Cost $230,274) (c)(d)(e)
 
 
253,000
 
 
218,541
 
Bonanza Re 2024-1 Class C, 9.63% (Treasury Money Market Fund + 5.50%), 12/19/2027
(Acquired 12/16/2024, Cost $802,000) (c)(d)(e)
 
 
802,000
 
 
799,113
 
Bridge Street Re 2025-1 Class A, 8.17% (Treasury Money Market Fund + 4.00%), 01/07/2028
(Acquired 12/24/2024, Cost $1,018,000) (c)(d)(e)
 
 
1,018,000
 
 
1,024,108
 
Commonwealth Re 2025-1 Class A, 8.09% (3 Month US Treasury Bill Rate + 3.75%), 07/10/2028
(Acquired 5/30/2025, Cost $912,000) (c)(d)(e)
 
 
912,000
 
 
916,514
 
Foundation Re 2023-1 Class A, 10.58% (3 Month US Treasury Bill Rate + 6.25%), 01/08/2027
(Acquired 12/19/2023, Cost $968,000) (c)(d)(e)
 
 
968,000
 
 
984,940
 
Four Lakes Re 2022-1 Class A, 11.14% (3 Month US Treasury Bill Rate + 6.81%), 01/07/2026
(Acquired 12/22/2022, Cost $187,000) (c)(d)(e)
 
 
187,000
 
 
187,346
 
Four Lakes Re 2023-1 Class A, 10.13% (3 Month US Treasury Bill Rate + 5.80%), 01/07/2027
(Acquired 12/8/2023, Cost $314,000) (c)(d)(e)
 
 
314,000
 
 
317,077
 
Four Lakes Re 2024-1 Class A, 9.83% (3 Month US Treasury Bill Rate + 5.50%), 01/07/2028
(Acquired 12/11/2024, Cost $859,000) (c)(d)(e)
 
 
859,000
 
 
852,600
 
Four Lakes Re 2024-1 Class B, 12.58% (3 Month US Treasury Bill Rate + 8.25%), 01/07/2028
(Acquired 12/11/2024, Cost $341,000) (c)(d)(e)
 
 
341,000
 
 
336,959
 
Fuchsia 2 2024-1 Class A, 9.47% (3 Month US Treasury Bill Rate + 5.14%), 04/06/2028
(Acquired 12/18/2024, Cost $1,324,000) (c)(d)(e)
 
 
1,324,000
 
 
1,333,136
 
Fuchsia 2023-1 Class A, 14.62% (3 Month US Treasury Bill Rate + 10.29%), 04/06/2027
(Acquired 12/14/2023, Cost $815,000) (c)(d)(e)
 
 
815,000
 
 
841,854
 
Galileo Re 2023-1 Class A, 11.33% (3 Month US Treasury Bill Rate + 7.00%), 01/07/2028
(Acquired 12/4/2023, Cost $1,313,000) (c)(d)(e)
 
 
1,313,000
 
 
1,364,076
 
Galileo Re 2023-1 Class B, 11.33% (3 Month US Treasury Bill Rate + 7.00%), 01/08/2026
(Acquired 12/4/2023, Cost $409,000) (c)(d)(e)
 
 
409,000
 
 
411,802
 
Herbie Re 2024-2 Class A, 11.58% (3 Month US Treasury Bill Rate + 7.25%), 01/08/2029
(Acquired 12/17/2024, Cost $462,000) (c)(d)(e)
 
 
462,000
 
 
462,924
 
Herbie Re 2024-2 Class B, 15.08% (3 Month US Treasury Bill Rate + 10.75%), 01/08/2029
(Acquired 12/17/2024, Cost $462,000) (c)(d)(e)
 
 
462,000
 
 
475,490
 
Herbie Re 2024-2 Class C, 27.33% (3 Month US Treasury Bill Rate + 23.00%), 01/08/2027
(Acquired 12/17/2024, Cost $402,000) (c)(d)(e)
 
 
402,000
 
 
381,659
 
High Point Re 2023-1 Class A, 9.94% (Treasury Money Market Fund + 5.75%), 01/06/2027
(Acquired 12/1/2023, Cost $2,582,000) (c)(d)(e)
 
 
2,582,000
 
 
2,613,500
 
Hypatia Ltd. 2023-1 Class A, 14.83% (3 Month US Treasury Bill Rate + 10.50%), 04/08/2026
(Acquired 3/27/2023, Cost $377,000) (c)(d)(e)
 
 
377,000
 
 
389,912
 
Locke Tavern Re 2023-1 Class A, 9.11% (3 Month US Treasury Bill Rate + 4.78%), 04/09/2026
(Acquired 3/23/2023 - 8/21/2023, Cost $1,163,145) (c)(d)(e)
 
 
1,161,000
 
 
1,174,642
 
Long Point Re IV 2022-1 Class A, 8.58% (3 Month US Treasury Bill Rate + 4.25%), 06/01/2026
(Acquired 9/28/2023, Cost $259,956) (c)(d)(e)
 
 
261,000
 
 
263,205
 
Merna Re II 2023-1 Class A, 12.08% (3 Month US Treasury Bill Rate + 7.75%), 07/07/2026
(Acquired 4/5/2023, Cost $1,066,000) (c)(d)(e)
 
 
1,066,000
 
 
1,088,599
 
Merna Re II 2023-2 Class A, 14.58% (3 Month US Treasury Bill Rate + 10.25%), 07/07/2026
(Acquired 4/5/2023, Cost $1,279,000) (c)(d)(e)
 
 
1,279,000
 
 
1,311,615
 
Merna Re II 2024-1 Class A, 11.58% (3 Month US Treasury Bill Rate + 7.25%), 07/07/2027
(Acquired 5/8/2024, Cost $1,379,000) (c)(d)(e)
 
 
1,379,000
 
 
1,423,128
 
Merna Re II 2024-2 Class A, 13.08% (3 Month US Treasury Bill Rate + 8.75%), 07/07/2027
(Acquired 5/8/2024, Cost $1,758,000) (c)(d)(e)
 
 
1,758,000
 
 
1,807,136
 
Merna Re II 2024-3 Class A, 12.83% (3 Month US Treasury Bill Rate + 8.50%), 07/07/2027
(Acquired 5/8/2024, Cost $2,931,000) (c)(d)(e)
 
 
2,931,000
 
 
2,960,163
 
 
 
 
 
 
 
 
(Continued)
 
 
 
 
 
 
5
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Multiperil - 5.8% (continued)
 
 
 
 
 
Merna Re II 2025-3 Class A, 11.34% (3 Month US Treasury Bill Rate + 7.00%), 07/07/2028
(Acquired 5/14/2025, Cost $1,945,000) (c)(d)(e)
 
 
$1,945,000
 
 
$1,995,181
 
Merna Re II 2025-4 Class A, 12.09% (3 Month US Treasury Bill Rate + 7.75%), 07/07/2028
(Acquired 5/14/2025, Cost $2,004,000) (c)(d)(e)
 
 
2,004,000
 
 
2,012,116
 
Mona Lisa Re 2024-1 Class A, 14.08% (3 Month US Treasury Bill Rate + 9.75%), 06/25/2027
(Acquired 1/23/2025, Cost $323,663) (c)(d)(e)
 
 
299,000
 
 
326,762
 
Mona Lisa Re 2025-1 Class A, 12.33% (3 Month US Treasury Bill Rate + 8.00%), 01/08/2029
(Acquired 12/3/2024, Cost $648,000) (c)(d)(e)
 
 
648,000
 
 
649,847
 
Mona Lisa Re 2025-1 Class B, 14.83% (3 Month US Treasury Bill Rate + 10.50%), 01/07/2028
(Acquired 12/3/2024, Cost $678,000) (c)(d)(e)
 
 
678,000
 
 
678,610
 
Mountain Re 2023-1 Class A, 11.15% (3 Month US Treasury Bill Rate + 6.82%), 06/05/2026
(Acquired 5/24/2023 - 3/5/2024, Cost $807,497) (c)(d)(e)
 
 
804,000
 
 
826,592
 
Mystic Re IV 2023-1 Class A, 13.26% (3 Month US Treasury Bill Rate + 8.93%), 01/08/2026
(Acquired 12/16/2022 - 6/12/2024, Cost $1,155,568) (c)(d)(e)
 
 
1,154,000
 
 
1,184,754
 
Mystic Re IV 2025-1 Class A, 8.33% (3 Month US Treasury Bill Rate + 4.00%), 01/10/2028
(Acquired 12/17/2024, Cost $446,000) (c)(d)(e)
 
 
446,000
 
 
443,391
 
Mystic Re IV 2025-1 Class B, 14.58% (3 Month US Treasury Bill Rate + 10.25%), 01/10/2028
(Acquired 12/17/2024, Cost $282,000) (c)(d)(e)
 
 
282,000
 
 
284,651
 
Mystic Re IV 2025-1 Class C, 18.33% (3 Month US Treasury Bill Rate + 14.00%), 01/10/2028
(Acquired 12/17/2024, Cost $714,000) (c)(d)(e)(f)
 
 
714,000
 
 
303,450
 
Residential Re 2019-I Class 12, 4.43% (3 Month US Treasury Bill Rate + 0.10%), 06/06/2026
(Acquired 5/8/2019, Cost $186,919) (c)(d)(e)
 
 
186,919
 
 
106,591
 
Residential Re 2021-I Class 12, 4.83% (3 Month US Treasury Bill Rate + 0.50%), 06/06/2028
(Acquired 7/12/2023, Cost $301,000) (c)(d)(e)
 
 
301,000
 
 
60,200
 
Residential Re 2021-II Class 3, 10.11% (3 Month US Treasury Bill Rate + 5.78%), 12/06/2025
(Acquired 7/12/2022, Cost $995,669) (c)(d)(e)
 
 
1,000,000
 
 
970,900
 
Residential Re 2022-I Class 14, 8.33% (3 Month US Treasury Bill Rate + 4.00%), 06/06/2026
(Acquired 7/12/2022, Cost $1,989,000) (c)(d)(e)
 
 
2,000,000
 
 
1,930,000
 
Residential Re 2023-I Class 13, 15.37% (3 Month US Treasury Bill Rate + 11.04%), 06/06/2027
(Acquired 4/28/2023, Cost $1,887,000) (c)(d)(e)
 
 
1,887,000
 
 
377,400
 
Residential Re 2023-I Class 14, 11.09% (3 Month US Treasury Bill Rate + 6.76%), 06/06/2027
(Acquired 4/28/2023 - 9/22/2023, Cost $3,066,372) (c)(d)(e)
 
 
3,072,000
 
 
3,033,600
 
Residential Re 2023-II Class 3, 13.03% (3 Month US Treasury Bill Rate + 8.70%), 12/06/2027
(Acquired 11/7/2023, Cost $817,000) (c)(d)(e)
 
 
817,000
 
 
834,770
 
Residential Re 2023-II Class 5, 10.30% (3 Month US Treasury Bill Rate + 5.97%), 12/06/2027
(Acquired 11/7/2023, Cost $1,906,000) (c)(d)(e)
 
 
1,906,000
 
 
1,966,801
 
Residential Re 2024-I Class 14, 10.31% (3 Month US Treasury Bill Rate + 5.98%), 06/06/2028
(Acquired 4/25/2024, Cost $439,000) (c)(d)(e)
 
 
439,000
 
 
426,686
 
Residential Re 2024-II Class 2, 17.75% (3 Month US Treasury Bill Rate + 13.42%), 12/06/2028
(Acquired 11/4/2024, Cost $418,000) (c)(d)(e)
 
 
418,000
 
 
437,625
 
Residential Re 2024-II Class 3, 11.27% (3 Month US Treasury Bill Rate + 6.94%), 12/06/2028
(Acquired 11/4/2024, Cost $1,096,000) (c)(d)(e)
 
 
1,096,000
 
 
1,109,590
 
Residential Re 2024-II Class 4, 9.71% (3 Month US Treasury Bill Rate + 5.38%), 12/06/2028
(Acquired 11/4/2024, Cost $888,000) (c)(d)(e)
 
 
888,000
 
 
907,936
 
Residential Re 2025-I Class 13, 17.34% (3 Month US Treasury Bill Rate + 13.00%), 06/06/2029
(Acquired 5/2/2025, Cost $266,000) (c)(d)(e)
 
 
266,000
 
 
266,133
 
Residential Re 2025-I Class 14, 12.09% (3 Month US Treasury Bill Rate + 7.75%), 06/06/2029
(Acquired 5/2/2025, Cost $725,000) (c)(d)(e)
 
 
725,000
 
 
732,069
 
Residential Re 2025-I Class 15, 10.09% (3 Month US Treasury Bill Rate + 5.75%), 06/06/2029
(Acquired 5/2/2025, Cost $1,006,000) (c)(d)(e)
 
 
1,006,000
 
 
1,013,042
 
Riverfront Re 2025 Class A, 9.84% (3 Month US Treasury Bill Rate + 5.50%), 01/08/2029
(Acquired 4/21/2025, Cost $677,000) (c)(d)(e)
 
 
677,000
 
 
676,052
 
Sakura Re 2022-1 Class A, 17.83% (3 Month US Treasury Bill Rate + 13.50%), 01/05/2026
(Acquired 12/22/2022, Cost $841,000) (c)(d)(e)
 
 
841,000
 
 
869,258
 
Sanders Re II 2024-3 Class A, 8.17% (Treasury Money Market Fund + 4.00%), 04/07/2029
(Acquired 12/10/2024, Cost $1,446,000) (c)(d)(e)
 
 
1,446,000
 
 
1,434,360
 
 
 
 
 
 
 
 
(Continued)
6
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Multiperil - 5.8% (continued)
 
 
 
 
 
Sanders Re II 2024-3 Class B, 9.42% (Treasury Money Market Fund + 5.25%), 04/07/2029
(Acquired 12/10/2024, Cost $1,475,000) (c)(d)(e)
 
 
$1,475,000
 
 
$1,481,711
 
Sanders Re II 2025-1 Class A, 8.34% (3 Month US Treasury Bill Rate + 4.00%), 04/07/2028
(Acquired 3/13/2025, Cost $1,074,000) (c)(d)(e)
 
 
1,074,000
 
 
1,085,599
 
Sanders Re II 2025-1 Class A-2, 8.59% (3 Month US Treasury Bill Rate + 4.25%), 04/08/2030
(Acquired 3/13/2025, Cost $942,000) (c)(d)(e)
 
 
942,000
 
 
960,793
 
Sanders Re II 2025-1 Class B-1, 8.84% (3 Month US Treasury Bill Rate + 4.50%), 04/07/2028
(Acquired 3/13/2025, Cost $618,000) (c)(d)(e)
 
 
618,000
 
 
617,228
 
Sanders Re II 2025-1 Class B-2, 9.09% (3 Month US Treasury Bill Rate + 4.75%), 04/08/2030
(Acquired 3/13/2025, Cost $1,854,000) (c)(d)(e)
 
 
1,854,000
 
 
1,881,532
 
Sanders Re II 2025-2 Class A-1, 11.34% (3 Month US Treasury Bill Rate + 7.00%), 06/07/2028
(Acquired 5/22/2025, Cost $304,000) (c)(d)(e)
 
 
304,000
 
 
303,772
 
Sanders Re III 2022-1 Class A, 7.74% (3 Month US Treasury Bill Rate + 3.41%), 04/07/2026
(Acquired 9/28/2023, Cost $885,942) (c)(d)(e)
 
 
900,000
 
 
886,365
 
Sanders Re III 2022-3 Class A, 10.60% (3 Month US Treasury Bill Rate + 6.27%), 04/07/2027
(Acquired 12/1/2022, Cost $789,000) (c)(d)(e)
 
 
789,000
 
 
808,488
 
Sanders Re III 2023-1 Class A, 9.88% (3 Month US Treasury Bill Rate + 5.55%), 04/07/2027
(Acquired 3/24/2023, Cost $423,000) (c)(d)(e)
 
 
423,000
 
 
428,605
 
Sanders Re III 2023-1 Class B, 19.83% (3 Month US Treasury Bill Rate + 15.50%), 04/07/2027
(Acquired 3/24/2023, Cost $528,000) (c)(d)(e)
 
 
528,000
 
 
512,899
 
Sanders Re III 2023-2 Class A, 12.47% (3 Month US Treasury Bill Rate + 8.14%), 06/05/2026
(Acquired 5/24/2023, Cost $2,129,000) (c)(d)(e)
 
 
2,129,000
 
 
2,174,880
 
Sanders Re III 2024-1 Class A, 10.08% (3 Month US Treasury Bill Rate + 5.75%), 04/07/2028
(Acquired 1/16/2024, Cost $1,627,000) (c)(d)(e)
 
 
1,627,000
 
 
1,683,538
 
Solomon Re 2023-1 Class A, 9.86% (3 Month US Treasury Bill Rate + 5.52%), 06/08/2026
(Acquired 6/12/2023, Cost $379,000) (c)(d)(e)
 
 
379,000
 
 
384,988
 
Stabilitas Re 2023-1 Class A, 12.84% (3 Month US Treasury Bill Rate + 8.50%), 06/05/2026
(Acquired 1/16/2025, Cost $344,677) (c)(d)(e)
 
 
336,000
 
 
340,553
 
Titania Re 2024-1 Class A, 10.58% (3 Month US Treasury Bill Rate + 6.25%), 11/26/2027
(Acquired 11/14/2024, Cost $566,000) (c)(d)(e)
 
 
566,000
 
 
569,424
 
Titania Re 2024-1 Class B, 13.83% (3 Month US Treasury Bill Rate + 9.50%), 11/26/2027
(Acquired 11/14/2024, Cost $535,000) (c)(d)(e)
 
 
535,000
 
 
533,315
 
Yosemite Re 2025-1 Class A, 11.59% (3 Month US Treasury Bill Rate + 7.25%), 06/07/2028
(Acquired 3/18/2025, Cost $497,000) (c)(d)(e)
 
 
497,000
 
 
501,225
 
 
 
 
 
71,342,330
 
Windstorm - 8.7%
 
 
 
 
 
1886 Re 2025-1 Class A, 8.84% (3 Month US Treasury Bill Rate + 4.50%), 07/09/2029
(Acquired 5/15/2025, Cost $427,000) (c)(d)(e)
 
 
427,000
 
 
434,537
 
Alamo Re 2023-1 Class A, 13.41% (3 Month US Treasury Bill Rate + 9.08%), 06/07/2026
(Acquired 4/12/2023, Cost $2,579,000) (c)(d)(e)
 
 
2,579,000
 
 
2,641,541
 
Alamo Re 2024-1 Class A, 10.87% (3 Month US Treasury Bill Rate + 6.54%), 06/07/2027
(Acquired 4/4/2024 - 3/12/2025, Cost $3,873,001) (c)(d)(e)
 
 
3,865,000
 
 
3,988,487
 
Alamo Re 2024-1 Class B, 12.76% (3 Month US Treasury Bill Rate + 8.43%), 06/07/2027
(Acquired 4/4/2024, Cost $4,761,000) (c)(d)(e)
 
 
4,761,000
 
 
4,956,201
 
Alamo Re 2024-1 Class C, 16.21% (3 Month US Treasury Bill Rate + 11.88%), 06/07/2026
(Acquired 4/4/2024, Cost $3,851,000) (c)(d)(e)
 
 
3,851,000
 
 
3,982,897
 
Armor Re II 2024-1 Class A, 14.53% (3 Month US Treasury Bill Rate + 10.20%), 05/07/2027
(Acquired 4/11/2024, Cost $1,321,000) (c)(d)(e)
 
 
1,321,000
 
 
1,382,360
 
Armor Re II 2024-2 Class A, 12.83% (3 Month US Treasury Bill Rate + 8.50%), 01/07/2028
(Acquired 12/11/2024, Cost $548,000) (c)(d)(e)
 
 
548,000
 
 
554,083
 
Bayou Re 2023-1 Class A, 16.72% (3 Month US Treasury Bill Rate + 12.39%), 05/26/2026
(Acquired 5/11/2023, Cost $750,000) (c)(d)(e)
 
 
750,000
 
 
769,912
 
Bayou Re 2023-1 Class B, 23.37% (3 Month US Treasury Bill Rate + 19.04%), 05/26/2026
(Acquired 5/11/2023, Cost $1,206,000) (c)(d)(e)
 
 
1,206,000
 
 
1,244,833
 
Bayou Re 2024-1 Class A, 12.66% (3 Month US Treasury Bill Rate + 8.33%), 04/30/2027
(Acquired 4/18/2024, Cost $1,257,000) (c)(d)(e)
 
 
1,257,000
 
 
1,319,410
 
 
 
 
 
 
 
 
(Continued)
 
 
 
 
 
 
7
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Windstorm - 8.7% (continued)
 
 
 
 
 
Bayou Re 2024-1 Class B, 22.65% (Treasury Money Market Fund + 18.50%), 04/30/2027
(Acquired 4/18/2024, Cost $419,000) (c)(d)(e)
 
 
$419,000
 
 
$446,214
 
Bayou Re 2025-1 Class A, 11.34% (3 Month US Treasury Bill Rate + 7.00%), 05/08/2028
(Acquired 4/21/2025, Cost $992,000) (c)(d)(e)
 
 
992,000
 
 
990,462
 
Blue Ridge Re 2023-1 Class A, 9.58% (3 Month US Treasury Bill Rate + 5.25%), 01/08/2027
(Acquired 11/14/2023, Cost $2,068,000) (c)(d)(e)
 
 
2,068,000
 
 
2,113,599
 
Blue Ridge Re 2023-1 Class B, 12.14% (Treasury Money Market Fund + 7.99%), 01/08/2027
(Acquired 11/14/2023, Cost $2,518,000) (c)(d)(e)(g)
 
 
2,518,000
 
 
2,583,720
 
Bluebonnet Re 2025-1 Class B, 12.84% (3 Month US Treasury Bill Rate + 8.50%), 06/07/2028
(Acquired 5/8/2025, Cost $690,000) (c)(d)(e)
 
 
690,000
 
 
711,631
 
Bluebonnet Re 2025-1 Class C, 16.09% (3 Month US Treasury Bill Rate + 11.75%), 06/07/2028
(Acquired 5/8/2025, Cost $558,000) (c)(d)(e)
 
 
558,000
 
 
575,549
 
Cape Lookout Re 2023-1 Class A, 11.53% (3 Month US Treasury Bill Rate + 7.20%), 04/28/2026
(Acquired 4/14/2023 - 9/17/2024, Cost $3,450,127) (c)(d)(e)
 
 
3,445,000
 
 
3,518,551
 
Cape Lookout Re 2024-1 Class A, 13.03% (3 Month US Treasury Bill Rate + 8.70%), 04/05/2027
(Acquired 3/12/2024 - 9/13/2024, Cost $4,186,746) (c)(d)(e)
 
 
4,180,000
 
 
4,254,613
 
Cape Lookout Re 2025-1 Class A, 11.23% (3 Month US Treasury Bill Rate + 6.90%), 03/13/2028
(Acquired 2/27/2025, Cost $3,886,000) (c)(d)(e)
 
 
3,886,000
 
 
3,968,383
 
Charles River Re 2024-1 Class A, 11.96% (3 Month US Treasury Bill Rate + 7.63%), 05/10/2027
(Acquired 4/5/2024, Cost $885,000) (c)(d)(e)
 
 
885,000
 
 
908,187
 
Chartwell Re 2025-1 Class A, 10.34% (3 Month US Treasury Bill Rate + 6.00%), 06/07/2028
(Acquired 5/2/2025, Cost $710,000) (c)(d)(e)
 
 
710,000
 
 
726,188
 
Citrus Re 2023-1 Class A, 10.92% (3 Month US Treasury Bill Rate + 6.59%), 06/07/2026
(Acquired 4/27/2023, Cost $1,009,000) (c)(d)(e)
 
 
1,009,000
 
 
1,029,584
 
Citrus Re 2023-1 Class B, 13.04% (3 Month US Treasury Bill Rate + 8.71%), 06/07/2026
(Acquired 4/27/2023, Cost $876,000) (c)(d)(e)
 
 
876,000
 
 
902,411
 
Citrus Re 2024-1 Class B, 14.77% (3 Month US Treasury Bill Rate + 10.44%), 06/07/2027
(Acquired 3/19/2024, Cost $508,000) (c)(d)(e)
 
 
508,000
 
 
529,565
 
Citrus Re 2025-1 Class A, 12.08% (3 Month US Treasury Bill Rate + 7.75%), 06/07/2028
(Acquired 3/5/2025, Cost $483,000) (c)(d)(e)
 
 
483,000
 
 
479,716
 
Citrus Re 2025-1 Class B, 8.83% (3 Month US Treasury Bill Rate + 4.50%), 06/07/2028
(Acquired 3/5/2025, Cost $410,000) (c)(d)(e)
 
 
410,000
 
 
413,096
 
Commonwealth Re 2023-1 Class A, 8.18% (3 Month US Treasury Bill Rate + 3.86%), 07/08/2026
(Acquired 6/7/2023, Cost $783,000) (c)(d)(e)
 
 
783,000
 
 
788,442
 
Everglades Re II 2024-1 Class A, 14.83% (3 Month US Treasury Bill Rate + 10.50%), 05/13/2027
(Acquired 5/15/2024, Cost $2,964,000) (c)(d)(e)
 
 
2,964,000
 
 
3,105,383
 
Everglades Re II 2024-1 Class B, 15.83% (3 Month US Treasury Bill Rate + 11.50%), 05/13/2027
(Acquired 5/15/2024, Cost $2,980,000) (c)(d)(e)
 
 
2,980,000
 
 
3,103,968
 
Everglades Re II 2024-1 Class C, 17.08% (3 Month US Treasury Bill Rate + 12.75%), 05/13/2027
(Acquired 5/15/2024, Cost $2,066,000) (c)(d)(e)
 
 
2,066,000
 
 
2,141,822
 
Everglades Re II 2025-1 Class A, 13.09% (3 Month US Treasury Bill Rate + 8.75%), 05/19/2028
(Acquired 5/5/2025, Cost $2,126,000) (c)(d)(e)
 
 
2,126,000
 
 
2,146,303
 
Everglades Re II 2025-1 Class B, 14.09% (3 Month US Treasury Bill Rate + 9.75%), 05/19/2028
(Acquired 5/5/2025, Cost $1,949,000) (c)(d)(e)
 
 
1,949,000
 
 
1,956,699
 
Everglades Re II 2025-1 Class C, 15.59% (3 Month US Treasury Bill Rate + 11.25%), 05/19/2028
(Acquired 5/5/2025, Cost $2,362,000) (c)(d)(e)
 
 
2,362,000
 
 
2,369,676
 
Everglades Re II 2025-1 Class D, 17.34% (3 Month US Treasury Bill Rate + 13.00%), 05/19/2028
(Acquired 5/5/2025, Cost $1,418,000) (c)(d)(e)
 
 
1,418,000
 
 
1,432,180
 
Fish Pond Re 2024-1 Class A, 8.35% (3 Month US Treasury Bill Rate + 4.02%), 01/08/2027
(Acquired 12/22/2023, Cost $842,000) (c)(d)(e)
 
 
842,000
 
 
854,167
 
Gateway Re 2023-1 Class A, 18.27% (3 Month US Treasury Bill Rate + 13.94%), 02/24/2026
(Acquired 2/3/2023, Cost $2,215,000) (c)(d)(e)
 
 
2,215,000
 
 
2,279,124
 
Gateway Re 2023-1 Class B, 25.19% (Treasury Money Market Fund + 21.00%), 02/24/2026
(Acquired 2/3/2023, Cost $479,000) (c)(d)(e)
 
 
479,000
 
 
485,251
 
Gateway Re 2023-3 Class A, 15.07% (Treasury Money Market Fund + 10.88%), 07/08/2026
(Acquired 7/14/2023, Cost $594,000) (c)(d)(e)(g)
 
 
594,000
 
 
587,674
 
 
 
 
 
 
 
 
(Continued)
8
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Windstorm - 8.7% (continued)
 
 
 
 
 
Gateway Re 2024-1 Class AA, 10.23% (3 Month US Treasury Bill Rate + 5.90%), 07/08/2027
(Acquired 3/11/2024, Cost $638,000) (c)(d)(e)
 
 
$638,000
 
 
$645,050
 
Gateway Re 2025-1 Class A, 14.83% (3 Month US Treasury Bill Rate + 10.50%), 07/07/2028
(Acquired 2/12/2025, Cost $254,000) (c)(d)(e)
 
 
254,000
 
 
257,353
 
Gateway Re 2025-1 Class AA, 4.19% (Treasury Money Market Fund + 0.00%), 12/22/2025
(Acquired 2/12/2025, Cost $664,094) (c)(d)(e)
 
 
688,000
 
 
656,593
 
Gateway Re 2025-1 Class AAA, 8.58% (3 Month US Treasury Bill Rate + 4.25%), 07/07/2028
(Acquired 2/12/2025, Cost $419,000) (c)(d)(e)
 
 
419,000
 
 
414,684
 
Gateway Re 2025-1 Class C1, 4.34% (3 Month US Treasury Bill Rate + 0.00%), 12/22/2025
(Acquired 2/12/2025, Cost $459,546) (c)(d)(e)
 
 
479,000
 
 
444,440
 
Gateway Re 2025-1 Class C2, 13.83% (3 Month US Treasury Bill Rate + 9.50%), 07/07/2027
(Acquired 2/12/2025, Cost $1,525,000) (c)(d)(e)
 
 
1,525,000
 
 
1,524,009
 
Gateway Re 2025-2 Class A, 11.19% (Treasury Money Market Fund + 7.00%), 07/07/2028
(Acquired 3/21/2025, Cost $583,000) (c)(d)(e)
 
 
583,000
 
 
586,002
 
Gateway Re II 2023-1 Class A, 13.90% (3 Month US Treasury Bill Rate + 9.57%), 04/27/2026
(Acquired 4/13/2023, Cost $608,000) (c)(d)(e)
 
 
608,000
 
 
614,445
 
Genesee Street Re 2025-1 Class A, 7.59% (3 Month US Treasury Bill Rate + 3.25%), 04/07/2028
(Acquired 4/28/2025, Cost $766,000) (c)(d)(e)
 
 
766,000
 
 
765,540
 
Hestia Re 2022-1 Class A, 4.43% (3 Month US Treasury Bill Rate + 0.10%), 04/22/2029
(Acquired 2/5/2024, Cost $8,827) (c)(d)(e)
 
 
8,829
 
 
4,194
 
Hestia Re 2025-1 Class A, 11.08% (3 Month US Treasury Bill Rate + 6.75%), 03/13/2028
(Acquired 2/27/2025, Cost $1,148,000) (c)(d)(e)
 
 
1,148,000
 
 
1,137,725
 
Hestia Re 2025-1 Class B, 12.58% (3 Month US Treasury Bill Rate + 8.25%), 03/13/2028
(Acquired 2/27/2025, Cost $530,000) (c)(d)(e)
 
 
530,000
 
 
528,463
 
Integrity Re 2024-1 Class A, 14.88% (3 Month US Treasury Bill Rate + 10.55%), 06/06/2026
(Acquired 3/1/2024, Cost $542,000) (c)(d)(e)
 
 
542,000
 
 
541,919
 
Integrity Re 2024-1 Class B, 17.65% (3 Month US Treasury Bill Rate + 13.32%), 06/06/2026
(Acquired 3/1/2024, Cost $310,000) (c)(d)(e)
 
 
310,000
 
 
310,403
 
Integrity Re 2024-1 Class C, 21.33% (3 Month US Treasury Bill Rate + 17.00%), 06/06/2026
(Acquired 3/1/2024, Cost $542,000) (c)(d)(e)
 
 
542,000
 
 
548,206
 
Integrity Re 2024-1 Class D, 27.12% (3 Month US Treasury Bill Rate + 22.80%), 06/06/2026
(Acquired 3/1/2024, Cost $852,000) (c)(d)(e)
 
 
852,000
 
 
803,146
 
Integrity Re III 2025-1 Class A-2, 12.33% (3 Month US Treasury Bill Rate + 8.00%), 06/06/2028
(Acquired 2/21/2025, Cost $317,000) (c)(d)(e)
 
 
317,000
 
 
317,888
 
Integrity Re III 2025-1 Class B-2, 14.08% (3 Month US Treasury Bill Rate + 9.75%), 06/06/2028
(Acquired 2/21/2025, Cost $257,000) (c)(d)(e)
 
 
257,000
 
 
257,771
 
Integrity Re III 2025-1 Class C, 16.58% (3 Month US Treasury Bill Rate + 12.25%), 06/06/2028
(Acquired 2/21/2025, Cost $786,000) (c)(d)(e)
 
 
786,000
 
 
790,205
 
Integrity Re III 2025-1 Class D, 29.83% (3 Month US Treasury Bill Rate + 25.50%), 06/06/2027
(Acquired 2/21/2025, Cost $483,000) (c)(d)(e)
 
 
483,000
 
 
484,401
 
Lightning Re 2023-1 Class A, 15.33% (3 Month US Treasury Bill Rate + 11.00%), 03/31/2026
(Acquired 3/20/2023 - 4/10/2024, Cost $4,239,751) (c)(d)(e)
 
 
4,190,000
 
 
4,286,370
 
Longleaf Pine Re 2024-1 Class A, 21.83% (3 Month US Treasury Bill Rate + 17.50%), 05/25/2027
(Acquired 5/10/2024, Cost $1,190,000) (c)(d)(e)
 
 
1,190,000
 
 
1,254,081
 
Lower Ferry Re 2023-1 Class A, 8.77% (3 Month US Treasury Bill Rate + 4.43%), 07/08/2026
(Acquired 6/23/2023, Cost $456,000) (c)(d)(e)
 
 
456,000
 
 
459,215
 
Lower Ferry Re 2023-1 Class B, 9.61% (3 Month US Treasury Bill Rate + 5.27%), 07/08/2026
(Acquired 6/23/2023, Cost $1,139,000) (c)(d)(e)
 
 
1,139,000
 
 
1,155,345
 
Mayflower Re 2023-1 Class A, 4.69% (3 Month US Treasury Bill Rate + 4.69%), 07/08/2026
(Acquired 6/26/2023, Cost $837,000) (c)(d)(e)
 
 
837,000
 
 
845,663
 
Mayflower Re 2023-1 Class B, 10.35% (3 Month US Treasury Bill Rate + 6.02%), 07/08/2026
(Acquired 6/26/2023, Cost $2,082,000) (c)(d)(e)
 
 
2,082,000
 
 
2,138,214
 
Mayflower Re 2024-1 Class A, 8.83% (3 Month US Treasury Bill Rate + 4.50%), 07/08/2027
(Acquired 6/21/2024, Cost $650,000) (c)(d)(e)
 
 
650,000
 
 
661,635
 
Mayflower Re 2025-1 Class A, 7.84% (3 Month US Treasury Bill Rate + 3.50%), 07/07/2028
(Acquired 5/22/2025, Cost $1,159,000) (c)(d)(e)
 
 
1,159,000
 
 
1,164,679
 
 
 
 
 
 
 
 
(Continued)
 
 
 
 
 
 
9
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Windstorm - 8.7% (continued)
 
 
 
 
 
Merna Re II 2025-1 Class A, 12.09% (3 Month US Treasury Bill Rate + 7.75%), 07/07/2028
(Acquired 5/14/2025, Cost $545,000) (c)(d)(e)
 
 
$545,000
 
 
$546,962
 
Merna Re II 2025-2 Class A, 13.09% (3 Month US Treasury Bill Rate + 8.75%), 07/07/2028
(Acquired 5/14/2025, Cost $943,000) (c)(d)(e)
 
 
943,000
 
 
947,998
 
Metrocat Re 2023-1 Class A, 5.75% (3 Month US Treasury Bill Rate + 5.75%), 05/08/2026
(Acquired 5/12/2023, Cost $321,000) (c)(d)(e)
 
 
321,000
 
 
320,438
 
Nature Coast Re 2023-1 Class A, 14.33% (3 Month US Treasury Bill Rate + 10.00%), 12/07/2026
(Acquired 11/16/2023, Cost $1,341,000) (c)(d)(e)
 
 
1,341,000
 
 
1,353,471
 
Nature Coast Re 2023-1 Class B, 17.83% (3 Month US Treasury Bill Rate + 13.50%), 12/07/2026
(Acquired 11/16/2023, Cost $470,000) (c)(d)(e)
 
 
470,000
 
 
474,089
 
Nature Coast Re 2024-1 Class A, 19.08% (3 Month US Treasury Bill Rate + 14.75%), 06/07/2028
(Acquired 6/17/2024, Cost $469,000) (c)(d)(e)
 
 
469,000
 
 
511,468
 
Nature Coast Re 2025-1 Class A, 14.08% (3 Month US Treasury Bill Rate + 9.75%), 01/16/2029
(Acquired 12/27/2024, Cost $1,161,000) (c)(d)(e)
 
 
1,161,000
 
 
1,160,884
 
Nature Coast Re 2025-2 Class A, 14.09% (3 Month US Treasury Bill Rate + 9.75%), 04/10/2029
(Acquired 3/28/2025, Cost $382,000) (c)(d)(e)
 
 
382,000
 
 
383,146
 
Palm Re 2024-1 Class A, 13.83% (3 Month US Treasury Bill Rate + 9.50%), 06/07/2027
(Acquired 4/4/2024, Cost $928,000) (c)(d)(e)
 
 
928,000
 
 
947,070
 
Palm Re 2025-1 Class A, 12.09% (3 Month US Treasury Bill Rate + 7.75%), 06/07/2028
(Acquired 4/1/2025, Cost $824,000) (c)(d)(e)
 
 
824,000
 
 
819,303
 
Purple Re 2023-1 Class A, 17.16% (1 Month Term SOFR + 12.81%), 04/24/2026
(Acquired 4/6/2023, Cost $959,000) (c)(d)(e)
 
 
959,000
 
 
979,762
 
Purple Re 2023-2 Class A, 14.84% (3 Month US Treasury Bill Rate + 10.50%), 06/05/2026
(Acquired 6/27/2023, Cost $674,000) (c)(d)(e)
 
 
674,000
 
 
685,997
 
Purple Re 2024-1 Class A, 13.33% (3 Month US Treasury Bill Rate + 9.00%), 06/07/2027
(Acquired 4/2/2024, Cost $2,373,000) (c)(d)(e)
 
 
2,373,000
 
 
2,422,240
 
Purple Re 2025-1 Class A, 11.59% (3 Month US Treasury Bill Rate + 7.25%), 06/07/2028
(Acquired 5/6/2025, Cost $650,000) (c)(d)(e)
 
 
650,000
 
 
667,582
 
Purple Re 2025-1 Class B, 12.09% (3 Month US Treasury Bill Rate + 7.75%), 06/07/2028
(Acquired 5/6/2025, Cost $709,000) (c)(d)(e)
 
 
709,000
 
 
715,842
 
Recoletos Re DAC 2024-1 Class A, 9.33% (3 Month US Treasury Bill Rate + 5.00%), 01/07/2028
(Acquired 12/9/2024, Cost $501,000) (c)(d)(e)
 
 
501,000
 
 
510,945
 
Sabine Re 2024-1 Class A, 12.58% (3 Month US Treasury Bill Rate + 8.25%), 04/07/2027
(Acquired 3/26/2024, Cost $488,000) (c)(d)(e)
 
 
488,000
 
 
504,299
 
Solis Re 2025-1 Class A, 7.84% (3 Month US Treasury Bill Rate + 3.50%), 07/07/2028
(Acquired 6/12/2025, Cost $497,000) (c)(d)(e)
 
 
497,000
 
 
498,814
 
Winston Re 2024-1 Class A, 14.58% (3 Month US Treasury Bill Rate + 10.25%), 02/26/2027
(Acquired 2/14/2024, Cost $927,000) (c)(d)(e)
 
 
927,000
 
 
975,019
 
Winston Re 2024-1 Class B, 16.08% (3 Month US Treasury Bill Rate + 11.75%), 02/26/2027
(Acquired 2/14/2024, Cost $387,000) (c)(d)(e)
 
 
387,000
 
 
405,847
 
Winston Re 2025-1 Class A, 10.83% (3 Month US Treasury Bill Rate + 6.50%), 02/21/2028
(Acquired 2/6/2025, Cost $675,000) (c)(d)(e)
 
 
675,000
 
 
682,054
 
 
 
 
 
106,787,288
 
 
 
 
 
224,022,801
 
TOTAL EVENT LINKED BONDS
(Cost $260,339,842)
 
 
 
 
261,733,233
 
QUOTA SHARES AND OTHER REINSURANCE-RELATED SECURITIES - 67.9% (a)
 
 
 
 
 
Participation Notes – 1.5%
 
 
 
 
 
Global – 1.5%
 
 
 
 
 
Multiperil – 1.5%
 
 
 
 
 
Eden Re II 2022-1 Class B, (Acquired 12/17/2021, Cost $19,607) (c)(d)(e)(f)(h)(i)
 
 
19,608
 
 
31,360
 
Eden Re II 2023-1 Class B, (Acquired 12/22/2022, Cost $5,282) (c)(d)(e)(f)(h)
 
 
5,282
 
 
69,170
 
Excelsa Re Ltd., (Acquired 5/7/2025, Cost $17,048,234) (d)(e)(f)(h)(i)
 
 
17,021,000
 
 
18,150,855
 
 
 
 
 
 
 
 
(Continued)
10
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
Multiperil – 1.5% (continued)
 
 
 
 
 
Sussex Re 2021-A, (Acquired 12/29/2020, Cost $344,570) (d)(e)(f)(h)
 
 
$344,570
 
 
$0
 
Sussex Re 2022-A, (Acquired 1/5/2022, Cost $1,820,000) (d)(e)(f)(h)
 
 
1,820,000
 
 
0
 
 
 
 
 
18,251,385
 
Total Participation Notes
(Cost $19,237,693)
 
 
 
 
18,251,385
 
Preference Shares - 66.4%
 
 
 
 
 
Global – 61.6%
 
 
 
 
 
Marine/Energy - 0.0% (b)
 
 
 
 
 
Kauai (Artex Segregated Account Company), (Acquired 1/7/2016, Cost $19,978,690) (d)(e)(f)(h)
 
 
$51,394
 
 
145,015
 
Multiperil - 61.6%
 
 
 
 
 
Arenal (Artex Segregated Account Company), (Acquired 5/7/2015 - 12/22/2017,
Cost $30,738,112) (d)(e)(f)(h)
 
 
165,450
 
 
44,180,934
 
Bowery (Artex Segregated Account Company), (Acquired 9/29/2017, Cost $29,078,495) (d)(e)(f)(h)(i)
 
 
200,075
 
 
43,517,299
 
Brighton (Horseshoe Re), (Acquired 6/12/2020, Cost $0) (d)(e)(f)(h)
 
 
1,022,526
 
 
496,274
 
Cypress (Horseshoe Re), (Acquired 5/31/2017 - 9/29/2017, Cost $5,006,374) (d)(e)(f)(h)(i)
 
 
125,090,500
 
 
2,012,206
 
Emerald Lake (Artex Segregated Account Company), (Acquired 12/16/2015 - 12/17/2018,
Cost $28,051,854) (d)(e)(f)(h)(i)
 
 
504,899
 
 
0
 
Florblanca (Artex Segregated Account Company), (Acquired 12/29/2016 - 12/21/2017,
Cost $11,047,610) (d)(e)(f)(h)(i)
 
 
77,550
 
 
17,053,565
 
Harambee Re 2018, (Acquired 12/15/2017, Cost $0) (d)(e)(f)(h)
 
 
276
 
 
61,288
 
Harambee Re 2019, (Acquired 12/21/2018, Cost $0) (d)(e)(f)(h)
 
 
2,199
 
 
14,934
 
Hatteras (Artex Segregated Account Company), (Acquired 12/30/2014 - 4/11/2019,
Cost $61,009,247) (d)(e)(f)(h)
 
 
58,673
 
 
56,025,940
 
Hudson Charles (Mt. Logan Re), (Acquired 1/2/2014 - 1/21/2025, Cost $22,966,741) (d)(e)(f)
 
 
22,967
 
 
27,810,211
 
Hudson Charles 2 (Mt. Logan Re), (Acquired 3/31/2017 - 4/22/2025, Cost $42,034,034) (d)(e)(f)
 
 
42,034
 
 
50,360,694
 
Iseo (Artex Segregated Account Company), (Acquired 9/8/2017, Cost $0) (d)(e)(f)(h)(i)
 
 
183,543
 
 
0
 
Kensington (Horseshoe Re), (Acquired 8/16/2018 - 8/11/2020, Cost $0) (d)(e)(f)(h)
 
 
954,585
 
 
337,289
 
Latigo (Artex Segregated Account Company), (Acquired 1/6/2014 - 11/1/2018,
Cost $16,290,758) (d)(e)(f)(h)(i)
 
 
473
 
 
24,531,106
 
LRe 2019 (Lorenz Re Ltd.), (Acquired 7/30/2019, Cost $0) (d)(e)(f)(h)
 
 
1
 
 
29,066
 
Madison (Artex Segregated Account Company), (Acquired 12/12/2016 - 2/3/2020,
Cost $31,047,339) (d)(e)(f)(h)
 
 
97,141
 
 
19,381,159
 
Magnolia (Artex Segregated Account Company), (Acquired 6/20/2024, Cost $24,436,480) (d)(e)(f)(h)
 
 
24,436
 
 
30,397,614
 
Mohonk (Artex Segregated Account Company), (Acquired 12/24/2013 - 4/11/2019,
Cost $63,132,654) (d)(e)(f)(h)
 
 
103
 
 
58,630,393
 
Mulholland (Artex Segregated Account Company), (Acquired 12/26/2013 - 12/31/2015,
Cost $566,731) (d)(e)(f)(h)
 
 
114
 
 
127,125
 
Pelham (Horseshoe Re), (Acquired 1/2/2018 - 4/25/2018, Cost $18,089,495) (d)(e)(f)(h)
 
 
264,553
 
 
6,198,890
 
Peregrine LCA, (Acquired 12/28/2018 - 6/7/2019, Cost $12,768,157) (d)(e)(f)(h)
 
 
2,252,060
 
 
33,311,460
 
Peregrine LCA2, (Acquired 1/9/2024, Cost $29,902,397) (d)(e)(f)(h)
 
 
2,990,240
 
 
35,860,860
 
Rondout (Artex Segregated Account Company), (Acquired 7/15/2019, Cost $16,962,302) (d)(e)(f)(h)
 
 
48,289
 
 
45,185,201
 
Sheepshead (Horseshoe Re), (Acquired 6/12/2020, Cost $0) (d)(e)(f)(h)
 
 
969,034
 
 
570,126
 
SR0001 (Horseshoe Re), (Acquired 7/10/2015 - 6/28/2016, Cost $0) (d)(e)(f)(h)
 
 
1,757
 
 
4,936
 
St. Kevins (Artex Segregated Account Company), (Acquired 12/29/2016 - 6/27/2018,
Cost $22,107,500) (d)(e)(f)(h)(i)
 
 
42,944
 
 
3,491,259
 
Thopas Re Ltd. 2024-2 (S), (Acquired 6/26/2024 - 6/30/2025, Cost $34,865,609) (d)(e)(f)(h)(i)
 
 
348,656
 
 
38,890,659
 
Viribus Re 2018, (Acquired 12/22/2017, Cost $0) (d)(e)(f)(h)(i)
 
 
265,173
 
 
4,870
 
Viribus Re 2019, (Acquired 12/26/2018 - 10/23/2020, Cost $507,130) (d)(e)(f)(h)(i)
 
 
526,336
 
 
10,684
 
Woodside (Horseshoe Re), (Acquired 6/12/2020, Cost $0) (d)(e)(f)(h)
 
 
1,012,875
 
 
441,364
 
Yoho (Artex Segregated Account Company), (Acquired 5/17/2016 - 6/5/2020, Cost $46,258,424) (d)(e)(f)(h)(i)
 
 
357,363
 
 
1,707,334
 
Yorkville (Artex Segregated Account Company), (Acquired 5/31/2019 - 6/3/2020,
Cost $95,132,000) (d)(e)(f)(h)
 
 
143,394
 
 
216,796,678
 
 
 
 
 
757,441,418
 
 
 
 
 
757,586,433
 
 
 
 
 
 
 
 
(Continued)
 
 
 
 
 
 
11
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
 
United States – 4.8%
 
 
 
 
 
Multiperil - 4.8%
 
 
 
 
 
Greenshoots Re 2025-B, (Acquired 3/28/2025, Cost $10,000,000) (d)(e)(f)(h)(i)
 
 
$10,000
 
 
$10,928,734
 
Seawall Re Ltd 2025-B, (Acquired 7/18/2025, Cost $16,478,400) (d)(e)(f)(h)(i)
 
 
6,866
 
 
16,851,986
 
SR0005 (Horseshoe Re), (Acquired 4/15/2016, Cost $6,360,627) (d)(e)(f)(h)(i)
 
 
6,966,774
 
 
0
 
Trouvaille Re Ltd., (Acquired 3/25/2024 - 3/26/2025, Cost $13,509,737) (d)(e)(f)(h)(i)
 
 
135
 
 
30,782,982
 
 
 
 
 
58,563,702
 
Windstorm - 0.0% (b)
 
 
 
 
 
Riverdale (Horseshoe Re), (Acquired 6/10/2020, Cost $10,921,991) (d)(e)(f)(h)(i)
 
 
251,610
 
 
0
 
SR0006 (Horseshoe Re), (Acquired 8/9/2016, Cost $2,086,571) (d)(e)(f)(h)(i)
 
 
39,381,541
 
 
34,459
 
 
 
 
 
34,459
 
 
 
 
 
58,598,161
 
Total Preference Shares
(Cost $721,335,458)
 
 
 
 
816,184,594
 
TOTAL QUOTA SHARES AND OTHER REINSURANCE-RELATED SECURITIES
(Cost $740,573,151)
 
 
 
 
834,435,979
 
LIMITED LIABILITY PARTNERSHIPS - 0.6%
 
 
 
 
 
Point Dume LLP (e)(f)(h)(i)(j)
 
 
 
 
7,303,618
 
TOTAL LIMITED LIABILITY PARTNERSHIPS
(Cost $10,019,646)
 
 
 
 
7,303,618
 
 
 
Shares
 
 
 
SHORT-TERM INVESTMENTS - 8.6%
 
 
 
 
 
Money Market Funds - 3.2%
 
 
 
 
 
Fidelity Investments Money Market Funds - Government Portfolio - Institutional Class, 4.22% (k)
 
 
19,454,730
 
 
19,454,730
 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 4.22% (k)
 
 
19,454,729
 
 
19,454,729
 
 
 
 
 
38,909,459
 
 
 
Par
 
 
 
U.S. Treasury Bills - 5.4%
 
 
 
 
 
4.19%, 11/13/2025 (l)
 
 
$25,000,000
 
 
24,697,656
 
3.85%, 12/26/2025 (l)
 
 
12,500,000
 
 
12,286,893
 
4.23%, 01/02/2026 (l)
 
 
20,000,000
 
 
19,646,720
 
4.04%, 02/19/2026 (l)
 
 
10,000,000
 
 
9,771,712
 
 
 
 
 
66,402,981
 
TOTAL SHORT-TERM INVESTMENTS
(Cost $105,345,315)
 
 
 
 
105,312,440
 
TOTAL INVESTMENTS – 98.4%
(Cost $1,116,277,954)
 
 
 
 
1,208,785,270
 
Other Assets in Excess of Liabilities - 1.6%
 
 
 
 
19,482,754
 
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,228,268,024
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
Principal amounts stated in U.S. dollars unless otherwise indicated.
CORRA - Canada Overnight Repo Rate Average
EURIBOR - Euro Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
CAD - Canadian Dollar
EUR - Euro
GBP - British Pound
NZD - New Zealand Dollar
(Continued)
12
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Schedule of Investments
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
Stone Ridge Reinsurance Risk Premium Interval Fund
 
 
 
 
(a)
Country shown is geographic area of peril risk.
(b)
Rounds to zero.
(c)
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 July 31, 2025 was $261,833,763, which represented 21.3% of net assets.
(d)
Security is restricted as to resale.
(e)
Foreign issued security. Total foreign securities by country of domicile are $1,103,472,830. Value determined using significant unobservable inputs. Foreign concentrations as a percentage of net assets are as follows: Bermuda: 86.6%, Great Britain 0.9% Cayman Islands: 0.9%, Supranational: 0.8%, Ireland: 0.4% and Singapore: 0.3%.
(f)
Value determined using significant unobservable inputs.
(g)
Step coupon bond. The rate disclosed is as of July 31, 2025.
(h)
Security is fair valued by the Adviser Valuation Committee using an insurance industry model pursuant to procedures approved by the Board of Trustees. As of July 31, 2025, the fair value of these securities total $763,568,692 or 62.2% of the Fund’s net assets.
(i)
Non-income producing security.
(j)
The partnership, a subsidiary of Point Dume Holdings Ltd, is a member of the Lloyd’s of London marketplace through which it may generate profits from participations in the insurance or reinsurance of activities of certain underwriters. Members are required to post collateral for potential losses, which is in the form of a trust deed.
(k)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.
(l)
The rate shown is the annualized effective yield as of July 31, 2025.
 
 
 
 
 
 
13
 
 
 
 
 
 
 
Notes to Consolidated Financial Statements
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
1. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Stone Ridge Reinsurance Risk Premium Interval Fund (the “Fund”) in the preparation of its consolidated financial statements. The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America. The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board Accounting Standards Topic 946, Financial Services - Investment Companies.
a. Investment Valuation and Fair Value Measurement
The Board of Trustees (the “Board”) has approved procedures pursuant to which the Fund values its investments (the “Valuation Procedures”). The Board has established a Valuation Committee (the “Board Valuation Committee”), which has designated Stone Ridge Asset Management LLC (the “Adviser”) to serve as “valuation designee” in accordance with Rule 2a-5 of the 1940 Act and, in that capacity, to bear responsibility for implementing the Valuation Procedures, including performing fair valuation determinations relating to all investments held by the Fund (as needed), and periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the “Adviser Valuation Committee”) performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair valuation determinations.
Listed below is a summary of certain of the methods generally used currently to value investments of the 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 Fund typically utilizes 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).
Other insurance-linked securities are valued using an insurance industry model pursuant to procedures approved by the Board of Trustees.
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.
For investments in investment companies that are registered under the Investment Company Act of 1940 (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.
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
14
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to Consolidated Financial Statements
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
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 the 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 the Fund.
A substantial portion of the Fund’s 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 the 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 the Fund could change on days when Fund shares cannot be bought or sold. The value of 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 the Fund’s shares may change on days when an investor is not able to purchase shares or sell shares in connection with a periodic repurchase offer. The calculation of the Fund’s NAV may not take place contemporaneously with the determination of the prices of foreign securities used in NAV calculations.
The Fund adheres to authoritative fair valuation accounting standards that set out a hierarchy for measuring fair valuation inputs. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 Inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date;
Level 2 Inputs: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data;
Level 3 Inputs: significant unobservable inputs for the asset or liability.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser’s perceived risk of that instrument.
 
 
 
 
 
 
15
 
 
 
 
 
 
 
Notes to Consolidated Financial Statements
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
There were transfers between Level 2 and Level 3 during the reporting period. The transfers from Level 2 to Level 3 occurred because there was no longer observable market data for these securities as of July 31, 2025. The transfers from Level 3 to Level 2 occurred because previously unobservable market data became available as of July 31, 2025. The following table summarizes the inputs used to value the Fund’s investments as of July 31, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DESCRIPTION
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
 
TOTAL
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Event-Linked Bonds
 
 
 
 
 
 
 
 
 
 
Canada
 
 
$—
 
 
$681,074
 
 
$—
 
 
$681,074
 
 
Chile
 
 
—
 
 
2,975,902
 
 
—
 
 
2,975,902
 
 
Europe
 
 
—
 
 
4,909,801
 
 
—
 
 
4,909,801
 
 
Global
 
 
—
 
 
14,339,296
 
 
1,498,655
 
 
15,837,951
 
 
Great Britain
 
 
—
 
 
2,026,190
 
 
—
 
 
2,026,190
 
 
Jamaica
 
 
—
 
 
2,113,797
 
 
—
 
 
2,113,797
 
 
Japan
 
 
—
 
 
3,206,761
 
 
—
 
 
3,206,761
 
 
Mexico
 
 
—
 
 
4,648,810
 
 
—
 
 
4,648,810
 
 
New Zealand
 
 
—
 
 
1,310,146
 
 
—
 
 
1,310,146
 
 
United States(1)
 
 
—
 
 
223,685,131
 
 
337,670
 
 
224,022,801
 
 
Total Event-Linked Bonds
 
 
—
 
 
259,896,908
 
 
1,836,325
 
 
261,733,233
 
 
Quota Shares and Other Reinsurance-Related Securities
 
 
 
 
 
 
 
 
 
 
Participation Notes(1)(2)
 
 
—
 
 
—
 
 
18,251,385
 
 
18,251,385
 
 
Preference Shares
 
 
 
 
 
 
 
 
 
 
Global(1)(2)
 
 
—
 
 
—
 
 
757,586,433
 
 
757,586,433
 
 
United States(1)(2)
 
 
—
 
 
—
 
 
58,598,161
 
 
58,598,161
 
 
Total Preference Shares
 
 
—
 
 
—
 
 
816,184,594
 
 
816,184,594
 
 
Total Quota Shares and Other Reinsurance-Related Securities
 
 
—
 
 
—
 
 
834,435,979
 
 
834,435,979
 
 
Limited Liability Partnership(2)
 
 
—
 
 
—
 
 
7,303,618
 
 
7,303,618
 
 
Money Market Funds
 
 
38,909,459
 
 
—
 
 
—
 
 
38,909,459
 
 
U.S. Treasury Bills
 
 
—
 
 
66,402,981
 
 
—
 
 
66,402,981
 
 
Total Assets
 
 
$38,909,459
 
 
$326,299,889
 
 
$843,575,922
 
 
$1,208,785,270
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes Level 3 investments with a value of zero.
(2)
For further security characteristics, see the Fund’s Consolidated Schedule of Investments.
Below is a reconciliation that details the activity of securities in Level 3 during the period ended July 31, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Event-
Linked
Bonds
 
 
Participation
Notes
 
 
Preference
Shares
 
 
Limited
Liability
Partnership
 
 
Beginning Balance - November 1, 2024
 
 
$1,609,695
 
 
$205,141
 
 
$724,008,903
 
 
$18,433,834
 
 
Acquisitions
 
 
714,000
 
 
17,055,100
 
 
83,606,153
 
 
977,039
 
 
Dispositions
 
 
—
 
 
(588,582)
 
 
(377,852)
 
 
—
 
 
Realized gains (losses)
 
 
(1,743,791)
 
 
(33,014)
 
 
(58,216,299)
 
 
—
 
 
Return of capital
 
 
—
 
 
—
 
 
(8,503,174)
 
 
—
 
 
Change in unrealized appreciation
 
 
1,328,792
 
 
1,612,740
 
 
75,666,863
 
 
(12,107,255)
 
 
Transfers out of Level 3
 
 
(106,590)
 
 
—
 
 
—
 
 
—
 
 
Transfers into Level 3
 
 
34,219
 
 
—
 
 
—
 
 
—
 
 
Ending Balance - July 31, 2025
 
 
$1,836,325
 
 
$18,251,385
 
 
$816,184,594
 
 
$7,303,618
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of July 31, 2025, the change in unrealized appreciation (depreciation) on positions still held in the Fund was $(402,736) for Event-Linked Bonds, $1,067,578 for Participation Notes, $35,302,268 for Preference Shares, and $(12,107,255) for Limited Liability Partnerships.
16
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to Consolidated Financial Statements
 
 
as of July 31, 2025 (Unaudited)
 
 
 
 
Unobservable inputs included original transaction price, losses from severe weather events, other natural and non-natural catastrophes and insurance and estimated 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, preference shares, and private fund units are monitored daily for significant events that could affect the value of the instruments.
The following table summarizes the quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of July 31, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TYPE OF SECURITY
 
 
INDUSTRY
 
 
FAIR VALUE
AT 7/31/25
 
 
VALUATION
TECHNIQUES
 
 
UNOBSERVABLE
INPUTS
 
 
RANGE
 
 
WEIGHTED
AVERAGE(1)
 
 
Participation Notes
 
 
Financial Services
 
 
$18,251,385
 
 
Insurance industry
model
 
 
Estimated losses:
 
 
$0.1MM-$1.9MM
 
 
$1.9MM
 
 
Estimated premiums earned:
 
 
$0.5MM-$8.8MM
 
 
$8.8MM
 
 
Preference Shares
 
 
Financial Services
 
 
$738,013,689
 
 
Insurance industry
model
 
 
Estimated losses:
 
 
$0.0MM-$87.4MM
 
 
$22.6MM
 
 
Estimated premiums earned:
 
 
$0.0MM-$88.5MM
 
 
$44.4MM
 
 
Limited Liability Partnership
 
 
Financial Services
 
 
$7,303,618
 
 
Insurance industry
model
 
 
Estimated losses:
 
 
$0.0MM-$28.2MM
 
 
$16.7MM
 
 
Estimated premiums earned:
 
 
$0.0MM-$47.7MM
 
 
$32.2MM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Weighted by relative fair value
The Level 3 securities listed above were fair valued by the Adviser Valuation Committee using an insurance industry model pursuant to procedures approved by the Board. Other Level 3 securities not listed above were fair valued by the Adviser Valuation Committee using indicative bids pursuant to procedures approved by the Board and have a value equal to $1,836,325 for Event-Linked Bonds, and $78,170,905 for Preference Shares.
 
 
 
 
 
 
17