Table of Contents
 
 
 
 
Consolidated Schedule of Investments (Unaudited)
 
 
2
Notes to the Consolidated Schedule of Investments (Unaudited)
 
 
12
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Class A Equity Shares
 
 
 
 
 
Art (a) (b) (c) - 97.7%
 
 
 
 
 
Masterworks 040, xLxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x xLxixdxlxexsxsx xExyxex,x 2016
 
 
 
 
 
(Cost: $114,808, Initial Acquisition Date: 03/28/2023)
 
 
8,835
 
 
$100,462
 
(Cost: $5,306, Acquisition Date: 08/29/2025)(d)
 
 
660
 
 
7,505
 
Masterworks 041, xLxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xZxixexgxex,x 1984
 
 
 
 
 
(Cost: $437,337, Acquisition Date: 03/28/2023)
 
 
22,709
 
 
397,887
 
(Cost: $66,400, Acquisition Date: 08/29/2025)(d)
 
 
5,000
 
 
87,606
 
Masterworks 042, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xDxaxrxkx xMxixlxkx,x 1986
 
 
 
 
 
(Cost: $362,749, Initial Acquisition Date: 03/28/2023)
 
 
36,778
 
 
885,490
 
(Cost: $151,817, Acquisition Date: 08/29/2025)(d)
 
 
8,337
 
 
200,727
 
Masterworks 043, xLxLxCx-xHxaxrxixnxgx,x x
Kxexixtxhx;x xUxnxtxixtxlxexdx,x 1983
 
 
 
 
 
(Cost: $575,705, Acquisition Date: 03/28/2023)
 
 
31,752
 
 
478,871
 
Masterworks 044, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xMxixsxsxixsxsxixpxpxix,x 1982
 
 
 
 
 
(Cost: $632,411, Acquisition Date: 03/28/2023)
 
 
33,233
 
 
764,778
 
Masterworks 046, xLxLxCx-xHxexrxrxexrxax,x xCxaxrxmxexnx;x xGxrxexexnx xaxnxdx xOxrxaxnxgxex,x 1958
 
 
 
 
 
(Cost: $755,839, Initial Acquisition Date: 03/28/2023)
 
 
32,081
 
 
716,272
 
(Cost: $4,639, Acquisition Date: 08/29/2025)(d)
 
 
240
 
 
5,358
 
Masterworks 047, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xLxixsxtxexnxixnxgx xtxox xVxoxixcxexsx,x 2010
 
 
 
 
 
(Cost: $169,134, Acquisition Date: 03/28/2023)
 
 
8,308
 
 
157,603
 
(Cost: $57,838, Acquisition Date: 08/29/2025)(d)
 
 
3,908
 
 
74,135
 
Masterworks 048, xLxLxCx-xFxoxrxgx,x
xGxuxnxtxhxexrx;x xUxnxtxixtxlxexdx,x 2007
 
 
 
 
 
(Cost: $63,475, Initial Acquisition Date: 03/28/2023)
 
 
4,040
 
 
71,065
 
(Cost: $3,963, Acquisition Date: 08/29/2025)(d)
 
 
306
 
 
5,383
 
Masterworks 049, xLxLxCx-xTxexhx-xCxhxuxnx,x xCxhxux;x xPxrxixnxtxexmxpxsx xHxixvxexrxnxaxlx,x
1986-1987
 
 
 
 
 
(Cost: $1,235,825, Initial Acquisition Date: 03/28/2023)
 
 
70,092
 
 
1,102,358
 
(Cost: $6,270, Acquisition Date: 08/29/2025)(d)
 
 
526
 
 
8,273
 
Masterworks 050, xLxLxCx-xSxhxixrxaxgxax,x xKxaxzxuxox;x xKxoxsxhxax,x 1992
 
 
 
 
 
(Cost: $619,407, Initial Acquisition Date: 03/28/2023)
 
 
34,682
 
 
673,649
 
(Cost: $3,812, Acquisition Date: 08/29/2025)(d)
 
 
259
 
 
5,031
 
Masterworks 053, xLxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x xUxnxtxixtxlxexdx,x 1997
 
 
 
 
 
(Cost: $439,150, Initial Acquisition Date: 03/28/2023)
 
 
26,183
 
 
301,688
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
 
Masterworks 054, xLxLxCx-xMxixtxcxhxexlxlx,x
xJxoxaxnx;x 12 Hawks at 3 O’Clock, 1962
 
 
 
 
 
(Cost: $2,435,469, Initial Acquisition Date: 03/28/2023)
 
 
137,421
 
 
$3,474,511
 
(Cost: $113,465, Acquisition Date: 08/29/2025)(d)
 
 
6,180
 
 
156,253
 
Masterworks 055, xLxLxCx-xMxaxrxtxixnx,x xAxgxnxexsx;x xUxnxtxixtxlxexdx x#12, 1988
 
 
 
 
 
(Cost: $1,423,736, Initial Acquisition Date: 03/28/2023)
 
 
61,178
 
 
1,420,614
 
(Cost: $6,949, Acquisition Date: 08/29/2025)(d)
 
 
459
 
 
10,658
 
Masterworks 056, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xUxnxtxixtxlxexdx,x 1967
 
 
 
 
 
(Cost: $1,098,247, Acquisition Date: 03/28/2023)
 
 
65,886
 
 
885,699
 
Masterworks 057, xLxLxCx-xGxixlxlxixaxmx,x
xSxaxmx;x xTxhxrxoxuxgxhx,x 1970
 
 
 
 
 
(Cost: $368,650, Initial Acquisition Date: 03/28/2023)
 
 
18,950
 
 
356,430
 
(Cost: $1,872, Acquisition Date: 08/29/2025)(d)
 
 
143
 
 
2,690
 
Masterworks 058, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xAxlxlx xCxoxlxoxrxexdx x
Cxaxsxtx xIxIx,x 1982
 
 
 
 
 
(Cost: $2,298,541, Initial Acquisition Date: 03/28/2023)
 
 
141,728
 
 
2,954,845
 
(Cost: $201,209, Acquisition Date: 08/29/2025)(d)
 
 
12,759
 
 
266,009
 
Masterworks 059, xLxLxCx-xHxaxrxixnxgx,x
xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1984
 
 
 
 
 
(Cost: $677,421, Acquisition Date: 03/28/2023)
 
 
42,995
 
 
588,142
 
Masterworks 062, xLxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx
908-8, 2009
 
 
 
 
 
(Cost: $690,102, Initial Acquisition Date: 03/28/2023)
 
 
31,493
 
 
441,667
 
(Cost: $7,083, Acquisition Date: 08/29/2025)(d)
 
 
714
 
 
10,013
 
Masterworks 063, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xPxlxaxaxox)x,x 2010
 
 
 
 
 
(Cost: $513,217, Acquisition Date: 03/28/2023)
 
 
29,125
 
 
289,412
 
Masterworks 064, xLxLxCx-xHxaxrxixnxgx,x
xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1985
 
 
 
 
 
(Cost: $1,520,910, Initial Acquisition Date: 03/28/2023)
 
 
87,882
 
 
1,568,834
 
(Cost: $23,995, Acquisition Date: 08/29/2025)(d)
 
 
1,988
 
 
35,489
 
Masterworks 066, xLxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x xAxnxtxexlxoxpxex xAxtxtxaxcxkxexdx xNxexaxrx xGxaxsx xPxixpxex,x 2018
 
 
 
 
 
(Cost: $682,176, Initial Acquisition Date: 03/28/2023)
 
 
32,698
 
 
586,468
 
(Cost: $3,343, Acquisition Date: 08/29/2025)(d)
 
 
246
 
 
4,412
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
2
 
 
 
 
 
 
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 068, xLxLxCx-xWxoxux-xKxix,x
xZxaxox;x 22.01.68, 1968
 
 
 
 
 
(Cost: $895,862, Initial Acquisition Date: 03/28/2023)
 
 
52,648
 
 
$881,953
 
(Cost: $5,013, Acquisition Date: 08/29/2025)(d)
 
 
395
 
 
6,617
 
Masterworks 071, xLxLxCx-xWxaxrxhxoxlx,x
xAxnxdxyx;x xDxoxlxlxaxrx xSxixgxnx,x 1981
 
 
 
 
 
(Cost: $207,857, Initial Acquisition Date: 03/28/2023)
 
 
10,756
 
 
187,046
 
Masterworks 072, xLxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xUxnxtxixtxlxexdx xPxixnxkx x(xSxfxmxoxmxax xBxexnxexfxixtx)x,x 2016
 
 
 
 
 
(Cost: $740,344, Initial Acquisition Date: 03/28/2023)
 
 
37,823
 
 
734,885
 
(Cost: $4,283, Acquisition Date: 08/29/2025)(d)
 
 
284
 
 
5,518
 
Masterworks 073, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxaxcxixfxixcx-xOxcxexaxnx,x 2015
 
 
 
 
 
(Cost: $551,940, Acquisition Date: 03/28/2023)
 
 
32,599
 
 
285,815
 
Masterworks 074, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xRxexdx xRxaxbxbxixtx,x 1982
 
 
 
 
 
(Cost: $1,405,295, Initial Acquisition Date: 03/28/2023)
 
 
78,210
 
 
1,699,965
 
(Cost: $81,773, Acquisition Date: 08/29/2025)(d)
 
 
4,974
 
 
108,114
 
Masterworks 075, xLxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx
940-7, 2015
 
 
 
 
 
(Cost: $948,274, Initial Acquisition Date: 06/09/2023)
 
 
60,008
 
 
1,141,142
 
(Cost: $57,692, Acquisition Date: 08/29/2025)(d)
 
 
4,404
 
 
83,749
 
Masterworks 076, xLxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex 81 x 81 cm,
17 Février 2016
 
 
 
 
 
(Cost: $245,876, Initial Acquisition Date: 03/28/2023)
 
 
12,366
 
 
113,118
 
(Cost: $745, Acquisition Date: 08/29/2025)(d)
 
 
93
 
 
851
 
Masterworks 079, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xSxexax xixnx xtxhxex xExvxexnxixnxgx
xGxlxoxwx,x 1995
 
 
 
 
 
(Cost: $465,218, Acquisition Date: 03/28/2023)
 
 
27,051
 
 
303,991
 
Masterworks 080, xLxLxCx-xGxixlxlxixaxmx,x xSxaxmx;x xAxtxmxoxsxpxhxexrxex,x 1980
 
 
 
 
 
(Cost: $168,886, Initial Acquisition Date: 06/09/2023)
 
 
11,330
 
 
244,282
 
(Cost: $13,403, Acquisition Date: 08/29/2025)(d)
 
 
804
 
 
17,335
 
Masterworks 083, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx,x 1991
 
 
 
 
 
(Cost: $765,534, Initial Acquisition Date: 03/28/2023)
 
 
38,099
 
 
759,420
 
(Cost: $4,552, Acquisition Date: 08/29/2025)(d)
 
 
287
 
 
5,721
 
Masterworks 084, xLxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x xOxhxnxex xTxixtxexlx,x 2008
 
 
 
 
 
(Cost: $232,897, Initial Acquisition Date: 03/28/2023)
 
 
12,403
 
 
137,858
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
 
Masterworks 088, xLxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx
576-2, 1985
 
 
 
 
 
(Cost: $683,510, Acquisition Date: 06/09/2023)
 
 
40,312
 
 
$560,014
 
Masterworks 089, xLxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xMxixnxexrxaxlx xKxixnxgxdxoxmx,x 1976
 
 
 
 
 
(Cost: $212,362, Initial Acquisition Date: 06/09/2023)
 
 
11,642
 
 
294,583
 
(Cost: $15,963, Acquisition Date: 08/29/2025)(d)
 
 
834
 
 
21,103
 
Masterworks 090, xLxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x xUxnxtxixtxlxexdx,x 1995
 
 
 
 
 
(Cost: $1,337,965, Initial Acquisition Date: 06/09/2023)
 
 
72,921
 
 
1,337,881
 
(Cost: $41,783, Acquisition Date: 08/29/2025)(d)
 
 
3,006
 
 
55,151
 
Masterworks 091, xLxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x xUxnxtxixtxlxexdx,x 1990
 
 
 
 
 
(Cost: $838,623, Initial Acquisition Date: 06/09/2023)
 
 
50,670
 
 
1,676,260
 
(Cost: $41,806, Acquisition Date: 08/29/2025)(d)
 
 
3,036
 
 
100,437
 
Masterworks 092, xLxLxCx-xBxaxnxkxsxyx;x xSxuxnxfxlxoxwxexrxsx xfxrxoxmx xPxextxrxoxlx
xSxtxaxtxixoxnx,x 2005
 
 
 
 
 
(Cost: $1,264,893, Initial Acquisition Date: 06/09/2023)
 
 
86,502
 
 
1,513,335
 
(Cost: $83,618, Acquisition Date: 08/29/2025)(d)
 
 
6,306
 
 
110,322
 
Masterworks 093, xLxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xRxixpxex,x 1967
 
 
 
 
 
(Cost: $3,903,775, Initial Acquisition Date: 03/28/2023)
 
 
219,101
 
 
4,123,130
 
(Cost: $141,411, Acquisition Date: 08/29/2025)(d)
 
 
8,586
 
 
161,575
 
Masterworks 095, xLxLxCx-xSxhxixrxaxgxax,x xKxaxzxuxox;x xCxhxixkxexnx-xsxexix xKxexnxdxoxsxhxixnx,x 1961
 
 
 
 
 
(Cost: $585,910, Initial Acquisition Date: 06/09/2023)
 
 
36,524
 
 
650,894
 
(Cost: $19,521, Acquisition Date: 08/29/2025)(d)
 
 
1,446
 
 
25,769
 
Masterworks 096, xLxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xVxaxrxixextxixexsx xoxfx xIxnxtxexrxnxaxlx xTxoxrxmxexnxtx,x 1998
 
 
 
 
 
(Cost: $669,357, Initial Acquisition Date: 06/09/2023)
 
 
39,434
 
 
847,996
 
(Cost: $25,756, Acquisition Date: 08/29/2025)(d)
 
 
1,584
 
 
34,063
 
Masterworks 097, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xRxexdx xGxoxdx,x 2015
 
 
 
 
 
(Cost: $447,138, Initial Acquisition Date: 06/09/2023)
 
 
24,848
 
 
442,181
 
(Cost: $29,524, Acquisition Date: 08/29/2025)(d)
 
 
1,818
 
 
32,352
 
Masterworks 098, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xBxCxOx)x,x 2013
 
 
 
 
 
(Cost: $458,462, Initial Acquisition Date: 06/09/2023)
 
 
21,054
 
 
335,500
 
(Cost: $13,409, Acquisition Date: 08/29/2025)(d)
 
 
1,110
 
 
17,688
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
 
 
 
 
 
 
3
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 099, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xMxaxrxyx xMxaxgxdxaxlxexnxex,x 2009
 
 
 
 
 
(Cost: $60,532, Initial Acquisition Date: 06/09/2023)
 
 
3,478
 
 
$55,923
 
(Cost: $3,069, Acquisition Date: 08/29/2025)(d)
 
 
252
 
 
4,052
 
Masterworks 101, xLxLxCx-xRxoxtxhxkxox,x xMxaxrxkx;x xUxnxtxixtxlxexdx,x 1968
 
 
 
 
 
(Cost: $1,411,886, Initial Acquisition Date: 06/09/2023)
 
 
84,521
 
 
1,528,731
 
(Cost: $47,382, Acquisition Date: 08/29/2025)(d)
 
 
3,456
 
 
62,509
 
Masterworks 103, LLC-Wood, Jonas; Collaboration Appropriation 6, 2015
 
 
 
 
 
(Cost: $196,773, Initial Acquisition Date: 06/09/2023)
 
 
12,515
 
 
320,331
 
(Cost: $14,929, Acquisition Date: 08/29/2025)(d)
 
 
912
 
 
23,343
 
Masterworks 104, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx,x 1999
 
 
 
 
 
(Cost: $100,277, Initial Acquisition Date: 06/09/2023)
 
 
7,956
 
 
135,199
 
(Cost: $9,505, Acquisition Date: 08/29/2025)(d)
 
 
738
 
 
12,541
 
Masterworks 105, xLxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xSxhxaxdxoxwxexdx xPxlxaxcxex,x 1985
 
 
 
 
 
(Cost: $362,980, Acquisition Date: 06/09/2023)
 
 
25,947
 
 
231,795
 
Masterworks 106, xLxLxCx-xMxixtxcxhxexlxlx,x xJxoxaxnx;x xUxnxtxixtxlxexdx
x(xBxuxixsxsxoxnxnxixexrxex)x,x 1962
 
 
 
 
 
(Cost: $816,962, Initial Acquisition Date: 06/09/2023)
 
 
38,879
 
 
824,102
 
(Cost: $4,866, Acquisition Date: 08/29/2025)(d)
 
 
291
 
 
6,168
 
Masterworks 107, xLxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex 143 X 202 Cm,
3 Janvier 2019, 2019
 
 
 
 
 
(Cost: $158,613, Initial Acquisition Date: 06/09/2023)
 
 
10,193
 
 
100,856
 
(Cost: $6,971, Acquisition Date: 08/29/2025)(d)
 
 
744
 
 
7,362
 
Masterworks 108, xLxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xAxrxcxaxnxex,x 1972
 
 
 
 
 
(Cost: $728,230, Initial Acquisition Date: 05/26/2023)
 
 
36,921
 
 
734,891
 
(Cost: $4,174, Acquisition Date: 08/29/2025)(d)
 
 
277
 
 
5,514
 
Masterworks 109, xLxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xNxox xHxoxpxexlxexsxsx,x 2007
 
 
 
 
 
(Cost: $1,367,524, Initial Acquisition Date: 06/09/2023)
 
 
77,884
 
 
1,426,547
 
(Cost: $38,975, Acquisition Date: 08/29/2025)(d)
 
 
2,808
 
 
51,432
 
Masterworks 110, xLxLxCx-xHxaxrxixnxgx,x
xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1982
 
 
 
 
 
(Cost: $472,042, Acquisition Date: 06/09/2023)
 
 
26,571
 
 
308,290
 
Masterworks 111, xLxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x 101 Kopfe, 2005
 
 
 
 
 
(Cost: $493,449, Initial Acquisition Date: 06/09/2023)
 
 
30,878
 
 
292,140
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 112, xLxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex 92 X 65 Cm,
13 Mars 2015, 2015
 
 
 
 
 
(Cost: $62,853, Initial Acquisition Date: 06/09/2023)
 
 
3,811
 
 
$29,470
 
Masterworks 113, xLxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xUxnxtxixtxlxexdx,x 2001
 
 
 
 
 
(Cost: $171,397, Initial Acquisition Date: 06/09/2023)
 
 
10,605
 
 
136,352
 
(Cost: $8,939, Acquisition Date: 08/29/2025)(d)
 
 
780
 
 
10,029
 
Masterworks 114, xLxLxCx-xWxaxrxhxoxlx,x
xAxnxdxyx;x xFxlxoxwxexrxsx,x 1964
 
 
 
 
 
(Cost: $211,448, Initial Acquisition Date: 06/09/2023)
 
 
15,366
 
 
318,355
 
(Cost: $22,095, Acquisition Date: 08/29/2025)(d)
 
 
1,410
 
 
29,212
 
Masterworks 115, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xJxAxAxTxOx)x,x 2009
 
 
 
 
 
(Cost: $189,472, Acquisition Date: 06/09/2023)
 
 
9,039
 
 
79,383
 
Masterworks 116, xLxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xPxrxoxmxixsxex xLxaxnxdx,x 2012
 
 
 
 
 
(Cost: $1,264,146, Initial Acquisition Date: 06/09/2023)
 
 
69,220
 
 
1,119,752
 
(Cost: $27,879, Acquisition Date: 08/29/2025)(d)
 
 
2,274
 
 
36,786
 
Masterworks 117, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xUxnxtxixtxlxexdx,x 1984
 
 
 
 
 
(Cost: $757,412, Initial Acquisition Date: 06/09/2023)
 
 
49,096
 
 
668,260
 
Masterworks 118, xLxLxCx-xLxixgxoxnx,x xGxlxexnxnx;x xSxtxrxaxnxgxexrx x#55, 2011
 
 
 
 
 
(Cost: $346,127, Initial Acquisition Date: 06/09/2023)
 
 
21,741
 
 
359,483
 
(Cost: $8,730, Acquisition Date: 08/29/2025)(d)
 
 
652
 
 
10,781
 
Masterworks 120, xLxLxCx-xBxaxnxkxsxyx;x x
Rxaxtx x&x xHxexaxrxtx,x 2014
 
 
 
 
 
(Cost: $30,813, Initial Acquisition Date: 06/09/2023)
 
 
2,899
 
 
28,651
 
(Cost: $2,796, Acquisition Date: 08/29/2025)(d)
 
 
336
 
 
3,321
 
Masterworks 121, xLxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xMxyx xWxhxoxlxex xFxaxmxixlxyx xixsx xfxrxoxmx xPxhxixlxlxyx,x 2014
 
 
 
 
 
(Cost: $1,951,281, Initial Acquisition Date: 03/28/2023)
 
 
100,021
 
 
1,469,879
 
(Cost: $8,355, Acquisition Date: 08/29/2025)(d)
 
 
750
 
 
11,022
 
Masterworks 122, xLxLxCx-xBxaxnxkxsxyx;x xAxgxexnxcxyx xJxoxbx x(xGxlxexaxnxexrxsx)x,x 2009
 
 
 
 
 
(Cost: $602,678, Initial Acquisition Date: 06/09/2023)
 
 
37,971
 
 
630,508
 
(Cost: $55,707, Acquisition Date: 08/29/2025)(d)
 
 
4,650
 
 
77,213
 
Masterworks 123, xLxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xGxlxaxtxtx x(xSxmxoxoxtxhx)x,x 2006
 
 
 
 
 
(Cost: $94,595, Initial Acquisition Date: 06/09/2023)
 
 
6,852
 
 
71,720
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
4
 
 
 
 
 
 
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 124, xLxLxCx-xRxixlxexyx,x
xBxrxixdxgxextx;x xBxlxuxex xQxuxixvxexrx,x 1983
 
 
 
 
 
(Cost: $753,555, Initial Acquisition Date: 03/28/2023)
 
 
42,974
 
 
$685,976
 
(Cost: $3,908, Acquisition Date: 08/29/2025)(d)
 
 
323
 
 
5,156
 
Masterworks 125, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xTxrxaxnxsxpxaxrxexnxtx xFxixgxuxrxexsx,x 2016
 
 
 
 
 
(Cost: $919,345, Initial Acquisition Date: 06/09/2023)
 
 
41,369
 
 
1,128,096
 
(Cost: $23,059, Acquisition Date: 08/29/2025)(d)
 
 
1,326
 
 
36,159
 
Masterworks 126, LLC-Kaws;
Chum (KCO9), 2016
 
 
 
 
 
(Cost: $68,264, Initial Acquisition Date: 06/09/2023)
 
 
4,198
 
 
65,559
 
(Cost: $3,052, Acquisition Date: 08/29/2025)(d)
 
 
258
 
 
4,029
 
Masterworks 127, LLC-Ghenie,
Adrian; Antelope Attacked Near
Gas Pipe 2, 2019
 
 
 
 
 
(Cost: $580,741, Initial Acquisition Date: 06/09/2023)
 
 
30,931
 
 
586,296
 
(Cost: $13,786, Acquisition Date: 08/29/2025)(d)
 
 
960
 
 
18,197
 
Masterworks 128, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xKxHxNx)x,x 2011
 
 
 
 
 
(Cost: $176,823, Initial Acquisition Date: 06/09/2023)
 
 
12,581
 
 
190,314
 
(Cost: $39,285, Acquisition Date: 08/29/2025)(d)
 
 
3,428
 
 
51,856
 
Masterworks 129, xLxLxCx-xSxhxixrxaxgxax,x xKxaxzxuxox;x xCxhxixsxuxixsxexix xTxsxuxhxixexnx,x 1961
 
 
 
 
 
(Cost: $593,395, Initial Acquisition Date: 06/09/2023)
 
 
28,677
 
 
673,077
 
(Cost: $16,082, Acquisition Date: 08/29/2025)(d)
 
 
906
 
 
21,265
 
Masterworks 130, xLxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x xTxhxex xTxrxixpx,x 2016
 
 
 
 
 
(Cost: $1,237,693, Acquisition Date: 03/28/2023)
 
 
62,190
 
 
638,934
 
Masterworks 131, xLxLxCx-xFxoxnxtxaxnxax,x xLxuxcxixox;x xCxoxnxcxextxtxox xSxpxaxzxixaxlxex,x xAxtxtxexsxex,x 1964-5
 
 
 
 
 
(Cost: $238,487, Initial Acquisition Date: 06/09/2023)
 
 
15,750
 
 
254,743
 
(Cost: $12,508, Acquisition Date: 08/29/2025)(d)
 
 
1,032
 
 
16,692
 
Masterworks 132, xLxLxCx-xBxoxextxtxix,x xAxlxixgxhxixexrxox;x xSxexnxzxax xTxixtxoxlxox x(xIx xVxexrxbxix xIxrxrxexgxoxlxaxrxix,x xTxoxcxcxhxix xEx xRxixnxtxoxcxcxhxix,x xPxexrx xNxuxoxvxix xDxexsxixdxexrxix)x,1989
 
 
 
 
 
(Cost: $39,311, Initial Acquisition Date: 06/09/2023)
 
 
2,835
 
 
53,635
 
(Cost: $3,872, Acquisition Date: 08/29/2025)(d)
 
 
270
 
 
5,108
 
Masterworks 133, xLxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx 665-4, 1988
 
 
 
 
 
(Cost: $295,283, Initial Acquisition Date: 06/09/2023)
 
 
14,872
 
 
254,099
 
(Cost: $10,101, Acquisition Date: 08/29/2025)(d)
 
 
780
 
 
13,327
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 136, xLxLxCx-xPxrxixnxcxex,x xRxixcxhxaxrxdx;x xAxrxex xYxoxux xKxixdxdxixnxgx?x,x 1988
 
 
 
 
 
(Cost: $502,972, Initial Acquisition Date: 03/28/2023)
 
 
28,644
 
 
$391,962
 
(Cost: $2,266, Acquisition Date: 08/29/2025)(d)
 
 
214
 
 
2,928
 
Masterworks 139, xLxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xUxnxtxixtxlxexdx x(22/87), 1987
 
 
 
 
 
(Cost: $420,364, Initial Acquisition Date: 03/28/2023)
 
 
25,638
 
 
362,037
 
(Cost: $5,784, Acquisition Date: 08/29/2025)(d)
 
 
579
 
 
8,176
 
Masterworks 140, xLxLxCx-xRxixlxexyx,x
xBxrxixdxgxextx;x xTxixnxcxtx,x 1972
 
 
 
 
 
(Cost: $796,069, Initial Acquisition Date: 03/28/2023)
 
 
40,730
 
 
734,953
 
(Cost: $4,183, Acquisition Date: 08/29/2025)(d)
 
 
306
 
 
5,522
 
Masterworks 142, xLxLxCx-xUxexcxkxexrx,x xGxuxnxtxhxexrx;x xFxexlxdx 83/84, 1983-4
 
 
 
 
 
(Cost: $412,641, Initial Acquisition Date: 03/28/2023)
 
 
23,560
 
 
287,941
 
(Cost: $4,936, Acquisition Date: 08/29/2025)(d)
 
 
533
 
 
6,514
 
Masterworks 145, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xRxexdx xPxuxmxpxkxixnx,x 1996
 
 
 
 
 
(Cost: $155,744, Initial Acquisition Date: 03/28/2023)
 
 
8,025
 
 
135,982
 
(Cost: $869, Acquisition Date: 08/29/2025)(d)
 
 
60
 
 
1,017
 
Masterworks 146, xLxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xSxexaxfxoxoxdx xSxtxoxcxkx,x 1986
 
 
 
 
 
(Cost: $405,256, Initial Acquisition Date: 03/28/2023)
 
 
20,712
 
 
367,505
 
(Cost: $2,098, Acquisition Date: 08/29/2025)(d)
 
 
156
 
 
2,768
 
Masterworks 147, xLxLxCx-xAxnxdxrxex,x xCxaxrxlx;x xMxaxgxnxexsxixuxmx-xLxexaxdx xPxlxaxixnx,x 1969
 
 
 
 
 
(Cost: $474,836, Initial Acquisition Date: 03/28/2023)
 
 
24,209
 
 
370,391
 
(Cost: $2,098, Acquisition Date: 08/29/2025)(d)
 
 
181
 
 
2,769
 
Masterworks 148, xLxLxCx-xGxixlxlxixaxmx,x xSxaxmx;x xSxoxnxgx xTxrxoxpxixex,x 1973
 
 
 
 
 
(Cost: $222,866, Initial Acquisition Date: 03/28/2023)
 
 
11,994
 
 
281,111
 
(Cost: $3,318, Acquisition Date: 08/29/2025)(d)
 
 
272
 
 
6,375
 
Masterworks 152, xLxLxCx-xWxaxrxhxoxlx,x xAxnxdxyx;x xDxoxlxlxaxrx xSxixgxnx,x 1982
 
 
 
 
 
(Cost: $180,970, Initial Acquisition Date: 03/28/2023)
 
 
9,313
 
 
189,123
 
(Cost: $849, Acquisition Date: 08/29/2025)(d)
 
 
71
 
 
1,442
 
Masterworks 153, xLxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xTxextxhxyxsx,x 1981
 
 
 
 
 
(Cost: $335,305, Initial Acquisition Date: 03/28/2023)
 
 
17,164
 
 
362,643
 
(Cost: $2,061, Acquisition Date: 08/29/2025)(d)
 
 
129
 
 
2,725
 
 
 
 
 
 
 
 
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
 
 
 
 
 
 
5
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 154, LLC-Kaws;
Chum (KCB1), 2012
 
 
 
 
 
(Cost: $425,036, Initial Acquisition Date: 03/28/2023)
 
 
21,808
 
 
$391,955
 
(Cost: $1,801, Acquisition Date: 08/29/2025)(d)
 
 
163
 
 
2,930
 
Masterworks 156, xLxLxCx-xHxaxrxixnxgx,x
xKxexixtxhx;x xUxnxtxixtxlxexdx xNxox.x 10, 1988
 
 
 
 
 
(Cost: $682,250, Acquisition Date: 03/28/2023)
 
 
45,604
 
 
592,332
 
Masterworks 157, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xRxoxdxrxixgxox xaxnxdx xHxixsx xMxixsxtxrxexsxsx,x 2008
 
 
 
 
 
(Cost: $279,046, Initial Acquisition Date: 03/28/2023)
 
 
14,262
 
 
244,839
 
(Cost: $1,660, Acquisition Date: 08/29/2025)(d)
 
 
107
 
 
1,837
 
Masterworks 158, xLxLxCx-xMxexhxrxextxux,x xJxuxlxixex;x xUxnxtxixtxlxexdx,x 2012
 
 
 
 
 
(Cost: $176,083, Initial Acquisition Date: 03/28/2023)
 
 
9,008
 
 
222,193
 
(Cost: $1,269, Acquisition Date: 08/29/2025)(d)
 
 
68
 
 
1,677
 
Masterworks 159, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx x(xOx.xKxex)x,x 2004
 
 
 
 
 
(Cost: $416,159, Initial Acquisition Date: 03/28/2023)
 
 
23,046
 
 
601,767
 
(Cost: $2,749, Acquisition Date: 08/29/2025)(d)
 
 
173
 
 
4,517
 
Masterworks 160, xLxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex 92 X 73 Cm, 25 Octobre 1987, 1987
 
 
 
 
 
(Cost: $302,122, Initial Acquisition Date: 03/28/2023)
 
 
16,438
 
 
181,072
 
Masterworks 162, xLxLxCx-xJxoxhxnxsxoxnx,x xRxaxsxhxixdx;x xUxnxtxixtxlxexdx x(xExsxcxaxpxex xCxoxlxlxaxgxex)x,x 2019
 
 
 
 
 
(Cost: $275,517, Acquisition Date: 03/28/2023)
 
 
13,820
 
 
122,057
 
(Cost: $4,695, Acquisition Date: 08/29/2025)(d)
 
 
567
 
 
5,008
 
Masterworks 163, xLxLxCx-xKxaxtxzx,x
xAxlxexx;x Kxyxmx,x 2004
 
 
 
 
 
(Cost: $171,414, Initial Acquisition Date: 03/28/2023)
 
 
7,874
 
 
193,163
 
(Cost: $1,017, Acquisition Date: 08/29/2025)(d)
 
 
59
 
 
1,447
 
Masterworks 164, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xDxkxkxnx)x,x 2010
 
 
 
 
 
(Cost: $689,025, Acquisition Date: 03/28/2023)
 
 
34,549
 
 
296,410
 
Masterworks 165, xLxLxCx-xJxuxdxdx,x
xDxoxnxaxlxdx;x xUxnxtxixtxlxexdx,x 1988
 
 
 
 
 
(Cost: $296,139, Initial Acquisition Date: 03/28/2023)
 
 
12,890
 
 
275,074
 
(Cost: $1,549, Acquisition Date: 08/29/2025)(d)
 
 
96
 
 
2,049
 
Masterworks 166, xLxLxCx-xKxaxwxsx;x xKxuxrxfxsx x(xLxaxuxgxhxixnxgx)x,x 2008
 
 
 
 
 
(Cost: $523,817, Initial Acquisition Date: 03/28/2023)
 
 
27,234
 
 
512,000
 
(Cost: $3,123, Acquisition Date: 08/29/2025)(d)
 
 
204
 
 
3,834
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 167, xLxLxCx-xRxixlxexyx,x
xBxrxixdxgxextx;x xDxexlxoxsx,x 1983
 
 
 
 
 
(Cost: $754,206, Initial Acquisition Date: 05/26/2023)
 
 
38,225
 
 
$734,872
 
(Cost: $4,182, Acquisition Date: 08/29/2025)(d)
 
 
287
 
 
5,516
 
Masterworks 168, xLxLxCx-xOxwxexnxsx,x
xLxaxuxrxax;x xUxnxtxixtxlxexdx,x 2016
 
 
 
 
 
(Cost: $193,545, Initial Acquisition Date: 03/28/2023)
 
 
9,900
 
 
195,986
 
(Cost: $1,125, Acquisition Date: 08/29/2025)(d)
 
 
75
 
 
1,485
 
Masterworks 169, xLxLxCx-xWxhxixtxnxexyx,x xSxtxaxnxlxexyx;x xMxoxrxnxixnxgx xBxixrxdx,x 2022
 
 
 
 
 
(Cost: $234,203, Initial Acquisition Date: 03/28/2023)
 
 
11,972
 
 
205,151
 
(Cost: $2,379, Acquisition Date: 08/29/2025)(d)
 
 
271
 
 
4,644
 
Masterworks 171, xLxLxCx-xWxhxixtxnxexyx,x xSxtxaxnxlxexyx;x xMxexmxoxrxyx xGxaxrxdxexnx,x 2020
 
 
 
 
 
(Cost: $222,877, Initial Acquisition Date: 03/28/2023)
 
 
11,384
 
 
108,609
 
(Cost: $1,742, Acquisition Date: 08/29/2025)(d)
 
 
258
 
 
2,461
 
Masterworks 172, xLxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xKxaxpxuxtxtx
xPxuxpx xKxixnxgx,x 1999
 
 
 
 
 
(Cost: $390,604, Initial Acquisition Date: 03/28/2023)
 
 
20,029
 
 
380,701
 
(Cost: $2,160, Acquisition Date: 08/29/2025)(d)
 
 
150
 
 
2,851
 
Masterworks 173, xLxLxCx-xYxixaxdxoxmx-xBxoxaxkxyxex,x xLxyxnxextxtxex;x xOxyxsxtxexrx,x 2012
 
 
 
 
 
(Cost: $385,530, Initial Acquisition Date: 03/28/2023)
 
 
19,708
 
 
217,218
 
Masterworks 174, xLxLxCx-xCxhxaxnxexlx xAxbxnxexyx,x xNxixnxax;x xAxnxyxtxixmxex,x xAxnxyxpxlxaxcxex,x 2018
 
 
 
 
 
(Cost: $133,313, Acquisition Date: 03/28/2023)
 
 
6,026
 
 
53,334
 
Masterworks 176, xLxLxCx-xKxaxwxsx;x xUxnxtxixtxlxexdx x(xKxuxrxfx)x,x 2008
 
 
 
 
 
(Cost: $395,212, Initial Acquisition Date: 05/26/2023)
 
 
20,022
 
 
418,150
 
(Cost: $2,590, Acquisition Date: 08/29/2025)(d)
 
 
150
 
 
3,133
 
Masterworks 177, xLxLxCx-xKxaxtxzx,x xAxlxexx;x xPxixnxkx xKxixmxoxnxox,x xIxsxaxaxcx xMxixzxrxaxhxix xSxexrxixexsx,x 1994
 
 
 
 
 
(Cost: $360,703, Initial Acquisition Date: 03/28/2023)
 
 
19,957
 
 
429,612
 
(Cost: $2,406, Acquisition Date: 08/29/2025)(d)
 
 
150
 
 
3,229
 
Masterworks 178, xLxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xBxrxixdxex’xsx xDxoxoxrx,x 1967
 
 
 
 
 
(Cost: $588,914, Initial Acquisition Date: 05/26/2023)
 
 
29,822
 
 
628,833
 
(Cost: $3,557, Acquisition Date: 08/29/2025)(d)
 
 
223
 
 
4,702
 
 
 
 
 
 
 
 
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
6
 
 
 
 
 
 
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 179, xLxLxCx-xWxoxux-xKxix,x xZxaxox;x 17.02.71-12.05.76, 1971
 
 
 
 
 
(Cost: $434,160, Initial Acquisition Date: 03/28/2023)
 
 
23,931
 
 
$362,026
 
(Cost: $6,223, Acquisition Date: 08/29/2025)(d)
 
 
543
 
 
8,214
 
Masterworks 180, xLxLxCx-xWxhxixtxnxexyx,x xSxtxaxnxlxexyx;x xIx xSxixnxgx xRxexdx xaxnxdx xBxlxuxex,x 2020
 
 
 
 
 
(Cost: $223,055, Initial Acquisition Date: 03/28/2023)
 
 
11,251
 
 
108,624
 
(Cost: $1,735, Acquisition Date: 08/29/2025)(d)
 
 
254
 
 
2,452
 
Masterworks 182, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx,x 1996
 
 
 
 
 
(Cost: $153,736, Initial Acquisition Date: 03/28/2023)
 
 
7,854
 
 
154,323
 
(Cost: $923, Acquisition Date: 08/29/2025)(d)
 
 
59
 
 
1,159
 
Masterworks 186, xLxLxCx-xPxaxrxtxyx,x xNxixcxoxlxaxsx;x xLxaxnxdxsxcxaxpxex,x 2017
 
 
 
 
 
(Cost: $663,340, Initial Acquisition Date: 04/12/2023)
 
 
33,634
 
 
470,647
 
Masterworks 191, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xGxrxexexnx xaxnxdx xPxuxrxpxlxex xCxoxmxpxoxsxixtxixoxnx,x 2010
 
 
 
 
 
(Cost: $1,065,035, Initial Acquisition Date: 05/26/2023)
 
 
53,963
 
 
906,390
 
(Cost: $5,293, Acquisition Date: 08/29/2025)(d)
 
 
405
 
 
6,803
 
Masterworks 192, xLxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xAxuxfx x(xDxexrx xSxtxrxaxsxsxex)x xSxcxhxrxexixbxexnx x(xWxrxixtxixnxgx x(xOxnx xTxhxex xSxtxrxexextx)x)x,x 2000
 
 
 
 
 
(Cost: $420,091, Initial Acquisition Date: 05/26/2023)
 
 
21,300
 
 
270,676
 
(Cost: $2,384, Acquisition Date: 08/29/2025)(d)
 
 
161
 
 
2,046
 
Masterworks 193, xLxLxCx-xHxexrxrxexrxax,x xCxaxrxmxexnx;x xNxoxcxhxex xVxexrxdxex,x 2016
 
 
 
 
 
(Cost: $158,482, Initial Acquisition Date: 03/28/2023)
 
 
8,085
 
 
169,510
 
(Cost: $1,025, Acquisition Date: 08/29/2025)(d)
 
 
60
 
 
1,258
 
Masterworks 196, xLxLxCx-xMxixtxcxhxexlxlx,x xJxoxaxnx;x xUxnxtxixtxlxexdx,x xCx.x 1956
 
 
 
 
 
(Cost: $897,102, Initial Acquisition Date: 05/26/2023)
 
 
45,392
 
 
866,992
 
(Cost: $5,165, Acquisition Date: 08/29/2025)(d)
 
 
340
 
 
6,494
 
Masterworks 197, xLxLxCx-xHxoxcxkxnxexyx,x xDxaxvxixdx;x xSxuxnxfxlxoxwxexrx xaxnxdx xTxhxrxexex xOxrxaxnxgxexsx,x 1996
 
 
 
 
 
(Cost: $1,067,747, Initial Acquisition Date: 05/26/2023)
 
 
53,975
 
 
1,309,357
 
(Cost: $7,432, Acquisition Date: 08/29/2025)(d)
 
 
405
 
 
9,825
 
Masterworks 214, xLxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xPxixlxoxtx,x 1978
 
 
 
 
 
(Cost: $448,869, Initial Acquisition Date: 05/26/2023)
 
 
22,721
 
 
482,831
 
(Cost: $2,748, Acquisition Date: 08/29/2025)(d)
 
 
171
 
 
3,634
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 215, xLxLxCx-xBxoxextxtxix,x xAxlxixgxhxixexrxox;x xMxaxpxpxax,x 1983
 
 
 
 
 
(Cost: $673,128, Initial Acquisition Date: 05/26/2023)
 
 
34,082
 
 
$581,830
 
(Cost: $3,473, Acquisition Date: 08/29/2025)(d)
 
 
255
 
 
4,353
 
Masterworks 217, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xCxoxnxsxtxrxuxcxtxexdx xFxaxcxex,x 2013
 
 
 
 
 
(Cost: $497,500, Initial Acquisition Date: 05/26/2023)
 
 
25,183
 
 
362,016
 
(Cost: $5,797, Acquisition Date: 08/29/2025)(d)
 
 
570
 
 
8,194
 
Masterworks 218, xLxLxCx-xRxixlxexyx,x
xBxrxixdxgxextx;x xGxrxexexnxsxlxexexvxexsx,x 1983
 
 
 
 
 
(Cost: $644,930, Initial Acquisition Date: 05/26/2023)
 
 
32,662
 
 
636,925
 
(Cost: $3,606, Acquisition Date: 08/29/2025)(d)
 
 
244
 
 
4,758
 
Masterworks 219, xLxLxCx-xHxaxrxixnxgx,x
xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1984
 
 
 
 
 
(Cost: $1,053,020, Acquisition Date: 05/30/2023)
 
 
52,651
 
 
716,459
 
Masterworks 228, xLxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xUxnxdxexrx xtxhxex xHxaxzxyx xSxkxyx,x 2012
 
 
 
 
 
(Cost: $2,552,080, Initial Acquisition Date: 05/30/2023)
 
 
129,184
 
 
2,474,519
 
(Cost: $18,566, Acquisition Date: 08/29/2025)(d)
 
 
968
 
 
18,542
 
Masterworks 230, LLC-Kaws;
Chum (KCB8), 2012
 
 
 
 
 
(Cost: $434,066, Initial Acquisition Date: 05/26/2023)
 
 
22,019
 
 
391,975
 
(Cost: $1,818, Acquisition Date: 08/29/2025)(d)
 
 
165
 
 
2,937
 
Masterworks 236, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xExaxsxtxexrx xSxuxnxdxaxyx,x 2011
 
 
 
 
 
(Cost: $713,881, Initial Acquisition Date: 05/26/2023)
 
 
36,146
 
 
781,520
 
(Cost: $4,453, Acquisition Date: 08/29/2025)(d)
 
 
272
 
 
5,881
 
Masterworks 239, xLxLxCx-xBxrxoxwxnx,x
xCxexcxixlxyx;x xTxhxex xNxyxmxpxhxsx xHxaxvxex
xDxexpxaxrxtxexdx,x 2014
 
 
 
 
 
(Cost: $1,156,600, Initial Acquisition Date: 05/26/2023)
 
 
58,452
 
 
1,373,020
 
(Cost: $19,630, Acquisition Date: 08/29/2025)(d)
 
 
1,321
 
 
31,030
 
Masterworks 241, xLxLxCx-xPxaxrxtxyx,x xNxixcxoxlxaxsx;x xTxrxexexsx,x 2019
 
 
 
 
 
(Cost: $481,820, Initial Acquisition Date: 05/26/2023)
 
 
24,389
 
 
422,352
 
(Cost: $7,242, Acquisition Date: 08/29/2025)(d)
 
 
552
 
 
9,559
 
Masterworks 245, xLxLxCx-xAxyx xTxjxoxex,x xCxhxrxixsxtxixnxex;x xLxaxyxexrx xaxsx xax xHxixdxixnxgx xPxlxaxcxex,x 2013
 
 
 
 
 
(Cost: $408,293, Initial Acquisition Date: 05/26/2023)
 
 
20,599
 
 
444,992
 
(Cost: $2,350, Acquisition Date: 08/29/2025)(d)
 
 
154
 
 
3,327
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
 
 
 
 
 
 
7
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 254, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xIxnxsxixdxex xtxhxex xWxexsxtx xWxixnxgx,x 1957
 
 
 
 
 
(Cost: $693,480, Acquisition Date: 01/12/2024)
 
 
34,674
 
 
$552,308
 
(Cost: $11,995, Acquisition Date: 08/29/2025)(d)
 
 
952
 
 
15,164
 
Masterworks 258, xLxLxCx-xGxixlxlxixaxmx,x
xSxaxmx;x xUxnxtxixtxlxexdx,x 1970
 
 
 
 
 
(Cost: $416,080, Acquisition Date: 10/30/2023)
 
 
20,804
 
 
312,992
 
Masterworks 261, xLxLxCx-xWxoxnxgx,x xMxaxtxtxhxexwx;x xUxnxtxixtxlxexdx,x 2017
 
 
 
 
 
(Cost: $774,362, Initial Acquisition Date: 05/26/2023)
 
 
39,057
 
 
793,150
 
(Cost: $4,485, Acquisition Date: 08/29/2025)(d)
 
 
292
 
 
5,930
 
Masterworks 262, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xUxnxtxixtxlxexdx,x 1983
 
 
 
 
 
(Cost: $2,236,264, Initial Acquisition Date: 10/30/2023)
 
 
113,728
 
 
2,471,161
 
(Cost: $98,087, Acquisition Date: 08/29/2025)(d)
 
 
5,970
 
 
129,720
 
Masterworks 268, xLxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xWxoxuxnxdxexdx,x 2014
 
 
 
 
 
(Cost: $1,687,589, Initial Acquisition Date: 10/30/2023)
 
 
84,816
 
 
1,592,412
 
(Cost: $9,036, Acquisition Date: 08/29/2025)(d)
 
 
635
 
 
11,922
 
Masterworks 273, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xHxuxmxaxnx xRxaxgxex,x 2020
 
 
 
 
 
(Cost: $534,414, Initial Acquisition Date: 10/30/2023)
 
 
26,813
 
 
489,954
 
(Cost: $2,784, Acquisition Date: 08/29/2025)(d)
 
 
201
 
 
3,673
 
Masterworks 274, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x x xPxoxlxixtxixcxaxlx xCxaxrxtxoxoxnx xAxbxsxtxrxaxcxtxixoxnx,x 2017
 
 
 
 
 
(Cost: $502,403, Initial Acquisition Date: 03/05/2024)
 
 
25,121
 
 
465,459
 
(Cost: $2,793, Acquisition Date: 08/29/2025)(d)
 
 
189
 
 
3,502
 
Masterworks 275, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xSxixlxvxexrx-xNxextxsx x(xTxwxhxexrxox)x,x 2007
 
 
 
 
 
(Cost: $751,700, Acquisition Date: 10/30/2023)
 
 
37,585
 
 
337,070
 
Masterworks 278, xLxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xMxaxqxuxaxnx,x 2015
 
 
 
 
 
(Cost: $604,070, Initial Acquisition Date: 01/03/2024)
 
 
30,242
 
 
584,760
 
(Cost: $3,709, Acquisition Date: 08/29/2025)(d)
 
 
227
 
 
4,389
 
Masterworks 279, xLxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xNxextxsx xOxbxsxexsxsxixoxnx x(xTxoxwxex)x,x 2002
 
 
 
 
 
(Cost: $554,780, Initial Acquisition Date: 10/30/2023)
 
 
27,808
 
 
229,296
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 282, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x x xPxoxlxlxox xFxrxixtxox,x 1982
 
 
 
 
 
(Cost: $2,400,000, Acquisition Date: 03/26/2024)
 
 
120,000
 
 
$2,435,088
 
(Cost: $483,784, Acquisition Date: 08/29/2025)(d)
 
 
32,622
 
 
661,979
 
Masterworks 286, xLxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x x xSxexax xMxoxnxsxtxexrx,x 2014
 
 
 
 
 
(Cost: $1,190,993, Initial Acquisition Date: 03/05/2024)
 
 
59,557
 
 
1,049,758
 
(Cost: $5,972, Acquisition Date: 08/29/2025)(d)
 
 
447
 
 
7,879
 
Masterworks 300, xLxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xOxvxexrx xaxnxdx xAxbxoxvxex,x 1975
 
 
 
 
 
(Cost: $395,758, Initial Acquisition Date: 10/30/2023)
 
 
19,835
 
 
765,338
 
(Cost: $3,109, Acquisition Date: 08/29/2025)(d)
 
 
148
 
 
5,711
 
Masterworks 304, xLxLxCx-xSxcxhxaxrxfx,x xKxexnxnxyx;x x xExvxoxlxuxtxixoxnx xRxexvxoxlxuxtxixoxnx xIxvx,x 2023
 
 
 
 
 
(Cost: $172,282, Initial Acquisition Date: 03/05/2024)
 
 
8,682
 
 
168,161
 
(Cost: $3,293, Acquisition Date: 08/29/2025)(d)
 
 
263
 
 
5,094
 
Masterworks 309, LLC-Condo,
George; Untitled (Painting Drawing 6), 2011
 
 
 
 
 
(Cost: $184,239, Initial Acquisition Date: 03/05/2024)
 
 
9,330
 
 
180,742
 
(Cost: $12,687, Acquisition Date: 08/29/2025)(d)
 
 
762
 
 
14,762
 
Masterworks 311, xLxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xMxaxnxuxaxlx xMxoxbxixlxixtxyx,x 1994
 
 
 
 
 
(Cost: $898,294, Initial Acquisition Date: 03/05/2024)
 
 
44,913
 
 
1,355,550
 
(Cost: $6,700, Acquisition Date: 08/29/2025)(d)
 
 
337
 
 
10,171
 
Masterworks 312, xLxLxCx-xRxyxmxaxnx,x xRxoxbxexrxtx;x x xFxixlxex,x 1997
 
 
 
 
 
(Cost: $434,520, Initial Acquisition Date: 03/05/2024)
 
 
21,726
 
 
488,670
 
(Cost: $3,208, Acquisition Date: 08/29/2025)(d)
 
 
162
 
 
3,644
 
Masterworks 318, xLxLxCx-xPxexyxtxoxnx,x xExlxixzxaxbxextxhx;x x xHxaxixrxcxuxtx x(xBxexnx x&x xSxpxexnxcxexrx)x,x 2002
 
 
 
 
 
(Cost: $125,973, Initial Acquisition Date: 03/05/2024)
 
 
6,296
 
 
162,349
 
(Cost: $1,003, Acquisition Date: 08/29/2025)(d)
 
 
47
 
 
1,212
 
Masterworks 325, xLxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x x xExcxsxtxaxtxixcx xFxixgxuxrxexsx,x 2010
 
 
 
 
 
(Cost: $859,900, Acquisition Date: 03/05/2024)
 
 
42,995
 
 
734,178
 
(Cost: $4,775, Acquisition Date: 08/29/2025)(d)
 
 
369
 
 
6,301
 
Masterworks 326, xLxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex 128 X 181 Cm, 2009
 
 
 
 
 
(Cost: $416,080, Acquisition Date: 03/05/2024)
 
 
20,804
 
 
286,629
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
8
 
 
 
 
 
 
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 329, xLxLxCx-xFxoxrxgx,x
xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2006
 
 
 
 
 
(Cost: $138,840, Initial Acquisition Date: 03/05/2024)
 
 
6,953
 
 
$134,672
 
(Cost: $2,848, Acquisition Date: 08/29/2025)(d)
 
 
194
 
 
3,758
 
Masterworks 334, LLC-Seo-bo, Park; Ecriture No. 2-80-81, 1980-1
 
 
 
 
 
(Cost: $252,400, Acquisition Date: 03/05/2024)
 
 
12,620
 
 
245,706
 
Masterworks 338, xLxLxCx-xFxoxrxgx,x
xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2007
 
 
 
 
 
(Cost: $129,742, Initial Acquisition Date: 03/05/2024)
 
 
6,441
 
 
142,672
 
(Cost: $6,371, Acquisition Date: 08/29/2025)(d)
 
 
342
 
 
7,575
 
Masterworks 341, xLxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x x xUxnxtxixtxlxexdx,x 1990
 
 
 
 
 
(Cost: $1,109,560, Acquisition Date: 04/09/2024)
 
 
55,478
 
 
1,684,395
 
(Cost: $10,661, Acquisition Date: 08/29/2025)(d)
 
 
700
 
 
21,253
 
Masterworks 348, xLxLxCx-xKxaxtxzx,x xAxlxexxx;x x xRxaxixnxcxoxaxtx xTxrxixpxtxyxcxhx,x 1982
 
 
 
 
 
(Cost: $450,820, Acquisition Date: 03/05/2024)
 
 
22,541
 
 
533,189
 
Masterworks 355, xLxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xDxexgxaxsx xAxtx 45, 1974
 
 
 
 
 
(Cost: $488,080, Initial Acquisition Date: 10/29/2024)
 
 
24,404
 
 
597,397
 
(Cost: $3,708, Acquisition Date: 08/29/2025)(d)
 
 
183
 
 
4,480
 
Masterworks 369, xLxLxCx-xBxrxoxwxnx,x
xCxexcxixlxyx;x xWxhxaxtx xyxoxux xNxexexdx,x 2006
 
 
 
 
 
(Cost: $374,600, Acquisition Date: 12/20/2024)
 
 
18,730
 
 
491,434
 
Masterworks 371, LLC-Seo-bo,
Park; Ecriture No. 2-75, 1975
 
 
 
 
 
(Cost: $249,840, Initial Acquisition Date: 03/05/2024)
 
 
12,492
 
 
244,983
 
(Cost: $1,382, Acquisition Date: 08/29/2025)(d)
 
 
93
 
 
1,824
 
Masterworks 380, xLxLxCx-xSxixnxgxexrx,x xAxvxexrxyx;x x xUxnxtxixtxlxexdx x(xSxaxtxuxrxdxaxyx xNxixgxhxtx)x,x 2017
 
 
 
 
 
(Cost: $327,735, Initial Acquisition Date: 03/05/2024)
 
 
16,473
 
 
305,734
 
(Cost: $15,444, Acquisition Date: 08/29/2025)(d)
 
 
990
 
 
18,374
 
Masterworks 386, xLxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x(557-3), 1984
 
 
 
 
 
(Cost: $642,140, Initial Acquisition Date: 04/30/2024)
 
 
32,107
 
 
625,434
 
(Cost: $3,572, Acquisition Date: 08/29/2025)(d)
 
 
242
 
 
4,714
 
Masterworks 387, xLxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2008
 
 
 
 
 
(Cost: $194,180, Acquisition Date: 03/05/2024)
 
 
9,709
 
 
153,458
 
Masterworks 388, xLxLxCx-xBxaxsx,x xHxexrxnxaxnx;x x xWxixtxhx xSxtxuxpxixdx,x 2011
 
 
 
 
 
(Cost: $249,660, Acquisition Date: 03/05/2024)
 
 
12,483
 
 
122,192
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 389, xLxLxCx-xFxoxrxgx,x
xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2008
 
 
 
 
 
(Cost: $152,680, Acquisition Date: 04/02/2024)
 
 
7,634
 
 
$123,403
 
Masterworks 390, xLxLxCx-xOxwxexnxsx,x
xLxaxuxrxax;x x xUxnxtxixtxlxexdx,x 2011
 
 
 
 
 
(Cost: $259,120, Initial Acquisition Date: 03/05/2024)
 
 
12,956
 
 
251,587
 
(Cost: $1,428, Acquisition Date: 08/29/2025)(d)
 
 
97
 
 
1,883
 
Masterworks 391, xLxLxCx-xPxexyxtxoxnx,x xExlxixzxaxbxextxhx;x x xPxixoxtxrx xUxkxlxaxnxsxkxix,x 1996
 
 
 
 
 
(Cost: $180,420, Acquisition Date: 03/05/2024)
 
 
9,021
 
 
170,323
 
(Cost: $1,846, Acquisition Date: 08/29/2025)(d)
 
 
129
 
 
2,436
 
Masterworks 393, xLxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x x xSxexaxsxpxaxcxex,x 1981
 
 
 
 
 
(Cost: $519,191, Initial Acquisition Date: 03/05/2024)
 
 
25,963
 
 
514,431
 
(Cost: $2,927, Acquisition Date: 08/29/2025)(d)
 
 
195
 
 
3,864
 
Masterworks 395, xLxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2007
 
 
 
 
 
(Cost: $152,680, Acquisition Date: 03/05/2024)
 
 
7,634
 
 
123,543
 
Masterworks 396, xLxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex 181 X 81 Cm, 2006
 
 
 
 
 
(Cost: $305,120, Acquisition Date: 04/02/2024)
 
 
15,256
 
 
205,445
 
Masterworks 398, xLxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x x xCxlxoxsxex xBxyx,x 1992
 
 
 
 
 
(Cost: $724,854, Initial Acquisition Date: 03/05/2024)
 
 
36,264
 
 
574,481
 
(Cost: $3,420, Acquisition Date: 08/29/2025)(d)
 
 
271
 
 
4,293
 
Masterworks 399, xLxLxCx-xBxaxsx,x xHxexrxnxaxnx;x x xTxhxex xDxexaxdx xLxixnxex,x 2011
 
 
 
 
 
(Cost: $132,600, Acquisition Date: 03/05/2024)
 
 
6,630
 
 
71,523
 
(Cost: $9,377, Acquisition Date: 08/29/2025)(d)
 
 
878
 
 
9,472
 
Masterworks 400, xLxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x[819-2], 1994
 
 
 
 
 
(Cost: $669,980, Acquisition Date: 03/05/2024)
 
 
33,499
 
 
474,510
 
Masterworks 402, xLxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x x xUxnxtxixtxlxexdx,x 2002
 
 
 
 
 
(Cost: $234,307, Initial Acquisition Date: 03/05/2024)
 
 
11,654
 
 
395,227
 
(Cost: $8,632, Acquisition Date: 08/29/2025)(d)
 
 
588
 
 
19,941
 
Masterworks 406, xLxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xCxoxdxax,x 2016
 
 
 
 
 
(Cost: $343,120, Acquisition Date: 04/02/2024)
 
 
17,156
 
 
268,435
 
Masterworks 407, xLxLxCx-xWxoxoxdx,x xJxoxnxaxsx;x x xWxoxoxdx xSxhxexlxfx xWxixtxhx xBxaxlxlx,x 2019
 
 
 
 
 
(Cost: $638,000, Acquisition Date: 03/26/2024)
 
 
31,900
 
 
697,318
 
 
 
 
 
 
 
 
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
 
 
 
 
 
 
9
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Art (a) (b) (c) - 97.7% (continued)
 
 
 
 
 
Masterworks 410, xLxLxCx-xYxex,x xLxixux;x xTxhxex xExnxdx xOxfx xBxaxrxoxqxuxex,x 1998
 
 
 
 
 
(Cost: $796,940, Acquisition Date: 04/02/2024)
 
 
39,847
 
 
$692,202
 
(Cost: $8,870, Acquisition Date: 08/29/2025)(d)
 
 
674
 
 
11,708
 
Masterworks 414, xLxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x x xVxaxlxuxex 87, 2009
 
 
 
 
 
(Cost: $384,840, Acquisition Date: 04/30/2024)
 
 
19,242
 
 
368,657
 
Masterworks 416, xLxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x x xTxhxex xLxixdxlxexsxsx xExyxex,x 2014
 
 
 
 
 
(Cost: $238,780, Initial Acquisition Date: 03/05/2024)
 
 
11,939
 
 
161,872
 
Masterworks 417, xLxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x x xDxoxgx xIxnx xTxhxex xNxixgxhxtx,x 1995
 
 
 
 
 
(Cost: $252,680, Initial Acquisition Date: 03/05/2024)
 
 
12,634
 
 
244,707
 
(Cost: $1,380, Acquisition Date: 08/29/2025)(d)
 
 
94
 
 
1,821
 
Masterworks 418, xLxLxCx-xBxoxextxtxix,x xAxlxixgxhxixexrxox;x x xIxlx xVxexnxtxixcxixnxqxuxexsxixmxox xGxixoxrxnxox xDxexlx xTxexrxzxox xMxexsxex xDxexlxlxaxnxnxox xMxixlxlxexnxoxvxexcxexnxtxoxoxtxtxaxnx,x 1988
 
 
 
 
 
(Cost: $152,680, Acquisition Date: 03/26/2024)
 
 
7,634
 
 
172,103
 
(Cost: $1,475, Acquisition Date: 08/29/2025)(d)
 
 
89
 
 
2,005
 
Masterworks 419, xLxLxCx-xHxexnxdxrxixcxkxsx,x xBxaxrxkxlxexyx xLx.x;x x xTxrxixpxlxex xPxoxrxtxrxaxixtx:
x xWxoxrxlxdx xCxoxnxqxuxexrxoxrx,x 2011
 
 
 
 
 
(Cost: $590,820, Initial Acquisition Date: 04/30/2024)
 
 
29,541
 
 
573,483
 
(Cost: $3,266, Acquisition Date: 08/29/2025)(d)
 
 
222
 
 
4,310
 
Masterworks 426, xLxLxCx-xWxoxoxdx,x
xJxoxnxaxsx;x xWxhxixtxex xOxrxcxhxixdx xwxixtxhx xBxlxuxex xLxexaxvxexsx,x 2020
 
 
 
 
 
(Cost: $182,000, Initial Acquisition Date: 05/28/2024)
 
 
9,100
 
 
183,376
 
(Cost: $1,052, Acquisition Date: 08/29/2025)(d)
 
 
69
 
 
1,389
 
Masterworks 428, xLxLxCx-xKxuxsxuxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xFxKxQxSx)x,x 2016
 
 
 
 
 
(Cost: $430,080, Acquisition Date: 06/11/2024)
 
 
21,504
 
 
307,374
 
Masterworks 434, xLxLxCx-xNxexexlx,x xAxlxixcxex;x xDxaxvxixdx xMxcxkxexex xAxnxdx xHxixsx xFxixrxsxtx xWxixfxex xJxaxnxex,x 1968
 
 
 
 
 
(Cost: $402,340, Acquisition Date: 08/28/2024)
 
 
20,117
 
 
470,291
 
Masterworks 446, xLxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xUxnxtxixtxlxexdx x(xCxaxvxex xPxaxixnxtxixnxgx)x,x 1982
 
 
 
 
 
(Cost: $1,387,220, Initial Acquisition Date: 10/29/2024)
 
 
69,361
 
 
1,600,373
 
(Cost: $10,420, Acquisition Date: 08/29/2025)(d)
 
 
521
 
 
12,021
 
Total Class A Equity Shares
(Cost $108,969,643)
 
 
 
 
$108,485,433
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
 
Short-Term Investments - 1.1%
 
 
 
 
 
Money Market Funds - 1.1%
 
 
 
 
 
First American Government Obligations Fund - Class X - 3.58% (e)
 
 
612,693
 
 
$612,693
 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 3.57% (e)
 
 
612,692
 
 
612,692
 
Total Short-Term Investments
(Cost $1,225,385)
 
 
 
 
1,225,385
 
TOTAL INVESTMENTS
(Cost $110,195,028) - 98.8%
 
 
 
 
$109,710,818
 
ASSETS IN EXCESS OF OTHER LIABILITIES -1.2%
 
 
 
 
1,367,646
 
TOTAL NET ASSETS - 100.0%
 
 
 
 
$111,078,464
Percentages are stated as a percent of net assets.
(a)
Security is fair valued by the Adviser Valuation Committee pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities is $108,485,433 which represented 97.7% of net assets.
(b)
Non-Income producing security.
(c)
Security is illiquid.
(d)
Security is restricted as to resale. The aggregate value of these securities at April 30, 2026, was $3,439,177, which represented 3.1% of net assets.
(e)
Rate shown is the 7-day effective yield.
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.(Continued)
10
 
 
 
 
 
 
 
 
 
 
 
 
 

TABLE OF CONTENTS

Consolidated Schedule of Investments
 
 
as of April 30, 2026 (Unaudited)
 
 
 
 
STONE RIDGE ART RISK PREMIUM FUND
 
 
 
 
Prepaid Forward Contract (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Artwork Contract
 
 
Counterparty
 
 
Contract
Date
 
 
Cost
 
 
Fair Value
 
 
Sxtxixlxlx, Cxlxyxfxfxoxrxdx; PxHx-x6x9x (xbx)
 
 
Masterworks, LLC
 
 
8/30/2023
 
 
$ 7,423,164
 
 
$ 10,970,753
 
 
Cxoxnxdxox, Gxexoxrxgxex; Axuxtxuxmxn ixnx Sxoxhxo (xcx)
 
 
Masterworks, LLC
 
 
3/13/2024
 
 
1,914,500
 
 
2,899,375
 
 
Mxixtxcxhxexlxlx, Jxoxaxnx; Bxlxuxexbxexrxrxy (xcx)
 
 
Masterworks, LLC
 
 
6/6/2024
 
 
6,467,110
 
 
8,794,096
 
 
Hockney, David; Almost Like Skiing (c)
 
 
Masterworks, LLC
 
 
1/22/2025
 
 
2,157,678
 
 
3,491,226
 
 
Mark Bradford; Sample 2 (d)
 
 
Masterworks, LLC
 
 
9/12/2025
 
 
1,213,644
 
 
1,844,986
 
 
 
 
 
 
 
 
 
 
$ 28,000,436
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Security is fair valued by the Adviser and has significant unobservable inputs.
(b)
The forward contract is prepaid by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork in November 2026 or May 2027, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days following sale of the artwork.
(c)
The forward contract is prepaid by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork in November 2027 or May 2028, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days following sale of the artwork.
(d)
The forward contract is prepaid by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork in May 2028, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days following sale of the artwork.
 The accompanying Notes to the Consolidated Schedule of Investments are an integral part of the Consolidated Schedule of Investments.
 
 
 
 
 
 
11
 
 
 
 
 
 
 

TABLE OF CONTENTS

Notes to Consolidated Financial Statements
 
 
as of April 30, 2026 (Unaudited)
1. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Stone Ridge Art Risk Premium 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 (“GAAP”). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board (“FASB”) Accounting Standards Topic 946, Financial Services - Investment Companies.
2. Investment Valuation and Fair Value Measurement
The Board of Trustees (the “Board”) of Stone Ridge Trust VIII has approved procedures pursuant to which the Fund values its investments (the “Valuation Procedures”). The Board has established a Valuation Committee (the “Board Valuation Committee”), which has designated Stone Ridge Asset Management LLC (“Stone Ridge” or the “Adviser”) to serve as “valuation designee” in accordance with Rule 2a-5 of the Investment Company Act of 1940, as amended and, in that capacity, to bear responsibility for implementing the Valuation Procedures, including performing fair valuation determinations relating to all investments held by the Fund (as needed), subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the “Adviser Valuation Committee”) performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair valuation determinations.
Generally, the Fund must value its assets using market quotations when they are readily available. If, with respect to any portfolio instrument, market quotations are not readily available or available market quotations are deemed to be unreliable by Stone Ridge, then such instruments will be valued as determined in good faith by Stone Ridge.
The Fund generally expects that the Artwork it holds will be fair valued by Stone Ridge in accordance with the Valuation Procedures and with assistance from certain Fund service providers. Listed below is a summary of certain of the methodologies generally used currently to fair value investments in Artwork, the special purpose vehicles that own Artwork or partial interests in Artwork (each, an “Artwork Company”) and the prepaid forward contracts on Artwork held by the Fund under the Valuation Procedures. The Artwork held by the Fund will be fair valued based on some or all the following fair valuation methodologies:
•
Assessment of the acquisition cost of Artwork or Artwork Company investments adjusted by premium or discount factors based on the Adviser’s assessment of economic, environmental conditions or other events that may result in higher or lower prices for Artwork or Artwork Company investments generally.
•
Assessment of recent comparable public and, to the extent verifiable, private sale prices for similar Artwork that is available and reliable and price trend information for comparable Artwork.
•
Assessment of artist-level and art-market segment level pricing information and benchmarks that are available and reliable and price trend information for such specific artist’s works.
•
Assessment of pricing information provided by third-party service providers or valuation agents, including Masterworks or Masterworks Administrative Services, LLC (“Masterworks AS” or “Artwork Administrator”).
•
Assessment of any other available information that the Adviser deems relevant to the valuation of Artwork or Artwork Company investments.
Fair value pricing of Artwork will require subjective determinations about the value of Artwork. Fair values may differ from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Fund. It is possible that the fair value determined for an investment may be materially different than the value that could be realized upon the sale of such security. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in the Fund.
12
 
 
 
 
 
 
 
 
 
 
 
 
 

TABLE OF CONTENTS

Notes to Consolidated Financial Statements
 
 
as of April 30, 2026 (Unaudited)
The Adviser will generally determine the value of the Artwork Company investment by using the value of the underlying single work of art adjusted for any factors required to convert the value of the artwork asset to the value of the equity security. These factors include but are not limited to the fees charged to the Artwork Company, any secondary market or other transactions for Artwork Company shares, the perceived likelihood of a sale of the Artwork underlying the Artwork Company, the perceived timing of any such sale, the perceived likelihood of the form of any such sale (i.e., sale at auction versus sale in the private market) and any fees or expenses associated with such form, the perceived future appreciation rate of such Artwork, other market-wide or economic conditions or factors, or other factors deemed relevant by the Adviser. The Advisor will generally determine the value of the prepaid forward contract by using the value of the underlying single work of art adjusted for any fees owed to the counterparty as part of the contract. The Adviser values the underlying Artwork using a sales comparison approach (the “Sales Comparison Approach”), which is an appraisal method that compares the Artwork to a set of artworks with similar characteristics that have recently sold (“comparables” or “comps”) and taking into account certain other factors (art-specific factors, artist-specific factors, market factors and any changes to the condition of the Artwork). The valuation of the Artwork will be carried out by an appraiser upon the sale of a comparable (or if more than 180 days have passed since acquisition of the artwork without a sale of a comparable during such 180 days) and documented in an appraisal report.
The Fund adheres to authoritative fair valuation accounting standards that set out a hierarchy for measuring fair valuation inputs. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 Inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date;
Level 2 Inputs: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data;
Level 3 Inputs: significant unobservable inputs for the asset or liability.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser’s perceived risk of that instrument.
The table below summarizes assets and liabilities measured at fair value on a recurring basis as of April 30, 2026:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DESCRIPTION
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
 
TOTAL
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Class A Equity Shares
 
 
$—
 
 
$—
 
 
$ 108,485,433
 
 
$ 108,485,433
 
 
Money Market Funds
 
 
1,225,385
 
 
—
 
 
—
 
 
1,225,385
 
 
Total Investments
 
 
$1,225,385
 
 
$—
 
 
$ 108,485,433
 
 
$ 109,710,818
 
 
Total Other Financial Instruments
 
 
 
 
 
 
 
 
 
 
Prepaid Forward Contracts
 
 
$—
 
 
$—
 
 
$28,000,436
 
 
$28,000,436
 
 
Total
 
 
$—
 
 
$—
 
 
$28,000,436
 
 
$28,000,436
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13
 
 
 
 
 
 
 

TABLE OF CONTENTS

Notes to Consolidated Financial Statements
 
 
as of April 30, 2026 (Unaudited)
Below is a reconciliation that details the activity of securities classified in Level 3 during the period ended April 30, 2026:
 
 
 
 
 
 
 
 
 
 
 
 
Class A Equity
Shares
 
 
Prepaid Forward
Contracts
 
 
Beginning Balance — July 31, 2025
 
 
$ 104,052,380
 
 
$ 25,178,450
 
 
Acquisitions
 
 
2,550,066
 
 
1,533,858
 
 
Dispositions
 
 
—
 
 
—
 
 
Realized gains (losses)
 
 
—
 
 
—
 
 
Return of capital
 
 
—
 
 
—
 
 
Change in unrealized appreciation/(depreciation)
 
 
1,882,987
 
 
1,288,128
 
 
Transfers in/(out) Level 3
 
 
—
 
 
—
 
 
Ending Balance — April 30, 2026
 
 
$ 108,485,433
 
 
$ 28,000,436
 
 
 
 
 
 
 
 
 
 
As of April 30, 2026, the change in unrealized appreciation (depreciation) on positions still held by the Fund was $1,882,987 for Class A Equity Shares and $1,288,128 for Prepaid Forward Contracts.
The following table summarizes the quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of April 30, 2026:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TYPE OF SECURITY
 
 
INDUSTRY
 
 
FAIR VALUE AT
04/30/2026
 
 
VALUATION
TECHNIQUES
 
 
UNOBSERVABLE
INPUTS
 
 
RANGE
 
 
WEIGHTED
AVERAGE
 
 
Class A Equity Shares
 
 
Art
 
 
$ 108,485,433
 
 
Sales Comparison Approach
 
 
N/A
 
 
N/A
 
 
N/A
 
 
Prepaid Forward Contracts
 
 
Art
 
 
$28,000,436
 
 
Sales Comparison Approach
 
 
N/A
 
 
N/A
 
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Artwork underlying each Artwork Company or prepaid forward contract is valued using the Sales Comparison Approach, which is an appraisal method carried out by an independent third-party appraiser that compares the Artwork to a set of comparable artworks. The appraiser selects the comparable artworks by identifying artworks that have similar characteristics to the Artwork in question (e.g., artist, genre, time period, size, date of the work’s creation, medium, series, imagery, technique, color, condition, provenance, exhibition history, prior sales history and any other relevant information); considering the recency of such artworks’ sales data; and considering the reliability of such sales data. The appraiser assigns a value to the Artwork in question based on the similarity of the physical characteristics and condition of the comparable artworks to the Artwork in question; the appraiser’s perceived quality of the comparable relative to the Artwork in question; the date of the comparable work’s most recent sale; and the source of the relevant sales data. The appraiser may also incorporate art-specific factors, artist-specific factors, market factors and/or the physical condition of the Artwork into the fair valuation of the Artwork. The appraisers do not, in any formulaic or mathematical manner, make adjustments to the sales comparable figures, but instead rely on their professional expertise to determine a fair value for the Artwork that is based on the different sales comparable figures, using a qualitative approach. To fair value the Artwork Company investments, the fees and expenses paid to the sponsor of the Artwork Company, as described in the offering documents of each Artwork Company, are subtracted from the fair value of the underlying Artwork and that value is then prorated to reflect the number of shares of the Artwork Company owned by the Fund. The Adviser will additionally adjust the fair value of the underlying Artwork for any other factors required to convert the value of the artwork asset to the value of the equity security. These factors include but are not limited to any secondary market or other transactions for Artwork Company shares, the perceived likelihood of a sale of the Artwork underlying the Artwork Company, the perceived timing of any such sale, the perceived likelihood of the form of any such sale (i.e., sale at auction versus sale in the private market) and any fees or expenses associated with such form, the perceived future appreciation rate of such Artwork, other market-wide or economic conditions or factors, or other factors deemed relevant by the Adviser. 
To fair value the prepaid forward, any fees owed to the contract counterparty are subtracted from the fair value of the underlying Artwork.
14