Stone Ridge Trust III (AVRPX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-23018

Investment Company Act file number

Stone Ridge Trust III

(Exact name of registrant as specified in charter)

510 Madison Avenue, 21^st Floor

New York, New York 10022

(Address of principal executive offices) (Zip code)

Stone Ridge Asset Management LLC

510 Madison Avenue, 21^st Floor

New York, New York 10022

(Name and address of agent for service)

(855)-609-3680

Registrant’s telephone number, including area code

Date of fiscal year end: October 31, 2018

Date of reporting period: April 30, 2018

Item 1. Reports to Stockholders.

Semi-Annual Report

April 30, 2018

Unaudited

Stone Ridge All Asset Variance Risk Premium Fund

Table of Contents

Portfolio Holdings Presentation (Unaudited)	2
Consolidated Schedule of Investments (Unaudited)	3
Consolidated Financial Statements and Notes (Unaudited)	25
Expense Example (Unaudited)	40
Additional Information (Unaudited)	41

ALLOCATION OF PORTFOLIO HOLDINGS AT APRIL 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND PORTFOLIO ALLOCATION BY ASSET TYPE
Purchased Options	$54,680,357		3.6%
Short-Term Investments	1,618,731,931		104.5%
Liabilities in Excess of Other Assets(1)	(124,831,418	)	(8.1%	)
	$1,548,580,870

(1) Cash, cash equivalents and other assets less liabilities.

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

2

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

			NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
PURCHASED OPTIONS - 3.6%
Call Options (a) - 0.0%
CBOE Volatility Index, Expires: 05/16/18, Strike Price: $17.00				1,344	$	2,140,992	$	164,640
CBOE Volatility Index, Expires: 05/16/18, Strike Price: $19.00				1,240		1,975,320		99,200
CBOE Volatility Index, Expires: 05/16/18, Strike Price: $20.00				220		350,460		14,850
CBOE Volatility Index, Expires: 06/20/18, Strike Price: $17.00				1,051		1,674,243		210,200
								488,890
Put Options - 3.6%
NASDAQ 100 Stock Index, Expires: 06/15/18, Strike Price: $7,150.00				80		52,844,560		4,364,800
Russell 2000 Index, Expires: 06/15/18, Strike Price: $1,600.00				1,400		215,863,200		9,058,000
S&P 500 Index, Expires: 06/15/18, Strike Price: $2,800.00				2,600		688,493,000		40,456,000
								53,878,800
	COUNTERPARTY (b)		NOTIONAL AMOUNT		NOTIONAL AMOUNT USD		FAIR VALUE
OTC Call Options (a) - 0.0%
Mexican Peso, Expires: 05/02/18, Strike Price: $19.15		A		100,000,000		100,000,000		25,000
OTC Put Options (a) - 0.0%
Israeli Shekel, Expires: 05/07/18, Strike Price: $3.54		A		100,000,000		100,000,000		25,000
Mexican Peso, Expires: 05/03/18, Strike Price: $17.75		A		200,000,000		200,000,000		200
Mexican Peso, Expires: 05/03/18, Strike Price: $18.40		A		100,000,000		100,000,000		69,300
Mexican Peso, Expires: 05/17/18, Strike Price: $17.80		A		100,000,000		100,000,000		40,200
Russian Ruble, Expires: 05/04/18, Strike Price: $60.30		B		50,000,000		50,000,000		300
Russian Ruble, Expires: 05/04/18, Strike Price: $60.80		B		40,000,000		40,000,000		1,160
Russian Ruble, Expires: 05/10/18, Strike Price: $60.10		B		75,000,000		75,000,000		4,875
Russian Ruble, Expires: 05/10/18, Strike Price: $60.67		B		30,000,000		30,000,000		5,790
Swedish Krona, Expires: 05/03/18, Strike Price: EUR 10.50		A		100,000,000		120,759,821		96,592
								243,417
Payer Swaptions (a) - 0.0%
CDX.HY, (5.000%), Quarterly, Expires: 05/16/18, Strike Price: $101.00		C		250,000,000		250,000,000		44,250
TOTAL PURCHASED OPTIONS (Cost $31,435,805)								54,680,357
					SHARES		FAIR VALUE
SHORT-TERM INVESTMENTS - 104.5%
Money Market Funds - 26.6%
Fidelity Institutional Money Market Funds - Government Portfolio - Institutional Class - 1.570% (c)						68,491,004		68,491,004
First American Government Obligations Fund - Class X - 1.579% (c)						1,598,000		1,598,000
First American Government Obligations Fund - Class Z - 1.539% (c)						88,916,418		88,916,418
First American Treasury Obligations Fund - Class X - 1.573% (c)						1,598,000		1,598,000
First American Treasury Obligations Fund - Class Z - 1.533% (c)						88,916,418		88,916,418
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 1.601% (c)						81,314,418		81,314,418
Short-Term Investments Trust - Treasury Portfolio - Institutional Class - 1.600% (c)						81,314,418		81,314,418
								412,148,676
					PRINCIPAL AMOUNT		FAIR VALUE
U.S. Treasury Bills - 77.9%
1.399% , 07/19/2018 (d)(e)					$	105,500,000		105,094,851
1.438% , 08/16/2018 (d)(e)						234,000,000		232,713,131
1.830% , 10/11/2018 (d)(e)						147,000,000		145,705,440
1.644% , 11/08/2018 (d)(e)						175,000,000		173,226,055
1.712% , 12/06/2018 (d)(e)						242,000,000		239,301,990

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

3

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

	PRINCIPAL AMOUNT		FAIR VALUE
U.S. Treasury Bills - 77.9% (continued)
1.787% , 01/03/2019 (d)(e)	$	291,000,000	$	287,061,740
2.257% , 04/25/2019 (d)(e)		24,000,000		23,480,048
				1,206,583,255
TOTAL SHORT-TERM INVESTMENTS (Cost $1,620,228,773)				1,618,731,931
TOTAL INVESTMENTS (Cost $1,651,664,578) - 108.1%				1,673,412,288
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.1)%				(124,831,418)
TOTAL NET ASSETS - 100.0%			$	1,548,580,870

Percentages are stated as a percent of net assets.

(a) Rounds to zero.

(b) See Note 2.

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

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

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

Written Options

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
CALL OPTIONS
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $77.50		205	$	15,436,500	$	1,025
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $78.00		495		37,273,500		2,475
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $78.50		425		32,002,500		2,125
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $79.00		350		26,355,000		1,750
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $79.50		250		18,825,000		1,250
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $80.00		187		14,081,100		935
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $80.50		190		14,307,000		950
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $81.00		115		8,659,500		575
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $81.50		25		1,882,500		125
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $77.00		200		15,060,000		36,000
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $77.50		425		32,002,500		46,750
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $78.00		375		28,237,500		26,250
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $78.50		725		54,592,500		32,625
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $79.00		680		51,204,000		20,400
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $79.50		425		32,002,500		8,500
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $80.00		75		5,647,500		1,125
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $140.50		75		6,457,500		937
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $141.00		124		10,676,400		775
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $141.50		247		21,266,700		1,544
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $142.00		247		21,266,700		1,544
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $142.50		255		21,955,500		1,594
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $143.00		355		30,565,500		2,219
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $143.50		150		12,915,000		937
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $144.00		100		8,610,000		625
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $144.50		125		10,762,500		781
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $142.00		200		17,220,000		28,750
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $142.50		200		17,220,000		22,500
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $143.00		175		15,067,500		16,406
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $143.50		650		55,965,000		48,750
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $144.00		625		53,812,500		35,156
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $144.50		600		51,660,000		30,000
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $145.00		500		43,050,000		18,750

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

4

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $145.50		300	$	25,830,000	$	9,375
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $146.00		273		23,505,300		6,825
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $146.50		150		12,915,000		2,812
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $77.50		200		15,588,000		108,000
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $78.00		415		32,345,100		95,450
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $78.50		530		41,308,200		37,100
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $79.00		565		44,036,100		8,475
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $79.50		418		32,578,920		2,090
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $80.00		375		29,227,500		1,875
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $80.50		305		23,771,700		1,525
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $81.00		160		12,470,400		800
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $79.00		256		19,952,640		71,680
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $79.50		350		27,279,000		59,500
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $80.00		575		44,815,500		57,500
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $80.50		825		64,300,500		41,250
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $81.00		675		52,609,500		23,625
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $81.50		575		44,815,500		11,500
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $82.00		150		11,691,000		2,250
CBOE Volatility Index, Expires 05/16/2018, Strike Price $18.00		1,200		1,911,600		117,000
CBOE Volatility Index, Expires 05/16/2018, Strike Price $23.00		3,500		5,575,500		148,750
CBOE Volatility Index, Expires 05/16/2018, Strike Price $24.00		3,000		4,779,000		112,500
CBOE Volatility Index, Expires 05/16/2018, Strike Price $26.00		3,000		4,779,000		90,000
CBOE Volatility Index, Expires 05/16/2018, Strike Price $29.00		2,000		3,186,000		45,000
CBOE Volatility Index, Expires 05/16/2018, Strike Price $37.50		2,000		3,186,000		25,000
CBOE Volatility Index, Expires 06/20/2018, Strike Price $20.00		6,750		10,752,750		877,500
CBOE Volatility Index, Expires 06/20/2018, Strike Price $23.00		2,850		4,540,050		256,500
CBOE Volatility Index, Expires 06/20/2018, Strike Price $29.00		1,400		2,230,200		73,500
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,600.00		250		7,062,500		567,500
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,650.00		250		7,062,500		450,000
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,700.00		250		7,062,500		335,000
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,750.00		130		3,672,500		120,900
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,800.00		190		5,367,500		112,100
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,850.00		100		2,825,000		35,000
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,900.00		20		565,000		3,800
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,950.00		20		565,000		2,000
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,600.00		20		565,000		50,400
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,650.00		140		3,955,000		296,800
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,700.00		280		7,910,000		495,600
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,750.00		260		7,345,000		374,400
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,800.00		190		5,367,500		222,300
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,850.00		261		7,373,250		242,730
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,900.00		290		8,192,500		211,700
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,950.00		40		1,130,000		22,800
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $3,050.00		10		282,500		3,300
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,900.00		20		566,000		26,000
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,950.00		20		566,000		22,400
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $120.00		150		6,907,500		207,562
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $122.50		360		16,578,000		309,150
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $125.00		320		14,736,000		168,000
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $127.50		180		8,289,000		58,725
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $130.00		80		3,684,000		16,800
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $132.50		40		1,842,000		5,700
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $120.00		300		13,815,000		570,375
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $122.50		350		16,117,500		500,062
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $125.00		620		28,551,000		660,300
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $127.50		145		6,677,250		117,450
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $130.00		240		11,052,000		149,400
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $135.00		40		1,842,000		16,050

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

5

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $137.50		40	$	1,842,000	$	13,350
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $140.00		30		1,381,500		8,437
Coffee Robusta Future, July 2018 Settlement, Expires 06/20/2018, Strike Price $1,850.00		300		5,268,000		54,000
Coffee Robusta Future, July 2018 Settlement, Expires 06/20/2018, Strike Price $1,900.00		1		17,560		110
Corn Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $395.00		225		4,508,438		75,937
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $380.00		450		9,016,875		486,562
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $385.00		300		6,011,250		258,750
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $390.00		700		14,026,250		463,750
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $395.00		850		17,031,875		430,312
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $400.00		1,100		22,041,250		419,375
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $405.00		1,175		23,544,063		323,125
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $410.00		1,339		26,830,213		276,169
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $415.00		800		16,030,000		125,000
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $420.00		636		12,743,850		79,500
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $425.00		700		14,026,250		70,000
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $430.00		345		6,912,938		28,031
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $435.00		50		1,001,875		3,125
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $450.00		200		4,007,500		8,750
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $385.00		100		2,003,750		103,125
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $390.00		450		9,016,875		399,375
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $395.00		400		8,015,000		307,500
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $400.00		312		6,251,700		206,700
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $405.00		900		18,033,750		511,875
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $410.00		950		19,035,625		463,125
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $415.00		1,320		26,449,500		552,750
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $420.00		1,650		33,061,875		587,812
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $425.00		1,206		24,165,225		369,337
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $430.00		900		18,033,750		241,875
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $435.00		96		1,923,600		22,200
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $440.00		170		3,406,375		35,062
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $445.00		125		2,504,688		22,656
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $450.00		25		500,938		4,062
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $83.00		500		20,960,000		770,000
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $84.00		60		2,515,200		78,000
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $85.00		655		27,457,600		713,950
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $86.00		500		20,960,000		457,500
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $87.00		500		20,960,000		385,000
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $88.00		1,214		50,890,880		783,030
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $89.00		500		20,960,000		272,500
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $90.00		500		20,960,000		232,500
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $91.00		390		16,348,800		156,000
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $92.00		580		24,313,600		197,200
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $93.00		70		2,934,400		20,650
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $94.00		20		838,400		5,100
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $95.00		400		16,768,000		88,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $64.00		125		8,571,250		606,250
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $64.50		225		15,428,250		992,250
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $65.00		470		32,227,900		1,875,300
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $65.50		445		30,513,650		1,597,550
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $66.00		625		42,856,250		2,006,250
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $66.50		620		42,513,400		1,767,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $67.00		625		42,856,250		1,568,750
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $67.50		475		32,570,750		1,045,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $68.00		225		15,428,250		432,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $68.50		275		18,856,750		456,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $69.00		400		27,428,000		572,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $69.50		225		15,428,250		276,750
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $70.00		200		13,714,000		210,000

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

6

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $70.50		175	$	11,999,750	$	157,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $71.00		275		18,856,750		209,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $71.50		125		8,571,250		81,250
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $72.00		150		10,285,500		82,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $72.50		150		10,285,500		69,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $73.00		175		11,999,750		68,250
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $73.50		50		3,428,500		16,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $74.00		50		3,428,500		14,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $74.50		50		3,428,500		12,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $70.00		225		15,408,000		411,750
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $70.50		450		30,816,000		738,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $71.00		475		32,528,000		698,250
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $71.50		800		54,784,000		1,048,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $72.00		750		51,360,000		877,500
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $72.50		750		51,360,000		780,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $73.00		700		47,936,000		644,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $73.50		575		39,376,000		471,500
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $74.00		325		22,256,000		237,250
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $74.50		275		18,832,000		178,750
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $75.00		275		18,832,000		159,500
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $75.50		50		3,424,000		25,500
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $76.00		50		3,424,000		23,000
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.245		100		15,125,000		625
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.250		429		64,886,250		2,681
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.255		477		72,146,250		2,981
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.260		422		63,827,500		2,638
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.265		367		55,508,750		2,294
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.270		307		46,433,750		1,919
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.275		165		24,956,250		1,031
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.280		75		11,343,750		469
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.245		425		64,281,250		74,375
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.250		375		56,718,750		46,875
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.255		500		75,625,000		50,000
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.260		475		71,843,750		35,625
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.265		455		68,818,750		25,594
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.270		150		22,687,500		5,625
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.275		125		18,906,250		3,906
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,350.00		625		82,450,000		262,500
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,355.00		350		46,172,000		126,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,360.00		325		42,874,000		97,500
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,365.00		350		46,172,000		91,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,370.00		325		42,874,000		71,500
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,375.00		725		95,642,000		137,750
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,380.00		175		23,086,000		29,750
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,385.00		200		26,384,000		30,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,390.00		200		26,384,000		26,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,395.00		75		9,894,000		8,250
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,330.00		125		16,566,250		210,723
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,335.00		125		16,566,250		189,223
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,340.00		100		13,253,000		130,778
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,345.00		125		16,566,250		150,973
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,350.00		250		33,132,500		292,500
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,355.00		350		46,385,500		364,000
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,360.00		304		40,289,120		285,760
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,365.00		281		37,240,930		236,040
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,370.00		225		29,819,250		171,000
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,375.00		176		23,325,280		119,680
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,380.00		100		13,253,000		61,000

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

7

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,385.00		25	$	3,313,250	$	13,750
HG Copper Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $320.00		286		21,979,100		114,400
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $311.00		200		15,370,000		345,000
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $312.00		200		15,370,000		325,000
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $315.00		300		23,055,000		405,000
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $320.00		125		9,606,250		120,312
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $323.00		300		23,055,000		236,250
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $325.00		100		7,685,000		67,500
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $330.00		510		39,193,500		242,250
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $335.00		450		34,582,500		146,250
HG Copper Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $332.00		150		11,602,500		127,500
HG Copper Future, September 2018 Settlement, Expires 08/28/2018, Strike Price $330.00		280		21,658,000		356,378
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $94.00		250		28,681,250		3,125
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $94.50		425		48,758,125		2,656
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $95.00		377		43,251,325		2,356
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $95.50		360		41,301,000		2,250
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $96.00		390		44,742,750		2,437
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $96.50		248		28,451,800		1,550
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $97.00		240		27,534,000		1,500
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $97.50		190		21,797,750		1,187
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $98.00		95		10,898,875		594
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $98.50		25		2,868,125		156
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $93.00		25		2,868,125		12,187
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $93.50		25		2,868,125		9,063
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $94.00		125		14,340,625		32,813
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $94.50		309		35,450,025		61,800
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $95.00		500		57,362,500		75,000
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $95.50		500		57,362,500		56,250
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $96.00		500		57,362,500		43,750
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $96.50		400		45,890,000		25,000
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $97.00		250		28,681,250		12,500
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $97.50		60		6,883,500		2,250
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $98.00		40		4,589,000		1,250
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $98.50		40		4,589,000		1,000
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $99.00		60		6,883,500		1,125
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $71.00		70		1,856,400		2,800
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $72.00		130		3,447,600		3,900
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $73.00		65		1,723,800		650
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $74.00		45		1,193,400		450
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $76.00		40		1,163,200		18,400
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $77.00		265		7,706,200		95,400
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $78.00		365		10,614,200		102,200
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $79.00		580		16,866,400		127,600
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $80.00		790		22,973,200		134,300
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $81.00		775		22,537,000		100,750
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $82.00		820		23,845,600		82,000
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $83.00		720		20,937,600		57,600
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $84.00		495		14,394,600		29,700
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $85.00		355		10,323,400		17,750
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $86.00		25		727,000		1,000
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $104.00		120		5,092,800		121,200
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $105.00		240		10,185,600		175,200
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $106.00		224		9,506,560		109,760
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $107.00		245		10,397,800		75,950
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $108.00		175		7,427,000		31,500
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $109.00		120		5,092,800		13,200
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $107.00		80		3,395,200		78,400
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $108.00		30		1,273,200		24,300

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

8

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $109.00		110	$	4,668,400	$	71,500
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $110.00		70		2,970,800		36,400
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $111.00		70		2,970,800		28,700
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $112.00		45		1,909,800		13,950
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $113.00		35		1,485,400		8,400
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $114.00		25		1,061,000		4,500
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $115.00		85		3,607,400		11,900
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $116.00		105		4,456,200		11,550
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $117.00		105		4,456,200		9,450
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $118.00		120		5,092,800		8,400
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $119.00		100		4,244,000		6,000
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $120.00		90		3,819,600		4,500
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $121.00		30		1,273,200		1,200
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $122.00		15		636,600		450
NASDAQ 100 Stock Index, Expires 06/15/2018, Strike Price $7,150.00		80		52,844,560		78,800
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.70		200		5,520,000		197,200
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.75		350		9,660,000		242,900
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.80		750		20,700,000		349,500
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.85		725		20,010,000		217,500
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.90		1,175		32,430,000		219,725
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.95		644		17,774,400		74,704
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $3.00		950		26,220,000		69,350
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $3.05		125		3,450,000		5,875
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $3.10		50		1,380,000		1,550
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.75		225		6,300,000		263,700
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.80		400		11,200,000		364,400
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.85		875		24,500,000		606,375
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.90		805		22,540,000		416,185
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.95		769		21,532,000		290,682
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $3.00		740		20,720,000		200,540
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $3.05		526		14,728,000		100,992
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $3.10		300		8,400,000		40,500
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.85		75		2,107,500		66,330
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.90		50		1,405,000		34,637
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.95		275		7,727,500		160,600
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $3.00		425		11,942,500		192,950
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $3.05		225		6,322,500		78,525
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $3.10		100		2,810,000		26,700
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $3.15		75		2,107,500		15,150
Russell 2000 Index, Expires 06/15/2018, Strike Price $1,600.00		1,400		215,863,200		1,127,000
S&P 500 Index, Expires 06/15/2018, Strike Price $2,800.00		2,600		688,493,000		923,000
Short-Dated New Crop Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,060.00		100		5,223,750		46,875
Short-Dated New Crop Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,070.00		100		5,223,750		34,375
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $16.75		248		20,336,000		200,880
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $17.00		455		37,310,000		247,975
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $17.25		430		35,260,000		161,250
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $17.50		183		15,006,000		48,495
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $17.75		110		9,020,000		21,450
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $18.00		57		4,674,000		8,265
Silver Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $17.25		100		8,200,000		93,500
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,030.00		50		2,621,250		66,875
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,050.00		675		35,386,875		531,563
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,060.00		710		37,221,750		421,563
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,070.00		475		24,901,875		210,781
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,080.00		453		23,748,525		150,056
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,090.00		205		10,747,125		49,969

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

9

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,100.00		616	$	32,293,800	$	115,500
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,110.00		180		9,436,500		27,000
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,120.00		115		6,028,875		14,375
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,130.00		90		4,718,250		9,000
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,140.00		25		1,310,625		2,031
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,020.00		100		5,242,500		207,500
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,040.00		50		2,621,250		75,625
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,060.00		725		38,008,125		792,969
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,070.00		1,150		60,288,750		1,063,750
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,080.00		800		41,940,000		625,000
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,090.00		675		35,386,875		442,969
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,100.00		1,400		73,395,000		787,500
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,110.00		200		10,485,000		95,000
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,120.00		75		3,931,875		30,469
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,160.00		40		2,097,000		9,250
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,180.00		100		5,242,500		18,125
Soybean Future, August 2018 Settlement, Expires 07/27/2018, Strike Price $1,060.00		100		5,253,750		183,750
Soybean Future, August 2018 Settlement, Expires 07/27/2018, Strike Price $1,150.00		400		21,015,000		290,000
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $11.50		100		1,316,000		45,920
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $11.75		165		2,171,400		49,896
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.00		60		789,600		10,752
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.25		240		3,158,400		24,192
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.50		225		2,961,000		12,600
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.75		105		1,381,800		3,528
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $13.00		419		5,514,040		4,693
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $13.25		280		3,684,800		3,136
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $13.50		275		3,619,000		3,080
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $13.75		220		2,895,200		2,464
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $14.00		150		1,974,000		1,680
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $14.25		20		263,200		224
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $14.50		100		1,316,000		1,120
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $11.50		220		2,895,200		145,376
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $11.75		255		3,355,800		131,376
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $12.00		420		5,527,200		159,936
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $12.25		500		6,580,000		140,000
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $12.50		500		6,580,000		100,800
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $12.75		270		3,553,200		42,336
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $13.00		610		8,027,600		68,320
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $13.25		230		3,026,800		18,032
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $13.50		115		1,513,400		6,440
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $13.75		40		526,400		1,792
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $14.00		20		263,200		672
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $14.25		40		526,400		1,344
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $14.50		40		526,400		896
Sugar Future, August 2018 Settlement, Expires 07/16/2018, Strike Price $12.25		80		1,074,304		38,528
Sugar Future, August 2018 Settlement, Expires 07/16/2018, Strike Price $12.50		180		2,417,184		68,544
Sugar Future, August 2018 Settlement, Expires 07/16/2018, Strike Price $12.75		180		2,417,184		52,416
Sugar Future, August 2018 Settlement, Expires 07/16/2018, Strike Price $13.00		120		1,611,456		26,880
Sugar Future, August 2018 Settlement, Expires 07/16/2018, Strike Price $13.25		20		268,576		3,303
Sugar Future, October 2018 Settlement, Expires 09/17/2018, Strike Price $12.75		20		268,576		9,632
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $120.00		275		32,898,250		77,344
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $121.00		500		59,815,000		39,063
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $121.50		700		83,741,000		32,813
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $122.00		950		113,648,500		29,688

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

10

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $122.50		525	$	62,805,750	$	16,406
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $123.00		100		11,963,000		3,125
U.S. Treasury 10-Year Note Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $120.00		176		20,959,840		60,500
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $144.00		350		50,344,000		339,063
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $145.00		358		51,494,720		201,375
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $146.00		325		46,748,000		96,484
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $147.00		500		71,920,000		78,125
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $148.00		676		97,235,840		63,375
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $149.00		600		86,304,000		28,125
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $150.00		200		28,768,000		6,250
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $151.00		50		7,192,000		781
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $144.00		475		67,925,000		489,844
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $145.00		325		46,475,000		218,359
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $146.00		225		32,175,000		98,438
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $470.00		50		1,276,250		106,250
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $475.00		50		1,276,250		95,625
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $480.00		100		2,552,500		170,625
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $485.00		135		3,445,875		204,188
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $490.00		385		9,827,125		512,531
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $495.00		385		9,827,125		449,969
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $500.00		600		15,315,000		611,250
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $505.00		330		8,423,250		290,813
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $510.00		350		8,933,750		266,875
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $515.00		500		12,762,500		325,000
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $520.00		500		12,762,500		278,125
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $525.00		500		12,762,500		237,500
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $530.00		380		9,699,500		152,000
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $535.00		275		7,019,375		92,813
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $540.00		320		8,168,000		90,000
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $545.00		280		7,147,000		66,500
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $550.00		160		4,084,000		32,000
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $555.00		160		4,084,000		27,000
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $560.00		44		1,123,100		6,050
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $565.00		40		1,021,000		4,500
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $470.00		200		5,105,000		460,000
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $490.00		120		3,063,000		195,750
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $495.00		120		3,063,000		178,500
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $500.00		140		3,573,500		189,000
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $505.00		235		5,998,375		287,875
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $510.00		175		4,466,875		194,688
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $515.00		192		4,900,800		193,200
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $520.00		235		5,998,375		214,438
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $525.00		295		7,529,875		243,375
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $530.00		295		7,529,875		219,406
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $535.00		250		6,381,250		168,750
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $540.00		280		7,147,000		169,750
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $545.00		80		2,042,000		43,500

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

11

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $550.00		40	$	1,021,000	$	19,750
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $560.00		40		1,021,000		15,750
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $570.00		40		1,021,000		12,750
TOTAL CALL OPTIONS (Premiums Received $106,951,911)						71,730,662
PUT OPTIONS
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $74.50		100		7,530,000		7,000
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $75.00		200		15,060,000		36,000
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $75.50		450		33,885,000		184,500
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $76.00		515		38,779,500		396,550
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $76.50		510		38,403,000		622,200
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $77.00		499		37,574,700		848,300
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $77.50		309		23,267,700		679,800
Australian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $78.00		367		27,635,100		990,900
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $74.00		25		1,882,500		7,500
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $74.50		150		11,295,000		64,500
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $75.00		275		20,707,500		167,750
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $75.50		450		33,885,000		382,500
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $76.00		775		58,357,500		883,500
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $76.50		625		47,062,500		925,000
Australian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $77.00		303		22,815,900		566,610
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $135.00		25		2,152,500		156
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $135.50		216		18,597,600		4,050
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $136.00		340		29,274,000		12,750
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $136.50		455		39,175,500		36,969
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $137.00		495		42,619,500		74,250
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $137.50		335		28,843,500		85,844
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $138.00		302		26,002,200		122,687
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $138.50		277		23,849,700		167,931
British Pound Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $139.00		250		21,525,000		212,500
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $137.50		175		15,067,500		140,000
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $138.00		275		23,677,500		262,969
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $138.50		375		32,287,500		424,219
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $139.00		450		38,745,000		593,437
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $139.50		400		34,440,000		610,000
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $140.00		600		51,660,000		1,053,750
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $140.50		650		55,965,000		1,295,937
British Pound Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $141.00		250		21,525,000		562,500
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $74.50		75		5,845,500		375
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $75.00		195		15,198,300		975
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $75.50		375		29,227,500		1,875
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $76.00		550		42,867,000		2,750
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $76.50		502		39,125,880		2,510
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $77.00		549		42,789,060		13,725
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $77.50		424		33,046,560		42,400
Canadian Dollar Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $78.00		100		7,794,000		29,000
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $75.00		75		5,845,500		3,750
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $75.50		75		5,845,500		6,750
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $76.00		100		7,794,000		14,000
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $76.50		225		17,536,500		49,500
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $77.00		300		23,382,000		99,000
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $77.50		525		40,918,500		257,250
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $78.00		625		48,712,500		443,750
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $78.50		900		70,146,000		891,000
Canadian Dollar Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $79.00		150		11,691,000		201,000
CBOE Volatility Index, Expires 05/16/2018, Strike Price $17.00		1,344		2,140,992		215,040
CBOE Volatility Index, Expires 05/16/2018, Strike Price $19.00		1,240		1,975,320		396,800

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

12

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
CBOE Volatility Index, Expires 05/16/2018, Strike Price $20.00		220	$	350,460	$	88,000
CBOE Volatility Index, Expires 06/20/2018, Strike Price $17.00		1,051		1,674,243		220,710
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,350.00		90		2,542,500		900
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,400.00		250		7,062,500		2,500
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,450.00		250		7,062,500		2,500
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,500.00		495		13,983,750		4,950
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,550.00		20		565,000		200
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,750.00		40		1,130,000		7,200
Cocoa Future, June 2018 Settlement, Expires 05/04/2018, Strike Price $2,800.00		100		2,825,000		34,000
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,050.00		40		1,130,000		400
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,300.00		60		1,695,000		1,200
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,350.00		210		5,932,500		6,300
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,400.00		270		7,627,500		13,500
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,450.00		269		7,599,250		21,520
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,500.00		501		14,153,250		65,130
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,550.00		60		1,695,000		11,400
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,600.00		120		3,390,000		32,400
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,650.00		100		2,825,000		37,000
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,700.00		350		9,887,500		182,000
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,750.00		50		1,412,500		34,500
Cocoa Future, July 2018 Settlement, Expires 06/01/2018, Strike Price $2,850.00		150		4,237,500		177,000
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,350.00		20		566,000		3,200
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,400.00		20		566,000		4,200
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,450.00		20		566,000		5,600
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,500.00		40		1,132,000		14,800
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,550.00		20		566,000		9,600
Cocoa Future, September 2018 Settlement, Expires 08/03/2018, Strike Price $2,600.00		40		1,132,000		24,400
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $112.50		180		8,289,000		4,050
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $115.00		320		14,736,000		15,600
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $117.50		440		20,262,000		56,100
Coffee ‘C’ Future, June 2018 Settlement, Expires 05/11/2018, Strike Price $120.00		270		12,433,500		90,112
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $110.00		31		1,427,550		2,674
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $112.50		280		12,894,000		44,100
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $115.00		400		18,420,000		115,500
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $117.50		420		19,341,000		215,775
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $120.00		260		11,973,000		221,325
Coffee ‘C’ Future, July 2018 Settlement, Expires 06/08/2018, Strike Price $122.50		60		2,763,000		78,975
Coffee ‘C’ Future, August 2018 Settlement, Expires 07/13/2018, Strike Price $115.00		60		2,811,375		24,300
Coffee ‘C’ Future, August 2018 Settlement, Expires 07/13/2018, Strike Price $117.50		35		1,639,969		22,444
Coffee ‘C’ Future, September 2018 Settlement, Expires 08/10/2018, Strike Price $110.00		8		374,850		2,460
Coffee ‘C’ Future, September 2018 Settlement, Expires 08/10/2018, Strike Price $112.50		20		937,125		9,525
Coffee ‘C’ Future, September 2018 Settlement, Expires 08/10/2018, Strike Price $115.00		100		4,685,625		71,250
Corn Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $395.00		225		4,508,438		11,250
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $365.00		450		9,016,875		5,625
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $370.00		1,150		23,043,125		21,562
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $375.00		1,575		31,559,063		39,375
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $380.00		1,817		36,408,138		79,494
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $385.00		1,435		28,753,813		107,625
Corn Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $390.00		1,245		24,946,688		155,625
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $360.00		603		12,082,613		22,612
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $365.00		765		15,328,688		43,031
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $370.00		1,314		26,329,275		98,550
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $375.00		1,100		22,041,250		123,750
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $380.00		1,869		37,450,088		315,394
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $385.00		825		16,530,938		206,250
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $390.00		750		15,028,125		267,187
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $395.00		350		7,013,125		168,437
Corn Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $400.00		200		4,007,500		125,000

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

13

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Corn Future, August 2018 Settlement, Expires 07/27/2018, Strike Price $380.00		50	$	1,018,750	$	17,989
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $70.00		450		18,864,000		13,500
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $76.00		80		3,353,600		13,600
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $77.00		300		12,576,000		69,000
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $78.00		580		24,313,600		179,800
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $79.00		520		21,798,400		215,800
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $80.00		537		22,511,040		289,980
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $81.00		625		26,200,000		437,500
Cotton Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $82.00		500		20,960,000		447,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $56.50		100		6,857,000		3,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $57.00		100		6,857,000		4,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $57.50		210		14,399,700		8,400
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $58.00		230		15,771,100		11,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $58.50		50		3,428,500		2,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $59.00		100		6,857,000		6,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $59.50		200		13,714,000		14,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $60.00		300		20,571,000		24,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $60.50		325		22,285,250		29,250
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $61.00		400		27,428,000		40,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $61.50		450		30,856,500		54,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $62.00		425		29,142,250		59,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $62.50		350		23,999,500		56,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $63.00		375		25,713,750		71,250
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $63.50		250		17,142,500		57,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $64.00		250		17,142,500		70,000
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $64.50		150		10,285,500		52,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $65.00		50		3,428,500		21,500
Crude Oil Future, June 2018 Settlement, Expires 05/17/2018, Strike Price $65.50		100		6,857,000		52,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $61.50		176		12,052,480		80,960
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $62.00		250		17,120,000		130,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $62.50		250		17,120,000		150,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $63.00		425		29,104,000		289,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $63.50		425		29,104,000		331,500
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $64.00		445		30,473,600		391,600
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $64.50		445		30,473,600		445,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $65.00		440		30,131,200		497,200
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $65.50		305		20,886,400		390,400
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $66.00		300		20,544,000		435,000
Crude Oil Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $66.50		300		20,544,000		489,000
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.210		36		5,445,000		14,400
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.215		255		38,568,750		178,500
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.220		321		48,551,250		365,138
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.225		477		72,146,250		793,013
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.230		473		71,541,250		1,064,250
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.235		375		56,718,750		1,068,750
Euro FX Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1.240		25		3,781,250		86,563
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.200		125		18,906,250		84,375
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.205		150		22,687,500		133,125
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.210		250		37,812,500		287,500
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.215		475		71,843,750		688,750
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.220		500		75,625,000		906,250
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.225		200		30,250,000		445,000
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.230		216		32,670,000		577,800
Euro FX Future, June 2018 Settlement, Expires 06/08/2018, Strike Price $1.235		75		11,343,750		238,125
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,280.00		25		3,298,000		4,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,285.00		25		3,298,000		5,250
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,290.00		50		6,596,000		14,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,295.00		125		16,490,000		46,250

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

14

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,300.00		175	$	23,086,000	$	85,750
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,305.00		175		23,086,000		112,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,310.00		150		19,788,000		123,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,315.00		100		13,192,000		104,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,320.00		175		23,086,000		229,250
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,325.00		25		3,298,000		40,000
Gold Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $1,330.00		225		29,682,000		434,250
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,280.00		150		19,879,500		66,000
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,285.00		100		13,253,000		52,000
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,290.00		250		33,132,500		157,500
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,295.00		300		39,759,000		228,000
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,300.00		245		32,469,850		222,950
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,305.00		250		33,132,500		270,000
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,310.00		250		33,132,500		317,500
Gold Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $1,315.00		100		13,253,000		149,000
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $300.00		100		7,685,000		132,500
HG Copper Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $306.00		200		15,370,000		392,500
HG Copper Future, September 2018 Settlement, Expires 08/28/2018, Strike Price $290.00		200		15,470,000		247,056
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $91.50		25		2,868,125		5,937
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $92.00		200		22,945,000		107,500
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $92.50		520		59,657,000		526,500
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $93.00		530		60,804,250		834,750
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $93.50		510		58,509,750		1,109,250
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $94.00		400		45,890,000		1,115,000
Japanese Yen Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $94.50		75		8,604,375		255,000
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $90.50		86		9,866,350		33,325
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $91.00		200		22,945,000		115,000
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $91.50		460		52,773,500		385,250
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $92.00		510		58,509,750		592,875
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $92.50		560		64,246,000		875,000
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $93.00		495		56,788,875		996,187
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $93.50		265		30,402,125		662,500
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $94.00		210		24,092,250		637,875
Japanese Yen Futures, June 2018 Settlement, Expires 06/08/2018, Strike Price $94.50		220		25,239,500		789,250
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $65.00		110		2,917,200		23,100
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $66.00		110		2,917,200		39,600
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $67.00		105		2,784,600		60,900
Lean Hogs Future, May 2018 Settlement, Expires 05/14/2018, Strike Price $68.00		125		3,315,000		108,750
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $67.00		40		1,163,200		8,000
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $68.00		47		1,366,760		12,690
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $69.00		110		3,198,800		40,700
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $70.00		405		11,777,400		198,450
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $71.00		573		16,662,840		366,720
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $72.00		654		19,018,320		536,280
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $73.00		724		21,053,920		738,480
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $74.00		961		27,945,880		1,201,250
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $75.00		256		7,444,480		384,000
Lean Hogs Future, June 2018 Settlement, Expires 06/14/2018, Strike Price $76.00		295		8,578,600		525,100
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $98.00		100		4,244,000		1,000
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $99.00		235		9,973,400		2,350
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $100.00		385		16,339,400		7,700
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $101.00		260		11,034,400		7,800
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $102.00		230		9,761,200		13,800
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $103.00		230		9,761,200		23,000
Live Cattle Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $104.00		155		6,578,200		26,350
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $96.00		60		2,546,400		6,000
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $97.00		80		3,395,200		11,200
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $98.00		130		5,517,200		23,400

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

15

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $99.00		130	$	5,517,200	$	31,200
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $100.00		30		1,273,200		9,300
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $101.00		55		2,334,200		21,450
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $102.00		50		2,122,000		25,000
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $103.00		100		4,244,000		63,000
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $104.00		20		848,800		15,400
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $105.00		150		6,366,000		141,000
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $106.00		115		4,880,600		129,950
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $107.00		65		2,758,600		87,100
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $108.00		145		6,153,800		226,200
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $109.00		105		4,456,200		190,050
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $110.00		45		1,909,800		93,600
Live Cattle Future, June 2018 Settlement, Expires 06/01/2018, Strike Price $114.00		50		2,122,000		167,000
NASDAQ 100 Stock Index, Expires 05/18/2018, Strike Price $6,400.00		40		26,422,280		204,600
NASDAQ 100 Stock Index, Expires 05/18/2018, Strike Price $6,450.00		40		26,422,280		249,800
NASDAQ 100 Stock Index, Expires 05/18/2018, Strike Price $6,500.00		30		19,816,710		227,700
NASDAQ 100 Stock Index, Expires 05/18/2018, Strike Price $6,525.00		40		26,422,280		335,400
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.50		50		1,380,000		1,700
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.55		550		15,180,000		34,100
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.60		900		24,840,000		104,400
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.65		1,025		28,290,000		215,250
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.70		877		24,205,200		313,089
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.75		1,055		29,118,000		595,020
Natural Gas Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $2.80		625		17,250,000		522,500
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.50		275		7,700,000		24,200
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.55		300		8,400,000		41,700
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.60		740		20,720,000		159,840
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.65		1,020		28,560,000		335,580
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.70		1,075		30,100,000		516,000
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.75		850		23,800,000		572,050
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.80		950		26,600,000		865,450
Natural Gas Future, July 2018 Settlement, Expires 06/26/2018, Strike Price $2.85		350		9,800,000		417,200
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.60		125		3,512,500		43,125
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.65		400		11,240,000		191,600
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.70		450		12,645,000		290,700
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.75		350		9,835,000		297,150
Natural Gas Future, August 2018 Settlement, Expires 07/26/2018, Strike Price $2.80		175		4,917,500		190,400
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,520.00		125		19,273,500		43,750
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,525.00		175		26,982,900		78,750
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,530.00		275		42,401,700		156,750
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,535.00		475		73,239,300		339,625
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,540.00		375		57,820,500		337,500
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,545.00		300		46,256,400		343,500
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,550.00		175		26,982,900		245,000
Russell 2000 Index, Expires 05/04/2018, Strike Price $1,555.00		50		7,709,400		85,500
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,500.00		25		3,854,700		9,100
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,505.00		25		3,854,700		10,375
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,510.00		50		7,709,400		30,450
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,515.00		100		15,418,800		56,000
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,520.00		125		19,273,500		99,375
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,525.00		125		19,273,500		102,250
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,530.00		250		38,547,000		267,500
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,535.00		100		15,418,800		88,400
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,540.00		125		19,273,500		183,625
Russell 2000 Index, Expires 05/11/2018, Strike Price $1,545.00		25		3,854,700		42,275
S&P 500 Index, Expires 05/04/2018, Strike Price $2,570.00		50		13,240,250		10,500
S&P 500 Index, Expires 05/04/2018, Strike Price $2,575.00		40		10,592,200		9,600
S&P 500 Index, Expires 05/04/2018, Strike Price $2,580.00		50		13,240,250		13,875
S&P 500 Index, Expires 05/04/2018, Strike Price $2,585.00		25		6,620,125		7,875
S&P 500 Index, Expires 05/04/2018, Strike Price $2,620.00		125		33,100,625		104,375
S&P 500 Index, Expires 05/04/2018, Strike Price $2,625.00		150		39,720,750		141,750
S&P 500 Index, Expires 05/04/2018, Strike Price $2,630.00		125		33,100,625		133,750

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

16

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
S&P 500 Index, Expires 05/04/2018, Strike Price $2,635.00		150	$	39,720,750	$	183,000
S&P 500 Index, Expires 05/04/2018, Strike Price $2,640.00		100		26,480,500		138,000
S&P 500 Index, Expires 05/04/2018, Strike Price $2,645.00		150		39,720,750		234,750
S&P 500 Index, Expires 05/04/2018, Strike Price $2,650.00		75		19,860,375		132,750
S&P 500 Index, Expires 05/04/2018, Strike Price $2,655.00		125		33,100,625		249,375
S&P 500 Index, Expires 05/11/2018, Strike Price $2,550.00		50		13,240,250		25,250
S&P 500 Index, Expires 05/11/2018, Strike Price $2,555.00		25		6,620,125		13,750
S&P 500 Index, Expires 05/11/2018, Strike Price $2,560.00		50		13,240,250		29,750
S&P 500 Index, Expires 05/11/2018, Strike Price $2,565.00		50		13,240,250		32,500
S&P 500 Index, Expires 05/11/2018, Strike Price $2,570.00		25		6,620,125		17,625
S&P 500 Index, Expires 05/11/2018, Strike Price $2,600.00		125		33,100,625		148,125
S&P 500 Index, Expires 05/11/2018, Strike Price $2,605.00		150		39,720,750		192,750
S&P 500 Index, Expires 05/11/2018, Strike Price $2,610.00		250		66,201,250		350,000
S&P 500 Index, Expires 05/11/2018, Strike Price $2,615.00		255		67,525,275		387,600
S&P 500 Index, Expires 05/11/2018, Strike Price $2,620.00		100		26,480,500		165,000
S&P 500 Index, Expires 05/11/2018, Strike Price $2,625.00		50		13,240,250		89,500
S&P 500 Index, Expires 05/11/2018, Strike Price $2,630.00		75		19,860,375		145,875
S&P 500 Index, Expires 05/11/2018, Strike Price $2,640.00		75		19,860,375		171,750
S&P 500 Index, Expires 05/14/2018, Strike Price $2,540.00		75		19,860,375		37,500
S&P 500 Index, Expires 05/14/2018, Strike Price $2,545.00		75		19,860,375		40,500
S&P 500 Index, Expires 05/14/2018, Strike Price $2,550.00		100		26,480,500		58,000
S&P 500 Index, Expires 05/14/2018, Strike Price $2,555.00		100		26,480,500		63,000
S&P 500 Index, Expires 05/14/2018, Strike Price $2,560.00		75		19,860,375		51,000
S&P 500 Index, Expires 05/14/2018, Strike Price $2,600.00		170		45,016,850		220,150
S&P 500 Index, Expires 05/14/2018, Strike Price $2,605.00		250		66,201,250		351,250
S&P 500 Index, Expires 05/14/2018, Strike Price $2,610.00		240		63,553,200		363,600
S&P 500 Index, Expires 05/14/2018, Strike Price $2,615.00		250		66,201,250		411,250
S&P 500 Index, Expires 05/14/2018, Strike Price $2,620.00		125		33,100,625		222,500
S&P 500 Index, Expires 05/16/2018, Strike Price $2,535.00		50		13,240,250		29,500
S&P 500 Index, Expires 05/16/2018, Strike Price $2,540.00		50		13,240,250		31,750
S&P 500 Index, Expires 05/16/2018, Strike Price $2,545.00		50		13,240,250		34,000
S&P 500 Index, Expires 05/16/2018, Strike Price $2,550.00		50		13,240,250		36,500
S&P 500 Index, Expires 05/16/2018, Strike Price $2,555.00		75		19,860,375		58,875
S&P 500 Index, Expires 05/16/2018, Strike Price $2,560.00		75		19,860,375		63,375
S&P 500 Index, Expires 05/16/2018, Strike Price $2,565.00		75		19,860,375		67,875
S&P 500 Index, Expires 05/16/2018, Strike Price $2,570.00		75		19,860,375		73,125
S&P 500 Index, Expires 05/16/2018, Strike Price $2,585.00		125		33,100,625		152,500
S&P 500 Index, Expires 05/16/2018, Strike Price $2,590.00		175		46,340,875		229,250
S&P 500 Index, Expires 05/16/2018, Strike Price $2,595.00		175		46,340,875		246,750
S&P 500 Index, Expires 05/16/2018, Strike Price $2,600.00		175		46,340,875		266,000
S&P 500 Index, Expires 05/16/2018, Strike Price $2,605.00		175		46,340,875		287,000
S&P 500 Index, Expires 05/16/2018, Strike Price $2,610.00		70		18,536,350		103,600
S&P 500 Index, Expires 05/16/2018, Strike Price $2,615.00		50		13,240,250		67,000
S&P 500 Index, Expires 05/21/2018, Strike Price $2,585.00		275		72,821,375		411,125
S&P 500 Index, Expires 05/21/2018, Strike Price $2,590.00		200		52,961,000		320,000
S&P 500 Index, Expires 05/21/2018, Strike Price $2,595.00		200		52,961,000		340,000
S&P 500 Index, Expires 05/21/2018, Strike Price $2,600.00		225		59,581,125		409,500
S&P 500 Index, Expires 05/21/2018, Strike Price $2,605.00		250		66,201,250		486,250
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $15.50		170		13,940,000		24,650
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $15.75		305		25,010,000		91,500
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $16.00		410		33,620,000		241,900
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $16.25		490		40,180,000		519,400
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $16.50		120		9,840,000		205,800
Silver Future, June 2018 Settlement, Expires 05/24/2018, Strike Price $16.75		50		4,100,000		127,750
Soybean Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1,040.00		75		3,931,875		15,000
Soybean Future, May 2018 Settlement, Expires 05/04/2018, Strike Price $1,050.00		100		5,242,500		40,625
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $960.00		75		3,931,875		1,875
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $970.00		125		6,553,125		4,687
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $980.00		180		9,436,500		9,000
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $990.00		602		31,559,850		41,387
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,000.00		625		32,765,625		66,406
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,010.00		650		34,076,250		109,687

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

17

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,020.00		925	$	48,493,125	$	248,594
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,030.00		460		24,115,500		189,750
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,040.00		80		4,194,000		49,000
Soybean Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $1,060.00		85		4,456,125		99,344
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $980.00		625		32,765,625		117,188
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $990.00		475		24,901,875		121,719
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,000.00		900		47,182,500		320,625
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,010.00		651		34,128,675		317,363
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,020.00		995		52,162,875		646,750
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,040.00		600		31,455,000		652,500
Soybean Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $1,060.00		160		8,388,000		267,000
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $10.50		20		263,200		224
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $10.75		80		1,052,800		2,688
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $11.00		120		1,579,200		6,720
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $11.25		180		2,368,800		18,144
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $11.50		561		7,382,760		100,531
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $11.75		335		4,408,600		101,304
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.00		460		6,053,600		211,232
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.25		390		5,132,400		257,712
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.50		160		2,105,600		143,360
Sugar Future, June 2018 Settlement, Expires 05/15/2018, Strike Price $12.75		20		263,200		23,072
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $10.25		80		1,052,800		6,272
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $10.50		160		2,105,600		16,128
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $10.75		220		2,895,200		32,032
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $11.00		860		11,317,600		173,376
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $11.25		365		4,803,400		102,200
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $11.50		285		3,750,600		108,528
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $11.75		245		3,224,200		126,224
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $12.00		80		1,052,800		52,864
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $12.50		350		4,606,000		364,560
Sugar Future, July 2018 Settlement, Expires 06/15/2018, Strike Price $12.75		20		263,200		25,536
Sugar Future, August 2018 Settlement, Expires 07/16/2018, Strike Price $11.00		60		805,728		14,164
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $118.00		100		11,963,000		6,250
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $119.00		93		11,125,590		20,344
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $119.50		479		57,302,770		187,109
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $120.00		775		92,713,250		508,594
U.S. Treasury 10-Year Note Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $120.50		500		59,815,000		507,812
U.S. Treasury 10-Year Note Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $117.00		75		8,931,750		7,031
U.S. Treasury 10-Year Note Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $118.00		225		26,795,250		52,734
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $140.00		375		53,940,000		46,875
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $141.00		500		71,920,000		109,375
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $142.00		500		71,920,000		195,313
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $143.00		700		100,688,000		481,250
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $144.00		400		57,536,000		450,000
U.S. Treasury Long Bond Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $145.00		50		7,192,000		85,938
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $138.00		225		32,175,000		49,219
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $139.00		375		53,625,000		123,047
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $140.00		450		64,350,000		217,969
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $141.00		100		14,300,000		82,655

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

18

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION			NUMBER OF CONTRACTS		NOTIONAL AMOUNT USD		FAIR VALUE
U.S. Treasury Long Bond Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $142.00				100	$	14,300,000	$	109,998
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $435.00				96		2,450,400		600
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $440.00				221		5,641,025		2,763
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $445.00				347		8,857,175		6,506
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $450.00				460		11,741,500		14,375
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $455.00				530		13,528,250		19,875
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $460.00				480		12,252,000		27,000
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $465.00				400		10,210,000		30,000
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $470.00				345		8,806,125		34,500
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $475.00				450		11,486,250		61,875
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $480.00				400		10,210,000		72,500
Wheat Future, June 2018 Settlement, Expires 05/25/2018, Strike Price $485.00				280		7,147,000		66,500
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $430.00				80		2,042,000		3,000
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $440.00				195		4,977,375		12,188
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $445.00				140		3,573,500		11,375
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $450.00				382		9,750,550		40,588
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $455.00				340		8,678,500		46,750
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $460.00				430		10,975,750		77,938
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $465.00				415		10,592,875		93,375
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $470.00				260		6,636,500		73,125
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $475.00				360		9,189,000		123,750
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $480.00				320		8,168,000		136,000
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $485.00				100		2,552,500		51,250
Wheat Future, July 2018 Settlement, Expires 06/22/2018, Strike Price $490.00				208		5,309,200		126,100
TOTAL PUT OPTIONS (Premiums Received $80,225,348)								78,507,565
	COUNTERPARTY (a)		NOTIONAL AMOUNT		NOTIONAL AMOUNT USD		FAIR VALUE
OTC CALL OPTIONS
Brazilian Real, Expires 05/10/2018, Strike Price $3.42		B		50,000,000		50,000,000		1,338,550
Brazilian Real, Expires 05/25/2018, Strike Price $3.50		B		150,000,000		150,000,000		1,518,000
Chilean Peso, Expires 05/31/2018, Strike Price $620.00		B		50,000,000		50,000,000		248,900
Colombian Peso, Expires 05/10/2018, Strike Price $3,000.00		B		50,000,000		50,000,000		3,650
Colombian Peso, Expires 05/24/2018, Strike Price $2,819.50		B		50,000,000		50,000,000		593,800
Colombian Peso, Expires 06/25/2018, Strike Price $2,985.00		B		50,000,000		50,000,000		266,450
Czech Republic Koruna, Expires 05/23/2018, Strike Price EUR 25.40		A		100,000,000		120,759,821		1,113,043
Indian Rupee, Expires 05/03/2018, Strike Price $66.00		B		100,000,000		100,000,000		754,200
Indian Rupee, Expires 05/17/2018, Strike Price $65.22		B		30,000,000		30,000,000		634,890
Indian Rupee, Expires 05/30/2018, Strike Price $68.00		B		75,000,000		75,000,000		84,150
Indian Rupee, Expires 06/06/2018, Strike Price $68.00		B		100,000,000		100,000,000		166,800
Israeli Shekel, Expires 05/07/2018, Strike Price $3.54		A		100,000,000		100,000,000		1,672,800
Israeli Shekel, Expires 05/10/2018, Strike Price $3.57		A		200,000,000		200,000,000		1,901,000
Israeli Shekel, Expires 05/10/2018, Strike Price $3.63		A		100,000,000		100,000,000		170,000
Mexican Peso, Expires 05/03/2018, Strike Price $18.40		A		200,000,000		200,000,000		3,455,400
Mexican Peso, Expires 05/03/2018, Strike Price $18.50		A		200,000,000		200,000,000		2,550,400
Mexican Peso, Expires 05/03/2018, Strike Price $18.65		A		150,000,000		150,000,000		1,079,550
Mexican Peso, Expires 05/03/2018, Strike Price $19.08		D		100,000,000		100,000,000		63,100
Mexican Peso, Expires 05/04/2018, Strike Price $18.50		A		50,000,000		50,000,000		674,000
Mexican Peso, Expires 05/04/2018, Strike Price $18.60		A		150,000,000		150,000,000		1,458,150

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

19

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	COUNTERPARTY (a)		NOTIONAL AMOUNT		NOTIONAL AMOUNT USD		FAIR VALUE
Mexican Peso, Expires 05/04/2018, Strike Price $18.70		A		150,000,000	$	150,000,000	$	1,000,950
Mexican Peso, Expires 05/11/2018, Strike Price $18.75		A		100,000,000		100,000,000		862,300
Polish Zloty, Expires 05/25/2018, Strike Price EUR 4.24		A		100,000,000		120,759,821		637,612
Russian Ruble, Expires 05/04/2018, Strike Price $60.80		B		40,000,000		40,000,000		1,401,240
Russian Ruble, Expires 05/04/2018, Strike Price $61.58		B		50,000,000		50,000,000		1,144,200
Russian Ruble, Expires 05/10/2018, Strike Price $60.10		B		75,000,000		75,000,000		3,490,725
Russian Ruble, Expires 05/10/2018, Strike Price $60.30		B		30,000,000		30,000,000		1,303,950
Russian Ruble, Expires 05/10/2018, Strike Price $60.67		B		100,000,000		100,000,000		3,777,500
South Korean Won, Expires 05/25/2018, Strike Price $1,081.81		B		150,000,000		150,000,000		598,050
South Korean Won, Expires 06/11/2018, Strike Price $1,065.00		B		50,000,000		50,000,000		623,900
Taiwan New Dollar, Expires 05/11/2018, Strike Price $30.05		B		30,000,000		30,000,000		7,530
Turkish Lira, Expires 05/11/2018, Strike Price EUR 5.24		A		100,000,000		120,759,821		10,023
Turkish Lira, Expires 05/14/2018, Strike Price $3.96		B		25,000,000		25,000,000		729,400
Turkish Lira, Expires 05/15/2018, Strike Price $4.15		D		100,000,000		100,000,000		342,400
TOTAL OTC CALL OPTIONS (Premiums Received $22,744,218)								35,676,613
OTC PUT OPTIONS
Brazilian Real, Expires 05/03/2018, Strike Price $3.42		B		70,000,000		70,000,000		9,660
Brazilian Real, Expires 05/03/2018, Strike Price $3.47		B		50,000,000		50,000,000		82,050
Brazilian Real, Expires 05/04/2018, Strike Price $3.33		B		100,000,000		100,000,000		600
Brazilian Real, Expires 05/04/2018, Strike Price $3.45		B		40,000,000		40,000,000		40,920
Brazilian Real, Expires 05/09/2018, Strike Price $3.43		B		150,000,000		150,000,000		159,150
Brazilian Real, Expires 05/10/2018, Strike Price $3.37		B		100,000,000		100,000,000		22,000
Brazilian Real, Expires 06/15/2018, Strike Price $3.44		B		100,000,000		100,000,000		784,300
Brazilian Real, Expires 06/18/2018, Strike Price $3.29		B		100,000,000		100,000,000		125,700
Chilean Peso, Expires 05/03/2018, Strike Price $600.00		B		50,000,000		50,000,000		700
Mexican Peso, Expires 05/02/2018, Strike Price $19.15		A		100,000,000		100,000,000		2,409,400
Mexican Peso, Expires 05/04/2018, Strike Price $18.60		A		100,000,000		100,000,000		367,100
Mexican Peso, Expires 05/04/2018, Strike Price $18.65		A		100,000,000		100,000,000		254,000
Mexican Peso, Expires 05/11/2018, Strike Price $18.60		A		100,000,000		100,000,000		577,200
Mexican Peso, Expires 05/17/2018, Strike Price $17.80		D		100,000,000		100,000,000		40,200
Mexican Peso, Expires 05/29/2018, Strike Price EUR 22.65		A		100,000,000		120,759,821		1,499,112
Norwegian Krone, Expires 05/04/2018, Strike Price EUR 9.55		A		100,000,000		120,759,821		16,786
Norwegian Krone, Expires 05/04/2018, Strike Price EUR 9.60		A		50,000,000		60,379,910		30,130
Norwegian Krone, Expires 05/10/2018, Strike Price EUR 9.62		A		100,000,000		120,759,821		189,593
Norwegian Krone, Expires 06/25/2018, Strike Price EUR 9.60		D		50,000,000		60,379,910		319,108
Russian Ruble, Expires 05/03/2018, Strike Price $62.50		B		50,000,000		50,000,000		105,800
Russian Ruble, Expires 05/10/2018, Strike Price $63.05		B		115,000,000		115,000,000		1,002,800
Russian Ruble, Expires 05/11/2018, Strike Price $64.50		B		30,000,000		30,000,000		769,050
Russian Ruble, Expires 05/11/2018, Strike Price $64.88		B		50,000,000		50,000,000		1,549,250
South African Rand, Expires 05/04/2018, Strike Price $12.36		B		50,000,000		50,000,000		114,050
South African Rand, Expires 05/04/2018, Strike Price $12.36		D		100,000,000		100,000,000		228,100
Swedish Krona, Expires 05/02/2018, Strike Price EUR 10.31		D		50,000,000		60,379,910		–
Swedish Krona, Expires 05/03/2018, Strike Price EUR 10.50		A		100,000,000		120,759,821		55,791
Swedish Krona, Expires 05/03/2018, Strike Price EUR 10.55		A		100,000,000		120,759,821		297,673
Swedish Krona, Expires 05/31/2018, Strike Price $8.42		D		200,000,000		200,000,000		135,200
Taiwan New Dollar, Expires 05/10/2018, Strike Price $29.46		B		30,000,000		30,000,000		30,900
Turkish Lira, Expires 05/02/2018, Strike Price $4.02		E		50,000,000		50,000,000		26,700
Turkish Lira, Expires 05/04/2018, Strike Price $4.00		D		100,000,000		100,000,000		59,300
Turkish Lira, Expires 05/11/2018, Strike Price EUR 4.85		B		50,000,000		60,379,910		109,952
Turkish Lira, Expires 05/14/2018, Strike Price $3.96		B		25,000,000		25,000,000		21,575
Turkish Lira, Expires 05/18/2018, Strike Price EUR 4.85		B		30,000,000		36,227,946		99,661
TOTAL OTC PUT OPTIONS (Premiums Received $20,423,674)								11,533,511
PAYER SWAPTIONS
CDX.HY, (5.000%), Quarterly, Expires 05/16/2018, Strike Price $101.00		F		950,000,000		950,000,000		168,150
CDX.HY, (5.000%), Quarterly, Expires 05/16/2018, Strike Price $106.00		G		200,000,000		200,000,000		312,800
CDX.HY, (5.000%), Quarterly, Expires 05/16/2018, Strike Price $106.50		D		150,000,000		150,000,000		390,600
CDX.HY, (5.000%), Quarterly, Expires 05/16/2018, Strike Price $106.50		G		200,000,000		200,000,000		520,800

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

20

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	COUNTERPARTY (a)		NOTIONAL AMOUNT		NOTIONAL AMOUNT USD		FAIR VALUE
CDX.HY, (5.000%), Quarterly, Expires 06/20/2018, Strike Price $105.00		E		100,000,000	$	100,000,000	$	273,100
CDX.HY, (5.000%), Quarterly, Expires 06/20/2018, Strike Price $105.00		D		200,000,000		200,000,000		760,200
CDX.IG, (1.000%), Quarterly, Expires 05/16/2018, Strike Price $62.50		D		500,000,000		500,000,000		404,000
CDX.IG, (1.000%), Quarterly, Expires 05/16/2018, Strike Price $70.00		E		500,000,000		500,000,000		129,500
CDX.IG, (1.000%), Quarterly, Expires 05/16/2018, Strike Price $75.00		C		1,000,000,000		1,000,000,000		81,000
CDX.IG, (1.000%), Quarterly, Expires 05/16/2018, Strike Price $90.00		E		2,500,000,000		2,500,000,000		157,500
CDX.IG, (1.000%), Quarterly, Expires 06/20/2018, Strike Price $65.00		H		1,000,000,000		1,000,000,000		1,582,000
CDX.IG, (1.000%), Quarterly, Expires 07/18/2018, Strike Price $90.00		C		1,000,000,000		1,000,000,000		700,000
TOTAL PAYER SWAPTIONS (Premiums Received $8,519,000)								5,479,650
RECEIVER SWAPTIONS
CDX.HY, (5.000%), Quarterly, Expires 06/20/2018, Strike Price $107.00		E		100,000,000		100,000,000		384,800
CDX.HY, (5.000%), Quarterly, Expires 06/20/2018, Strike Price $107.00		E		250,000,000		250,000,000		780,500
TOTAL RECEIVER SWAPTIONS (Premiums Received $1,385,000)								1,165,300
TOTAL WRITTEN OPTIONS (Premiums Received $240,249,151)							$	204,093,301

(a) See Note 2.

Open Futures Contracts

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL VALUE		VALUE/UNREALIZED APPRECIATION (DEPRECIATION)
FUTURES CONTRACTS SOLD
Australian Dollar, June 2018 Settlement		3,225	$	242,842,500	$	2,282,996
British Pound, June 2018 Settlement		2,292		197,341,200		1,228,043	��
Canadian Dollar, June 2018 Settlement		497		38,736,180		(18,568)
Coffee ‘C’, July 2018 Settlement		18		828,900		(46,083)
Coffee ‘C’, September 2018 Settlement		39		1,827,394		(94,513)
Euro FX, June 2018 Settlement		2,382		360,962,500		2,595,447
Globex Natural Gas, July 2018 Settlement		6		168,000		(3,030)
Gold 100 Oz., August 2018 Settlement		16		2,120,480		(515)
Henry Hub Natural Gas, June 2018 Settlement		118		815,075		(18,431)
Japanese Yen, June 2018 Settlement		3,183		365,169,675		3,090,398
Lean Hogs Future, June 2018 Settlement		672		19,541,760		39,538
Live Cattle, June 2018 Settlement		447		18,970,680		(781,449)
Natural Gas, June 2018 Settlement		5		138,200		(2,931)
Sugar No. 11, July 2018 Settlement		760		10,001,600		(389,853)
U.S. Treasury 10-Year Note, June 2018 Settlement		918		109,815,750		(45,600)
U.S. Treasury Long Bond, June 2018 Settlement		576		82,854,000		(1,105,372)
TOTAL FUTURES CONTRACTS SOLD			$	1,452,133,894	$	6,730,077
FUTURES CONTRACTS PURCHASED
Cocoa, July 2018 Settlement		746		21,074,500		106,608
Copper, July 2018 Settlement		777		59,712,450		(1,458,476)
Copper, September 2018 Settlement		67		5,182,450		13,255
Corn, July 2018 Settlement		2,344		46,967,900		356,203
Cotton No. 2, July 2018 Settlement		374		15,678,080		(68,265)
Globex Natural Gas, August 2018 Settlement		65		1,824,500		(33,276)
Globex Natural Gas, June 2018 Settlement		232		6,410,200		(52,033)
Gold 100 Oz., June 2018 Settlement		223		29,418,160		(365,272)
NASDAQ 100 E-mini Index, June 2018 Settlement		55		7,274,300		(52,588)
Natural Gas, August 2018 Settlement		1		28,100		(362)
Natural Gas, July 2018 Settlement		36		1,008,000		(17,962)
Russell 2000 E-mini Index, June 2018 Settlement		816		62,987,040		(630,448)
S&P 500 E-mini Index, June 2018 Settlement		1,773		234,656,550		(1,983,049)

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

21

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

DESCRIPTION	NUMBER OF CONTRACTS		NOTIONAL VALUE		VALUE/UNREALIZED APPRECIATION (DEPRECIATION)
Silver, July 2018 Settlement		8	$	656,050	$	(6,377)
Soybean, July 2018 Settlement		910		47,706,750		(352,975)
Soybean, November 2018 Settlement		43		2,246,213		(11,429)
Wheat, July 2018 Settlement		1,105		28,205,125		368,365
WTI Crude, June 2018 Settlement		3,059		209,755,630		3,129,942
WTI Crude, July 2018 Settlement		530		36,294,400		(115,763)
TOTAL FUTURES CONTRACTS PURCHASED			$	817,086,398	$	(1,173,902)

Open Forward Currency Contracts

COUNTERPARTY (a)	FORWARD SETTLEMENT DATE		CURRENCY TO BE RECEIVED		AMOUNT OF CURRENCY TO BE RECEIVED IN LOCAL CURRENCY		CURRENCY TO BE DELIVERED		AMOUNT OF CURRENCY TO BE DELIVERED IN LOCAL CURRENCY		UNREALIZED APPRECIATION (DEPRECIATION)
B		05/02/2018		Brazilian Real		155,500,000		U.S. Dollar		45,046,141	$	(667,926	)
B		05/03/2018		Brazilian Real		3,791,380,269		U.S. Dollar		1,096,319,264		(7,186,441	)
B		05/07/2018		Brazilian Real		183,100,000		U.S. Dollar		53,000,000		(773,753	)
B		05/08/2018		Brazilian Real		228,677,632		U.S. Dollar		68,100,000		(2,879,877	)
B		05/11/2018		Brazilian Real		244,201,695		U.S. Dollar		71,100,000		(1,472,791	)
B		05/14/2018		Brazilian Real		125,962,800		U.S. Dollar		37,000,000		(1,095,817	)
B		06/19/2018		Brazilian Real		105,630,000		U.S. Dollar		30,000,000		2,840
B		06/20/2018		Brazilian Real		146,757,260		U.S. Dollar		44,200,000		(2,519,556	)
B		05/07/2018		Chilean Peso		10,418,040,000		U.S. Dollar		17,200,000		(215,081	)
B		05/15/2018		Colombian Peso		41,974,950,000		U.S. Dollar		15,000,000		(58,105	)
A		05/25/2018		Euro		69,700,000		Czech Republic Koruna		1,775,730,000		434,474
D		05/08/2018		Euro		47,200,000		Norwegian Krone		456,680,485		87,814
A		05/29/2018		Euro		46,100,000		Polish Zloty		195,487,050		78,494
A		05/14/2018		Euro		44,400,000		Turkish Lira		232,917,960		(3,406,636	)
A		05/31/2018		Mexican Peso		61,228,595		Euro		50,000,000		705,970
E		05/02/2018		Mexican Peso		365,063,000		U.S. Dollar		20,000,000		(486,091	)
D		05/02/2018		Mexican Peso		943,850,000		U.S. Dollar		50,000,000		452,121
A		05/02/2018		Mexican Peso		2,187,579,500		U.S. Dollar		117,097,140		(163,277	)
E		05/03/2018		Mexican Peso		541,383,300		U.S. Dollar		30,000,000		(1,175,648	)
A		05/03/2018		Mexican Peso		2,252,298,180		U.S. Dollar		119,916,952		—
A		05/04/2018		Mexican Peso		3,137,369,040		U.S. Dollar		166,200,000		1,451,625
E		05/07/2018		Mexican Peso		2,589,949,000		U.S. Dollar		140,000,000		(1,665,020	)
A		05/07/2018		Mexican Peso		1,343,928,600		U.S. Dollar		72,000,000		(217,762	)
E		05/08/2018		Mexican Peso		1,838,998,500		U.S. Dollar		100,000,000		(1,791,789	)
D		05/08/2018		Mexican Peso		521,690,400		U.S. Dollar		28,000,000		(140,118	)
A		05/08/2018		Mexican Peso		1,511,871,550		U.S. Dollar		81,000,000		(261,380	)
A		05/15/2018		Mexican Peso		574,925,000		U.S. Dollar		30,500,000		166,016
D		05/21/2018		Mexican Peso		530,309,490		U.S. Dollar		29,300,000		(1,042,735	)
A		05/31/2018		Mexican Peso		1,147,930,000		U.S. Dollar		61,228,595		(164,943	)
A		05/08/2018		Norwegian Krone		563,885,380		Euro		58,700,000		(615,772	)
A		05/14/2018		Norwegian Krone		347,142,230		Euro		35,900,000		(103,726	)
D		06/27/2018		Norwegian Krone		152,800,250		Euro		15,700,000		41,918
D		05/03/2018		Norwegian Krone		130,444,872		Swedish Krona		142,362,000		1
B		05/04/2018		Russian Ruble		1,561,292,250		U.S. Dollar		24,900,000		(118,623	)
B		05/11/2018		Russian Ruble		5,472,123,200		U.S. Dollar		87,200,000		(422,274	)
B		05/14/2018		Russian Ruble		4,027,903,900		U.S. Dollar		63,100,000		749,398
D		05/08/2018		South African Rand		865,955,770		U.S. Dollar		69,800,000		(405,374	)
B		05/02/2018		South Korean Won		236,615,830,000		U.S. Dollar		220,361,949		1,184,601
D		05/04/2018		Swedish Krona		96,823,230		Euro		9,300,000		(172,963	)
A		05/07/2018		Swedish Krona		837,561,440		Euro		79,600,000		(466,733	)
D		05/03/2018		Swedish Krona		142,362,000		Norwegian Krone		132,000,000		(194,122	)
D		06/04/2018		Swedish Krona		342,037,220		U.S. Dollar		39,800,000		(632,518	)
B		05/14/2018		Taiwan New Dollar		148,650,000		U.S. Dollar		5,000,000		29,069

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

22

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

COUNTERPARTY (a)	FORWARD SETTLEMENT DATE		CURRENCY TO BE RECEIVED		AMOUNT OF CURRENCY TO BE RECEIVED IN LOCAL CURRENCY		CURRENCY TO BE DELIVERED		AMOUNT OF CURRENCY TO BE DELIVERED IN LOCAL CURRENCY		UNREALIZED APPRECIATION (DEPRECIATION)
A		05/14/2018		Turkish Lira		225,435,100		Euro		45,000,000	$	847,560
B		05/14/2018		Turkish Lira		63,927,500		Euro		13,000,000		(48,782	)
B		05/21/2018		Turkish Lira		39,412,000		Euro		8,000,000		(41,168	)
E		05/03/2018		Turkish Lira		50,593,750		U.S. Dollar		12,500,000		(56,126	)
D		05/07/2018		Turkish Lira		58,851,650		U.S. Dollar		14,300,000		157,627
A		05/07/2018		Turkish Lira		100,840,000		U.S. Dollar		25,000,000		(227,422	)
B		05/02/2018		U.S. Dollar		44,797,555		Brazilian Real		155,500,000		419,339
B		05/03/2018		U.S. Dollar		1,098,513,559		Brazilian Real		3,791,380,269		9,380,736
B		05/07/2018		U.S. Dollar		53,000,000		Brazilian Real		185,498,300		89,677
B		05/08/2018		U.S. Dollar		80,000,000		Brazilian Real		276,491,800		1,143,012
B		05/11/2018		U.S. Dollar		25,000,000		Brazilian Real		86,830,000		242,880
B		05/14/2018		U.S. Dollar		63,500,000		Brazilian Real		218,396,000		1,248,844
B		05/29/2018		U.S. Dollar		63,300,000		Brazilian Real		220,220,700		620,784
B		06/04/2018		U.S. Dollar		50,000,000		Brazilian Real		175,485,000		82,728
B		06/20/2018		U.S. Dollar		20,000,000		Brazilian Real		69,282,000		323,260
B		05/07/2018		U.S. Dollar		20,000,000		Chilean Peso		12,214,800,000		85,756
B		06/04/2018		U.S. Dollar		9,000,000		Chilean Peso		5,467,950,000		86,184
B		05/15/2018		U.S. Dollar		14,000,000		Colombian Peso		40,754,000,000		(507,271	)
B		05/29/2018		U.S. Dollar		23,000,000		Colombian Peso		64,848,500,000		(82,406	)
B		06/27/2018		U.S. Dollar		8,600,000		Colombian Peso		24,021,821,000		56,235
B		05/07/2018		U.S. Dollar		97,000,000		Indian Rupee		6,424,320,000		813,146
B		05/21/2018		U.S. Dollar		23,500,000		Indian Rupee		1,547,070,000		375,264
B		06/01/2018		U.S. Dollar		20,000,000		Indian Rupee		1,347,000,000		(108,729	)
B		06/08/2018		U.S. Dollar		31,000,000		Indian Rupee		2,090,020,000		(179,204	)
A		05/09/2018		U.S. Dollar		85,300,000		Israeli Shekel		303,231,490		997,990
A		05/14/2018		U.S. Dollar		172,500,000		Israeli Shekel		616,870,700		947,816
E		05/02/2018		U.S. Dollar		19,541,156		Mexican Peso		365,063,000		27,248
D		05/02/2018		U.S. Dollar		50,522,569		Mexican Peso		943,850,000		70,447
A		05/02/2018		U.S. Dollar		117,000,000		Mexican Peso		2,187,579,500		66,137
E		05/03/2018		U.S. Dollar		28,824,352		Mexican Peso		541,383,300		—
A		05/03/2018		U.S. Dollar		120,200,000		Mexican Peso		2,252,298,180		283,048
A		05/04/2018		U.S. Dollar		15,000,000		Mexican Peso		281,631,000		(49,519	)
D		05/07/2018		U.S. Dollar		168,900,000		Mexican Peso		3,129,497,710		1,746,514
A		05/07/2018		U.S. Dollar		489,200,000		Mexican Peso		9,104,212,985		2,923,582
E		05/08/2018		U.S. Dollar		121,500,000		Mexican Peso		2,301,862,455		(1,426,579	)
A		05/08/2018		U.S. Dollar		247,800,000		Mexican Peso		4,585,308,500		2,930,335
A		05/15/2018		U.S. Dollar		78,000,000		Mexican Peso		1,462,782,000		(23,562	)
A		05/21/2018		U.S. Dollar		4,400,000		Mexican Peso		82,609,094		(1,782	)
B		05/07/2018		U.S. Dollar		72,700,000		Russian Ruble		4,539,130,730		679,171
B		05/11/2018		U.S. Dollar		223,400,000		Russian Ruble		13,889,469,000		3,138,781
A		05/08/2018		U.S. Dollar		20,000,000		South African Rand		249,260,000		25,187
B		05/02/2018		U.S. Dollar		220,500,372		South Korean Won		236,615,830,000		(1,046,178	)
B		05/29/2018		U.S. Dollar		69,250,000		South Korean Won		74,915,342,500		(942,773	)
B		06/14/2018		U.S. Dollar		23,000,000		South Korean Won		24,485,800,000		44,742
B		05/15/2018		U.S. Dollar		5,000,000		Taiwan New Dollar		148,650,000		(29,406	)
A		05/07/2018		U.S. Dollar		26,000,000		Turkish Lira		107,307,200		(361,325	)
A		05/15/2018		U.S. Dollar		20,000,000		Turkish Lira		83,161,000		(372,531	)
D		05/16/2018		U.S. Dollar		34,900,000		Turkish Lira		143,651,890		(279,141	)
TOTAL OPEN FORWARD CURRENCY CONTRACTS											$	(1,062,384	)

(a) See Note 2.

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

23

Consolidated Schedule of Investments as of April 30, 2018 (Unaudited)

STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND

Credit Default Swaps

COUNTERPARTY (a)	REFERENCE ENTITY	BUY/SELL PROTECTION	(PAY)/ RECEIVE FIXED RATES	TERMINATION DATE		PAYMENT FREQUENCY		NOTIONAL VALUE		VALUE			UPFRONT PREMIUM (RECEIVED)/ PAID			UNREALIZED APPRECIATION/ (DEPRECIATION)
A	CDX.NA.HY.29	Sell	5.000%		Dec 20 2022		Quarterly	$	30,220,000	$	2,373,542		$	2,170,810		$	202,732
A	CDX.NA.HY.30	Buy	(5.000)%		Jun 20 2023		Quarterly		166,800,000		(12,498,907	)		(10,750,998	)		(1,747,909	)
A	CDX.NA.IG.29	Buy	(1.000)%		Dec 20 2022		Quarterly		24,600,000		(527,496	)		(504,491	)		(23,005	)
A	CDX.NA.IG.30	Buy	(1.000)%		Jun 20 2023		Quarterly		951,500,000		(18,715,716	)		(17,617,672	)		(1,098,044	)
TOTAL CREDIT DEFAULT SWAP CONTRACTS																$	(2,666,226	)

(a) See Note 2.

Equity Correlation Swaps

DESCRIPTION	COUNTERPARTY (a)		NOTIONAL VALUE		NOTIONAL VALUE USD			VALUE AND UNREALIZED APPRECIATION
EQUITY CORRELATION SWAPS SOLD
Euro Stoxx 50 Index, 01/03/18 - 12/21/18, Strike Price 48%, pay realized rate		D		100,000	$	120,760	(b)	$	705
TOTAL EQUITY CORRELATION SWAPS SOLD								$	705

(a) See Note 2.

(b) Notional value reflects correlation exposure per point times 100.

Equity Variance Swaps

DESCRIPTION	COUNTERPARTY (a)		NOTIONAL VALUE		NOTIONAL VALUE USD			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
EQUITY VARIANCE SWAPS SOLD
SPLV5UE Index, 01/09/18 - 01/10/2019, Strike Price 5.70%		A		877,193	$	877,193	(b)	$	20
Euro Stoxx 50 Index, 01/05/18 - 06/21/19, Strike Price 19.60%		D		255,000		307,938	(b)		2,050
TOTAL EQUITY VARIANCE SWAPS SOLD								$	2,070
EQUITY VARIANCE SWAPS PURCHASED
Euro Stoxx 50 Index, 01/05/18 - 06/21/19, Strike Price 17.00%, receive realized rate accrued when spot above 2,525.341		D		255,000	$	307,938	(b)	$	(707)
TOTAL EQUITY VARIANCE SWAPS PURCHASED								$	(707)

(a) See Note 2.

(b) Notional value reflects variance notional multiplied by 100².

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

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Consolidated Statement of Assets and Liabilities April 30, 2018 (Unaudited)

	STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND
ASSETS:
Investments, at fair value(1)	$	1,673,412,288
Unrealized appreciation on forward currency contracts		35,238,371
Unrealized appreciation on swap contracts		205,507
Cash		82,850
Cash at broker		4,684,755
Collateral held at custodian for written options		100,000
Collateral held at broker for credit default swaps		63,867,199
Collateral held at broker for futures		19,106,443
Foreign currencies held at custodian, at value(2)		21,264
Foreign currency collateral held at broker for futures, at value(3)		19,645,171
Due from broker		18,391,470
Swap premium paid		2,170,810
Receivable for fund shares sold		519,402
Receivable for investments sold		21,670,465
Variation margin receivable		428
Interest receivable		489,127
Other assets		716,803
Total assets		1,860,322,353
LIABILITIES:
Options written, at fair value(4)	$	204,093,301
Due to broker		2,180,287
Unrealized depreciation on forward currency contracts		36,300,755
Unrealized depreciation on swap contracts		2,869,665
Swap premium received		28,873,161
Payable for investment securities purchased		33,974,786
Payable to Adviser		2,570,920
Payable for Chief Compliance Officer compensation		4,629
Payable to Trustees		17,950
Accrued distribution and service fees		64,273
Accrued service fees		64,273
Payable to Custodian		34,725
Other accrued expenses		692,758
Total liabilities		311,741,483
Total net assets	$	1,548,580,870
NET ASSETS CONSIST OF:
Capital stock	$	1,620,367,706
Accumulated net investment income		7,991,603
Accumulated net realized loss		(141,191,667	)
Unrealized appreciation (depreciation) on:
Investments		21,747,710
Foreign currency translation		(166,032	)
Forward currency contracts		(1,062,384	)
Futures contracts		5,556,175
Swap contracts		(818,091	)
Written options		36,155,850
Total net assets	$	1,548,580,870
Net Assets	$	1,548,580,870
Shares outstanding		159,869,945
Net asset value, offering and redemption price per share	$	9.69
(1)  Cost of Investments	$	1,651,664,578
(2)  Cost of foreign currencies		21,369
(3)  Cost of foreign currencies held at broker		19,809,333
(4)  Premiums received		240,249,151

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

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Consolidated Statement of Operations For the Period Ended April 30, 2018 (Unaudited)

	STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND
INVESTMENT INCOME:
Interest income	$	11,158,919
Other income		191,695
Total investment income		11,350,614
EXPENSES
Advisory fees (See Note 4)		15,310,354
Compliance fees		906,840
Interest expense		826,658
Fund accounting and administration fees		811,188
Service fees		634,802
Legal fees		219,609
Distribution and service fees		130,712
Transfer agency fees and expenses		90,549
Audit and tax related fees		82,060
Federal and state registration fees		44,203
Trustees fees and expenses		40,799
Custody fees		37,443
Chief Compliance Officer compensation		19,629
Other expenses		557,114
Total expenses before Adviser recoupment		19,711,960
Expenses recouped by Adviser (See Note 4)		217,564
Total net expenses		19,929,524
Net investment loss		(8,578,910	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(89,268,911	)
Foreign currency translation		(1,796,511	)
Forward currency contracts		(13,264,597	)
Futures contracts		(246,555,033	)
Swap contracts		(28,465,047	)
Written options		223,827,361
Net change in unrealized appreciation (depreciation) on:
Investments		65,095,957
Foreign currency translation		(22,883	)
Forward currency contracts		(3,572,943	)
Futures contracts		(26,140,739	)
Swap contracts		(606,787	)
Written options		76,352,758
Net realized and unrealized loss		(44,417,375	)
Net decrease in net assets resulting from operations	$	(52,996,285	)

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

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Consolidated Statement of Changes in Net Assets

	STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND
	PERIOD ENDED APRIL 30, 2018 (UNAUDITED)			YEAR ENDED OCTOBER 31, 2017
OPERATIONS:
Net investment loss	$	(8,578,910	)	$	(24,134,256	)
Net realized gain (loss) on:
Investments		(89,268,911	)		(74,951,413	)
Foreign currency translation		(1,796,511	)		3,423,078
Forward currency contracts		(13,264,597	)		(63,427,204	)
Futures contracts		(246,555,033	)		(468,815,689	)
Swap contracts		(28,465,047	)		(25,812,007	)
Written options		223,827,361			872,205,625
Net change in unrealized appreciation (depreciation) on:
Investments		65,095,957			(28,603,494	)
Foreign currency translation		(22,883	)		(101,216	)
Forward currency contracts		(3,572,943	)		4,576,996
Futures contracts		(26,140,739	)		21,208,082
Swap contracts		(606,787	)		(207,109	)
Written options		76,352,758			(60,139,548	)
Net increase (decrease) in net assets resulting from operations		(52,996,285	)		155,221,845
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(42,798,104	)		—
From net realized gain		(155,719,447	)		(51,575,770	)
Total distributions		(198,517,551	)		(51,575,770	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		248,544,492			532,095,627
Proceeds from shares issued to holders in reinvestment of dividends		164,300,398			43,523,525
Cost of shares redeemed		(130,747,130	)		(131,659,673	)
Net increase in net assets from capital share transactions		282,097,760			443,959,479
Total increase in net assets		30,583,924			547,605,554
NET ASSETS:
Beginning of period		1,517,996,946			970,391,392
End of period	$	1,548,580,870		$	1,517,996,946
Accumulated net investment income	$	7,991,603		$	59,368,617

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

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Consolidated Financial Highlights

	STONE RIDGE ALL ASSET VARIANCE RISK PREMIUM FUND
	PERIOD ENDED APRIL 30, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2016			PERIOD ENDED OCTOBER 31,  2015(1)
Per Share Data:
Net asset value, beginning of period	$	11.49		$	10.70		$	10.31		$	10.00
Income (loss) from investment operations
Net investment loss(2)		(0.06	)		(0.21	)		(0.25	)		(0.16	)
Net realized and unrealized gains (losses)		(0.25	)		1.56			0.87			0.47
Total from investment operations		(0.31	)		1.35			0.62	(3)		0.31
Less distributions to shareholders
Dividends from net realized gains		(1.17	)		(0.56	)		(0.11	)		—
Dividends from net investment income		(0.32	)		—			(0.12	)		—
Total distributions		(1.49	)		(0.56	)		(0.23	)		—
Net asset value, end of period	$	9.69		$	11.49		$	10.70		$	10.31
Total return(4)		(3.33	)%(5)		13.27	%		6.15	%		3.10	%(5)
Supplemental Data and Ratios:
Net assets, end of period (000s)	$	1,548,581		$	1,517,997		$	970,391		$	695,009
Ratio of expenses to average net assets
(before expense waiver/recoupment)(6)		2.57	%(7)		2.72	%		2.80	%		2.69	%(7)
Ratio of expenses to average net assets
(after expense waiver/recoupment)(6)		2.60	%(7)		2.80	%		2.68	%		2.71	%(7)
Ratio of net investment loss to average net assets
(before expense waiver/recoupment)(6)		(1.09	)%(7)		(1.87	)%		(2.54	)%		(2.63	)%(7)
Ratio of net investment loss to average net assets
(after expense waiver/recoupment)(6)		(1.12	)%(7)		(1.95	)%		(2.42	)%		(2.65	)%(7)
Portfolio turnover rate		835	%(5)(8)		9,837	%(8)		33,522	%(8)		1,361	%(5)

(1) The Fund commenced operations on April 2, 2015.

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

(3) Includes increase from payments by affiliates of less than $0.01.

(4) Total return represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming the reinvestment of all dividends and distributions).

(5) Not annualized.

(6) Ratio includes borrowing and investment related expenses not covered by the Fund’s expense limitation agreement. See Note 4.

(7) Annualized.

(8) Portfolio turnover rate excludes equity assignments.

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

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Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

1. Organization

Stone Ridge Trust III (the “Trust”) was organized as a Delaware statutory trust on December 17, 2014, and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as a continuously-offered non-diversified closed-end management investment company issuing shares. As of April 30, 2018, the Trust consisted of one series: the Stone Ridge All Asset Variance Risk Premium Fund (the “Fund”). The Fund commenced operations on April 2, 2015. The Fund offers one class of shares to investors with no front-end or back-end sales charges, a 0.05% fee paid pursuant to the Distribution and Servicing Plan, a 0.05% fee paid pursuant to the Services Agreement and no redemption fee. The Trust’s Amended and Restated Agreement and Declaration of Trust authorizes the issuance of an unlimited number of shares.

The Fund has an interval fund structure pursuant to which the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund’s outstanding shares at net asset value (“NAV”), subject to approval of the Board of Trustees (the “Board”). In all cases, such repurchase offers will be for at least 5% and not more than 25%, and are currently expected to be for 10%, of the Fund’s outstanding shares. In connection with any given repurchase offer, it is possible that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased. The Fund’s shares are not listed, and the Fund does not currently intend to list its shares for trading on any national securities exchange. The shares are therefore illiquid. Even though the Fund makes quarterly repurchase offers to repurchase a portion of the shares to provide liquidity to shareholders, shareholders should consider the shares to be illiquid. There is not expected to be any secondary trading market in the shares.

The Fund’s investment objective is to achieve capital appreciation. The Fund pursues its investment objective primarily by receiving premiums in connection with its derivative contracts (including put and call options, futures contracts, options on futures contracts, and swaps) related to a variety of asset classes that the Adviser (as defined herein) believes offer variance risk premiums.

The consolidated financial statements include the accounts of Stone Ridge All Asset Variance Risk Premium Sub Fund Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund. All intercompany accounts and transactions have been eliminated in consolidation. The Fund may invest up to 25% of its assets (at the time of purchase) in its Subsidiary. The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives such as commodity-linked futures, options and swaps. As of April 30, 2018 the Subsidiary’s net assets were $389,336,350, which represented 20.9% of the Fund’s gross assets.

2. Summary of Significant Accounting Policies

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

(a) Investment Valuation and Fair Value Measurement The Board has approved procedures pursuant to which the Fund values its investments (the “Valuation Procedures”). The Board has established an Adviser Valuation Committee comprised of employees of Stone Ridge Asset Management, LLC (the “Adviser”) to which the Board has delegated responsibility for overseeing the implementation of the Valuation Procedures and fair value determinations made on behalf of the Board.

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

Short-term debt instruments, such as commercial paper, bankers’ acceptances and U.S. Treasury Bills, having a maturity of 60 days or less, are generally valued at amortized cost, which approximates fair value.

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29

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

Other debt securities, including corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities in each case having a remaining maturity in excess of 60 days, loans, mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued by an independent pricing service at an evaluated (or estimated) mean between the closing bid and asked prices.

For investments in open-end management companies that are registered under the 1940 Act, the value of the shares of such funds is calculated based upon the 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.

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

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

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

If market quotations are not readily available or available market quotations or other information are deemed to be unreliable by the Adviser Valuation Committee, and if the valuation of the applicable instrument is not covered by the valuation methods described above or if the valuation methods are described above, but such methods are deemed unreliable by the Adviser Valuation Committee, then such instruments will be valued as determined in good faith by the Adviser Valuation Committee. In these circumstances, the Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Adviser Valuation Committee of any information or factors it deems appropriate. For purposes of determining the fair value of securities, the Adviser Valuation Committee may generally consider, without limitation: (i) indications or quotes from brokers or other third-party sources; (ii) valuations provided by a third-party pricing agent; (iii) internal models that take into consideration different factors determined to be relevant by the Adviser; or (iv) any combination of the above.

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

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30

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

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 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: 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.

Transfers between levels are recognized at the end of the reporting period. There were no transfers between levels during the reporting period. The following table summarizes the inputs used to value the Fund’s investments as of April 30, 2018:

DESCRIPTION	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets
Purchased Options	$	—		$	54,680,357		$	—	$	54,680,357
Money Market Funds		412,148,676			—			—		412,148,676
U.S. Treasury Bills		—			1,206,583,255			—		1,206,583,255
Total Assets	$	412,148,676		$	1,261,263,612		$	—	$	1,673,412,288
Liabilities
Written Options	$	(132,689,847	)	$	(71,403,454	)	$	—	$	(204,093,301	)
Total Liabilities	$	(132,689,847	)	$	(71,403,454	)	$	—	$	(204,093,301	)
Other Financial Instruments*
Unrealized appreciation on forward currency contracts	$	—		$	35,238,371		$	—	$	35,238,371
Unrealized depreciation on forward currency contracts		—			(36,300,755	)		—		(36,300,755	)
Unrealized appreciation on futures contracts		13,210,795			—			—		13,210,795
Unrealized depreciation on futures contracts		(7,654,620	)		—			—		(7,654,620	)
Unrealized appreciation on swap contracts		—			205,507			—		205,507
Unrealized depreciation on swap contracts		—			(2,869,665	)		—		(2,869,665	)
Total	$	5,556,175		$	(3,726,542	)	$	—	$	1,829,633

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

Derivative Transactions — The Fund engaged in derivatives for hedging and speculative purposes during the period ended April 30, 2018. The use of derivatives included options, futures, swaps and forward currency contracts.

Futures Contracts — The Fund may purchase and sell futures contracts and has held futures contracts during the period ended April 30, 2018. The Fund uses futures contracts to gain exposure or to hedge asset classes such as equities, currencies, commodities and fixed income. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Upon entering into a contract, the Fund deposits and maintains as collateral, an

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31

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains and losses. Variation margin is settled daily. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. In connection with physically-settled futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. The amount of the segregated assets is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The average notional amount of futures contracts during the period ended April 30, 2018, was $1,426,662,527 for long contracts and $819,759,398 for short contracts.

Options — The Fund purchases and writes call or put options on securities, indices, futures contracts, including commodity futures contracts, and enters into related closing transactions. The Fund wrote call and put options during the period ended April 30, 2018. The Fund writes put and call options to earn premium income. With options, there is minimal counterparty credit risk to the Fund since options are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. OTC options are customized agreements between the parties. With OTC options, there is no clearinghouse guarantee against default, thus OTC options are subject to the risk that the counterparty will not fulfill its obligations under the contract.

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

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

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

The average market value of written options for the period ended April 30, 2018 was $191,087,212.

Forward Currency Contracts — The Fund enters into forward currency contracts. When entering into a forward currency contract, in the case of a deliverable contract the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date or in the case of a non-deliverable contract to settle the equivalent in U.S. dollar. The Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk from movements in currencies or credit risk from the possible inability of counterparties to meet the terms of their contracts. The average notional amount of forward currency contracts during the period ended April 30, 2018 was $1,971,655,226 for long contracts and $2,726,213,531 for short contracts.

Swaps

Correlation Swaps — The Fund enters into correlation swaps. Correlation swaps are transactions in which counterparties agree to buy or sell the future realized correlation on an underlying reference basket of securities or instruments at a specific level over a fixed period. Correlation swaps are subject to all the risks of OTC derivatives generally, including counterparty risks (if the counterparty fails to meet its obligations) and the risk that the Adviser is incorrect in forecasts of correlation on the underlying reference basket. The average notional amount of correlation swaps held during the period ended April 30, 2018 was $103,639 for short contracts.

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32

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

Credit Default Swaps — The Fund enters into credit default swaps. A credit default swap enables an investor to buy or sell protection against a credit event, such as a borrower’s or issuer’s failure to make timely payments of interest or principal, bankruptcy or restructuring. The Fund may seek to enhance returns by selling protection or attempt to mitigate credit risk by buying protection against the occurrence of a credit event by a specified borrower or issuer. If the Fund buys credit protection using a credit default swap and a credit event occurs, the Fund will deliver the defaulted bond underlying the swap and the swap counterparty will pay the par amount of the bond. If the Fund sells credit protection using a credit default swap and a credit event occurs, the Fund will pay the par amount of the defaulted bond underlying the swap and the swap counterparty will deliver the bond. If the swap is on a basket of assets, the notional amount of the swap is reduced by the par amount of the defaulted asset, and the fixed payments are then made on the reduced notional amount. Risks of credit default swaps include all the risks of OTC derivatives generally, including counterparty credit risk (if the counterparty fails to meet its obligations) and the risk that the Fund will not properly assess the cost of the instrument based on the lack of transparency in the market. If the Fund is selling credit protection, there is a risk that a credit event will occur and that the Fund will have to pay par value on defaulted bonds. If the Fund is buying credit protection, there is a risk that no credit event will occur and the Fund will receive no benefit for the premium paid. In addition, if the Fund is buying credit protection and a credit event does occur, there is a risk when the Fund does not own the underlying asset, that the Fund will have difficulty acquiring the asset on the open market and may receive adverse pricing. The average notional amount of credit default swaps during the period ended April 30, 2018 was $770,480,000 for contracts in which the Fund purchased protection and $22,888,571 for contracts in which the Fund sold protection.

Volatility Swaps and Variance Swaps — The Fund enters into volatility and/or variance swaps. Volatility swaps and variance swaps are transactions in which counterparties agree to economically buy or sell volatility or variance (which equals volatility squared), as the case may be, of the underlying reference at a specific level over a fixed period. Volatility and variance swaps are subject to credit risks (if the counterparty fails to meet its obligations), and the risk that the Adviser is incorrect in forecasts of volatility and/or variance of the underlying reference. The average notional amount of variance swaps held during the period ended April 30, 2018 was $245,774 for long contracts and $679,739 for short contracts. The fund did not hold volatility swaps during the period ended April 30, 2018.

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

	ASSET DERIVATIVES
RISK EXPOSURE	CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES LOCATION	FAIR VALUE
Options
Credit contracts	Investments, at fair value	$	44,250
Equity contracts	Investments, at fair value		53,878,800
Foreign exchange contracts	Investments, at fair value		268,417
Volatility contracts	Investments, at fair value		488,890
Futures
Commodity contracts	Net assets—Unrealized appreciation*		4,013,911
Equity contracts	Net assets—Unrealized appreciation*		—
Foreign exchange contracts	Net assets—Unrealized appreciation*		9,196,884
Forwards
Foreign exchange contracts	Unrealized appreciation on forward currency contracts		35,238,371
Swaps
Equity contracts	Unrealized appreciation on swap contracts**		2,775
Credit default contracts	Unrealized appreciation on swap contracts**		202,732
Total		$	103,335,030

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

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

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33

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

	LIABILITY DERIVATIVES
RISK EXPOSURE	CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES LOCATION	FAIR VALUE
Options
Commodity contracts	Written options, at fair value	$	96,124,327
Credit contracts	Written options, at fair value		6,644,950
Equity contracts	Written options, at fair value		14,327,825
Foreign exchange contracts	Written options, at fair value		79,209,228
Interest rate contracts	Written options, at fair value		5,120,671
Volatility contracts	Written options, at fair value		2,666,300
Futures
Commodity contracts	Net assets—Unrealized depreciation*		3,818,995
Equity contracts	Net assets—Unrealized depreciation*		2,666,085
Foreign exchange contracts	Net assets—Unrealized depreciation*		18,568
Interest rate contracts	Net assets—Unrealized depreciation*		1,150,972
Forwards
Foreign exchange contracts	Unrealized depreciation on forward currency contracts		36,300,755
Swaps
Equity contracts	Unrealized depreciation on swap contracts**		707
Credit default contracts	Unrealized depreciation on swap contracts**		2,868,958
Total		$	250,918,341

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

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

The tables below reflect the effect of derivative instruments on the Consolidated Statement of Operations for the period ended April 30, 2018.

AMOUNT OF REALIZED GAIN OR (LOSS) ON DERIVATIVES TRANSACTIONS
	FUTURES CONTRACTS			PURCHASED OPTIONS(1)			WRITTEN OPTIONS			SWAP CONTRACTS			FORWARD CURRENCY CONTRACTS			TOTAL
Commodity contracts	$	(205,136,339	)	$	(75	)	$	219,139,815		$	—		$	—		$	14,003,401
Credit contracts		—			(2,513,250	)		22,911,795			(28,485,968	)		—			(8,087,423	)
Equity contracts		56,945,109			(69,466,057	)		(136,933,690	)		20,921			—			(149,433,717	)
Foreign exchange contracts		(68,894,965	)		(14,777,069	)		90,120,424			—			(13,264,597	)		(6,816,207	)
Interest rate contracts		(19,295,265	)		—			23,101,295			—			—			3,806,030
Volatility contracts		(10,173,573	)		(1,835,029	)		5,487,722			—			—			(6,520,880	)
	$	(246,555,033	)	$	(88,591,480	)	$	223,827,361		$	(28,465,047	)	$	(13,264,597	)	$	(153,048,796	)

(1) Amounts are included in realized gain (loss) on investments in the Consolidated Statement of Operations.

CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) ON DERIVATIVES TRANSACTIONS
	FUTURES CONTRACTS			PURCHASED OPTIONS(1)			WRITTEN OPTIONS			SWAP CONTRACTS			FORWARD CURRENCY CONTRACTS			TOTAL
Commodity contracts	$	(4,848,418	)	$	—		$	(183,302	)	$	—		$	—		$	(5,031,720	)
Credit contracts		—			412,900			868,200			(585,128	)		—			695,972
Equity contracts		(21,152,563	)		65,481,893			73,960,313			(21,659	)		—			118,267,984
Foreign exchange contracts		72,888			(150,003	)		1,283,590			—			(3,572,943	)		(2,366,468	)
Interest rate contracts		(212,646	)		—			576,539			—			—			363,893
Volatility contracts		—			13,094			(152,582	)		—			—			(139,488	)
	$	(26,140,739	)	$	65,757,884		$	76,352,758		$	(606,787	)	$	(3,572,943	)	$	111,790,173

(1) Amounts are included in change in unrealized appreciation (depreciation) on investments in the Consolidated Statement of Operations.

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Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

(b) Offsetting on the Consolidated Statement of Assets and Liabilities The Fund is subject to netting arrangements, which govern the terms of certain transactions with select counterparties. The netting arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The netting arrangements also specify collateral posting arrangements at prearranged exposure levels. Under the netting arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant netting arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of netting arrangement.

	GROSS AMOUNT OF RECOGNIZED ASSETS		GROSS AMOUNT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND  LIABILITIES		NET AMOUNTS PRESENTED IN THE CONSOLIDATED STATEMENT OF ASSETS AND  LIABILITIES		GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND  LIABILITIES
ASSETS:							FINANCIAL INSTRUMENTS			COLLATERAL RECEIVED			NET AMOUNT
Forward Currency Contracts	$	35,238,371	$	—	$	35,238,371	$	(29,416,221	)	$	—		$	5,822,150
Purchased Options		312,667		—		312,667		(312,667	)		—			—
Swap Contracts		2,775		—		2,775		(707	)		—			2,068
	$	35,553,813	$	—	$	35,553,813	$	(29,729,595	)	$	—		$	5,824,218
	GROSS AMOUNT OF RECOGNIZED LIABILITIES		GROSS AMOUNT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND  LIABILITIES		NET AMOUNTS PRESENTED IN THE CONSOLIDATED STATEMENT OF ASSETS AND  LIABILITIES		GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED STATEMENT OF ASSETS AND  LIABILITIES
LIABILITIES:							FINANCIAL INSTRUMENTS			COLLATERAL PLEDGED			NET AMOUNT
Forward Currency Contracts	$	36,300,755	$	—	$	36,300,755	$	(29,416,221	)	$	(6,183,327	)	$	701,207
Written Options		53,855,074		—		53,855,074		(312,667	)		(52,905,657	)		636,750
Swap Contracts		707		—		707		(707	)		—			—
	$	90,156,536	$	—	$	90,156,536	$	(29,729,595	)	$	(59,088,984	)	$	1,337,957

Actual collateral pledged may be more than reported in order to satisfy broker requirements.

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

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

(e) Federal Income Taxes The Fund intends to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

(f) Distributions to Shareholders The Fund intends to distribute to its shareholders any net investment income and any net realized long- or short-term capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. The Fund may periodically make reclassifications among certain of its capital accounts as a result of the characterization of certain income and realized gains determined annually in accordance with federal tax regulations that may differ from GAAP.

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Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

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

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

(i) Restricted Securities The Fund may invest in securities that are restricted, but eligible for purchase and sale by certain qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933, as amended, as well as other restricted securities. Restricted securities may be resold in transactions that are exempt from registration under Federal securities laws or if the securities are publicly registered. Restricted securities may be deemed illiquid.

(j) Counterparties The counterparties presented in the Consolidated Schedule of Investments are as follows: A: Morgan Stanley Capital Services LLC, B: BNP Paribas Corporate & Institutional Banking, C: Barclays Bank PLC, D: Goldman Sachs International, E: Credit Suisse International, F: Credit Suisse Securities (USA) LLC, G: Societe Generale Corporate & Investment Banking, H: Bank of America Merrill Lynch.

3. Federal Tax Matters

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

For the year ended October 31, 2017, the effect of permanent “book/tax” reclassifications resulted in increases and decreases to components of the Fund’s net assets as follows:

	UNDISTRIBUTED NET INVESTMENT INCOME		ACCUMULATED NET REALIZED LOSS			PAID IN CAPITAL
All Asset Variance Risk Premium Fund	$	81,577,609	$	(70,114,714	)	$	(11,462,895	)

These differences primarily relate to foreign currency gain/(loss), treatment of swap contracts, and income from Subsidiary.

As of October 31, 2017, the components of accumulated earnings (losses) for income tax purposes were as follows:

Tax cost of investments	$	1,616,490,224
Unrealized appreciation		131,490,194
Unrealized depreciation		(150,148,477	)
Net unrealized depreciation		(18,658,283	)
Undistributed ordinary income		149,111,323
Undistributed long-term gains/(capital loss carryover)		49,404,610
Total distributable earnings		198,515,933
Other temporary differences		(130,651	)
Total accumulated earnings	$	179,726,999

Stone Ridge Funds Semi-Annual Report April 30, 2018

36

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to adjustments involving Subsidiary and investments in derivatives.

The tax character of distributions paid during the year ended October 31, 2017 was as follows:

	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		TOTAL
All Asset Variance Risk Premium Fund	$	6,987,555	$	44,588,215	$	—	$	51,575,770

The tax character of distributions paid during the year ended October 31, 2016 was as follows:

	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		TOTAL
All Asset Variance Risk Premium Fund	$	10,597,978	$	5,517,517	$	—	$	16,115,495

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2017, or for any other tax years which are open for exam. As of October 31, 2017 open tax years include the periods ended October 31, 2015, 2016 and 2017. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year, the Fund did not incur any interest or penalties.

4. Agreements

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

As compensation for its services, the Adviser is paid by the Fund a fee, computed daily and paid monthly in arrears, at an annual rate of 2.00% of the Fund’s average daily net assets.

Under an investment management agreement with a Subsidiary, the Adviser provides the Subsidiary with the same type of management services as the Adviser provides to the Fund in respect of the Fund’s exposure to commodity interests. To the extent the Adviser receives compensation for providing such services to the Subsidiary, the Adviser will not receive compensation from the Fund in respect of the assets of the Fund that are invested in the Subsidiary.

Through February 28, 2019, the Adviser has agreed to pay or otherwise bear operating and other expenses of the Fund (including offering expenses, but excluding brokerage and transactional expenses, borrowing and other investment- related costs and fees including interest and commitment fees, short dividend expense, acquired fund fees and expenses, taxes, litigation and indemnification expenses; judgments and extraordinary expenses not incurred in the ordinary course of the Fund’s business) solely to the extent necessary to limit the total annual fund operating expenses to 2.60% of the average daily net assets of the Fund. The Adviser shall be permitted to recoup in later periods Fund expenses that the Adviser has paid or otherwise borne (whether through reduction of its management fee or otherwise) to the extent that the expenses for the Fund fall below the annual limitation rate in effect at the time of the actual waiver/ reimbursement and to the extent that they do not cause the Fund to exceed the annual rate in effect at the time of the recoupment; provided, however, that the Adviser shall not be permitted to recoup any such fees or expenses beyond three years from the month end in which the Adviser reduced a fee or reimbursed an expense. During the period ended April 30, 2018, the Adviser has recouped an amount disclosed in the Consolidated Statement of Operations. The Adviser has recovered all previously waived or reimbursed fees or expenses as of April 30, 2018.

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

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

Stone Ridge Funds Semi-Annual Report April 30, 2018

37

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

5. Services Agreement

Servicing fees and distribution fees may be paid pursuant to a Distribution and Servicing Plan dated as of March 1, 2018 at the maximum annual rate of 0.05% and servicing fees may be paid pursuant to an amended and restated Services Agreement between the Fund and the Adviser dated as of March 1, 2018, under which the Fund has appointed the Adviser as “servicing agent” to compensate financial intermediaries, at an annual rate of 0.05%, in each case, calculated as a percentage of the Fund’s average daily net assets. (Under the prior Services Agreement, the servicing fees were paid at an annual rate of 0.10% of the Fund’s average daily net assets.) These fees are paid out of the Fund’s assets on an ongoing basis and may be administered or facilitated by the Distributor. Some intermediaries may receive payments pursuant to both the Distribution and Servicing Plan and the Services Agreement. The Adviser performs certain services and incurs certain expenses through its employees who are registered representatives of a broker-dealer with respect to the promotion of the Fund’s Shares and the Adviser also performs certain services in connection with the servicing of shareholders. If amounts remain from the servicing fees and/or any distribution fees after the intermediaries have been paid, such amounts may be used to compensate the Adviser for the services it provides and for the expenses it bears. The Distributor does not retain any portion of any servicing fees or distribution fees. To the extent that there are expenses associated with shareholder services that exceed the amounts payable pursuant to the Services Agreement or the Distribution and Servicing Plan, the Fund will bear such expenses.

6. Related Parties

Certain officers of the Trust are also employees of the Adviser. The Officers, with the exception of a portion of the Chief Compliance Officer’s salary, are not compensated by the Trust.

7. Investment Transactions

For the period ended April 30, 2018, aggregate purchases and sales of securities, excluding short-term securities and including equity security transactions related to options exercises, were $94,156,620 and $94,132,365, respectively. The Fund did not have any purchases or sales of long-term U.S. government securities during the period ended April 30, 2018.

8. Capital Share Transactions

	PERIOD ENDED APRIL 30, 2018			YEAR ENDED OCTOBER 31, 2017
Shares sold		24,792,317			49,114,809
Shares issued to holders in reinvestment of dividends		16,155,399			4,254,499
Shares redeemed		(13,154,306	)		(12,001,951	)
Net increase in shares		27,793,410			41,367,357
Shares outstanding:
Beginning of period		132,076,535			90,709,178
End of period		159,869,945			132,076,535

The shares repurchased were done so in accordance with Section 23(c) of the 1940 Act as follows:

REPURCHASE REQUEST DEADLINE	REPURCHASE OFFER AMOUNT (SHARES)		SHARES TENDERED
January 5, 2018		15,595,895		5,616,115
April 6, 2018		16,394,986		4,734,086

9. Line of Credit

As of April 30, 2018, the Fund together with the Stone Ridge Reinsurance Risk Premium Interval Fund, had an uncommitted line of credit (the “Line”) with U.S. Bank N.A. The Line is for temporary emergency or extraordinary purposes, including the meeting of redemption requests that might otherwise require the untimely disposition of securities. Borrowings under the Line must be secured by Fund assets and the Line has a maximum withdrawal capacity of the lesser of 5% of the net market value of the Fund or $50,000,000 less any loans outstanding with the Stone Ridge

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38

Notes to Consolidated Financial Statements April 30, 2018 (Unaudited)

Reinsurance Risk Premium Interval Fund in excess of $300,000,000. The Line has a one-year term which runs through October 31, 2018 and is reviewed annually by the Board of Trustees. During the period ended April 30, 2018, the Fund’s maximum borrowing was $6,000,000 and average borrowing was $33,149. This borrowing resulted in interest expense of $583 at a weighted average interest rate of 3.50%. This amount is included in Interest Expense on the Fund’s Consolidated Statement of Operations. As of April 30, 2018, the Fund did not have an outstanding loan balance.

10. Subsequent Events Evaluation

In preparing these consolidated financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through the date the consolidated financial statements were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

Stone Ridge Funds Semi-Annual Report April 30, 2018

39

Expense Example (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, distribution and/or shareholder servicing fees and other Fund expenses, which are indirectly paid by shareholders. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2017 through April 30, 2018.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. However, the table does not include shareholder specific fees, such as the $15.00 fee charged for wire redemptions by the Fund’s transfer agent. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example For Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios of the Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relevant total cost of owning different funds.

	BEGINNING ACCOUNT VALUE NOVEMBER 1, 2017		ENDING ACCOUNT VALUE APRIL 30, 2018		EXPENSES PAID DURING PERIOD* NOVEMBER 1, 2017 – APRIL 30, 2018
Actual	$	1,000.00	$	966.70	$	12.68
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,011.90	$	12.97

* Expenses are equal to the Fund’s annualized six-month expense ratio of 2.60%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the partial year period.

Stone Ridge Funds Semi-Annual Report April 30, 2018

40

Additional Information (Unaudited)

1. Shareholder Notification of Federal Tax Status

For the fiscal year ended October 31, 2017, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

	PERCENTAGES
All Asset Variance Risk Premium Fund		0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2017 was as follows:

	PERCENTAGES
All Asset Variance Risk Premium Fund		0.00%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) was as follows:

	PERCENTAGES
All Asset Variance Risk Premium Fund		100.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Code Section 871(k)(1)(c) was as follows:

	PERCENTAGES
All Asset Variance Risk Premium Fund		0.00%

Shareholders should not use the above information to prepare their tax returns. Since the Fund’s fiscal year is not the calendar year, another notification is available with respect to calendar year 2017. Such notification, which reflects the amount to be used by calendar year taxpayers on their Federal income tax returns, was made in conjunction with Form 1099-DIV and is available on the Fund’s website, www.stoneridgefunds.com. Shareholders are advised to consult their own tax advisors with respect to the tax consequences of their investment in the Fund.

2. Availability of Quarterly Portfolio Holdings Schedules

The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available without charge, upon request on the SEC’s website, www.sec.gov or by calling 1.855.609.3680. You may also obtain copies at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1.800.SEC.0330.

3. Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge by calling 1.855.609.3680 and on the SEC’s website, www.sec.gov. The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request by calling 1.855.609.3680 and on the SEC’s website, www.sec.gov.

Stone Ridge Funds Semi-Annual Report April 30, 2018

41

Investment Adviser

Stone Ridge Asset Management LLC

510 Madison Avenue, 21st Floor

New York, NY 10022

Independent Registered Public Accounting Firm

Ernst & Young LLP

220 South 6th Street

Minneapolis, MN 55402

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Custodian

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Distributor

ALPS Distributors, Inc.

1290 Broadway, #1100

Denver, CO 80203

Administrator, Transfer Agent and Dividend Disbursing Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Stone Ridge Funds P.O. Box 701 Milwaukee, WI 53201-0701   855-609-3680 www.stoneridgefunds.com   XQSEMI

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

(b) Not Applicable.

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

Not applicable for semi-annual reports.

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

(a) Not applicable.

(b) Information is provided as of July 6, 2018.

Erik Buischi is a Portfolio Manager of the Fund. Mr. Buischi has been a member of the Fund’s investment team since June 2015 and has been a Portfolio Manager since January 2018. Mr. Buischi also is a Portfolio Manager of other registered investment companies, including mutual funds.

Erik Buischi.

Erik Buischi, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Fleder and Mr. Stevens. Prior to joining Stone Ridge in 2015, Mr. Buischi was a trader at Goldman Sachs from 2012 to 2015. Mr. Buischi received his BS in Economics from the University of Pennsylvania (Wharton).

Information is provided as of May 31, 2018.

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

	Registered Investment Companies				Other Pooled Investment Vehicles				Other Accounts
Portfolio Manager	Number of Accounts(1)		Total Assets (in millions)		Number of Accounts		Total Assets		Number of Accounts		Total Assets
Erik Buischi		6	$	2,313		0	$	0		0	$	0

⁽¹⁾  Includes the Fund.

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

	Registered Investment Companies for which the Adviser receives a performance-based fee				Other Pooled Investment Vehicles managed for which the Adviser receives a performance-based fee				Other Accounts managed for which the Adviser receives a performance-based fee
Portfolio Manager	Number of Accounts		Total Assets		Number of Accounts		Total Assets		Number of Accounts		Total Assets
Erik Buischi		0	$	0		0	$	0		0	$	0

Potential Conflicts of Interest

Each of the Portfolio Managers may also be responsible for managing other accounts in addition to the Fund, including other accounts of the Adviser or its affiliates. Other accounts may include, without limitation, other investment companies registered under the 1940 Act, unregistered investment companies that rely on Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, separately managed accounts, foreign investment companies and accounts or investments owned by the Adviser or its affiliates or the Portfolio Managers. Management of other accounts in addition to the Fund can present certain conflicts of interest, as described below.

From time to time, potential conflicts of interest may arise between a Portfolio Manager’s management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. The other accounts might have similar or different investment objectives or strategies as the Fund, or otherwise hold, purchase or sell securities that are eligible to be held, purchased or sold by the Fund or may take positions that are opposite in direction from those taken by the Fund.

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

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

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

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

As a result of regulations governing the ability of certain clients of the Adviser to invest side-by-side, it is possible that the Fund may not be permitted to participate in an investment opportunity at the same time as another fund or another account managed by the Adviser. These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. The decision as to which accounts may participate in any particular investment opportunity will

take into account applicable law and the suitability of the investment opportunity for, and the strategy of, the applicable accounts. It is possible that the Fund may be prevented from participating due to such investment opportunity being more appropriate, in the discretion of the Adviser, for another account.

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

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

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

Related Business Opportunities. The Adviser or its affiliates may provide more services (such as distribution or recordkeeping) for some types of accounts than for others. In such cases, a Portfolio Manager may benefit, either directly or indirectly, by devoting disproportionate attention to the management of accounts that provide greater overall returns to the Adviser and its affiliates.

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

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

Investments in the Fund by the Adviser. The Adviser or its affiliates may purchase shares from time to time, and may hold a material position in the Fund. The Adviser or its affiliates may face conflicting interests in determining whether, when and in what amount to tender shares for repurchase in connection with periodic repurchase offers by the Fund. If the Adviser or its affiliate tenders a significant amount of shares in connection with a periodic repurchase offer, this could cause the repurchase offer to be oversubscribed and shareholders participating in the repurchase offer (including the Adviser or its affiliate) would only be able to have a portion of their shares repurchased. In such a case, the Adviser or its affiliate would be subject to the resulting proration of tendered amounts on a pari passu basis with all other tendering investors. Other possible risks associated with the Fund’s repurchase offers are described under “Principal Risks of Investment in the Fund—Repurchase Offers Risk” in the Prospectus.

Investments by Adviser or Related Entities. The Adviser or a related entity may invest in entities that may provide financial or other services for the Fund.

Portfolio Manager Compensation

As of May 31, 2018, Portfolio Managers receive a base salary and may also receive a bonus. Compensation of a Portfolio Manager is determined at the discretion of the Adviser and may be deferred. It may be based on a number of factors including the Portfolio Manager’s experience, responsibilities, the perception of the quality of his or her work efforts and the consistency with which he or she demonstrates kindness to other employees, trading counterparties, vendors and clients. As a firm focused on beta, the compensation of Portfolio Managers is not based upon the performance of client accounts that the Portfolio Managers manage. The Adviser reviews the compensation of each Portfolio Manager at least annually.

Portfolio Manager Securities Ownership

As of May 31, 2018 Mr. Buischi beneficially owned the following shares of the Fund:

	Dollar Range of Shares Beneficially Owned
Portfolio Manager
Erik Buischi	$10,001 - $50,000

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

Not applicable.

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

Not Applicable.

Item 11. Controls and Procedures.

(a) The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service providers.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing.

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

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

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

SIGNATURES

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

(Registrant)  Stone Ridge Trust III                                    

By (Signature and Title)*   /s/ Ross Stevens                                                              

Ross Stevens, President, Chief Executive Officer and

Principal Executive Officer

Date 7/3/18                                                                         

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*   /s/ Ross Stevens                                                              

Ross Stevens, President, Chief Executive Officer and

Principal Executive Officer

Date 7/3/18                                                                                                      

By (Signature and Title)*   /s/ Anthony Zuco                                                                        

Anthony Zuco, Treasurer, Principal Financial Officer, Chief

Financial Officer and Chief Accounting Officer

Date 7/3/18                                                                                                      

* Print the name and title of each signing officer under his or her signature.