Strategy. The Fund pursues its investment objective by investing in debt securities issued by the U.S. Treasury or other securities that are also backed by the full faith and credit of the U.S. government (which we refer to as U.S. Government Securities). Securities issued by the U.S. Treasury historically have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments) and therefore such securities are generally considered to be credit risk-free (i.e., free of the risk of non-payment). The Offering . The Fund will offer its shares continuously to the Investor Cohort until December of the year in which members of the Investor Cohort will turn 80, following which the Fund intends to reorganize with … Show more… The Fund pursues its investment objective by investing in debt securities issued by the U.S. Treasury or other securities that are also backed by the full faith and credit of the U.S. government (which we refer to as U.S. Government Securities). Securities issued by the U.S. Treasury historically have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments) and therefore such securities are generally considered to be credit risk-free (i.e., free of the risk of non-payment). The Offering . The Fund will offer its shares continuously to the Investor Cohort until December of the year in which members of the Investor Cohort will turn 80, following which the Fund intends to reorganize with and into a corresponding closed-end investment company (the Successor Fund, and the Reorganization), as described below. A purchase of the Funds shares will be made at the net asset value (NAV) per share to the Investor Cohort plus any applicable third party sales charges. The most recent NAV per share for each Open-End LifeX Income Fund may be found by using the corresponding ticker symbol provided in Appendix A. Distributions . Together with the Successor Fund, the Fund intends to make a distribution each month equal to $0.0833 per outstanding share of the Fund, for a total of $1.00 per share per year, through the end of the year in which members of the Investor Cohort will turn 100. The Fund intends to make these distributions on or about the third (3rd) business day of each calendar month through the date of the Reorganization, and the Successor Fund intends to make the same level of distributions to shareholders from then until the Successor Fund Liquidation Date (as defined below). Reorganization into the Successor Fund . Shares of the Successor Fund will not be offered other than to shareholders of the Fund in connection with the Reorganization. Shares of the Fund originally held by shareholders who have died prior to the Reorganization and that have not been otherwise redeemed prior to the Reorganization will be redeemed by the Fund at the NAV per share immediately prior to the Reorganization. Each quarter following the closing of the Reorganization, shares of the Successor Fund held by a Successor Fund shareholder who has died in the prior quarter will be cancelled for $0. Shareholders of the Fund will be notified in advance of the date of Reorganization and will have the ability to redeem their shares on any business day at the NAV per share in advance of the Reorganization. Following the Reorganization, Successor Fund shareholders will have no ability to redeem their Successor Fund shares; shares of the Successor Fund will have no liquidity other than monthly distributions prior to the date of the Successor Fund s liquidation in December of the year in which members of the Investor Cohort will turn 100 (the Successor Fund Liquidation Date ). Because the payment stream of the Successor Fund is tied to the life of the shareholder, people with serious or life-threatening health problems should not participate in the Reorganization. See Successor Fund Risks No Successor Fund Liquidity below. The combined purpose of the Fund and the Successor Fund is to provide a stream of distributions from their investments over the life of a shareholder: the Fund is intended to provide such distributions until the Reorganization in the year in which the members of the Investor Cohort turn 80, and the Successor Fund is intended to provide such distributions for the remainder of a shareholders life or until the Successor Fund liquidates, whichever is earlier. The Successor Fund is designed to have distributed substantially all of its assets by the Successor Fund Liquidation Date. If there are remaining assets on the Successor Fund Liquidation Date, the Successor Fund will liquidate and distribute all proceeds from the liquidation to surviving shareholders on such date. If the Successor Fund has insufficient assets to make its monthly distributions before the Successor Fund Liquidation Date, however, the Successor Fund will liquidate early. A form of the Successor Funds prospectus is included as Appendix B to the Funds prospectus. The Reorganization will be contingent on prior approval by a majority of the Funds outstanding voting securities and the Funds Board of Trustees (the Board) and a determination by the Board (including a majority of the Trustees who are not interested persons of the Fund, as defined in the Investment Company Act of 1940, as amended (the 1940 Act)) that (i) the Reorganization is in the best interests of the Funds shareholders and (ii) the Funds shareholders will not be diluted as a result of the Reorganization. The Fund is, and the Successor Fund will be, managed by Stone Ridge and will have substantively identical investment objectives and strategies, portfolio managers, and advisory fees. Prior to the Reorganization, shareholders will be notified of the Boards considerations relating to the Reorganization, the specific terms of the Reorganization, and the expected date of the closing of the Reorganization. Shareholders should expect to receive a new registration statement at the time of the Reorganization, and should evaluate whether investing in the Successor Fund is appropriate for them. Actuarial Estimates . The Fund is one of many series of Stone Ridge Trust (the Trust) with the same investment objective and strategies and which offers its shares to investors of a single gender who were born in a specific calendar year, with ages ranging from 60 to 75 at the commencement of investment operations of such series (such series the Open-End LifeX Income Funds and, together with their respective Successor Funds, the LifeX Income Funds). Each other LifeX Income Fund will invest its assets pursuant to an investment strategy substantially similar to the Funds investment strategy. As described in more detail below under How to Buy Shares, the Adviser will use actuarial estimates of mortality rates for each Open-End LifeX Income Funds investors provided by New York Life Insurance and Annuity Corporation to calculate the amount of assets such Open-End LifeX Income Fund and its corresponding Successor Fund would need in order to make their intended distributions with a high degree of likelihood. The initial offering price for each newly launched Open-End LifeX Income Fund will be determined using the same methodology described below under How to Buy Shares, such that any difference in initial offering price between Open-End LifeX Income Funds will be a result of differences in the number of years each LifeX Income Fund plans to operate and the actuarial estimates of mortality rates for the investor cohorts applicable to those Open-End LifeX Income Funds. The purpose of having different initial offering prices for newly launched Open-End LifeX Income Funds is to establish a fair purchase price for all investors younger investors are actuarially more likely to receive the distributions provided by the LifeX Income Funds for a longer period than older investors, and so the offering price for younger investors is higher than for older investors. Similarly, female investors are actuarially more likely to receive the distributions provided by the LifeX Income Funds for a longer period than male investors of the same age, and so the offering price for female investors is higher than for male investors of the same age. Other than these differences in investor eligibility and offering prices, each other Open-End LifeX Income Fund will be offered on substantially identical terms as the Fund. The LifeX Income Funds are not annuities or other types of insurance contracts and the distributions provided by the LifeX Income Funds are not guaranteed or otherwise backed by an insurance company or by any third party. Aspects of the Fund and the other LifeX Income Funds described below are covered by intellectual property rights, including but not limited to those described in a patent application. Show less