| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) |
| As of June 30, 2026 |
| Shares or Principal Amount |
Description | Value | ||||||
| BANK LOANS – 31.1% | ||||||||
| FRANCE – 0.2% | ||||||||
| Atos S.E.: | ||||||||
| 1,128,424 | 1.000%, (3-Month Euribor + 100 basis points), 12/17/2032(1),(2),(6) | $ | 915,992 | |||||
| 915,992 | ||||||||
| GERMANY – 3.8% | ||||||||
| Varta AG: | ||||||||
| 5,058,300 | 5.635%, 12/31/2027(2),(3),(4),(5),(6) | 4,539,203 | ||||||
| 401,849 | 5.635%, 12/31/2027(2),(3),(4),(5),(6) | 360,610 | ||||||
| 431,808 | 5.635%, 12/31/2027(2),(3),(4),(5),(6) | — | ||||||
| 4,176,333 | 9.885%, 12/31/2027(2),(3),(4),(5),(6) | 2,864,884 | ||||||
| 1,452,173 | 11.885%, 12/31/2027(2),(3),(4),(5),(6) | 1,660,272 | ||||||
| 4,356,519 | Varta Consumer Batteries GmbH, 11.885%, 12/31/2027(2),(3),(4),(5),(6) | 4,980,815 | ||||||
| 14,405,784 | ||||||||
| LUXEMBOURG – 11.2% | ||||||||
| Arvos BidCo Sarl, | ||||||||
| $ | 3,671,895 | 9.428%, 08/30/2027(1),(6) | 2,827,359 | |||||
| 10,353,227 | 7.511%, (3-Month Euribor + 550 basis points), 08/30/2027(1),(2),(6) | 9,114,381 | ||||||
| Arvos Holdco SARL: | ||||||||
| 790,298 | 0.500%, 11/29/2027(1),(2) | 182,969 | ||||||
| $ | 650,621 | 0.500%, 11/29/2027(1) | 133,377 | |||||
| 15,625,155 | Foundever Group SA, 5.880%, (1-Month Euribor + 375 basis points), 08/28/2028(1),(2),(4),(5) | 9,535,050 | ||||||
| 3,621,964 | Takko Luxembourg TL, 15.000%, 10/15/2030(2),(4),(5),(6) | 21,035,434 | ||||||
| 42,828,570 | ||||||||
| NETHERLANDS – 7.4% | ||||||||
| Accell Group Holding B.V. | ||||||||
| 5,126,938 | 0.000%, 06/30/2031(1),(2),(4),(5),(6) | 1,230,943 | ||||||
| 8,119,013 | 0.000%, 05/31/2030(1),(2),(4),(5),(6) | 1,949,321 | ||||||
| Compact Bidco BV: | ||||||||
| 4,427,163 | 12.000%, 06/30/2029(2),(4),(5),(6) | 5,061,581 | ||||||
| 17,929,146 | 12.000%, 11/25/2029(2),(4),(5),(6) | 20,088,450 | ||||||
| 28,330,295 | ||||||||
| NORWAY – 4.5% | ||||||||
| $ | 5,619,690 | Prosafe SE, 11.000%, 12/31/2029(1),(4),(5),(6) | 5,296,558 | |||||
| $ | 11,503,990 | Prosafe SE, 11.000%, 12/31/2029(1),(4),(5),(6) | 11,820,349 | |||||
| 17,116,907 | ||||||||
| Shares or Principal Amount |
Description | Value | ||||||
| BANK LOANS (continued) | ||||||||
| UNITED KINGDOM – 3.0% | ||||||||
| 2,236,907 | Impala Bidco 0 Ltd. Floating Rate, 8.479%, (Sterling Overnight Index Average + 475 basis points), 06/09/2028(1) | $ | 601,207 | |||||
| 9,670,000 | Mobico Group PLC, 0.000%, 07/11/2029(1),(3),(4),(5),(12) | 9,946,711 | ||||||
| Praesidiad, Ltd.: | ||||||||
| 318,501 | 10.149%, 06/30/2026(2),(4),(5),(6) | 200,279 | ||||||
| 318,501 | 10.149%, 06/30/2026(2),(4),(5),(6) | 200,279 | ||||||
| 639,133 | 10.149%, 06/30/2026(2),(4),(5),(6) | 401,897 | ||||||
| 102,070 | 10.149%, 09/30/2027(1),(2),(4),(5),(6) | 64,183 | ||||||
| 401,279 | 10.149%, 09/30/2027(1),(2),(4),(5),(6) | 252,330 | ||||||
| 11,666,886 | ||||||||
| UNITED STATES – 1.0% | ||||||||
| $ | 7,292,738 | Foundever Worldwide Corp., 7.711%, (1-Month Term SOFR + 386 basis points), 08/28/2028(1),(4),(5) | 3,650,927 | |||||
| TOTAL BANK LOANS (Cost $118,555,639) |
118,915,361 | |||||||
| CORPORATE DEBT SECURITIES – 0.0% | ||||||||
| UNITED STATES – 0.0% | ||||||||
| $ | 98,705 | Voyager Aviation Holdings, LLC, 8.500%, 05/09/2026(4),(7),(8) | — | |||||
| TOTAL CORPORATE DEBT SECURITIES (Cost $71,303) |
0 | |||||||
| INTERNATIONAL DEBT SECURITIES – 21.5% | ||||||||
| AUSTRALIA – 0.0% | ||||||||
| Quintis Australia Pty, Ltd., Corporate Debt: | ||||||||
| $ | 8,538 | 7.500%, 10/01/2026(4),(6),(7) | 674 | |||||
| $ | 117,000 | 12.000%, 10/01/2028(4),(6),(7) | — | |||||
| 674 | ||||||||
| BERMUDA – 4.0% | ||||||||
| $ | 15,125,000 | Floatel International, Ltd., 9.750%, 04/10/2029 | 15,216,993 | |||||
| CANADA – 3.0% | ||||||||
| $ | 11,440,000 | Acerta Energy, Ltd., 12.000%, 03/27/2031(7) | 11,497,829 | |||||
| FRANCE – 1.7% | ||||||||
| 8,088,000 | Atos Group, 1.040%, 12/18/2032(2) | 6,628,683 | ||||||
1
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of June 30, 2026 |
| Shares or Principal Amount |
Description | Value | ||||||
| INTERNATIONAL DEBT SECURITIES (continued) | ||||||||
| GERMANY – 4.2% | ||||||||
| 500,000 | BRANICKS Group A.G., 2.250%, 09/22/2026(2),(7) | $ | 329,088 | |||||
| 15,492,441 | Standard Profil Automotive GmbH, 8.500%, 01/01/2030(2),(4),(5) | 15,675,589 | ||||||
| 16,004,677 | ||||||||
| LUXEMBOURG – 0.5% | ||||||||
| 3,749,462 | Ferralum Metals Group SA, 10.000%, 12/30/2026(2),(4),(5) | — | ||||||
| 8,251,879 | HAWK MIDCO SARL, 7.000%, 01/06/2030 (2),(4),(5),(6) | 1,918,325 | ||||||
| NCO Invest SA: | ||||||||
| 10,536,245 | 10.000%, 12/30/2026(2),(4),(5),(9) | — | ||||||
| 3,890,045 | 10.000%, 12/30/2026(2),(4),(5),(9) | — | ||||||
| 1,918,325 | ||||||||
| NORWAY – 2.6% | ||||||||
| $ | 6,499,999 | Jacktel A/S, 10.000%, 10/10/2029 | 6,625,345 | |||||
| $ | 3,000,000 | Moreld AS, 9.875%, 02/11/2030 | 3,094,599 | |||||
| 355,745 | OCV Recovery AS, 2.000%, 12/31/2026(6),(7),(10) | 251,651 | ||||||
| 9,971,595 | ||||||||
| UNITED KINGDOM – 5.5% | ||||||||
| $ | 5,100,000 | Cornish Metals plc, 13.500%. 05/21/2032(7) | 5,291,264 | |||||
| Frigo Debtco PLC: | ||||||||
| 12,171,783 | 10.000%, 04/27/2028(6) | 4,383,527 | ||||||
| 2,800,882 | 12.000%, 04/27/2028(6) | 2,625,829 | ||||||
| Galileo Global Technologies Ltd | ||||||||
| $ | 668,402 | 0.000%, 03/04/2028 (4),(5) | — | |||||
| $ | 3,682,246 | 13.750%, 03/04/2028(4),(5),(6) | 3,682,246 | |||||
| $ | 3,340,351 | 13.750%, 03/04/2028(4),(5) | 3,340,351 | |||||
| $ | 3,317,754 | 13.750%, 03/04/2028(4),(5),(8) | 1,924,297 | |||||
| 1,153,513 | Mcom Investments, Ltd., 0.000%, 09/30/2026(2),(4),(5),(6) | — | ||||||
| 21,247,514 | ||||||||
| TOTAL INTERNATIONAL DEBT SECURITIES (Cost $100,053,285) |
82,486,290 | |||||||
| INTERNATIONAL EQUITIES – 19.8% | ||||||||
| BERMUDA – 1.9% | ||||||||
| 862,247 | Odfjell Drilling, Ltd. | 7,301,935 | ||||||
| CYPRUS – 2.9% | ||||||||
| 14,509,114 | SED Energy Holdings PLC | 11,304,661 | ||||||
| Shares or Principal Amount |
Description | Value | ||||||
| INTERNATIONAL DEBT SECURITIES (continued) | ||||||||
| LUXEMBOURG – 5.4% | ||||||||
| 1,549,246 | Constellation Oil Services Holding SA(9) | $ | 20,509,446 | |||||
| NORWAY – 4.6% | ||||||||
| 14,698,368 | Dolphin Drilling A/S(9) | 3,609,421 | ||||||
| 9,760,901 | Jacktel AS | 5,326,548 | ||||||
| 2,147,388 | Moreld AS | 4,101,423 | ||||||
| 10,775,841 | Prosafe SE(9) | 4,453,862 | ||||||
| 17,491,254 | ||||||||
| UNITED KINGDOM – 5.0% | ||||||||
| 6,810,379 | Gym Group PLC(9) | 19,072,388 | ||||||
| TOTAL INTERNATIONAL EQUITIES (Cost $48,847,106) |
75,679,684 | |||||||
| PRIVATE COMPANIES – 4.6% | ||||||||
| AUSTRALIA – 0.0% | ||||||||
| $ | 65,000 | Quintis Australia Pty, Ltd., Common Shares(4),(5) | — | |||||
| BERMUDA – 0.1% | ||||||||
| 439,483 | FLOATEL INT LTD(4),(5),(9) | 350,255 | ||||||
| $ | 436,438 | FLOATEL INT LTD, Warrants, 03/17/2025(4),(5),(9) | — | |||||
| 350,255 | ||||||||
| CANADA – 0.2% | ||||||||
| 58,576 | Acerta Energy, Ltd., Warrants, 3/28/2031(4),(5) | 703,509 | ||||||
| FRANCE – 1.0% | ||||||||
| 1,179,113 | Colisee Group SAS(4),(5) | 3,752,156 | ||||||
| 38,738 | Colisee Group SAS, Warrants, 12/31/2049(4),(5) | 123,271 | ||||||
| 3,875,427 | ||||||||
| GERMANY – 0.2% | ||||||||
| 3,479,875 | VARTA AKTIENGESELLSCHAFT(4),(5),(9) | 517,211 | ||||||
| 2,864,834 | Johanna 410 Vermögensverwaltungs GmbH(4),(5),(9) | 33 | ||||||
| 517,244 | ||||||||
| LUXEMBOURG – 2.8% | ||||||||
| 355,252 | Altice France Lux 3 / Altice Holdings 1(4),(5) | 7,107,802 | ||||||
| 3,500 | Avation PLC, Warrants, 11/01/2026(9) | 1,161 | ||||||
| 331,734 | Bond HoldCo SA, Class A Shares(4),(5) | — | ||||||
| 328,661 | Hawk TopCo SA I A(4),(5),(9) | 169,091 | ||||||
2
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of June 30, 2026 |
| Shares or Principal Amount |
Description | Value | ||||||
| PRIVATE COMPANIES (continued) | ||||||||
| LUXEMBOURG (continued) | ||||||||
| 328,656 | Hawk TopCo SA II A(4),(5),(9) | $ | 169,089 | |||||
| 328,656 | Hawk TopCo SA III A(4),(5),(9) | 169,089 | ||||||
| 328,656 | Hawk TopCo SA IV A(4),(5),(9) | 169,089 | ||||||
| 328,656 | Hawk TopCo SA IX A(4),(5),(9) | 169,089 | ||||||
| 328,656 | Hawk TopCo SA V A(4),(5),(9) | 169,089 | ||||||
| 328,656 | Hawk TopCo SA VI A(4),(5),(9) | 169,089 | ||||||
| 328,656 | Hawk TopCo SA VII A(4),(5),(9) | 169,089 | ||||||
| 328,656 | Hawk TopCo SA VIII A(4),(5),(9) | 169,089 | ||||||
| 328,656 | Hawk TopCo SA X A(4),(5),(9) | 169,089 | ||||||
| 1,269,003 | Kleopatra Topco S.A.(4),(5) | 2,031,194 | ||||||
| 29,130,535 | Paper Industries TopCo, Ltd., Common Shares(4),(5) | 6,828 | ||||||
| 2,001 | REED BIDCO LIMITED(4),(5) | 14,870 | ||||||
| 1,642,591 | Takko, A Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, B Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, C Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, D Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, E Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, F Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, G Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, H Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, I Shares(4),(5),(9) | — | ||||||
| 1,642,591 | Takko, J Shares(4),(5),(9) | — | ||||||
| 10,852,747 | ||||||||
| NETHERLANDS – 0.2% | ||||||||
| 650,714 | Compact Bidco BV, Common Shares(4),(5) | 743,962 | ||||||
| UNITED KINGDOM – 0.1% | ||||||||
| 5,956 | Frigo Debtco PLC, Common Shares(4),(5) | 13,619 | ||||||
| 9,570 | Frigo Newco 1 Ltd., Common Shares(4),(5) | 21,883 | ||||||
| 234 | PALOMINO TOPCO LIMITED(4),(5) | 13,109 | ||||||
| 235 | PALOMINO TOPCO LIMITED(4),(5) | 444,659 | ||||||
| 493,270 | ||||||||
| TOTAL PRIVATE COMPANIES (Cost $11,484,353) |
17,536,414 | |||||||
| U.S. GOVERNMENT & AGENCIES – 8.1% | ||||||||
| UNITED STATES – 8.1% | ||||||||
| $ | 31,000,000 | United States Treasury Note, 1.500%, 08/15/2026 | 30,908,890 | |||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $30,914,447) |
30,908,890 | |||||||
| Shares
or Principal Amount or Contracts |
Description | Value | ||||||
| PURCHASED OPTIONS CONTRACTS – 0.8% | ||||||||
| PUT OPTIONS – 0.8% | ||||||||
| $ | 2,520 | EURO STOXX 600 Index(9) | ||||||
| Broker: Citigroup | ||||||||
| Expiration Date: 12/20/2027 | ||||||||
| Exercise Price: $570 | ||||||||
| Notional Value: $14,364,000 | $ | 3,169,231 | ||||||
| TOTAL PURCHASED OPTIONS CONTRACTS (Cost $3,999,302) |
3,169,231 | |||||||
| SHORT-TERM INVESTMENTS – 9.0% | ||||||||
| UNITED STATES – 9.0% | ||||||||
| 34,327,388 | BlackRock Liquidity Funds FedFund Portfolio – Institutional Class, 3.535%(11) | 34,327,388 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $34,327,388) |
34,327,388 | |||||||
| TOTAL INVESTMENTS – 94.8% (Cost $348,252,823) |
363,023,258 | |||||||
| Other Assets in Excess of Liabilities – 5.2% | 20,042,963 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 383,066,221 | ||||||
| WRITTEN OPTIONS CONTRACT – (0.4)% | ||||||||
| PUT OPTIONS – (0.4)% | ||||||||
| (2,520 | ) | EURO STOXX 600 Index(9) | ||||||
| Broker: Citigroup | ||||||||
| Expiration Date: 12/20/2027 | ||||||||
| Exercise Price: $500 | ||||||||
| Notional Value: $12,600,000 | $ | (1,620,630 | ) | |||||
| TOTAL WRITTEN OPTIONS CONTRACT (Proceeds $2,099,268) |
$ | (1,620,630 | ) | |||||
| (1) | Floating rate security. Rate as of June 30, 2026 is disclosed. |
| (2) | Principal amount shown in Euro; value shown in U.S. Dollars. |
| (3) | Investment made through a participation in a settlement claim. |
| (4) | Fair valued using significant unobservable inputs. |
| (5) | Restricted investment as to resale. |
| (6) | Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash. |
| (7) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by management. At June 30, 2026, the total value of these securities is $17,370,506, representing 4.5% of net assets. |
| (8) | Security is in default. |
| (9) | Non-income producing security. |
| (10) | Principal amount shown in Norwegian Krone; value shown in U.S. Dollars. |
| (11) | The rate is the annualized seven-day yield as of June 30, 2026. |
| (12) | This Investment or portion thereof was not funded as of June 30, 2026. The Fund had $8,380,667 at par value in unfunded commitments as of June 30, 2026. |
3
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of June 30, 2026 |
At June 30, 2026, the BlueBay Destra International Event-Driven Credit Fund had outstanding forward foreign exchange contracts as set forth below:
| Currency Purchased | Currency Sold | Settlement Date | Counterparty | Local Currency |
U.S. Dollar Value |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||
| Euro | U.S. Dollar | 9/17/2026 | Citibank | 16,643,721 | $ | 19,091,295 | $ | (82,252 | ) | ||||||||||
| Japanese Yen | U.S. Dollar | 9/17/2026 | Citibank | 1,413,524,984 | 8,752,704 | (140,584 | ) | ||||||||||||
| Norwegian Krone | U.S. Dollar | 9/17/2026 | Citibank | 31,691,776 | 3,199,192 | (20,566 | ) | ||||||||||||
| U.S. Dollars | U.S. Dollar | 9/17/2026 | Citibank | 811,702 | 811,702 | (2,238 | ) | ||||||||||||
| $ | 31,854,893 | $ | (245,640 | ) | |||||||||||||||
| U.S. Dollar | British Pound | 9/17/2026 | Citibank | 14,382,547 | $ | 19,089,207 | $ | 199,995 | |||||||||||
| U.S. Dollar | Canadian Dollar | 9/17/2026 | Citibank | 957,261 | 677,091 | 10,182 | |||||||||||||
| U.S. Dollar | Euro | 9/17/2026 | Citibank | 133,195,224 | 152,782,501 | 2,015,842 | |||||||||||||
| U.S. Dollar | Norwegian Krone | 9/17/2026 | Citibank | 628,524,858 | 63,447,742 | 2,313,843 | |||||||||||||
| $ | 235,996,541 | $ | 4,539,862 | ||||||||||||||||
| Total | $ | 4,294,222 | |||||||||||||||||
At June 30, 2026, the BlueBay Destra International Event-Driven Credit Fund had open swap contracts as set forth below:
Centrally Cleared Credit Default Swap Contracts:
| Underlying Instrument | Counterparty | Pay Rate/ Frequency |
Maturity Date |
Notional Amount at Value(1) |
Premium (Paid) Received |
Value | Unrealized Appreciation/ (Depreciation) |
||||||||||||||
| Markit iTraxx Europe Crossover Index Swap(2) | Morgan Stanley | 5.000 %/Quarterly | 6/20/2031 | EUR | 47,000,000 | $ | 3,763,544 | $ | (5,958,214 | ) | $ | (2,194,670 | ) | ||||||||
| (1) | The maximum potential amount the Fund may pay or receive should a credit event take place as defined under the terms of the contract. | |
| (2) | The underlying issuer is iTraxx Europe Crossover Series 45 version 1. |
4
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of June 30, 2026 |
Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Board.
Additional information on each restricted investment held by the Fund at June 30, 2026 is as follows:
| Security Description | Acquisition Date |
Cost | Value | % of Net Assets |
|||||||||||
| Accell Group Holding B.V., 0.000% | 6/4/2025 | $ | 3,898,222 | $ | 1,230,943 | 0.3 | % | ||||||||
| Accell Group Holding B.V., 0.000% | 6/4/2025 | 6,587,864 | 1,949,321 | 0.5 | |||||||||||
| Acerta Energy Ltd., Warrants | 3/23/2026 | — | 703,509 | 0.2 | |||||||||||
| Altice France Lux 3 / Altice Holdings 1 | 11/24/2025 | 6,495,329 | 7,107,802 | 1.9 | |||||||||||
| Bond HoldCo SA, Class A Shares | 5/31/2024 | 3,601 | — | — | |||||||||||
| Colisee Group SAS | 4/24/2026 | 1,597,040 | 3,752,156 | 1.0 | |||||||||||
| Colisee Group SAS | 4/24/2026 | 51,217 | 123,271 | — | |||||||||||
| Compact Bidco BV, 12.000% | 11/25/2024 | 19,143,447 | 20,088,450 | 5.3 | |||||||||||
| Compact Bidco BV, 12.000% | 3/28/2025 | 4,841,074 | 5,061,581 | 1.3 | |||||||||||
| Compact Bidco BV, Common Shares | 11/28/2024 | — | 743,962 | 0.2 | |||||||||||
| Ferralum Metals Group SA, 10.000% | 05/31/2024 | — | — | — | |||||||||||
| FLOATEL INT LTD | 10/03/2024 | 422,667 | 350,255 | 0.1 | |||||||||||
| FLOATEL INT LTD, Warrants | 01/13/2021 | 27,075 | — | — | |||||||||||
| Foundever Group SA, 5.880% | 11/06/2024 | 11,624,357 | 9,535,050 | 2.5 | |||||||||||
| Foundever Worldwide Corp., 7.711% | 11/05/2024 | 5,492,958 | 3,650,927 | 1.0 | |||||||||||
| Frigo Debtco PLC, Common Shares | 2/21/2023 | — | 13,619 | — | |||||||||||
| Frigo Newco 1 Ltd., Common Shares | 10/30/2023 | 224,493 | 21,883 | — | |||||||||||
| Galileo Global Technologies Ltd, 0.000% | 11/17/2025 | — | — | — | |||||||||||
| Galileo Global Technologies Ltd, 13.750% | 12/10/2025 | 3,340,351 | 3,682,246 | 1.0 | |||||||||||
| Galileo Global Technologies Ltd, 13.750% | 12/10/2025 | — | 3,340,351 | 0.9 | |||||||||||
| Galileo Global Technologies Ltd, 13.750% | 02/14/2025 | 3,317,754 | 1,924,297 | 0.5 | |||||||||||
| HAWK MIDCO SARL, 7.000% | 11/10/2025 | 18,648,509 | 1,918,325 | 0.5 | |||||||||||
| Hawk TopCo SA I A | 11/10/2025 | — | 169,091 | — | |||||||||||
| Hawk TopCo SA II A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA III A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA IV A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA IX A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA V A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA VI A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA VII A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA VIII A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Hawk TopCo SA X A | 11/10/2025 | — | 169,089 | — | |||||||||||
| Johanna 410 Vermögensverwaltungs GmbH | 3/26/2025 | — | 33 | — | |||||||||||
| Kleopatra Topco S.A. | 3/12/2026 | 2,036,575 | 2,031,194 | 0.5 | |||||||||||
| Mcom Investments, Ltd., 0.000% | 05/31/2024 | 1,245,855 | — | — | |||||||||||
| Mobico Group PLC, 0.000% | 02/09/2026 | 10,890,626 | 9,946,711 | 2.6 | |||||||||||
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| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of June 30, 2026 |
| Security Description | Acquisition Date |
Cost | Value | % of Net Assets |
|||||||||||
| NCO Invest SA, 10.000% | 05/31/2024 | $ | — | $ | — | — | % | ||||||||
| NCO Invest SA, 10.000% | 05/31/2024 | — | — | — | |||||||||||
| PALOMINO TOPCO LIMITED | 3/13/2026 | — | 13,109 | — | |||||||||||
| PALOMINO TOPCO LIMITED | 3/13/2026 | — | 444,659 | 0.1 | |||||||||||
| Paper Industries TopCo, Ltd., Common Shares | 5/20/2019 | 626,356 | 6,828 | — | |||||||||||
| Praesidiad, Ltd., 10.149% | 2/21/2025 | 107,695 | 64,183 | — | |||||||||||
| Praesidiad, Ltd., 10.149% | 2/21/2025 | 425,308 | 252,330 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.149% | 11/8/2023 | 691,270 | 401,897 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.149% | 6/6/2024 | 347,928 | 200,279 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.149% | 6/11/2024 | 343,044 | 200,279 | 0.1 | |||||||||||
| Prosafe SE, 11.000% | 07/09/2025 | 11,503,990 | 11,820,349 | 3.1 | |||||||||||
| Prosafe SE, 11.000% | 07/21/2025 | 5,619,690 | 5,296,558 | 1.4 | |||||||||||
| Quintis Australia Pty, Ltd., Common Shares | 10/30/2019 | — | — | — | |||||||||||
| REED BIDCO LIMITED | 4/10/2026 | — | 14,870 | — | |||||||||||
| Standard Profil Automotive GmbH, 8.500% | 11/04/2025 | 17,416,219 | 15,675,589 | 4.1 | |||||||||||
| Takko Luxembourg TL, 15.000% | 2/23/2023 | 4,147,107 | 21,035,434 | 5.5 | |||||||||||
| Takko, A Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, B Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, C Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, D Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, E Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, F Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, G Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, H Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, I Shares | 2/23/2023 | — | — | — | |||||||||||
| Takko, J Shares | 2/23/2023 | — | — | — | |||||||||||
| Varta AG, 11.885% | 3/25/2025 | 1,652,296 | 1,660,272 | 0.5 | |||||||||||
| Varta AG, 5.635% | 3/26/2025 | 4,859,752 | 4,539,203 | 1.2 | |||||||||||
| Varta AG, 5.635% | 3/26/2025 | 384,797 | 360,610 | 0.1 | |||||||||||
| Varta AG, 5.635% | 3/26/2025 | 303,372 | — | — | |||||||||||
| Varta AG, 9.885% | 3/26/2025 | 3,944,098 | 2,864,884 | 0.8 | |||||||||||
| Varta Consumer Batteries GmbH, 11.885% | 3/25/2025 | 4,882,492 | 4,980,815 | 1.3 | |||||||||||
| VARTA AKTIENGESELLSCHAFT | 3/26/2025 | — | 517,211 | 0.2 | |||||||||||
| Total | $ | 157,144,428 | $ | 149,216,137 | 39.0 | % | |||||||||
6