| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) |
| As of December 31, 2025 |
| Shares or Principal Amount |
Description | Value | ||||||
| BANK LOANS – 35.2% | ||||||||
| BAHAMAS – 0.9% | ||||||||
| 2,700,001 | Government of Bahamas, 8.239%, 09/08/2026(1),(2),(3) | $ | 3,390,976 | |||||
| FRANCE – 5.7% | ||||||||
| Atos S.E.: | ||||||||
| 8,000,000 | 0.000%, 12/18/2029(4),(5),(7) | 8,737,932 | ||||||
| 3,315,903 | 4.657%, (3-Month Euribor + 260 basis points), 12/17/2030(4),(5) | 3,541,932 | ||||||
| 1,128,424 | 1.000%, (3-Month Euribor + 100 basis points), 12/17/2032(4),(5) | 803,783 | ||||||
| 12,897,358 | Colisee Group S.A.S, 5.832%, (6-Month Euribor + 375 basis points), 11/30/2027(4),(5) | 8,425,710 | ||||||
| 21,509,357 | ||||||||
| GERMANY – 4.5% | ||||||||
| IFA Holding GmbH TL: | ||||||||
| 401,087 | 8.078%, 03/31/2026(1),(3),(5) | 329,741 | ||||||
| 1,368,010 | 8.000%, 03/31/2026(1),(3),(5) | 1,124,664 | ||||||
| 1,237,723 | 8.000%, 03/31/2026(1),(3),(5) | 1,017,554 | ||||||
| 387,717 | 0.000%, 03/31/2029(1),(3),(5) | — | ||||||
| Varta AG: | ||||||||
| 5,058,300 | 5.518%, 12/31/2027(1),(3),(5),(7),(8) | 4,039,701 | ||||||
| 401,849 | 5.518%, 12/31/2027(1),(3),(5),(7),(8) | 316,209 | ||||||
| 431,808 | 5.518%, 12/31/2027(1),(3),(5),(7),(8) | 88,749 | ||||||
| 4,101,173 | 9.768%, 12/31/2027(1),(3),(5),(7),(8) | 3,130,813 | ||||||
| 4,733,039 | 11.768%, 12/31/2027(1),(3),(5),(7),(8) | 5,503,146 | ||||||
| 942,938 | Varta Consumer Batteries GmbH, 11.768%, 12/31/2027(1),(3),(5),(7),(8) | 1,096,363 | ||||||
| 16,646,940 | ||||||||
| JERSEY – 0.4% | ||||||||
| $ | 490,000 | Alloy Finco Ltd., 0.500%, 03/06/2028 | 1,163,750 | |||||
| $ | 13,740,719 | Petrofac Ltd., 4.300%, 10/28/2026(1),(3),(4),(11),(13),(14) | 412,222 | |||||
| 1,575,972 | ||||||||
| LUXEMBOURG – 11.1% | ||||||||
| Arvos BidCo Sarl: | ||||||||
| 10,122,550 | 7.569%, 08/30/2027(5) | 9,798,054 | ||||||
| $ | 3,612,981 | 9.602%, 08/30/2027(4) | 3,031,887 | |||||
| Arvos Holdco SARL: | ||||||||
| 790,298 | 0.500%, 11/29/2027(4),(5) | 204,197 | ||||||
| $ | 650,621 | 0.500%, 11/29/2027(4) | 143,137 | |||||
| Shares or Principal Amount |
Description | Value | ||||||
| BANK LOANS (continued) | ||||||||
| LUXEMBOURG (continued) | ||||||||
| 15,625,155 | Foundever Group SA, 5.680%, (1-Month Euribor + 375 basis points), 08/28/2028(4),(5) | $ | 6,698,120 | |||||
| 3,366,659 | Takko Luxembourg TL, 15.000%, 10/15/2030(1),(3),(5),(8) | 21,608,521 | ||||||
| 41,483,916 | ||||||||
| NETHERLANDS – 6.9% | ||||||||
| Accell Group Holding B.V. | ||||||||
| 5,000,000 | 9.017%, 06/30/2031(1),(3),(4),(5),(7) | 264,252 | ||||||
| 8,047,619 | 9.083%, 05/31/2030(4),(5),(8) | 362,325 | ||||||
| 7,637,010 | 9.083%, 05/31/2030(4),(5),(8) | 403,619 | ||||||
| 4,589,663 | 9.083%, 06/30/2031(4),(5),(8) | 76,112 | ||||||
| Compact Bidco BV: | ||||||||
| 4,170,326 | 12.000%, 06/30/2029(1),(3),(5),(8) | 4,897,853 | ||||||
| 16,889,007 | 12.000%, 11/25/2029(1),(3),(5),(8) | 19,438,643 | ||||||
| Sprint Bidco BV: | ||||||||
| 7,359,703 | 0.020%, 06/30/2031(4),(5),(8) | 64,957 | ||||||
| 5,369,782 | 9.083%, 06/30/2031(4),(5),(8) | 77,255 | ||||||
| 25,585,016 | ||||||||
| NORWAY – 4.4% | ||||||||
| $ | 5,504,764 | Prosafe SE, 11.000%, 12/31/2029(1),(3),(4),(8) | 4,844,192 | |||||
| $ | 11,503,990 | Prosafe SE, 11.000%, 12/31/2029(1),(3),(4) | 11,662,170 | |||||
| 16,506,362 | ||||||||
| UNITED KINGDOM – 0.5% | ||||||||
| Praesidiad, Ltd.: | ||||||||
| 302,972 | 10.083%, 06/30/2026(1),(3),(5) | 266,870 | ||||||
| 302,972 | 10.083%, 06/30/2026(1),(3),(5) | 266,870 | ||||||
| 607,971 | 10.083%, 06/30/2026(1),(3),(5) | 535,525 | ||||||
| 94,250 | 0.000%, 09/30/2027(1),(3),(4),(5) | 83,019 | ||||||
| 6,998,095 | 0.250%, 09/30/2027(1),(3),(5) | 25,479 | ||||||
| 381,714 | 10.083%, 09/30/2027(1),(3),(4),(5) | 336,229 | ||||||
| 2,944,773 | 9.083%, 12/31/2027(1),(3),(5) | 487,303 | ||||||
| 2,001,295 | ||||||||
| UNITED STATES – 0.8% | ||||||||
| $ | 7,350,161 | Foundever Worldwide Corp., 7.780%, (3-Month Term SOFR + 401 basis points), 08/28/2028(4) | 3,050,317 | |||||
| TOTAL BANK LOANS (Cost $147,371,426) |
131,750,151 | |||||||
1
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of December 31, 2025 |
| Shares or Principal Amount |
Description | Value | ||||||
| CORPORATE DEBT SECURITIES – 0.0% | ||||||||
| UNITED STATES – 0.0% | ||||||||
| $ | 98,705 | Voyager Aviation Holdings, LLC, 8.500%, 05/09/2026(1),(9),(11) | $ | — | ||||
| TOTAL CORPORATE DEBT SECURITIES (Cost $71,303) |
0 | |||||||
| INTERNATIONAL DEBT SECURITIES – 27.6% | ||||||||
| AUSTRALIA – 0.0% | ||||||||
| Quintis Australia Pty, Ltd., Corporate Debt: | ||||||||
| $ | 8,538 | 7.500%, 10/01/2026(1),(8),(9) | 675 | |||||
| $ | 117,000 | 12.000%, 10/01/2028(1),(8),(9) | — | |||||
| 675 | ||||||||
| BERMUDA – 6.3% | ||||||||
| $ | 15,875,000 | Floatel International, Ltd., 9.750%, 04/10/2029 | 14,848,947 | |||||
| $ | 8,391,890 | Ventura Offshore Midco, Ltd., 10.000%, 04/19/2027(9) | 8,537,014 | |||||
| 23,385,961 | ||||||||
| FRANCE – 1.7% | ||||||||
| 8,088,000 | Atos S.E., 1.040%, 12/18/2032(5) | 6,293,419 | ||||||
| GERMANY – 5.5% | ||||||||
| 2,700,000 | BOS GmbH & Co. KG, 11.022%, (3-Month Euribor + 900 basis points), 06/25/2029(4),(5) | 3,117,915 | ||||||
| 15,492,441 | Standard Profil Automotive GmbH, 8.500%, 01/01/2030(1),(3),(5) | 17,737,722 | ||||||
| 20,855,637 | ||||||||
| JERSEY – 0.1% | ||||||||
| $ | 3,870,000 | Petrofac Ltd., 9.750%, 11/15/2026(11),(13),(14) | 198,338 | |||||
| LUXEMBOURG – 5.2% | ||||||||
| Cullinan Holdco: | ||||||||
| 3,096,000 | 6.776%, (3-Month Euribor + 620 basis points), 10/15/2029(4),(5),(9) | 3,170,669 | ||||||
| 8,277,069 | 8.500%, 10/15/2029(5),(9) | 8,539,409 | ||||||
| 3,749,462 | Ferralum Metals Group SA, 10.000%, 12/30/2026(5) | 242,196 | ||||||
| 8,251,879 | HAWK MIDCO SARL, 7.000%, 01/06/2030(1),(3),(5) | 6,905,156 | ||||||
| NCO Invest SA: | ||||||||
| 10,536,245 | 10.000%, 12/30/2026(5),(10) | 1,423 | ||||||
| 3,890,045 | 10.000%, 12/30/2026(5),(10) | 57,108 | ||||||
| Shares or Principal Amount |
Description | Value | ||||||
| INTERNATIONAL DEBT SECURITIES (continued) | ||||||||
| LUXEMBOURG (continued) | ||||||||
| Paper Industries Intermediate Financing Sarl: | ||||||||
| 252,568 | 10.061%, (3-Month Euribor + 800 basis points), 03/01/2028(1),(4),(5),(9) | $ | 215,056 | |||||
| 7,713,534 | 8.561%, (3-Month Euribor + 650 basis points), 09/01/2028(4),(5),(8) | 385,015 | ||||||
| 697,316 | 8.561%, (3-Month Euribor + 650 basis points), 09/01/2028(4),(5),(8),(9) | 34,806 | ||||||
| 19,550,838 | ||||||||
| NORWAY – 2.8% | ||||||||
| $ | 7,000,000 | Jacktel A/S, 10.000%. 10/10/2029 | 7,037,756 | |||||
| $ | 3,000,000 | Moreld AS, 9.875%, 02/11/2030 | 3,079,479 | |||||
| 352,214 | OCV Recovery AS, 2.000%, 12/31/2026(6),(8),(9) | 244,427 | ||||||
| 10,361,662 | ||||||||
| UNITED KINGDOM – 6.0% | ||||||||
| Frigo Debtco PLC: | ||||||||
| 11,703,638 | 10.000%, 04/27/2028(8) | 4,501,611 | ||||||
| 5,809,077 | 12.000%, 04/27/2028(8) | 5,567,152 | ||||||
| Galileo Global Technologies Ltd | ||||||||
| $ | 668,402 | 0.0000%, 03/04/2028 | — | |||||
| $ | 3,682,246 | 13.750%, 03/04/2028(1),(3) | 3,682,246 | |||||
| $ | 3,340,351 | 13.750%, 03/04/2028(1),(3) | 3,340,351 | |||||
| $ | 3,317,754 | 13.750%, 03/04/2028(1),(3),(11) | 1,924,297 | |||||
| 1,153,513 | Mcom Investments, Ltd., 0.000%, 09/30/2026(8) | 1,034,003 | ||||||
| Mobico Group PLC | ||||||||
| 1,904,000 | 4.250%, (UK 5-Year Gilt + 413.5 basis points), 02/26/2174(4) | 1,544,521 | ||||||
| 996,000 | 4.875%, 09/26/2031 | 930,327 | ||||||
| 22,524,508 | ||||||||
| TOTAL INTERNATIONAL DEBT SECURITIES (Cost $119,235,003) |
103,171,038 | |||||||
| INTERNATIONAL EQUITIES – 19.9% | ||||||||
| BERMUDA – 2.0% | ||||||||
| 869,788 | Odfjell Drilling, Ltd. | 7,545,116 | ||||||
| CYPRUS – 2.7% | ||||||||
| 12,518,714 | SED Energy Holdings PLC | 10,152,137 | ||||||
| FRANCE – 1.0% | ||||||||
| 65,590 | Atos S.E.(10) | 3,864,715 | ||||||
2
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of December 31, 2025 |
| Shares or Principal Amount |
Description | Value | ||||||
| INTERNATIONAL EQUITIES (continued) | ||||||||
| LUXEMBOURG – 4.9% | ||||||||
| 1,549,246 | Constellation Oil Services Holding SA(10) | $ | 18,277,289 | |||||
| NORWAY – 5.8% | ||||||||
| 9,760,901 | Jacktel AS | 4,209,432 | ||||||
| 5,589,340 | Moreld AS | 10,406,401 | ||||||
| 18,748,026 | Prosafe SE(10) | 6,969,976 | ||||||
| 21,585,809 | ||||||||
| UNITED KINGDOM – 3.5% | ||||||||
| 6,499,851 | Gym Group PLC(10) | 13,026,454 | ||||||
| TOTAL INTERNATIONAL EQUITIES (Cost $47,731,525) |
74,451,520 | |||||||
| PRIVATE COMPANIES – 3.3% | ||||||||
| AUSTRALIA – 0.0% | ||||||||
| 65,000 | Quintis Australia Pty, Ltd., Common Shares(1),(3) | — | ||||||
| BERMUDA – 0.1% | ||||||||
| 439,483 | FLOATEL INT LTD(1),(3),(10) | 479,270 | ||||||
| 436,438 | FLOATEL INT LTD, Warrants, 03/17/2025(1),(3),(10) | 4 | ||||||
| 479,274 | ||||||||
| GERMANY – 0.0% | ||||||||
| 2,864,834 | Johanna 410 Vermögensverwaltungs GmbH(1),(3),(10) | 34 | ||||||
| 3,479,875 | VARTA AKTIENGESELLSCHAFT(1),(3),(10) | 81,739 | ||||||
| 81,773 | ||||||||
| LUXEMBOURG – 2.7% | ||||||||
| 409,600 | Altice France Lux 3 / Altice Holdings 1(1),(3) | 6,975,313 | ||||||
| 3,500 | Avation PLC, Warrants, 11/01/2026(10) | 1,883 | ||||||
| 331,734 | Bond HoldCo SA, Class A Shares(1),(3) | — | ||||||
| 328,661 | Hawk TopCo SA I A(1),(3),(10) | 289,498 | ||||||
| 328,656 | Hawk TopCo SA II A(1),(3),(10) | 289,493 | ||||||
| 328,656 | Hawk TopCo SA III A(1),(3),(10) | 289,493 | ||||||
| 328,656 | Hawk TopCo SA IV A(1),(3),(10) | 289,493 | ||||||
| 328,656 | Hawk TopCo SA IX A(1),(3),(10) | 289,493 | ||||||
| 328,656 | Hawk TopCo SA V A(1),(3),(10) | 289,493 | ||||||
| Shares or Principal Amount |
Description | Value | ||||||
| PRIVATE COMPANIES (continued) | ||||||||
| LUXEMBOURG (continued) | ||||||||
| 328,656 | Hawk TopCo SA VI A(1),(3),(10) | $ | 289,493 | |||||
| 328,656 | Hawk TopCo SA VII A(1),(3),(10) | 289,493 | ||||||
| 328,656 | Hawk TopCo SA VIII A(1),(3),(10) | 289,493 | ||||||
| 328,656 | Hawk TopCo SA X A(1),(3),(10) | 289,493 | ||||||
| 1,423,492 | HSE Investment S.a.r.l CVR(1),(9) | 17 | ||||||
| 29,130,535 | Paper Industries TopCo, Ltd., Common Shares(1),(3) | 10,264 | ||||||
| 1,642,591 | Takko, A Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, B Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, C Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, D Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, E Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, F Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, G Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, H Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, I Shares(1),(3),(10) | — | ||||||
| 1,642,591 | Takko, J Shares(1),(3),(10) | — | ||||||
| 9,882,412 | ||||||||
| NETHERLANDS – 0.5% | ||||||||
| 650,714 | Compact Bidco BV, Common Shares(1),(3) | 1,910,583 | ||||||
| 1,540,083 | Sprint Intermediate Co B.V., Class B(1),(3) | 8,471 | ||||||
| 548,561 | Sprint Intermediate Co B.V., Class C(1),(3) | 3,017 | ||||||
| 1,922,071 | ||||||||
| UNITED KINGDOM – 0.0% | ||||||||
| 5,956 | Frigo Debtco PLC, Common Shares(1),(3) | 13,990 | ||||||
| 9,570 | Frigo Newco 1 Ltd., Common Shares(1),(3) | 22,479 | ||||||
| 234 | Praesidiad, Ltd., Common Shares(1),(3) | — | ||||||
| 36,469 | ||||||||
| TOTAL PRIVATE COMPANIES (Cost $8,770,760) |
12,401,999 | |||||||
3
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of December 31, 2025 |
| Shares or Principal Amount or Contracts |
Description | Value | ||||||
| PURCHASED OPTIONS CONTRACTS – 0.4% | ||||||||
| PUT OPTIONS – 0.4% | ||||||||
| 4,570 | EURO STOXX 50 Index(10) Broker: Citigroup Expiration Date: 6/19/2026 Exercise Price: $4,500 Notional Value: $205,650,000 |
$ | 1,524,299 | |||||
| TOTAL PURCHASED OPTIONS CONTRACTS (Cost $7,232,130) |
1,524,299 | |||||||
| SHORT-TERM INVESTMENTS – 12.4% | ||||||||
| UNITED STATES – 12.4% | ||||||||
| 46,140,390 | BlackRock Liquidity Funds FedFund Portfolio – Institutional Class, 3.652%(12) | 46,140,390 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $46,140,390) |
46,140,390 | |||||||
| TOTAL INVESTMENTS – 98.8% (Cost $376,552,537) |
369,439,397 | |||||||
| Other Assets in Excess of Liabilities – 1.2% | 4,306,588 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 373,745,985 | ||||||
| Shares or Principal Amount or Contracts |
Description | Value | ||||||
| WRITTEN OPTIONS CONTRACT – (0.2)% | ||||||||
| PUT OPTIONS – (0.2)% | ||||||||
| (4,570 | ) | EURO STOXX 50 Index(10) Broker: Citigroup Expiration Date: 6/19/2026 Exercise Price: $4,000 Notional Value: $182,800,000 |
$ | (821,189 | ) | |||
| TOTAL WRITTEN OPTIONS CONTRACT (Proceeds $3,970,319) |
$ | (821,189 | ) | |||||
| (1) | Fair valued using significant unobservable inputs. |
| (2) | Principal amount shown in Swiss Franc; value shown in U.S. Dollars. |
| (3) | Restricted investment as to resale. |
| (4) | Floating rate security. Rate as of December 31, 2025 is disclosed. |
| (5) | Principal amount shown in Euro; value shown in U.S. Dollars. |
| (6) | Principal amount shown in Norwegian Krone; value shown in U.S. Dollars. |
| (7) | Investment made through a participation in a settlement claim. |
| (8) | Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash. |
| (9) | 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 December 31, 2025, the total value of these securities is $20,472,073, representing 5.5% of net assets. |
| (10) | Non-income producing security. |
| (11) | Security is in default. |
| (12) | The rate is the annualized seven-day yield as of December 31, 2025. |
| (13) | No longer accruing interest. |
| (14) | The company continues to pursue options for alternative Restructuring and M&A solutions with key creditors. |
4
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of December 31, 2025 |
At December 31, 2025, 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 Currency | U.S. Dollar | 3/18/2026 | Citibank | 6,239,708 | $ | 7,353,103 | $ | (27,872 | ) | ||||||||||
| Japanese Yen | U.S. Dollar | 3/18/2026 | Citibank | 1,413,524,985 | 9,074,307 | (91,435 | ) | ||||||||||||
| Norwegian Krone | U.S. Dollar | 3/18/2026 | Citibank | 20,545,111 | 2,036,406 | 20,106 | |||||||||||||
| $ | 18,463,816 | $ | (99,201 | ) | |||||||||||||||
| U.S. Dollar | British Pound | 3/18/2026 | Citibank | 11,301,455 | $ | 15,198,177 | $ | (65,745 | ) | ||||||||||
| U.S. Dollar | Euro Currency | 3/18/2026 | Citibank | 139,973,855 | 164,950,388 | (195,562 | ) | ||||||||||||
| U.S. Dollar | Norwegian Krone | 3/18/2026 | Citibank | 634,043,590 | 62,845,622 | (34,050 | ) | ||||||||||||
| U.S. Dollar | Swiss Franc | 3/18/2026 | Citibank | 2,605,743 | 3,314,355 | (8,162 | ) | ||||||||||||
| $ | 246,308,542 | $ | (303,519 | ) | |||||||||||||||
| Total | $ | (402,720 | ) | ||||||||||||||||
At December 31, 2025, 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 | 12/20/2030 | EUR | 45,080,000 | $ | 5,645,372 | $ | (5,933,752 | ) | $ | (288,380 | ) | ||||||||
| (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 44 version 1. |
5
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of December 31, 2025 |
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 December 31, 2025 is as follows:
| Security Description | Acquisition Date |
Cost | Value | % of Net Assets |
|||||||||||
| Accell Group Holding B.V., 8.961% | 6/4/2025 | $ | 3,589,622 | $ | 264,252 | 0.1 | % | ||||||||
| Altice France Lux 3 / Altice Holdings 1 | 11/24/2025 | 7,466,567 | 6,975,313 | 1.9 | |||||||||||
| Bond HoldCo SA, Class A Shares | 5/31/2024 | 3,601 | — | — | |||||||||||
| Compact Bidco BV, 12.000% | 11/25/2024 | 17,923,096 | 19,438,643 | 5.2 | |||||||||||
| Compact Bidco BV, 12.000% | 3/28/2025 | 4,540,379 | 4,897,853 | 1.3 | |||||||||||
| Compact Bidco BV, Common Shares | 11/28/2024 | — | 1,910,583 | 0.5 | |||||||||||
| FLOATEL INT LTD | 10/03/2024 | 422,667 | 479,269 | 0.1 | |||||||||||
| FLOATEL INT LTD, Warrants | 01/13/2021 | 27,075 | 4 | — | |||||||||||
| Frigo Debtco PLC, Common Shares | 2/21/2023 | — | 13,990 | — | |||||||||||
| Frigo Newco 1 Ltd., Common Shares | 10/30/2023 | 224,493 | 22,479 | — | |||||||||||
| Galileo Global Technologies Ltd, 13.750% | 02/14/2025 | 3,317,754 | 1,924,297 | 0.5 | |||||||||||
| Galileo Global Technologies Ltd, 13.750% | 12/10/2025 | 3,340,351 | 3,682,246 | 1.0 | |||||||||||
| Galileo Global Technologies Ltd, 13.750% | 12/30/2025 | — | 3,340,351 | 0.9 | |||||||||||
| Government of Bahamas, 8.425% | 7/30/2024 | 3,033,205 | 3,390,976 | 0.9 | |||||||||||
| HAWK MIDCO SARL, 7.000% | 11/10/2025 | 20,072,906 | 6,905,156 | 1.7 | |||||||||||
| Hawk TopCo SA I A | 11/10/2025 | — | 289,498 | 0.1 | |||||||||||
| Hawk TopCo SA II A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA III A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA IV A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA IX A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA V A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA VI A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA VII A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA VIII A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| Hawk TopCo SA X A | 11/10/2025 | — | 289,493 | 0.1 | |||||||||||
| IFA Holding GmbH TL, 0.000% | 8/21/2023 | 99,153 | — | — | |||||||||||
| IFA Holding GmbH TL, 7.954% | 8/21/2023 | 393,916 | 329,741 | 0.1 | |||||||||||
| IFA Holding GmbH TL, 8.355% | 2/11/2022 | 1,463,433 | 1,124,664 | 0.3 | |||||||||||
| IFA Holding GmbH TL, 8.355% | 2/11/2022 | 1,324,124 | 1,017,554 | 0.3 | |||||||||||
| Johanna 410 Vermögensverwaltungs GmbH | 3/26/2025 | — | 34 | — | |||||||||||
| Paper Industries TopCo, Ltd., Common Shares | 5/20/2019 | 626,356 | 10,264 | — | |||||||||||
| Petrofac Ltd., 4.300% | 1/22/2025 | 2,125,359 | 412,222 | 0.1 | |||||||||||
| Praesidiad, Ltd., 0.000% | 2/21/2025 | 98,539 | 83,019 | — | |||||||||||
| Praesidiad, Ltd., 0.250% | 6/12/2024 | 6,671,378 | 25,479 | — | |||||||||||
| Praesidiad, Ltd., 8.000% | 2/21/2025 | 402,032 | 336,229 | 0.1 | |||||||||||
| Praesidiad, Ltd., 9.598% | 6/12/2024 | 2,758,073 | 487,302 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.598% | 11/8/2023 | 637,164 | 535,525 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.598% | 6/6/2024 | 329,454 | 266,870 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.598% | 6/11/2024 | 324,570 | 266,870 | 0.1 | |||||||||||
| Praesidiad, Ltd., Common Shares | 5/28/2024 | — | — | — | |||||||||||
| Prosafe SE, 11.000% | 07/09/2025 | 11,503,990 | 11,662,170 | 3.1 | |||||||||||
| Prosafe SE, 11.000% | 07/21/2025 | 5,504,764 | 4,844,192 | 1.3 | |||||||||||
6
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (unaudited) (continued) |
| As of December 31, 2025 |
| Security Description | Acquisition Date |
Cost | Value | % of Net Assets |
|||||||||||
| Quintis Australia Pty, Ltd., Common Shares | 10/30/2019 | $ | — | $ | — | — | % | ||||||||
| Sprint Intermediate Co B.V., Class B | 2/12/2025 | — | 8,470 | — | |||||||||||
| Sprint Intermediate Co B.V., Class C | 2/12/2025 | — | 3,017 | — | |||||||||||
| Standard Profil Automotive GmbH, 8.500% | 11/04/2025 | 17,369,888 | 17,737,722 | 4.7 | |||||||||||
| Takko Luxembourg TL, 15.000% | 2/23/2023 | 4,681,626 | 21,608,521 | 5.8 | |||||||||||
| 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, 11.747% | 3/25/2025 | 5,212,594 | 5,503,146 | 1.5 | |||||||||||
| Varta AG, 5.497% | 3/26/2025 | 4,677,906 | 4,039,701 | 1.1 | |||||||||||
| Varta AG, 5.497% | 3/26/2025 | 370,953 | 316,209 | 0.1 | |||||||||||
| Varta AG, 5.497% | 3/26/2025 | 277,197 | 88,749 | — | |||||||||||
| Varta AG, 9.747% | 3/26/2025 | 3,753,187 | 3,130,813 | 0.8 | |||||||||||
| VARTA AKTIENGESELLSCHAFT | 3/26/2025 | — | 81,739 | — | |||||||||||
| Varta Consumer Batteries GmbH, 11.747% | 3/25/2025 | 1,028,354 | 1,096,363 | 0.3 | |||||||||||
| Total | $ | 135,595,726 | $ | 131,156,932 | 35.1 | % | |||||||||
7