|
Bluebay Destra International Event-driven Credit Fund |
|
Schedule of Investments (unaudited) |
|
As of June 30, 2025 |
| Shares or Principal Amount |
Description | Value | ||||||
| BANK LOANS – 51.2% | ||||||||
| BAHAMAS – 2.0% | ||||||||
| 5,400,001 | Government of Bahamas, 8.425%, 09/08/2026(1),(2),(3) | $ | 6,750,001 | |||||
| FRANCE – 3.5% | ||||||||
| Atos S.E.: | ||||||||
| 8,000,000 | 0.000%, 12/18/2029(4),(5),(7) | 8,357,788 | ||||||
| 3,250,000 | 7.078%, (3-Month Euribor + 260 basis points), 12/17/2030(4),(5) | 3,079,031 | ||||||
| 1,084,444 | 1.000%, (3-Month Euribor + 100 basis points), 12/17/2032(4),(5) | 547,378 | ||||||
| 11,984,197 | ||||||||
| GERMANY – 17.1% | ||||||||
| $ | 3,691,113 | Arvos BidCo Sarl, 10.014%, 08/30/2027(4) | 2,959,811 | |||||
| BOS GmbH & Co KG: | ||||||||
| 2,428,571 | 0.000%, 12/31/2049(1),(3),(5) | 2,565,693 | ||||||
| 1,303,610 | 0.000%, 12/31/2049(1),(3),(5) | 1,377,214 | ||||||
| IFA Holding GmbH TL: | ||||||||
| 401,087 | 7.954%, 03/31/2026(1),(3),(5) | 423,733 | ||||||
| 1,368,010 | 8.355%, 03/31/2026(1),(3),(5) | 1,445,250 | ||||||
| 1,237,723 | 8.355%, 03/31/2026(1),(3),(5) | 1,307,607 | ||||||
| 387,717 | 0.000%, 03/31/2029(1),(3),(5) | 45,512 | ||||||
| 17,726,631 | Leoni Bordnetz-Systeme GmbH, 5.927%, 12/31/2026(1),(3),(5),(7) | 18,727,513 | ||||||
| Standard Profil Automotive GmbH: | ||||||||
| 5,512,679 | 15.000%, 09/30/2025(1),(3),(5) | 6,471,040 | ||||||
| 1,414,670 | 15.000%, 09/30/2025(1),(3),(5) | 1,660,606 | ||||||
| 5,527,146 | 15.000%, 12/31/2025(1),(3),(5) | 6,488,022 | ||||||
| Varta AG: | ||||||||
| 5,058,300 | 5.497%, 12/31/2027(1),(3),(5),(7) | 4,512,628 | ||||||
| 401,849 | 5.497%, 12/31/2027(1),(3),(5),(7) | 353,782 | ||||||
| 431,808 | 5.497%, 12/31/2027(1),(3),(5),(7) | 215,422 | ||||||
| 3,944,349 | 9.747%, 12/31/2027(1),(3),(5),(7) | 3,426,245 | ||||||
| 4,472,751 | 11.747%, 12/31/2027(1),(3),(5),(7) | 5,315,952 | ||||||
| 899,439 | Varta Consumer Batteries GmbH, 11.747%, 12/31/2027(1),(3),(5),(7) | 1,069,001 | ||||||
| 58,365,031 | ||||||||
| JERSEY – 0.7% | ||||||||
| $ | 13,626,756 | Petrofac Ltd., 14.812%, 10/28/2026(4) | 2,384,683 | |||||
| Shares or Principal Amount |
Description | Value | ||||||
| BANK LOANS (continued) | ||||||||
| LUXEMBOURG – 9.7% | ||||||||
| 10,340,973 | Arvos BidCo Sarl, 7.511%, 08/30/2027(5) | $ | 9,710,973 | |||||
| Arvos Holdco SARL: | ||||||||
| 790,298 | 0.500%, 11/29/2027(4),(5) | 204,092 | ||||||
| $ | 650,621 | 0.500%, 11/29/2027(4) | 143,137 | |||||
| 8,869,155 | Foundever Group SA, 5.760%, (1-Month Euribor + 375 basis points), 08/28/2028(4),(5) | 5,889,310 | ||||||
| 7,007,799 | Takko Luxembourg TL,15.000%, 12/09/2026(1),(3),(5),(8) | 17,069,120 | ||||||
| 33,016,632 | ||||||||
| NETHERLANDS – 11.3% | ||||||||
| 5,000,000 | Accell Group Holding B.V., 7.000%, 06/30/2031(4),(5) | 3,521,540 | ||||||
| Compact Bidco BV: | ||||||||
| 3,928,389 | 12.000%, 06/30/2029(1),(3),(5) | 4,611,326 | ||||||
| 15,909,210 | 12.000%, 11/25/2029(1),(3),(5) | 18,324,818 | ||||||
| Sprint Bidco BV: | ||||||||
| 7,359,703 | 0.000%, 06/30/2029(4),(5),(7) | 302,371 | ||||||
| 7,700,414 | 0.500%, 05/31/2030(4),(5),(7) | 3,954,609 | ||||||
| 7,307,520 | 0.500%, 05/31/2030(4),(5),(7) | 7,119,664 | ||||||
| 4,391,647 | 0.000%, 06/30/2031(4),(5),(7) | 489,736 | ||||||
| 5,128,241 | 0.000%, 06/30/2031(4),(5),(7) | 331,087 | ||||||
| 38,655,151 | ||||||||
| NORWAY – 4.1% | ||||||||
| 7,039,888 | Hurtigruten Newco AS, 12.145%, 02/23/2029(4),(5) | 1 | ||||||
| Prosafe SE: | ||||||||
| $ | 20,449,425 | 6.931%, (SOFR + 250 basis points), 12/17/2025(4) | 11,758,419 | |||||
| $ | 3,773,591 | 7.057%, (SOFR + 250 basis points), 12/17/2025(4) | 2,169,815 | |||||
| 13,928,235 | ||||||||
| SAUDI ARABIA – 0.2% | ||||||||
| Ahmad Hamad AI Gosaibi & Brothers TL: | ||||||||
| $ | 3,047,652 | 0.000%, 01/01/2050(1),(3),(7) | 156,192 | |||||
| 3,240,000 | 0.000%, 01/01/2050(1),(3),(5),(7) | 194,917 | ||||||
| 8,400,000 | 0.000%, 01/01/2050(1),(3),(5),(7) | 505,341 | ||||||
| 856,450 | ||||||||
1
|
Bluebay Destra International Event-driven Credit Fund |
|
Schedule of Investments (continued) (unaudited) |
|
As of June 30, 2025 |
| Shares or Principal Amount |
Description | Value | ||||||
| BANK LOANS (continued) | ||||||||
| UNITED KINGDOM – 1.4% | ||||||||
| Praesidiad, Ltd.: | ||||||||
| 302,972 | 10.598%, 06/30/2026(1),(3),(5) | $ | 302,296 | |||||
| 302,972 | 10.598%, 06/30/2026(1),(3),(5) | 302,296 | ||||||
| 607,971 | 10.598%, 06/30/2026(1),(3),(5) | 717,233 | ||||||
| 94,250 | 0.000%, 09/30/2027(1),(3),(4),(5) | 94,040 | ||||||
| 6,998,095 | 0.250%, 09/30/2027(1),(3),(5) | 147,864 | ||||||
| 381,714 | 8.000%, 09/30/2027(1),(3),(4),(5) | 380,862 | ||||||
| 2,944,773 | 9.598%, 12/31/2027(1),(3),(5) | 2,782,653 | ||||||
| 4,727,244 | ||||||||
| UNITED STATES – 1.2% | ||||||||
| $ | 7,369,302 | Sitel Worldwide Corp., 8.191%, (3-Month Term SOFR + 401 basis points), 08/28/2028(4) | 4,078,835 | |||||
| TOTAL BANK LOANS (Cost $172,891,907) |
174,746,459 | |||||||
| CORPORATE DEBT SECURITIES – 8.9% | ||||||||
| BERMUDA – 2.8% | ||||||||
| $ | 9,635,134 | Ventura Offshore Midco, Ltd., 10.000%, 04/19/2027(3) | 9,692,352 | |||||
| GERMANY – 1.2% | ||||||||
| 3,500,000 | BOS GmbH & Co. KG, 11.031%, (3-Month Euribor + 900 basis points), 06/25/2029(1),(3),(4),(5) | 4,045,981 | ||||||
| MALTA – 0.7% | ||||||||
| $ | 3,000,000 | Cruise Yacht Upper HoldCo, Ltd., 11.875%, 07/05/2028 | 2,543,110 | |||||
| NORWAY – 2.1% | ||||||||
| 40,611,186 | Lime Petroleum, 13.860%,(3-Month Norwegian Interbank + 925 basis points), 07/19/2027(4),(6),(9) | 4,036,520 | ||||||
| $ | 3,000,000 | Moreld AS, 9.875%, 02/11/2030(1),(3) | 2,951,750 | |||||
| 6,988,270 | ||||||||
| UNITED KINGDOM – 2.1% | ||||||||
| $ | 7,000,000 | Galileo Global Technologies Ltd, 13.750%, 03/04/2028(1),(3) | 7,052,814 | |||||
| UNITED STATES – 0.0% | ||||||||
| $ | 98,705 | Voyager Aviation Holdings, LLC, 8.500%, 05/09/2026(1),(9),(11) | — | |||||
| TOTAL CORPORATE DEBT SECURITIES (Cost $30,525,322) |
30,322,527 | |||||||
| Shares or Principal Amount |
Description | Value | ||||||
| INTERNATIONAL DEBT SECURITIES – 17.3% | ||||||||
| BERMUDA – 4.0% | ||||||||
| $ | 16,625,000 | Floatel International, Ltd., 9.750%, 04/10/2029 | $ | 13,880,921 | ||||
| FRANCE – 1.2% | ||||||||
| 8,088,000 | Atos S.E., 1.000%, 12/18/2032(5) | 4,070,937 | ||||||
| GERMANY – 3.6% | ||||||||
| 25,864,000 | Standard Profil Automotive GmbH, 6.250%, 04/30/2026(5) | 12,144,116 | ||||||
| JERSEY – 0.2% | ||||||||
| $ | 3,870,000 | Petrofac Ltd., 9.750%, 11/15/2026(11) | 619,200 | |||||
| LUXEMBOURG – 2.4% | ||||||||
| 3,749,462 | Ferralum Metals Group SA, 10.000%, 12/30/2026(5) | 1,298,382 | ||||||
| HSE Finance Sarl: | ||||||||
| 4,116,000 | 5.625%, 10/15/2026(5) | 2,464,070 | ||||||
| 559,000 | 7.893%, (3-Month Euribor + 575 basis points), 10/15/2026(4),(5) | 349,433 | ||||||
| NCO Invest SA: | ||||||||
| 10,536,245 | 10.000%, 12/30/2026(5),(10) | 4,329 | ||||||
| 3,890,045 | 10.000%, 12/30/2026(5),(10) | 68,495 | ||||||
| Paper Industries Intermediate Financing Sarl: | ||||||||
| 252,568 | 9.996%, (3-Month Euribor + 800 basis points), 03/01/2028(1),(4),(5),(9) | 271,276 | ||||||
| 7,399,085 | 8.496%, (3-Month Euribor + 650 basis points), 09/01/2028(4),(5),(8) | 3,387,303 | ||||||
| 668,890 | 8.496%, (3-Month Euribor + 650 basis points), 09/01/2028(4),(5),(8),(9) | 306,218 | ||||||
| 8,149,506 | ||||||||
| NORWAY – 0.1% | ||||||||
| 348,718 | OCV Recovery AS, 2.000%, 12/31/2026(6),(8),(9) | 241,215 | ||||||
| SWEDEN – 3.0% | ||||||||
| 11,085,000 | Transcom Holding AB, 7.225%, (3-Month Euribor + 525 basis points), 12/15/2026(4),(5) | 10,409,070 | ||||||
2
|
Bluebay Destra International Event-driven Credit Fund |
|
Schedule of Investments (continued) (unaudited) |
|
As of June 30, 2025 |
| Shares or Principal Amount |
Description | Value | ||||||
| INTERNATIONAL DEBT SECURITIES (continued) | ||||||||
| UNITED KINGDOM – 2.8% | ||||||||
| Frigo Debtco PLC: | ||||||||
| 10,471,446 | 11.000%, 04/27/2028(8) | $ | 2,888,590 | |||||
| 1,911,313 | 11.000%, 04/27/2028(8),(9) | 1,828,525 | ||||||
| 3,674,338 | 12.000%, 04/27/2028(8) | 3,515,184 | ||||||
| 7,510,000 | House of Fraser Funding PLC, 6.650%, (3-Month GBP Libor + 575 basis points), 07/17/2025(1),(3),(4),(10),(11) | 10,600 | ||||||
| 1,153,513 | Mcom Investments, Ltd., 20.000%, 09/30/2026(8) | 1,238,936 | ||||||
| 9,481,835 | ||||||||
| TOTAL INTERNATIONAL DEBT SECURITIES (Cost $72,100,850) |
58,996,800 | |||||||
| INTERNATIONAL EQUITIES – 16.9% | ||||||||
| BERMUDA – 3.1% | ||||||||
| 869,788 | Odfjell Drilling, Ltd. | 5,732,864 | ||||||
| 2,802,769 | Ventura Offshore Holding, Ltd. | 4,791,437 | ||||||
| 10,524,301 | ||||||||
| FRANCE – 0.5% | ||||||||
| 42,590 | Atos S.E.(10) | 1,614,061 | ||||||
| LUXEMBOURG – 3.6% | ||||||||
| 27,661,445 | Constellation Oil Services Holding SA(10) | 12,300,414 | ||||||
| NORWAY – 6.0% | ||||||||
| 1,077,964 | DOF Group ASA(3),(10) | 9,469,747 | ||||||
| 9,760,901 | Jacktel AS(1),(3),(10) | 2,893,634 | ||||||
| 5,589,340 | Moreld AS(10) | 8,262,748 | ||||||
| 20,626,129 | ||||||||
| UNITED KINGDOM – 3.7% | ||||||||
| 6,052,454 | Gym Group PLC(3),(10) | 12,606,860 | ||||||
| TOTAL INTERNATIONAL EQUITIES (Cost $46,204,212) |
57,671,765 | |||||||
| PRIVATE COMPANIES – 1.0% | ||||||||
| AUSTRALIA – 0.0% | ||||||||
| 65,000 | Quintis Australia Pty, Ltd., Common Shares(1),(3) | — | ||||||
| Quintis Australia Pty, Ltd., Corporate Debt: | ||||||||
| $ | 8,538 | 7.500%, 10/01/2026(1),(8),(9) | 922 | |||||
| $ | 117,000 | 12.000%, 10/01/2028(1),(8),(9) | — | |||||
| 922 | ||||||||
| BERMUDA – 0.1% | ||||||||
| 439,483 | FLOATEL INT LTD(1),(3),(10) | 477,713 | ||||||
| Shares or Principal Amount |
Description | Value | ||||||
| PRIVATE COMPANIES (continued) | ||||||||
| GERMANY – 0.2% | ||||||||
| 1,953,515 | Johanna 405 Vermögensverwaltungs GmbH(1),(3),(10) | $ | 412,763 | |||||
| 2,864,834 | Johanna 410 Vermögensverwaltungs GmbH(1),(3),(10) | 353,102 | ||||||
| 765,865 | ||||||||
| LUXEMBOURG – 0.1% | ||||||||
| 3,500 | Avation PLC, Warrants, 11/01/2026(10) | 1,918 | ||||||
| 331,734 | Bond HoldCo SA, Class A Shares(1),(3) | 4 | ||||||
| 29,130,535 | Paper Industries TopCo, Ltd., Common Shares(1),(3) | 256,461 | ||||||
| 20,773 | Paper Industries TopCo, Ltd., Warrants, 07/18/2025(1),(3) | 183 | ||||||
| 1,642,591 | Takko, A Shares(1),(3),(10) | 19 | ||||||
| 1,642,591 | Takko, B Shares(1),(3),(10) | 19 | ||||||
| 1,642,591 | Takko, C Shares(1),(3),(10) | 19 | ||||||
| 1,642,591 | Takko, D Shares(1),(3),(10) | 19 | ||||||
| 1,642,591 | Takko, E Shares(1),(3),(10) | 19 | ||||||
| 1,642,591 | Takko, F Shares(1),(3),(10) | 19 | ||||||
| 1,642,591 | Takko, G Shares(1),(3),(10) | 19 | ||||||
| 1,642,591 | Takko, H Shares(1),(3),(10) | 20 | ||||||
| 1,642,591 | Takko, I Shares(1),(3),(10) | 20 | ||||||
| 1,642,591 | Takko, J Shares(1),(3),(10) | 20 | ||||||
| 258,759 | ||||||||
| NETHERLANDS – 0.6% | ||||||||
| 650,714 | Compact Bidco BV, Common Shares(1),(3) | 1,909,597 | ||||||
| 1,540,083 | Sprint Intermediate Co B.V., Class B(1),(3) | 8,470 | ||||||
| 548,561 | Sprint Intermediate Co B.V., Class C(1),(3) | 3,017 | ||||||
| 1,921,084 | ||||||||
| UNITED KINGDOM – 0.0% | ||||||||
| 5,956 | Frigo Debtco PLC, Common Shares(1),(3) | 13,983 | ||||||
| 9,570 | Frigo Newco 1 Ltd., Common Shares(1),(3) | 22,467 | ||||||
| 234 | Praesidiad, Ltd., Common Shares(1),(3) | — | ||||||
| 36,450 | ||||||||
| TOTAL PRIVATE COMPANIES (Cost $1,402,142) |
3,460,793 | |||||||
3
|
Bluebay Destra International Event-driven Credit Fund |
|
Schedule of Investments (continued) (unaudited) |
|
As of June 30, 2025 |
| Shares
or Principal Amount or Contracts |
Description | Value | ||||||
| PURCHASED OPTIONS CONTRACTS – 1.8% | ||||||||
| PUT OPTIONS – 1.8% | ||||||||
| 4,570 | EURO STOXX 50 Index(10) Broker: Citigroup Expiration Date: 6/19/2026 Exercise Price: $4,500 Notional Value: $205,650,000 |
$ | 6,163,787 | |||||
| TOTAL PURCHASED OPTIONS CONTRACTS (Cost $7,232,131) |
6,163,787 | |||||||
| SHORT-TERM INVESTMENTS – 2.3% | ||||||||
| UNITED STATES – 2.3% | ||||||||
| $ | 8,012,041 | BlackRock Liquidity Funds FedFund Portfolio – Institutional Class, 4.223%(12) | 8,012,041 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $8,012,041) |
8,012,041 | |||||||
| TOTAL INVESTMENTS – 99.4% (Cost $338,368,885) |
$ | 339,374,172 | ||||||
| Other Assets in Excess of Liabilities – 0.6% | 1,935,988 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 341,310,160 | ||||||
| Shares or Principal Amount or Contracts |
Description | Value | ||||||
| WRITTEN OPTIONS CONTRACT – (1.0)% | ||||||||
| PUT OPTIONS – (1.0)% | ||||||||
| (4,570 | ) | EURO STOXX 50 Index(10) Broker: Citigroup Expiration Date: 6/19/2026 Exercise Price: $4,000 Notional Value: $182,800,000 |
$ | (3,358,164 | ) | |||
| TOTAL WRITTEN OPTIONS CONTRACT (Proceeds $3,970,319) |
$ | (3,358,164 | ) | |||||
| (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 June 30, 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 June 30, 2025, the total value of these securities is $6,684,676, representing 2.0% of net assets. |
| (10) | Non-income producing security. |
| (11) | Security is in default. |
| (12) | The rate is the annualized seven-day yield as of June 30, 2025. |
4
|
Bluebay Destra International Event-driven Credit Fund |
|
Schedule of Investments (continued) (unaudited) |
|
As of June 30, 2025 |
At June 30, 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) |
|||||||||||||
| British Pound | U.S. Dollar | 9/17/2025 | Citibank | 1,070,000.00 | $ | 1,467,009 | $ | 430 | |||||||||||
| Euro Currency | U.S. Dollar | 9/17/2025 | Citibank | 15,812,926.00 | 18,658,886 | 191,855 | |||||||||||||
| Japanese Yen | U.S. Dollar | 9/17/2025 | Citibank | 1,413,524,984.00 | 9,872,757 | (29,233 | ) | ||||||||||||
| Norwegian Krone | U.S. Dollar | 9/17/2025 | Citibank | 11,324,508.00 | 1,119,596 | (8,082 | ) | ||||||||||||
| $ | 31,118,248 | $ | 154,970 | ||||||||||||||||
| U.S. Dollar | British Pound | 9/17/2025 | Citibank | 11,476,049.00 | $ | 15,734,086 | $ | (193,203 | ) | ||||||||||
| U.S. Dollar | Euro Currency | 9/17/2025 | Citibank | 164,081,735.00 | 193,612,658 | (3,553,591 | ) | ||||||||||||
| U.S. Dollar | Norwegian Krone | 9/17/2025 | Citibank | 498,229,966.00 | 49,257,443 | 764,329 | |||||||||||||
| U.S. Dollar | Swiss Franc | 9/17/2025 | Citibank | 5,305,742.00 | 6,731,377 | (126,658 | ) | ||||||||||||
| $ | 265,335,564 | $ | (3,109,123 | ) | |||||||||||||||
| Total | $ | (2,954,153 | ) | ||||||||||||||||
At June 30, 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 | 6/20/2030 | EUR | 44,240,000 | 2,656,817 | (4,914,249 | ) | $ | (2,257,432 | ) | |||||||||||
| (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 ITRX XOVER CDSI S43 5Y Corp. |
5
|
Bluebay Destra International Event-driven Credit Fund |
|
Schedule of Investments (continued) (unaudited) |
|
As of June 30, 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 June 30, 2025 is as follows:
| Security Description | Acquisition Date |
Cost | Value | % of Net Assets |
|||||||||||
| Ahmad Hamad AI Gosaibi & Brothers TL, 0.000% | 10/28/2021 | $ | 540,958 | $ | 156,192 | — | % | ||||||||
| Ahmad Hamad AI Gosaibi & Brothers TL, 0.000% | 2/11/2022 | 600,411 | 194,917 | 0.1 | |||||||||||
| Ahmad Hamad AI Gosaibi & Brothers TL, 0.000% | 9/27/2022 | 1,454,685 | 505,341 | 0.1 | |||||||||||
| Bond HoldCo SA, Class A Shares | 5/31/2024 | 3,601 | 4 | — | |||||||||||
| BOS GmbH & Co. KG, 11.031% | 6/11/2025 | 3,938,763 | 4,045,981 | 1.2 | |||||||||||
| BOS GmbH & Co. KG, 0.000% | 3/27/2025 | 1,752,289 | 2,565,693 | 0.8 | |||||||||||
| BOS GmbH & Co. KG, 0.000% | 3/27/2025 | 940,595 | 1,377,214 | 0.4 | |||||||||||
| Compact Bidco BV, Common Shares | 11/28/2024 | — | 1,909,597 | 0.6 | |||||||||||
| Compact Bidco BV, 12.000% | 11/25/2024 | 16,780,147 | 18,324,818 | 5.4 | |||||||||||
| Compact Bidco BV, 12.000% | 3/28/2025 | 4,258,787 | 4,611,326 | 1.4 | |||||||||||
| DOF Group ASA | 3/14/2023 | 5,580,328 | 9,469,747 | 2.8 | |||||||||||
| FLOATEL INT LTD | 10/03/2024 | 422,667 | 477,713 | 0.1 | |||||||||||
| Frigo Debtco PLC, Common Shares | 2/21/2023 | — | 13,983 | — | |||||||||||
| Frigo Newco 1 Ltd., Common Shares | 10/30/2023 | 224,493 | 22,467 | — | |||||||||||
| Galileo Global Technologies Ltd, 13.750% | 2/14/2025 | 7,000,000 | 7,052,814 | 2.1 | |||||||||||
| Government of Bahamas, 8.425% | 7/30/2024 | 6,042,019 | 6,750,001 | 2.0 | |||||||||||
| Gym Group PLC | 3/17/2023 | 9,263,394 | 12,606,860 | 3.7 | |||||||||||
| House of Fraser Funding PLC, 6.650% | 3/27/2019 | 71,368 | 10,600 | — | |||||||||||
| IFA Holding GmbH TL, 0.000% | 8/21/2023 | 44,692 | 45,512 | — | |||||||||||
| IFA Holding GmbH TL, 7.954% | 8/21/2023 | 322,227 | 423,733 | 0.1 | |||||||||||
| IFA Holding GmbH TL, 8.355% | 2/11/2022 | 1,410,301 | 1,445,250 | 0.4 | |||||||||||
| IFA Holding GmbH TL, 8.355% | 2/11/2022 | 1,276,295 | 1,307,607 | 0.4 | |||||||||||
| Jacktel AS | 3/16/2022 | 1,832,278 | 2,893,634 | 0.8 | |||||||||||
| Johanna 405 Vermögensverwaltungs GmbH | 3/26/2025 | — | 412,763 | 0.1 | |||||||||||
| Johanna 410 Vermögensverwaltungs GmbH | 3/26/2025 | — | 353,102 | 0.1 | |||||||||||
| Leoni Bordnetz-Systeme GmbH, 5.927% | 11/30/2023 | 15,895,925 | 18,727,513 | 5.5 | |||||||||||
| Moreld AS, 9.875% | 1/27/2025 | 3,000,000 | 2,951,750 | 0.9 | |||||||||||
| Paper Industries TopCo, Ltd., Common Shares | 5/20/2019 | 626,356 | 256,461 | 0.1 | |||||||||||
| Paper Industries TopCo, Ltd., Warrants, 06/23/2025 | 5/17/2024 | — | 183 | — | |||||||||||
| Praesidiad, Ltd., 10.598% | 6/6/2024 | 329,454 | 302,296 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.598% | 6/11/2024 | 324,570 | 302,296 | 0.1 | |||||||||||
| Praesidiad, Ltd., 10.598% | 11/8/2023 | 621,120 | 717,233 | 0.2 | |||||||||||
| Praesidiad, Ltd., 9.598% | 6/12/2024 | 2,667,493 | 2,782,653 | 0.8 | |||||||||||
| Praesidiad, Ltd., 8.000% | 2/21/2025 | 402,032 | 380,862 | 0.1 | |||||||||||
| Praesidiad, Ltd., 0.250% | 6/12/2024 | 6,425,517 | 147,864 | — | |||||||||||
| Praesidiad, Ltd., 0.000% | 2/21/2025 | 98,539 | 94,040 | — | |||||||||||
| Praesidiad, Ltd., Common Shares | 5/28/2024 | — | — | — | |||||||||||
6
|
Bluebay Destra International Event-driven Credit Fund |
|
Schedule of Investments (continued) (unaudited) |
|
As of June 30, 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 TL, 15.000% | 5/2/2025 | 5,743,283 | 6,471,040 | 1.9 | |||||||||||
| Standard Profil Automotive GmbH TL, 15.000% | 5/2/2025 | 1,525,351 | 1,660,606 | 0.5 | |||||||||||
| Standard Profil Automotive GmbH TL, 15.000% | 3/14/2025 | 5,442,765 | 6,488,022 | 1.9 | |||||||||||
| Takko Luxembourg TL, 15.000% | 2/23/2023 | 12,170,912 | 17,069,120 | 5.0 | |||||||||||
| Takko, A Shares | 2/23/2023 | — | 19 | — | |||||||||||
| Takko, B Shares | 2/23/2023 | — | 19 | — | |||||||||||
| Takko, C Shares | 2/23/2023 | — | 19 | — | |||||||||||
| Takko, D Shares | 2/23/2023 | — | 19 | — | |||||||||||
| Takko, E Shares | 2/23/2023 | — | 19 | — | |||||||||||
| Takko, F Shares | 2/23/2023 | — | 19 | — | |||||||||||
| Takko, G Shares | 2/23/2023 | — | 19 | — | |||||||||||
| Takko, H Shares | 2/23/2023 | — | 20 | — | |||||||||||
| Takko, I Shares | 2/23/2023 | — | 20 | — | |||||||||||
| Takko, J Shares | 2/23/2023 | — | 20 | — | |||||||||||
| Varta AG, 11.747% | 3/25/2025 | 4,874,091 | 5,315,952 | 1.6 | |||||||||||
| Varta AG, 5.497% | 3/26/2025 | 4,377,923 | 4,512,628 | 1.3 | |||||||||||
| Varta AG, 5.497% | 3/26/2025 | 346,939 | 353,782 | 0.1 | |||||||||||
| Varta AG, 9.747% | 3/26/2025 | 3,318,713 | 3,426,245 | 1.0 | |||||||||||
| Varta AG, 5.497% | 3/26/2025 | 217,547 | 215,422 | 0.1 | |||||||||||
| Varta Consumer Batteries GmbH, 11.747% | 3/25/2025 | 963,963 | 1,069,001 | 0.3 | |||||||||||
| Ventura Offshore Midco, Ltd., 10.000% | 3/21/2024 | 9,646,795 | 9,692,352 | 2.8 | |||||||||||
| Total | $ | 142,779,586 | $ | 159,925,870 | 46.9 | % | |||||||||
7