| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments |
| As of June 30, 2023 (unaudited) |
| Shares or Principal Amounts | Description | Value | ||||||
| BANK LOANS – 14.6% | ||||||||
| FRANCE – 3.9% | ||||||||
| 4,840,000 | Biscuit Holding SASU, 4.000% (6-Month Euribor + 400 basis points), 02/14/2027(1)(2) | $ | 4,525,527 | |||||
| GERMANY – 0.7% | ||||||||
| 1,368,010 | IFA Holding GmbH TL2, 7.242%, 03/31/2025(3)(4) | 447,745 | ||||||
| 1,237,723 | IFA Holding GmbH TL3, 7.242%, 03/31/2025(3)(4) | 405,102 | ||||||
| 852,847 | ||||||||
| SAUDI ARABIA – 0.7% | ||||||||
| Ahmad Hamad Al Gosaibi & Brothers TL: | ||||||||
| 3,047,652 | 0.000%, 01/01/2050(3)(5) | 167,621 | ||||||
| 3,240,000 | 0.000%, 01/01/2050(3)(4)(5) | 181,159 | ||||||
| 8,400,000 | 0.000%, 01/01/2050(3)(4)(5) | 469,670 | ||||||
| 818,450 | ||||||||
| SINGAPORE – 0.8% | ||||||||
| 506,431 | Teide Pte, Ltd. 1L, 10.000%, 08/01/2026(4)(6) | 397,808 | ||||||
| 1,081,900 | Teide Pte, Ltd. 2L, 8.000%, 12/31/2026(4)(6) | 495,743 | ||||||
| 893,551 | ||||||||
| SPAIN – 3.3% | ||||||||
| Celsa Group: | ||||||||
| 401,546 | 5.912%, 12/31/2024 | 408,145 | ||||||
| 3,027,796 | 5.680%, 06/30/2025(6) | 632,189 | ||||||
| 3,111,061 | 5.280%, 06/30/2025(2)(6) | 2,879,361 | ||||||
| 3,919,695 | ||||||||
| UNITED ARAB EMIRATES – 2.5% | ||||||||
| Gulf Marine Middle East FZE: | ||||||||
| 2,667,727 | 0.000%, 06/09/2025(2)(3)(7) | 2,300,915 | ||||||
| 722,273 | 0.000%, 06/09/2025(2)(3)(7) | 622,960 | ||||||
| 2,923,875 | ||||||||
| UNITED KINGDOM – 2.7% | ||||||||
| 4,784,211 | Praesidiad, Ltd., 4.000% (3-Month Euribor + 400 basis points), 10/04/2024(1)(2) | 3,149,118 | ||||||
| TOTAL BANK LOANS (Cost $18,813,940) | 17,083,063 | |||||||
| COMMON STOCK – 2.6% | ||||||||
| MARSHALL ISLANDS – 2.6% | ||||||||
| 64,263 | Scorpio Tankers, Inc. | 3,035,141 | ||||||
| TOTAL COMMON STOCK (Cost $2,579,139) | 3,035,141 | |||||||
| Shares or Principal Amounts | Description | Value | ||||||
| CORPORATE DEBT SECURITIES – 6.2% | ||||||||
| CAYMAN ISLANDS – 1.9% | ||||||||
| 2,384,000 | Shelf Drilling Holdings, Ltd., 8.250%, 02/15/2025(8) | $ | 2,228,151 | |||||
| FRANCE – 2.7% | ||||||||
| 3,384,000 | Iliad Holding SASU, 7.000%, 10/15/2028(8) | 3,124,985 | ||||||
| UNITED STATES – 1.6% | ||||||||
| 1,826,000 | Coty, Inc., 5.000%, 04/15/2026(8) | 1,751,649 | ||||||
| 138,000 | Voyager Aviation Holdings LLC, 8.500%, 05/09/2026(3)(8) | 111,320 | ||||||
| 1,862,969 | ||||||||
| TOTAL CORPORATE DEBT SECURITIES (Cost $7,174,097) | 7,216,105 | |||||||
| INTERNATIONAL DEBT SECURITIES – 53.4% | ||||||||
| BERMUDA – 12.3% | ||||||||
| 4,600,000 | Borr Drilling, Ltd., 9.500%, 02/09/2026 | 4,634,500 | ||||||
| Floatel International, Ltd.: | ||||||||
| 2,200,000 | 11.250%, 03/23/2026(8) | 2,224,860 | ||||||
| 2,066,552 | 10.000%, 09/24/2026(6) | 1,549,914 | ||||||
| 1,924,072 | 6.000%, 09/24/2026 | 1,443,054 | ||||||
| 452,355 | 0.000%, 09/24/2026(7) | 339,266 | ||||||
| 4,200,000 | Odfjell Rig III, Ltd., 9.250%, 05/31/2028 | 4,247,460 | ||||||
| 14,439,054 | ||||||||
| CANADA – 2.6% | ||||||||
| 3,300,000 | International Petroleum Corp., 7.250%, 02/01/2027(8) | 3,092,760 | ||||||
| ITALY – 4.5% | ||||||||
| 3,508,000 | Moby SpA, 7.750%, 07/19/2023(7)(9) | 2,296,312 | ||||||
| 2,930,000 | Rekeep SpA, 7.250%, 02/01/2026 | 3,012,009 | ||||||
| 5,308,321 | ||||||||
| JERSEY – 2.9% | ||||||||
| 4,287,000 | Petrofac, Ltd., 9.750%, 11/15/2026 | 3,401,606 | ||||||
| LUXEMBOURG – 10.9% | ||||||||
| 3,564,000 | Avation Capital SA, 9.000%, 10/31/2026(6)(8) | 3,106,215 | ||||||
| 2,818,125 | Mangrove Luxco III Sarl, 7.775%, 10/09/2025(6) | 2,336,437 | ||||||
| 15,700,000 | Metalcorp Group SA, 8.500%, 06/28/2026 | 1,070,532 | ||||||
| 557,384 | Paper Industries Intermediate Financing Sarl, 10.474% (3-Month Euribor + 700 basis points), 03/01/2025(1)(8) | 521,445 | ||||||
1
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (continued) |
| As of June 30, 2023 (unaudited) |
| Shares or Principal Amounts | Description | Value | ||||||
| INTERNATIONAL DEBT SECURITIES (Continued) | ||||||||
| LUXEMBOURG (Continued) | ||||||||
| 7,266,000 | Takko Luxembourg 2 SCA, 8.698% (3-Month Euribor + 538 basis points), 11/15/2023(1) | $ | 5,747,163 | |||||
| 12,781,792 | ||||||||
| NETHERLANDS – 1.7% | ||||||||
| 2,837,000 | Metinvest BV, 8.500%, 04/23/2026 | 1,944,792 | ||||||
| NORWAY – 2.0% | ||||||||
| 990,129 | BOA OCV AS, 2.000%, 12/31/2024(6)(8) | 97,039 | ||||||
| 34,915 | DOF Subsea ASA, 6.370% (3-Month Nibor + 200 basis points), 12/17/2027(1)(6) | 2,770 | ||||||
| 1,373,057 | Jacktel AS, 10.000%, 12/04/2023(6)(8) | 1,373,057 | ||||||
| 10,203,843 | REM Saltire Holding AS, 7.000%, 12/31/2024(8) | 871,464 | ||||||
| 2,344,330 | ||||||||
| SWEDEN – 1.6% | ||||||||
| 1,569,000 | Verisure Holding AB, 9.250%, 10/15/2027 | 1,825,165 | ||||||
| UKRAINE – 2.5% | ||||||||
| Ukraine Government International Bond: | ||||||||
| 3,900,000 | 7.750%, 09/01/2029 | 944,654 | ||||||
| 8,060,000 | 9.750%, 11/01/2030 | 2,018,103 | ||||||
| 2,962,757 | ||||||||
| UNITED KINGDOM – 12.4% | ||||||||
| 4,500,000 | Agps Bondco PLC, 6.000%, 08/05/2025 | 2,148,080 | ||||||
| Frigo Debtco PLC: | ||||||||
| 1,632,403 | 11.000%, 04/20/2026(3)(6)(8) | 1,742,536 | ||||||
| 3,293,102 | 10.000%, 04/20/2028(3)(6) | 1,781,207 | ||||||
| 5,810,000 | House of Fraser Funding PLC, 0.000% (3-Month GBP Libor + 575 basis points), 07/19/2023(1)(3)(7)(9) | 44,317 | ||||||
| 5,050,000 | KCA Deutag UK Finance PLC, 9.875%, 12/01/2025 | 5,018,437 | ||||||
| 1,300,000 | Waldorf Energy Finance PLC, 12.000%, 03/02/2026 | 1,228,500 | ||||||
| 2,579,911 | Waldorf Production UK, Ltd., 9.750%, 10/01/2024 | 2,590,231 | ||||||
| 14,553,308 | ||||||||
| TOTAL INTERNATIONAL DEBT SECURITIES (Cost $60,996,066) | 62,653,885 | |||||||
| INTERNATIONAL EQUITIES – 10.6% | ||||||||
| CAYMAN ISLANDS – 1.2% | ||||||||
| 765,283 | Shelf Drilling, Ltd.(7)(8) | 1,405,762 | ||||||
| Shares or Principal Amounts | Description | Value | ||||||
| INTERNATIONAL EQUITIES (Continued) | ||||||||
| NORWAY – 6.4% | ||||||||
| 396,244 | DOF Group ASA, B Shares(3) | $ | 1,294,480 | |||||
| 570,764 | DOF Group ASA, Common Shares(7) | 1,875,270 | ||||||
| 5,260,901 | Jacktel AS(3)(7) | 1,104,860 | ||||||
| 1,925,192 | MPC Container Ships AS | 3,290,235 | ||||||
| 7,564,845 | ||||||||
| SINGAPORE – 0.2% | ||||||||
| 24,603,214 | Teide, Ltd.(3) | 268,418 | ||||||
| UNITED KINGDOM – 2.8% | ||||||||
| 2,789,648 | Gym Group PLC(7)(8) | 3,234,375 | ||||||
| TOTAL INTERNATIONAL EQUITIES (Cost $13,190,628) | 12,473,400 | |||||||
| PRIVATE COMPANIES – 1.8% | ||||||||
| AUSTRALIA – 0.0% | ||||||||
| 65,000 | Quintis Australia Pty, Ltd., Common Shares(3)(10) | - | ||||||
| Quintis Australia Pty, Ltd., Corporate Debt: | ||||||||
| 8,538 | 7.500%, 10/01/2026(3)(6)(8)(10) | 4,209 | ||||||
| 117,000 | 0.000%, 10/01/2028(3)(6)(8)(10) | - | ||||||
| 4,209 | ||||||||
| BERMUDA – 0.2% | ||||||||
| 695,358 | Floatel International, Ltd., Common Shares(3)(10) | 213,823 | ||||||
| 436,438 | Floatel International, Ltd., Warrants, 03/16/2025(3)(7)(10) | 4 | ||||||
| 213,827 | ||||||||
| LUXEMBOURG – 0.7% | ||||||||
| 3,500 | Avation PLC, Warrants, 10/31/2026(7)(10) | 1,446 | ||||||
| 28,205,068 | Paper Industries TopCo, Ltd., Common Shares(3)(10) | 769,285 | ||||||
| 770,731 | ||||||||
| UNITED KINGDOM – 0.9% | ||||||||
| 6,137 | Frigo Debtco PLC, Common Shares(3) | 200,862 | ||||||
| 15,874 | KCA Deutag, Common Shares(3) | 888,944 | ||||||
| 1,089,806 | ||||||||
| UNITED STATES – 0.0% | ||||||||
| 64 | Voyager Aviation Holdings LLC, Common Shares(3)(10) | - | ||||||
| 384 | Voyager Aviation Holdings LLC, Preferred Shares(3) | 47,136 | ||||||
| 47,136 | ||||||||
| TOTAL PRIVATE COMPANIES (Cost $2,045,869) | 2,125,709 | |||||||
2
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (continued) |
| As of June 30, 2023 (unaudited) |
| Shares, Principal Amounts or Number of Contracts | Description | Value | ||||||
| PURCHASED OPTIONS CONTRACTS – 0.1% | ||||||||
| PUT OPTIONS – 0.1% | ||||||||
| 601 | STOXX Europe 600 Construction & Materials Index Exercise Price: $550, Notional Amount: $16,527,500, Expiration Date: 09/15/2023(7) | $ | 137,694 | |||||
| TOTAL PURCHASED OPTIONS CONTRACTS (Cost $640,362) | 137,694 | |||||||
| U.S. TREASURY NOTES – 5.9% | ||||||||
| UNITED STATES – 5.9% | ||||||||
| 5,860,000 | United States Treasury Note, 0.125%, 10/15/2023 | 5,775,388 | ||||||
| 1,102,000 | United States Treasury Note, 0.125%, 7/31/2023 | 1,097,756 | ||||||
| 6,873,144 | ||||||||
| TOTAL U.S. TREASURY NOTES (Cost $6,884,925) | 6,873,144 | |||||||
| SHORT-TERM INVESTMENTS – 7.2% | ||||||||
| UNITED STATES – 7.2% | ||||||||
| 8,396,486 | BlackRock Liquidity Funds FedFund Portfolio – Institutional Class, 4.988%(11) | 8,396,486 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $8,396,486) | 8,396,486 | |||||||
| TOTAL INVESTMENTS – 102.4% | ||||||||
| (Cost $120,721,512) | 119,994,627 | |||||||
| Liabilities in Excess of Other Assets – (2.4)% | (2,786,246 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 117,208,381 | ||||||
| Number of Contracts | Description | Value | ||||||
| SHORT SECURITIES – (0.0)% | ||||||||
| WRITTEN OPTIONS CONTRACT – (0.0)% | ||||||||
| PUT OPTIONS – (0.0)% | ||||||||
| (601 | ) | STOXX Europe 600 Construction & Materials Index Exercise Price: $460, Notional Amount: $(13,823,000), Expiration Date: 09/15/2023(7) | $ | (9,835 | ) | |||
| TOTAL WRITTEN OPTIONS CONTRACT (Proceeds $(110,562)) | (9,835 | ) | ||||||
| TOTAL SHORT SECURITIES (Proceeds $(110,562)) | $ | (9,835 | ) | |||||
| (1) | Floating rate security. Rate as of June 30, 2023 is disclosed. |
| (2) | When-issued security that has not settled as of June 30, 2023. Rate is not in effect at June 30, 2023. |
| (3) | Fair valued using significant unobservable inputs. |
| (4) | Principal amount shown in Euro; value shown in U.S. Dollars. |
| (5) | Investment made through a participation. |
| (6) | Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash. |
| (7) | Non-income producing security. |
| (8) | 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, 2023 the total value of these securities is $24,889,827 representing 21.2% of net assets. |
| (9) | Security is in default. |
| (10) | Restricted investment as to resale. |
| (11) | The rate is the annualized seven-day yield as of June 30, 2023. |
3
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (continued) |
| As of June 30, 2023 (unaudited) |
At June 30, 2023, the BlueBay Destra International Event-Driven Credit Fund had outstanding forward foreign exchange contracts as set forth below:
| Unrealized | |||||||||||||||||||||||
| Currency | Currency | Contract Amount | Appreciation | ||||||||||||||||||||
| Settlement Date | Counterparty | Purchased | Sold | Buy | Sell | Value | (Depreciation) | ||||||||||||||||
| July 20, 2023 | Brown Brothers Harriman | U.S. Dollar | Norwegian Krone | $ | 4,611 | NOK | 50,000 | $ | 4,665 | $ | (54 | ) | |||||||||||
| September 12, 2023 | Brown Brothers Harriman | Norwegian Krone | U.S. Dollar | NOK | 3,218,896 | $ | 305,911 | 300,761 | (5,150 | ) | |||||||||||||
| September 12, 2023 | Brown Brothers Harriman | Norwegian Krone | U.S. Dollar | NOK | 4,463,230 | $ | 417,186 | 417,027 | (159 | ) | |||||||||||||
| September 12, 2023 | Brown Brothers Harriman | U.S. Dollar | Norwegian Krone | $ | 493,018 | NOK | 5,266,642 | 492,095 | 923 | ||||||||||||||
| September 12, 2023 | Brown Brothers Harriman | U.S. Dollar | Pound Sterling | $ | 4,728,961 | GBP | 3,785,761 | 4,809,498 | (80,537 | ) | |||||||||||||
| September 12, 2023 | Citibank, N.A. | U.S. Dollar | Euro Currency | $ | 23,441,687 | EUR | 21,724,575 | 23,794,321 | (352,634 | ) | |||||||||||||
| September 12, 2023 | Citibank, N.A. | U.S. Dollar | Euro Currency | $ | 4,398,636 | EUR | 4,000,000 | 4,381,089 | 17,547 | ||||||||||||||
| September 12, 2023 | JP Morgan | U.S. Dollar | Euro Currency | $ | 1,096,504 | EUR | 1,000,000 | 1,095,272 | 1,232 | ||||||||||||||
| September 12, 2023 | Morgan Stanley & Co. LLC | U.S. Dollar | Poland Zloty | $ | 596,822 | PLN | 2,499,525 | 612,572 | (15,750 | ) | |||||||||||||
| September 12, 2023 | State Street | U.S. Dollar | Euro Currency | $ | 1,354,085 | EUR | 1,250,000 | 1,369,090 | (15,005 | ) | |||||||||||||
| September 12, 2023 | State Street | U.S. Dollar | Euro Currency | $ | 1,089,113 | EUR | 1,000,000 | 1,095,272 | (6,159 | ) | |||||||||||||
| September 12, 2023 | Toronto-Dominion Bank | U.S. Dollar | Norwegian Krone | $ | 11,200,512 | NOK | 122,161,916 | 11,414,337 | (213,825 | ) | |||||||||||||
| $ | (669,571 | ) | |||||||||||||||||||||
4
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (continued) |
| As of June 30, 2023 (unaudited) |
At June 30, 2023, the BlueBay Destra International Event-Driven Credit Fund had swap contracts as set forth below:
Credit Default Swap Contracts:
| Underlying Instrument | Counterparty | Pay Rate/ Frequency | Maturity Date | Notional Amount at Value(1) | Premium (Paid) Received | Unrealized Appreciation (Depreciation) | Value | |||||||||||||||
| Markit iTraxx Europe Crossover Index Swap(2) | HSBC Securities | 5.000% / Quarterly | 12/20/2027 | EUR | 3,350,000 | $ | (109,504 | ) | $ | (74,191 | ) | $ | (183,695 | ) | ||||||||
| Markit iTraxx Europe Crossover Index Swap(3) | Merrill Lynch | 5.000% / Quarterly | 6/20/2028 | EUR | 4,180,000 | (38,797 | ) | (148,783 | ) | (187,580 | ) | |||||||||||
| Next PLC Credit Default Swap(4) | Citigroup, Inc. | 1.000% / Quarterly | 6/20/2027 | EUR | 1,100,000 | 59,888 | (64,705 | ) | (4,817 | ) | ||||||||||||
| $ | (287,679 | ) | $ | (376,092 | ) | |||||||||||||||||
| (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 S38 5Y Corp. |
| (3) | The underlying issuer is ITRX XOVER CDSI S39 5Y Corp. |
| (4) | The underlying issuer is NXTLN CDS EUR SR 5Y D14 |
5
| Bluebay Destra International Event-Driven Credit Fund |
| Schedule of Investments (continued) |
| As of June 30, 2023 (unaudited) |
Restricted Securities – 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 BlueBay Destra International Event-Driven Credit 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 of Trustees. 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 of Trustees.
Additional information on each illiquid and restricted investment held by the BlueBay Destra International Event-Driven Credit Fund at June 30, 2023 is as follows:
| Acquisition | Percentage of | |||||||||||||
| Security | Date | Cost | Value | Net Assets | ||||||||||
| Avation PLC, Warrants | 3/16/2021 | $ | - | $ | 1,446 | 0.00 | % | |||||||
| Floatel International, Ltd., Common Shares | 3/31/2021 | 4 | 213,823 | 0.18 | ||||||||||
| Floatel International, Ltd., Warrants | 1/13/2021 | 27,075 | 4 | 0.00 | ||||||||||
| Paper Industries TopCo, Ltd., Common Shares | 5/20/2019 | 620,317 | 769,285 | 0.66 | ||||||||||
| Quintis Australia Pty, Ltd., Common Shares | 10/30/2019 | - | - | 0.00 | ||||||||||
| Quintis Australia Pty, Ltd., Corporate Debt, 7.500% | 9/11/2019 | 7,351 | 4,209 | 0.00 | ||||||||||
| Quintis Australia Pty, Ltd., Corporate Debt, 0.000% | 9/11/2019 | 108,881 | - | 0.00 | ||||||||||
| Voyager Aviation Holdings LLC, Common Shares | 3/25/2019 | - | - | 0.00 | ||||||||||
| $ | 763,628 | $ | 988,767 | 0.84 | % | |||||||||
6