BlueBay Destra International Event-Driven Credit Fund NPORTP (Dec 2023 report)

Bluebay Destra International Event-Driven Credit Fund

Schedule of Investments

As of December 31, 2023 (unaudited)

Shares or Principal Amounts		Description	Value
		BANK LOANS – 23.2%
		CANADA – 2.8%
$	5,000,000	VetStrategy Canada Holdings, Inc., 6.000% (1-Month Term SOFR + 550 basis points), 11/20/2028⁽¹⁾⁽²⁾	$	5,027,075

		FRANCE – 3.3%
	6,110,000	Biscuit Holding SASU, 8.136% (6-Month Euribor + 400 basis points), 02/14/2027⁽¹⁾⁽³⁾		6,096,164

		GERMANY – 3.3%
		IFA Holding GmbH TL:
$	401,087	4.000%, 03/31/2025^(2)(4)(5)		163,926
$	401,087	0.000%, 03/31/2029^(2)(4)(5)		9,968
	1,368,010	IFA Holding GmbH TL2, 7.948%, 03/31/2025^(3)(4)(5)		559,111
	1,237,723	IFA Holding GmbH TL3, 7.948%, 03/31/2025^(3)(4)(5)		505,863
$	6,096,631	Leoni Bordnetz-Systeme GmbH, 4.000%, 12/31/2026^(2)(4)(5)		4,714,064
				5,952,932
		LUXEMBOURG – 3.2%
	1,452,145	Takko Luxembourg TL, 15.000%, 12/09/2026^(3)(4)(5)(6)		1,523,846
	4,046,226	Takko Luxembourg TL B, 12.500%, 11/09/2026^(3)(4)(5)		4,335,402
				5,859,248
		SAUDI ARABIA – 0.4%
		Ahmad Hamad Al Gosaibi & Brothers TL:
$	3,047,652	0.000%, 01/01/2050^(4)(5)(7)		152,383
	3,240,000	0.000%, 01/01/2050^(3)(4)(5)(7)		178,946
	8,400,000	0.000%, 01/01/2050^(3)(4)(5)(7)		463,934
				795,263
		SINGAPORE – 0.4%
	532,315	Teide Pte, Ltd. 1L, 10.000%, 08/01/2026⁽³⁾⁽⁶⁾		374,849
	1,126,138	Teide Pte, Ltd. 2L, 8.000%, 12/31/2026⁽³⁾⁽⁶⁾		435,379
				810,228
		SPAIN – 5.4%
	2,000,000	Celsa Group, 2.500%, 06/30/2025^(2)(3)(6)		2,021,429
$	7,700,000	Deoleo SA, 4.000% (3-Month Euribor + 400 basis points), 06/24/2025⁽¹⁾⁽²⁾		7,867,558
				9,888,987

Shares or Principal Amounts		Description	Value
		BANK LOANS (Continued)
		UNITED ARAB EMIRATES – 1.4%
		Gulf Marine Middle East FZE:
$	2,318,465	8.747%, 06/09/2025^(4)(5)(6)	$	2,022,861
$	626,817	8.747%, 06/09/2025^(4)(5)(6)		546,898
				2,569,759
		UNITED KINGDOM – 3.0%
		Praesidiad, Ltd.:
$	586,394	11.958%, 10/04/2024⁽⁴⁾⁽⁵⁾		647,734
$	1,633,322	9.641% (3-Month USD Libor + 425 basis points), 10/04/2024⁽¹⁾		865,661
$	6,694,211	7.802% (3-Month Euribor + 400 basis points), 10/04/2024⁽¹⁾		3,932,932
				5,446,327
		TOTAL BANK LOANS
		(Cost $46,225,088)		42,445,983

		COMMON STOCK – 2.7%
		MARSHALL ISLANDS – 2.7%
	82,363	Scorpio Tankers, Inc.		5,007,670

		TOTAL COMMON STOCK
		(Cost $3,554,020)		5,007,670

		CORPORATE DEBT SECURITIES – 7.2%
		BERMUDA – 4.5%
		Borr IHC, Ltd.:
	5,870,000	10.000%, 11/15/2028⁽⁸⁾		6,134,150
	2,000,000	10.375%, 11/15/2030⁽⁸⁾		2,070,000
				8,204,150
		FRANCE – 2.6%
	4,770,000	Iliad Holding SASU, 7.000%, 10/15/2028⁽⁸⁾		4,750,033

		UNITED STATES – 0.1%
	138,000	Voyager Aviation Holdings LLC, 8.500%, 05/09/2026^(4)(8)(9)		111,090

		TOTAL CORPORATE DEBT SECURITIES
		(Cost $12,342,933)		13,065,273

		INTERNATIONAL DEBT SECURITIES – 36.5%
		BERMUDA – 7.1%
		Floatel International, Ltd.:
	3,320,000	11.250%, 03/23/2026⁽⁸⁾		3,452,800
	2,066,552	10.000%, 09/24/2026⁽⁶⁾		1,859,897
	2,351,155	6.000%, 09/24/2026		1,992,604
	452,355	0.000%, 09/24/2026⁽⁶⁾		407,119
	4,984,616	Odfjell Rig III, Ltd., 9.250%, 05/31/2028		5,184,001
				12,896,421

Bluebay Destra International Event-Driven Credit Fund

Schedule of Investments (continued)

As of December 31, 2023 (unaudited)

Shares or Principal Amounts		Description	Value
		INTERNATIONAL DEBT SECURITIES (Continued)
		CANADA – 2.2%
	4,300,000	International Petroleum Corp., 7.250%, 02/01/2027⁽⁸⁾	$	4,029,104

		GERMANY – 4.2%
	3,500,000	DEMIRE Deutsche Mittelstand Real Estate AG, 1.875%, 10/15/2024		2,377,669
	7,487,000	Tele Columbus AG, 3.875%, 05/02/2025		5,346,675
				7,724,344
		ITALY – 2.9%
	5,392,000	Rekeep SpA, 7.250%, 02/01/2026		5,371,934

		LUXEMBOURG – 10.3%
	9,076,050	Avation Capital SA, 9.000%, 10/31/2026⁽⁶⁾⁽⁸⁾		7,702,208
	5,510,000	Gategroup Finance Luxembourg SA, 3.000%, 02/28/2027		4,549,334
	5,470,146	Mangrove Luxco III Sarl, 7.775%, 10/09/2025⁽⁶⁾		5,649,604
	15,700,000	Metalcorp Group SA, 8.500%, 06/28/2026		510,384
	578,859	Paper Industries Intermediate Financing Sarl, 10.460% (3-Month Euribor + 650 basis points), 09/01/2028^(1)(4)(8)		437,997
				18,849,527
		NORWAY – 0.8%
	790,035	BOA OCV AS, 2.000%, 12/31/2024⁽⁶⁾⁽⁸⁾		544,546
	9,735,698	REM Saltire Holding AS, 7.000%, 12/31/2024⁽⁸⁾		925,091
				1,469,637
		UNITED KINGDOM – 9.0%
	2,600,000	Agps Bondco PLC, 6.000%, 08/05/2025		1,061,195
		Frigo Debtco PLC:
	1,699,150	11.000%, 04/20/2026⁽⁶⁾⁽⁸⁾		1,595,358
	6,793,787	11.000%, 04/20/2028⁽⁶⁾		3,639,663
	5,810,000	House of Fraser Funding PLC, 0.000% (3-Month GBP Libor + 575 basis points), 07/17/2024^{(1)(4)(5)(9)(10)}		44,442
	5,050,000	KCA Deutag UK Finance PLC, 9.875%, 12/01/2025		5,135,183
	5,204,000	Voyage Care BondCo PLC, 5.875%, 02/15/2027		4,894,414
				16,370,255
		TOTAL INTERNATIONAL DEBT SECURITIES
		(Cost $65,384,839)		66,711,222

Shares or Principal Amounts		Description	Value
		INTERNATIONAL EQUITIES – 6.7%
		LUXEMBOURG – 0.0%
	423,995	Takko, A Shares⁽⁴⁾⁽⁵⁾	$	4
	423,995	Takko, B Shares⁽⁴⁾⁽⁵⁾		4
	423,995	Takko, C Shares⁽⁴⁾⁽⁵⁾		4
	423,995	Takko, D Shares⁽⁴⁾⁽⁵⁾		5
	423,995	Takko, E Shares⁽⁴⁾⁽⁵⁾		5
	423,995	Takko, F Shares⁽⁴⁾⁽⁵⁾		5
	423,995	Takko, G Shares⁽⁴⁾⁽⁵⁾		5
	423,995	Takko, H Shares⁽⁴⁾⁽⁵⁾		5
	423,995	Takko, I Shares⁽⁴⁾⁽⁵⁾		5
	423,995	Takko, J Shares⁽⁴⁾⁽⁵⁾		5
				47
		NORWAY – 3.7%
	967,008	DOF Group ASA, Common Shares⁽¹⁰⁾		5,399,827
	5,260,901	Jacktel AS⁽¹⁰⁾		1,346,864
				6,746,691
		SINGAPORE – 0.1%
	24,603,214	Teide, Ltd.⁽⁴⁾⁽⁵⁾		271,768

		UNITED KINGDOM – 2.9%
	3,898,528	Gym Group PLC^(8)(10)		5,278,221

		TOTAL INTERNATIONAL EQUITIES
		(Cost $9,390,213)		12,296,727

		PRIVATE COMPANIES – 2.8%
		AUSTRALIA – 0.0%
	65,000	Quintis Australia Pty, Ltd., Common Shares⁽⁴⁾⁽⁵⁾		-
		Quintis Australia Pty, Ltd., Corporate Debt:
	8,538	7.500%, 10/01/2026^(4)(5)(6)(8)		2,459
	117,000	12.000%, 10/01/2028^(4)(5)(6)(8)		-
				2,459
		BERMUDA – 0.0%
	436,438	Floatel International, Ltd., Warrants, 03/16/2025^(4)(5)(10)		5

		LUXEMBOURG – 0.4%
	3,500	Avation PLC, Warrants, 10/31/2026⁽¹⁰⁾		892
	28,205,068	Paper Industries TopCo, Ltd., Common Shares⁽⁴⁾⁽⁵⁾		623,110
				624,002

Bluebay Destra International Event-Driven Credit Fund

Schedule of Investments (continued)

As of December 31, 2023 (unaudited)

Shares or Principal Amounts		Description	Value
		PRIVATE COMPANIES (Continued)
		UNITED KINGDOM – 2.4%
	5,956	Frigo Debtco PLC, Common Shares⁽⁴⁾⁽⁵⁾	$	131,581
	9,570	Frigo Newco 1 Ltd., Common Shares^(2)(4)(5)		211,422
	59,829	KCA Deutag, Common Shares⁽²⁾		4,038,457
				4,381,460
		UNITED STATES – 0.0%
	64	Voyager Aviation Holdings LLC, Common Shares⁽⁴⁾⁽⁵⁾		-
	384	Voyager Aviation Holdings LLC, Preferred Shares⁽⁴⁾⁽⁵⁾		4
				4
		TOTAL PRIVATE COMPANIES
		(Cost $5,175,038)		5,007,930

		U.S. TREASURY BILLS – 10.3%
		UNITED STATES – 10.3%
	18,900,000	United States Treasury Bill, 0.000%, 01/11/2024		18,875,336

		TOTAL U.S. TREASURY BILLS
		(Cost $18,872,378)		18,875,336

		SHORT-TERM INVESTMENTS – 13.4%
		UNITED STATES – 13.4%
	24,405,518	BlackRock Liquidity Funds FedFund Portfolio - Institutional Class, 5.258%⁽¹¹⁾		24,405,518

		TOTAL SHORT-TERM INVESTMENTS
		(Cost $24,405,518)		24,405,518

		TOTAL INVESTMENTS – 102.8%
		(Cost $185,350,027)		187,815,659
		Liabilities in Excess of Other Assets – (2.8)%		(5,139,870	)
		TOTAL NET ASSETS – 100.0%	$	182,675,789

⁽¹⁾	Floating rate security. Rate as of December 31, 2023 is disclosed.
⁽²⁾	When-issued security that has not settled as of December 31, 2023. Rate is not in effect at December 31, 2023.
⁽³⁾	Principal amount shown in Euro; value shown in U.S. Dollars.
⁽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⁾	Investment made through a participation.
⁽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 December 31, 2023, the total value of these securities is $37,033,057, representing 20.3% of net assets.
⁽⁹⁾	Security is in default.
⁽¹⁰⁾	Non-income producing security.
⁽¹¹⁾	The rate is the annualized seven-day yield as of December 31, 2023.

Bluebay Destra International Event-Driven Credit Fund

Schedule of Investments (continued)

As of December 31, 2023 (unaudited)

At December 31, 2023, the BlueBay Destra International Event-Driven Credit Fund had outstanding forward foreign exchange contracts as set forth below:

		Currency	Currency	Contract Amount						Unrealized Appreciation
Settlement Date	Counterparty	Purchased	Sold	Buy		Sell		Value		(Depreciation)
March 14, 2024	BNP Paribas Securities Corp.	U.S. Dollar	Norwegian Krone	$	11,350,429	NOK	122,798,153	$	12,107,505	$	(757,076	)
March 14, 2024	Brown Brothers Harriman	Norwegian Krone	U.S. Dollar	NOK	47,750,000	$	4,590,857		4,707,997		117,140
March 14, 2024	Brown Brothers Harriman	U.S. Dollar	Euro Currency	$	387,492	EUR	351,387		389,146		(1,654	)
March 14, 2024	Brown Brothers Harriman	U.S. Dollar	Norwegian Krone	$	472,612	NOK	5,164,715		509,224		(36,612	)
March 14, 2024	Brown Brothers Harriman	U.S. Dollar	Norwegian Krone	$	213,276	NOK	2,229,753		219,846		(6,570	)
March 14, 2024	Brown Brothers Harriman	U.S. Dollar	Norwegian Krone	$	371,633	NOK	3,766,928		371,407		226
March 14, 2024	Brown Brothers Harriman	U.S. Dollar	Poland Zloty	$	196,294	PLN	783,135		198,837		(2,543	)
March 14, 2024	Brown Brothers Harriman	U.S. Dollar	Pound Sterling	$	305,298	GBP	241,315		307,712		(2,414	)
March 14, 2024	Brown Brothers Harriman	U.S. Dollar	Swis Franc	$	236,098	CHF	200,000		239,658		(3,560	)
March 14, 2024	Morgan Stanley & Co. LLC	Poland Zloty	U.S. Dollar	PLN	3,210,000	$	806,723		815,015		8,292
March 14, 2024	Morgan Stanley & Co. LLC	U.S. Dollar	Poland Zloty	$	621,345	PLN	2,499,525		634,626		(13,281	)
March 14, 2024	Morgan Stanley & Co. LLC	U.S. Dollar	Swis Franc	$	4,361,944	CHF	3,777,077		4,526,040		(164,096	)
March 14, 2024	NatWest Markets Securities, Inc.	U.S. Dollar	Euro Currency	$	49,213,276	EUR	45,458,453		50,343,297		(1,130,021	)
March 14, 2024	NatWest Markets Securities, Inc.	U.S. Dollar	Euro Currency	$	485,576	EUR	450,000		498,356		(12,780	)
March 14, 2024	NatWest Markets Securities, Inc.	U.S. Dollar	Pound Sterling	$	10,408,067	GBP	8,265,409		10,539,620		(131,553	)
March 14, 2024	State Street	U.S. Dollar	Euro Currency	$	235,885	EUR	212,610		235,456		429
March 14, 2024	UBS AG	U.S. Dollar	Euro Currency	$	1,734,587	EUR	1,600,000		1,771,932		(37,345	)
										$	(2,173,418	)

At December 31, 2023, the BlueBay Destra International Event-Driven Credit Fund had open 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			Value			Unrealized Appreciation (Depreciation)
Markit iTraxx Europe Crossover Index Swap⁽²⁾	Goldman Sachs & Co.	5.000%/ Quarterly	12/20/2028	EUR	14,440,000	$	(296,510	)	$	(1,297,168	)	$	(1,000,658	)
Next PLC Credit Default Swap⁽³⁾	Citigroup, Inc.	1.000%/ Quarterly	6/20/2027	EUR	1,100,000		59,888			(22,741	)		(82,629	)
												$	(1,083,287	)

⁽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 S40 5Y Corp.

⁽³⁾

The underlying issuer is NXTLN CDS EUR SR 5Y D14

Bluebay Destra International Event-Driven Credit Fund

Schedule of Investments (continued)

As of December 31, 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 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 illiquid and restricted investment held by the Fund at December 31, 2023 is as follows:

Security	Acquisition Date	Cost		Value		Percentage of Net Assets
Ahmad Hamad Al Gosaibi & Brothers TL, 0.000%	10/28/2021	$	540,958	$	152,383		0.08	%
Ahmad Hamad Al Gosaibi & Brothers TL, 0.000%	2/11/2022		600,411		178,946		0.10
Ahmad Hamad Al Gosaibi & Brothers TL, 0.000%	9/27/2022		1,454,685		463,934		0.25
Floatel International, Ltd., Warrants	1/13/2021		27,075		5		0.00
Frigo Debtco PLC	10/30/2023		223,356		211,422		0.12
Frigo Debtco PLC, Common Shares	2/21/2023		-		131,581		0.07
Gulf Marine Middle East FZE, 8.747%	3/29/2023		2,021,512		2,022,861		1.11
Gulf Marine Middle East FZE, 8.747%	3/29/2023		546,533		546,898		0.30
House of Fraser Funding PLC, 0.000%	3/27/2019		64,873		44,442		0.02
IFA Holding GmbH TL, 0.000%	8/21/2023		4,367		9,968		0.01
IFA Holding GmbH TL, 4.000%	8/21/2023		126,636		163,926		0.09
IFA Holding GmbH TL2, 7.948%	2/11/2022		740,075		559,111		0.31
IFA Holding GmbH TL3, 7.948%	2/11/2022		671,854		505,863		0.28
Leoni Bordnetz-Systeme GmbH, 4.000%	11/30/2023		4,756,237		4,714,064		2.58
Paper Industries TopCo, Ltd., Common Shares	5/20/2019		620,317		623,110		0.34
Praesidiad, Ltd., 11.958%	11/8/2023		577,602		647,734		0.35
Quintis Australia Pty, Ltd., Common Shares	10/30/2019		-		-		0.00
Quintis Australia Pty, Ltd., Corporate Debt, 7.500%	9/11/2019		7,502		2,459		0.00
Quintis Australia Pty, Ltd., Corporate Debt, 12.000%	9/11/2019		117,000		-		0.00
Takko Luxembourg TL, 15.000%	2/23/2023		1,905,991		1,523,846		0.83
Takko Luxembourg TL B, 12.500%	2/23/2023		5,373,795		4,335,402		2.37
Takko, A Shares	2/23/2023		-		4		0.00
Takko, B Shares	2/23/2023		-		4		0.00
Takko, C Shares	2/23/2023		-		4		0.00
Takko, D Shares	2/23/2023		-		5		0.00
Takko, E Shares	2/23/2023		-		5		0.00
Takko, F Shares	2/23/2023		-		5		0.00
Takko, G Shares	2/23/2023		-		5		0.00
Takko, H Shares	2/23/2023		-		5		0.00
Takko, I Shares	2/23/2023		-		5		0.00
Takko, J Shares	2/23/2023		-		5		0.00
Teide, Ltd.	3/22/2022		-		271,768		0.15
Voyager Aviation Holdings LLC, Common Shares	3/25/2019		-		-		0.00
Voyager Aviation Holdings LLC, Preferred Shares	3/25/2019		49,712		4		0.00
		$	20,430,491	$	17,109,774		9.37	%

BlueBay Destra International Event-Driven Credit Fund (CEDAX) NPORT-PBlueBay Destra International Event-Driven Credit Fund (Dec 2023 report)