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      </invstOrSec>
      <invstOrSec>
        <name>BAHAMAS GOVT Intl Bond TERM LOAN</name>
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      <invstOrSec>
        <name>Odfjell Drilling Limited</name>
        <lei>529900M08ZU24JXMPB85</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Praesidiad Ltd TL EUR</name>
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        <title>TL EUR</title>
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          <other otherDesc="Internal ID" value="BETAB3A"/>
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      <invstOrSec>
        <name>Praesidiad Ltd TL EUR</name>
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          <other otherDesc="Internal ID" value="BETAB3B"/>
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        <balance>302972.21000000</balance>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Praesidiad Ltd TL HLD</name>
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          <other otherDesc="Internal ID" value="BETABB4A"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Praesidiad Ltd TL HLD</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Praesidiad Ltd TL HLD</name>
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          <other otherDesc="Internal ID" value="BETABBHL"/>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Praesidiad Ltd TL HLD</name>
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          <other otherDesc="Internal ID" value="BETABBN"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Praesidiad Ltd TL HLD</name>
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          <other otherDesc="Internal ID" value="BETABBOP"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.92575000"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>Cision</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HERENS US HOLDCO CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AZALEA TOPCO INC</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>KUEHG CORP</name>
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        <name>ARVOS HOLDCO SARL</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARVOS HOLDING GMBH</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ATOFP REV 1L EUR</title>
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        <name>N/A</name>
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        <name>N/A</name>
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          <other otherDesc="Internal ID" value="7TS3HK6"/>
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        <name>JUMP FINANCIAL LLC</name>
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        <name>N/A</name>
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          <other otherDesc="Internal ID" value="7TS3HN9"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JUMP FINANCIAL LLC</name>
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          <other otherDesc="Internal ID" value="7TS3HM8"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Floatel International Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Frigo Debtco PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Chrome Holdco S A S</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Transcom Holding AB</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HSE Finance S a r l</name>
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        <name>Avation Plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Paper Industries Intermediate Financing S.a.r.l.</name>
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        <name>HSE Finance S a r l</name>
        <lei>894500G58U7EW07EK366</lei>
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        <name>Standard Profil Automotive Gmbh</name>
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        <name>N/A</name>
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        <name>Ferralum Metals Group SA</name>
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        <name>NCO Invest S.A.</name>
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        <name>Mcom Investments Ltd.</name>
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        <name>Frigo Debtco PLC</name>
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        <name>Jacktel AS</name>
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        <name>Paper Industries Intermediate Financing S.a.r.l.</name>
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        <name>Frigo Debtco PLC</name>
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        <name>DOF Group ASA</name>
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        <name>OCV Recovery AS</name>
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        <name>Moreld AS</name>
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        <name>Ventura Offshore Holdings Ltd.</name>
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        <name>Atos SE</name>
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        <name>Atos SE</name>
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        <name>Constellation Oil Services Holding SA</name>
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        <name>House Of Fraser (Funding) plc</name>
        <lei>213800P7RKFZN1OO5R52</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>GYM Group PLC</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Takko Luxembourg TL PIK 12/9/2026</name>
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        <name>N/A</name>
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        <name>Cruise Yacht Upper Holdco Ltd.</name>
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        <name>Galileo Global Technologies Ltd.</name>
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        <debtSec>
          <maturityDt>2028-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Moreld AS</name>
        <lei>6488UNV33KXZ9498L870</lei>
        <title>MORLD 9 7/8 02/11/30</title>
        <cusip>R4568AAA2</cusip>
        <identifiers>
          <isin value="NO0013467258"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3016875.00000000</valUSD>
        <pctVal>0.893797644834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Bluebay Destra International Event Driven </ncom:nameOfApplicant>
      <ncom:signature>Derek Mullins</ncom:signature>
      <ncom:signerName>Derek Mullins</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
