Keystone Private Income Fund NPORT-P Keystone Private Income Fund (Jun 2023 report)

Keystone Private Income Fund

Schedule of Investments

June 30, 2023 (Unaudited)

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
		Private Credit - 100.9%
		Corporate Finance - 26.9%
$	19,423,204	Bigfoot Capital SPV1, LLC1,2	11.75%	6/1/2025	1/15/2021	$	19,326,970	$	19,271,096
	62,895,015	FilmRise Acquisitions, LLC1,2	13.50%	9/17/2025	7/1/2020		62,895,015		63,445,140
	14,067,065	FVP Funding I, LLC1,2	12.00%	2/6/2027	2/7/2022		14,067,065		14,193,855
	13,256,263	FVP Funding II, LLC1,2	12.00%	10/12/2027	10/12/2022		13,256,263		13,708,226
	13,800,000	Hall Labs, LLC1,2	14.50%	12/31/2023	8/11/2021		13,800,000		13,732,271
	5,813,533	iApartments, Inc.1,2,4	16.50% PIK	5/18/2030	5/18/2023		5,728,030		5,728,030
	6,506,480	Joshua Tree Holdings, LLC,1,2	12.00%	4/30/2024	5/5/2023		6,506,480		6,506,480
	32,823,928	Loop Inc.1,2,9	14.25%	6/14/2025	5/17/2022		32,300,184		33,098,637
	24,619,544	Metropolitan Partners Fund VII, LP1,2	13.00% PIK	3/3/2026	3/3/2023		24,619,544		24,619,544
	10,892,997	Onward Partners, LLC1,2	15.00%	6/17/2026	6/18/2021		10,789,272		10,481,691
	2,474,763	Paradise Cruise Line Intermediate Holdings, LLC1,2	12.00%	4/1/2024	4/1/2021		2,468,395		2,468,395
	25,000,000	SE1 Generation ABM Holdings, LLC1,2	12.00%	6/8/2024	6/8/2022		25,000,000		24,920,505
	10,000,000	Vantage Borrower SPV, LLC1,2	11.00%	4/30/2024	3/7/2022		10,000,000		9,966,439
	5,000,000	Way.com, Inc.1,2	12.00%	9/6/2023	3/1/2023		4,972,283		4,972,283
							245,729,501		247,112,592
		Equipment Leasing - 27.0%
	134370	231 Auto Exchange, Inc.1,2	12.50%	6/30/2025	4/12/2023		134,370		134,370
	951,608	Amalgamated Energy Assets, LLC1,2	12.50%	3/1/2025	2/9/2023		951,608		951,608
	412,200	American Freight Express, Inc.1,2	12.50%	7/1/2025	3/10/2023		412,200		412,200
	2,429,335	Applied Machinery Rentals, LLC1,2	12.50%	4/1/2025	1/12/2023		2,429,335		2,429,335
	2,120,850	Arcade Silverado JV LLC1,2	12.50%	12/1/2025	5/9/2023		2,120,850		2,120,850
	377,029	ARX, Accurate RX Specialty Pharmacy Corp.1,2	12.50%	1/1/2025	6/3/2022		377,029		377,029
	903,798	ARX, Accurate RX Specialty Pharmacy Corp.1,2	12.50%	7/1/2025	12/9/2022		903,798		903,798
	797,258	Astics Inc.1,2	12.50%	4/1/2025	1/25/2023		797,258		797,258
	1,063,033	Avensis Energy Services, LLC1,2	12.50%	3/31/2025	9/13/2022		1,063,033		1,063,033
	92,253	Bald Birds Brewing Company, LLC1,2	12.50%	10/1/2025	6/12/2023		92,253		92,253
	922,236	Bay Minette Energy LLC1,2	14.50%	11/24/2024	5/27/2022		922,236		922,236
	1,201,436	Blew Bayou Services LLC1,2	14.50%	5/1/2025	10/28/2022		1,201,436		1,201,436
	1,974,865	Bohme, LLC1,2	14.50%	9/30/2024	9/28/2022		1,974,865		1,974,865
	1,805,507	Bohme, LLC1,2	14.50%	3/1/2025	2/17/2023		1,805,507		1,805,507
	3,109,302	Broadband Infrastructure, Inc.1,2	14.50%	10/1/2025	3/30/2023		3,109,302		3,109,302
	258,399	Carepoint Health Management Associates, LLC1,2	14.50%	1/1/2024	12/2/2020		258,399		258,399
	2,586,494	Carnaby Inventory I, LLC1,2	14.50%	8/31/2024	2/23/2022		2,586,494		2,586,494
	2,586,494	Carnaby Inventory I, LLC1,2	14.50%	8/31/2024	2/23/2022		2,586,494		2,586,494
	14,245,863	Carnaby Inventory IV, LLC1,2	12.00%	12/31/2024	6/30/2022		14,245,863		14,245,863
	250,000	Creating Technology Solutions1,2	12.50%	7/1/2025	5/26/2023		250,000		250,000
	381,001	Envelope 1, Inc. and E1 Digital Direct, Inc.1,2	12.50%	1/1/2025	5/11/2022		381,001		381,001
	131,915	Firstronic, LLC1,2	12.00%	11/1/2023	10/15/2020		131,915		131,915
	661,138	Firstronic, LLC1,2	12.00%	9/30/2024	9/21/2021		661,138		661,138

Keystone Private Income Fund

Schedule of Investments

June 30, 2023 (Unaudited) (continued)

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
		Private Credit - 100.9% (continued)
		Equipment Leasing - 27.0% (continued)
$	8,794,233	FPL Food LLC1,2	11.00%	12/31/2025	1/6/2022	$	8,794,233	$	8,794,233
	4,550,285	Future Legends, LLC1,2	14.50%	9/1/2025	2/27/2023		4,550,285		4,550,285
	725,322	Innotec, Corp.1,2	12.50%	7/1/2025	12/30/2022		725,322		725,322
	843,618	J Jets, Inc.1,2	12.50%	4/30/2025	4/8/2022		843,618		843,618
	102,478	Kitchens Lumber Company LLC1,2	12.50%	4/18/2024	4/1/2022		102,478		102,478
	898,849	KVJ Properties, Inc.1,2	14.50%	1/1/2025	12/4/2020		898,849		898,849
	2,959,286	KVJ Properties, Inc.1,2	12.50%	8/31/2025	2/25/2022		2,959,286		2,959,286
	185,817	Lux Vending, LLC1,2	14.50%	1/1/2024	4/16/2021		185,817		185,817
	2,524,245	MC Test Service, Inc.1,2	12.00%	5/31/2024	5/3/2021		2,524,245		2,524,245
	6,352,511	MC Test Service, Inc.1,2	12.00%	1/31/2025	1/25/2022		6,352,511		6,352,511
	132,924	Metalogic Inspection Services, LLC1,2	14.50%	10/1/2023	3/15/2021		132,924		132,924
	346,831	Metalogic Inspection Services, LLC1,2	14.50%	2/28/2024	8/9/2021		346,831		346,831
	3,928,006	Navajo Transitional Energy Company, LLC1,2	9.50%	1/1/2026	12/9/2022		3,928,006		3,928,006
	500,000	Nodal Power, Inc.1,2	12.50%	7/1/2025	6/23/2023		500,000		500,000
	933,262	NWC Services LLC	14.50%	11/1/2025	10/20/2022		933,262		933,262
	2,932,080	Onset Financial, Inc.1,2	14.50%	5/31/2026	12/11/2020		2,932,080		2,941,190
	10,000,000	Onset Financial, Inc.1,2,9	10.74% (SOFR + 7.75%)	3/31/2029	9/26/2022		10,000,000		10,404,074
	7,438,423	Onset Financial, Inc. Progress Funding Line1,2	14.00%	9/30/2025	10/4/2022		7,438,423		7,704,730
	4,478,126	Orbital Power, Inc.1,2	12.00%	4/1/2024	3/31/2021		4,478,126		4,478,126
	2,499,989	Orbital Power, Inc.1,2	12.00%	7/31/2024	8/17/2021		2,499,989		2,499,989
	1,232,117	Orbital Power, Inc.1,2	12.00%	1/31/2024	7/23/2021		1,232,117		1,232,117
	706,233	Petroleum Distribution Transportation, LLC1,2	12.50%	3/31/2025	9/27/2022		706,233		706,233
	230,357	Pierce Powerline Co., LLC1,2	12.50%	3/31/2025	9/16/2022		230,357		230,357
	27,410	Raw Farm, LLC1,2	12.50%	6/29/2024	4/1/2022		27,410		27,410
	725,945	RK Pharma Inc.1,2	14.50%	2/28/2024	2/2/2022		725,945		725,945
	2,119,875	RK Pharma Inc.1,2	14.50%	3/31/2024	3/9/2022		2,119,875		2,119,875
	607,776	RK Pharma Inc.1,2	14.50%	9/30/2024	9/1/2022		607,776		607,776
	2,008,709	Rokstad Power (East), Inc.1,2	10.50%	3/31/2026	3/1/2022		2,008,709		2,008,709
	1,841,317	Rokstad Power (East), Inc.1,2	10.50%	3/31/2026	3/1/2022		1,841,317		1,841,317
	1,977,683	Saint Jean Industries, Inc.1,2	14.50%	6/30/2024	12/30/2021		1,977,683		1,977,683
	3,562,741	SandP Solutions, LLC DBA Bitcoin of America1,2	12.50%	7/31/2025	7/28/2022		3,562,741		3,562,741
	2,229,167	Steelman Aviation, Inc.1,2	14.50%	12/31/2023	12/13/2021		2,229,167		2,229,167
	4,526,050	Steelman Aviation, Inc.1,2	12.00%	11/1/2024	10/13/2022		4,526,050		4,526,050
	636,164	Sun-Tech Leasing of Texas, L.P.1,2	12.00%	10/1/2025	9/18/2020		636,164		636,164
	909,276	Sun-Tech Leasing of Texas, L.P.1,2	12.00%	7/31/2024	8/25/2021		909,276		909,276
	1,591,079	Sun-Tech Leasing of Texas, L.P.1,2	12.00%	7/1/2026	11/15/2022		1,591,079		1,591,079
	6,946,265	Sustainable Green Team1,2	14.50%	2/28/2025	8/19/2022		6,946,265		6,946,265
	4,187,183	TrialAssure Inc.1,2	12.00%	9/30/2024	3/22/2022		4,187,183		4,187,183
	9,088,044	Trico Products Corporation1,2	12.50%	10/31/2024	4/22/2021		9,088,044		9,088,044
	14,977,010	Trico Products Corporation1,2	12.50%	10/31/2024	4/12/2021		14,977,010		14,977,010
	26,293,479	Trico Products Corporation1,2	12.50%	12/31/2025	6/30/2022		26,293,479		26,293,452
	2,957,298	Trico Products Corporation1,2	12.50%	12/1/2025	5/5/2023		2,957,298		2,957,298
	516,013	Trico Products Corporation1,2	12.50%	4/1/2026	6/27/2023		516,013		516,013
	1,444,491	Trucka Leasing, LLC1,2	12.50%	10/1/2025	3/6/2023		1,444,491		1,444,491
	1,230,905	TuffStuff Fitness International, Inc.1,2	12.50%	3/1/2025	1/24/2023		1,230,905		1,230,905
	13,699,554	United Auto Supply of Syracuse, West, Inc.1,2	12.00%	12/31/2025	6/30/2022		13,699,554		13,699,554
	6,135,255	United Auto Supply of Syracuse, West, Inc.1,2	12.00%	12/31/2025	6/30/2022		6,135,255		6,135,255
	221,137	Vensure Employer Services, Inc.1,2	14.50%	1/31/2024	7/16/2021		221,137		221,137

Keystone Private Income Fund

Schedule of Investments

June 30, 2023 (Unaudited) (continued)

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
		Private Credit - 100.9% (continued)
		Equipment Leasing - 27.0% continued)
$	1,308,769	Vensure Employer Services, Inc.1,2	14.50%	12/1/2023	5/18/2021	$	1,308,769	$	1,308,769
	2,402,820	Vensure Employer Services, Inc.1,2	14.50%	7/31/2024	1/14/2022		2,402,820		2,402,820
	2,893,456	Vensure Employer Services, Inc.1,2	14.50%	11/13/2024	5/13/2022		2,893,456		2,893,456
	10,702,674	Vensure Employer Services, Inc.1,2	14.50%	12/31/2024	6/1/2022		10,702,674		10,702,674
	4,206,683	Vensure Employer Services, Inc.1,2	14.50%	2/28/2025	8/2/2022		4,206,683		4,206,683
	4,653,341	Vensure Employer Services, Inc.1,2	14.50%	7/1/2025	11/3/2022		4,653,341		4,653,341
	566,936	Vensure Employer Services, Inc.1,2	14.50%	7/1/2025	12/22/2022		566,936		566,936
	4,817,915	Vensure Employer Services, Inc.1,2	14.50%	9/1/2025	1/24/2023		4,817,915		4,817,915
	2,547,364	Vensure Employer Services, Inc.1,2	14.50%	12/1/2025	5/5/2023		2,547,364		2,547,364
							247,251,160		247,930,624
		Financial Assets - 18.0%
	9,429,828	CapitalPlus Construction Services, LLC1,2,8	12.00%	10/1/2023	9/2/2020		9,429,828		2,831,053
	7,414,144	CapitalPlus Supply Chain Partners, LLC1,2	12.00%	7/31/2024	8/31/2021		7,414,145		7,205,694
	40,600,000	Cocolalla, LLC1,2	14.00%	3/27/2026	3/16/2023		40,052,507		40,052,507
	4,379,294	Coign CC Account SPV, LLC1,2,9	14.50% (Prime (rate cap of 6.00%)+ 8.50%)	4/12/2024	10/12/2022		4,334,412		4,403,991
	17,621,381	DNF Associates, LLC1,2	12.75%	11/1/2027	12/28/2020		17,528,841		17,465,935
	8,367,127	Elevation Capital Group, LLC1,2	12.50%	8/1/2024	12/30/2021		8,367,127		8,244,603
	791,735	ERC Advance Funding, LLC1,2,9	14.99% (SOFR + 10.00%)	4/15/2026	6/21/2023		420,375		420,375
	10,000,000	Kensington Private Equity Fund1,2,9	11.84% (SOFR +7.00%)	3/28/2026	3/28/2023		9,908,660		9,908,660
	10,000,000	Leyline Renewable Capital, LLC1,2	14.00%	11/26/2024	5/26/2023		10,000,000		10,000,000
	21,140,304	Lienstar LLC1,2,4,9	14.11% PIK (Prime + 6.00%)	3/13/2025	3/13/2023		20,959,157		20,959,157
	78,749	Propel Holdings, Inc.1,2	13.60%	6/8/2026	6/8/2023		78,749		78,749
	1,213,676	Rely Credit Funding -1 SPV, LLC1,2	13.47%	11/18/2026	5/18/2023		1,141,253		1,141,253
	9,962,880	Simply Funding SPV, LLC1,2	13.50%	12/31/2024	6/23/2021		9,962,880		9,870,869
	324,456	Sprout Funding SPV II, LLC1,2	13.00%	2/23/2024	2/24/2021		282,642		282,642
	1,520,945	Triton Credit Funding SPV, LLC1,2	13.00%	3/28/2026	9/2/2020		1,473,326		1,473,326
	30,956,710	Viva Funding SPV, LLC1,2	13.00%	3/31/2026	12/23/2020		30,526,703		30,935,681
							171,880,605		165,274,495
		Specialty Real Estate Finance - 29.0%
	7,420,248	1413 Calle Joaquin SLO, LLC1,2,4	8.00% PIK	4/1/2024	5/16/2022		7,293,530		7,289,752
	3,323,171	517 Grand Canyon, LLC1,2,4	10.50% PIK	4/17/2024	4/17/2023		3,159,699		3,159,699
	5,281,789	750 Main Street LP1,2,4	9.69% PIK	2/6/2024	5/9/2022		5,213,681		5,212,417
	434,149	Ashton Oak Homes (Black Locust), LLC1,2,4,9	11.08% PIK (Prime + 3.00%)	3/23/2025	3/23/2023		65,193		65,193
	2,457,289	Atomic Orchard Experiment, LLC1,2,4	9.75% PIK	4/10/2024	11/10/2022		2,366,302		2,366,302
	11,121,142	Capital Miller Pref NewCo, LLC,1,2,4	14.00% PIK	12/5/2027	12/5/2022		11,121,142		11,027,007
	3,718,477	Cartier Industrial Center LLC1,2,4	7.95% PIK	10/24/2023	5/25/2022		3,684,702		3,639,692
	9,019,378	CC Development LP Series I, LLC1,2,4	9.95% PIK	11/18/2023	11/18/2021		8,941,496		8,880,570
	1,500,739	CC Development LP Series III, LLC1,2,4	10.45% PIK	2/3/2025	2/2/2023		1,428,915		1,428,915
	4,639,928	Chesapeake Pines VA, LLC1,2,4	12.50% PIK	1/19/2025	1/19/2022		4,605,796		4,468,661
	1,139,733	Cheyenne Industrial Partners, LLC,1,2,4	9.00% PIK	12/20/2023	12/19/2022		1,092,287		1,092,287
	2,943,902	Circolo Villas, LLC1,2	13.00%	6/30/2023	10/13/2021		2,943,902		2,943,902
	446,515	Corta Stevens Point, LLC1,2,4	9.00% PIK	4/12/2024	4/13/2023		353,763		353,763
	5,345,141	Endeavor Investments IX, LLC1,2,4	10.50% PIK	11/12/2025	9/15/2022		5,298,350		5,258,882
	4,343,051	Endeavor Investments V, LLC1,2,4	10.50% PIK	8/24/2025	2/23/2022		4,310,160		4,184,979
	3,774,261	Endeavor Investments VIII, LLC1,2,4	10.50% PIK	8/4/2025	2/4/2022		3,745,899		3,636,382
	5,086,294	Endeavor Investments X, LLC1,2,4	10.50% PIK	1/1/2027	12/15/2021		5,047,911		4,890,381
	3,517,514	ETV Holdings, LLC1,2,4	10.50% PIK	7/12/2023	7/14/2021		3,501,245		3,501,245
	2,974,605	Fruition California Holdings LLC1,2,4	11.49% PIK	12/30/2023	12/30/2021		2,955,830		2,955,830
	1,867,800	Galaxy Management Company, LLC1,2,3	14.00%	9/25/2023	11/18/2020		1,863,583		1,863,583
	636,855	Gilroy Partners, LLC1,2,4	9.00% PIK	3/15/2024	12/15/2022		609,750		609,750

Keystone Private Income Fund

Schedule of Investments

June 30, 2023 (Unaudited) (continued)

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
		Private Credit - 100.9% (continued)
		Specialty Real Estate Finance - 29.0%(continued)
$	13,427,358	Grind Ventures, LLC1,2,4	9.65% PIK	10/2/2023	10/20/2021	$	13,319,708	$	13,502,383
	53,532	HD Post Buffalo, LLC1,2,4	9.95% PIK	6/6/2024	12/7/2022		21,704		21,704
	770,693	Justus at Promenade Senior, LLC1,2	10.30% PIK	6/16/2025	3/15/2023		114,821		114,821
	1,331,958	Lex Apartments 102B, LLC1,2,4	9.95% PIK	9/9/2024	9/9/2022		1,261,214		1,261,214
	16,046,324	Lex Apartments, LLC1,2,4	10.50% PIK	8/31/2024	8/31/2022		15,919,736		15,978,819
	5,140,952	MAP Logistics Center Lot 33, LLC1,2	10.95%	6/17/2025	6/13/2022		5,114,913		5,245,472
	12,597,741	MC Oslo Aurora, LLC1,2,4	11.25% PIK	10/11/2023	7/11/2022		12,531,902		12,530,420
	3,321,713	MC Oslo Hermitage, LLC1,2,4	13.00% PIK	6/1/2025	5/19/2022		3,296,570		3,321,735
	2,403,114	MC Oslo SFM Two, LLC1,2,4	13.00% PIK	6/1/2025	5/19/2022		2,387,400		2,387,400
	7,700,620	MC Oslo SFQ, LLC1,2,4	11.25% PIK	10/11/2023	7/11/2022		7,644,333		7,712,309
	10,384,339	MC Rye Katy, LLC1,2,4	10.25% PIK	8/9/2025	8/10/2022		10,384,339		10,445,230
	8,703,543	MC Rye Northwest, LLC1,2,4	10.25% PIK	8/9/2025	8/9/2022		8,703,543		8,755,292
	10,156,760	MC Rye Westchase, LLC1,2,4	10.25% PIK	8/9/2025	8/9/2022		10,156,760		10,180,512
	8,767,845	Meridian Hotel Holdings, LLC1,2,4	7.90%	6/1/2024	6/21/2021		8,712,598		8,684,724
	3,829,910	MLab International, LLC1,2,4	9.25% PIK	1/30/2024	7/22/2022		3,760,900		3,760,900
	5,981,406	Nancy Jay Industrial Center, LLC1,2,4	12.00% PIK	6/3/2024	6/3/2022		5,981,406		5,919,425
	2,862,289	Olympus Bluffs 4, LLC1,2,4	11.95% PIK	9/9/2025	9/9/2022		2,838,095		2,838,095
	2,000,580	Olympus Palms 1, LLC1,2,4	12.50% PIK	6/30/2025	7/1/2022		1,984,113		1,984,113
	1,490,865	Olympus Palms 3, LLC1,2,4	11.95% PIK	8/3/2025	8/3/2022		1,481,455		1,481,455
	8,812,125	Olympus Palms 4, LLC1,2	9.99%	10/4/2023	10/4/2022		8,765,648		8,781,282
	7,979,369	Olympus Palms 5, LLC1,2	9.99%	10/4/2023	10/4/2022		7,937,284		7,918,696
	8,355,000	Olympus Palms 6, LLC1,2	9.99%	10/4/2023	10/4/2022		8,310,934		8,291,471
	6,203,000	Olympus Peaks 1, LLC1,2	9.99%	9/29/2023	9/29/2022		6,171,640		6,159,081
	3,270,836	Olympus Pines FF Wash, LLC1,2,4	12.50% PIK	7/15/2024	7/15/2021		3,250,455		3,250,455
	1,043,960	Pierce Street Holdings LLC1,2,4	9.75% PIK	9/15/2023	3/15/2022		1,028,211		1,028,211
	1,806,571	SAG El Camino, LLC1,2,4	9.95% PIK	8/11/2023	2/11/2022		1,794,959		1,794,959
	702,240	Salinas Rossi Partners, LLC1,2	9.00% PIK	3/15/2024	12/15/2022		658,323		658,323
	979,823	San Antonio Partners, LLC1,2,4	9.00% PIK	3/15/2024	12/15/2022		911,716		911,716
	1,973,797	Sonora Plum Industrial Partners, LLC1,2,4	9.00% PIK	3/15/2024	12/15/2022		1,955,736		1,955,736
	3,578,511	VG Burlington Storage LLC1,2,4	9.25%	10/4/2023	5/4/2022		3,552,152		3,552,152
	12,976,794	Vivo Living Durham LLC1,2,4	9.50% PIK	10/14/2023	10/14/2022		12,872,533		12,836,335
	12,540,889	Vivo Living Raleigh 1 LLC1,2,4	9.50% PIK	11/18/2023	11/18/2022		12,423,388		12,345,359
	100,000	West Jordan Hotel Holdings, LLC1,2,4	12.00% PIK	6/20/2025	6/20/2023		99,017		99,017
	3,091,335	Zoe Lakeview, LLC1,2,11	10.45% PIK	11/21/2024	11/22/2022		2,766,917		2,766,917
							267,717,559		267,304,925
		Total Private Credit					932,578,825		927,622,636

Keystone Private Income Fund

Schedule of Investments

June 30, 2023 (Unaudited) (continued)

					Original
Principal				Maturity	Acquisition
Shares			Coupon Rate	Date	Date	Cost		Fair Value
		Private Investment Funds - 1.3%
	N/A	Structural Keystone VL LLC - Series KS Manscaped1,2,5		12/24/2024	12/17/2021		11,664,078		11,694,940
		Total Private Investment Funds					11,664,078		11,694,940
		Warrants - 0.0%
$	73,274	Sovrn Holdings, Inc1,2,5				$	-	$	-
		Short-Term Investments - 0.0%
	3,589	Fidelity Investments Money Market Government Portfolio - Institutional Class	4.92%7				3,589		3,589
		Total Investments - 102.2%⁶				$	944,246,492	$	939,321,165
		Liabilities in excess of other assets - (2.2%)							(19,793,625	)
		Net Assets - 100%						$	919,527,540

¹ Restricted security. The total value of these securities is $939,317,576, which represents 102.2% of total net assets of the Fund.

² Level 3 securities fair valued under procedures established by the Board of Trustees. The total value of these securities is $939,317,576, which represents 102.2% of total net assets of the Fund.

³ This investment was made through a participation.

⁴ Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.

⁵ The single purpose investment fund’s strategy is to invest in only one isolated and preidentified secured credit investment with no discretion for any other additional investments beyond this single purpose holding for which the single purpose investment fund was formed.  The single purpose investment fund shall continue until the one holding is realized in full.  Given the single purpose nature of the investment holding, there is no redemption of any portion of the Fund’s investment prior to the realization in full of the underlying single investment.

⁶ Entire portfolio is pledged as collateral for line of credit.

⁷ The rate is the annualized seven-day yield at period end.

⁸ In default.

⁹ Variable rate.

Keystone Private Income Fund

Notes to Schedule of Investments

June 30, 2023 (Unaudited)

Note 1 - Valuation of Investments

The Board has approved valuation procedures for the Fund (the “Valuation Procedures”) and appointed a separate valuation committee (the “Valuation Committee”). The Board has delegated the day-to-day responsibility for determining the fair valuation of the Fund’s investments to the Investment Manager, subject to the oversight of the Valuation Committee. The Investment Manager oversees the valuation of the Fund’s investments on behalf of the Fund in accordance with the Valuation Procedures, which provide that investments will be valued at fair value. Furthermore, the valuation of the Fund’s assets will be done in accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosures.

In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. As a result, the fair values of one or more assets may not be the prices at which those assets are ultimately sold. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund’s net asset value (“NAV”) if the judgments of the Valuation Committee or Investment Manager regarding appropriate valuations should prove incorrect.

The Fund expects that it will hold a high proportion of illiquid investments relative to its total investments, which is directly related to the Fund’s investment objectives and strategy. The valuation approach will likely vary by investment, but may include comparable public market valuations, comparable transaction valuations and discounted cash flow analyses. All factors that might materially impact the value of an investment (i.e., underlying collateral, operating results, financial condition, achievement of milestones, and economic and/or market events) may be considered. In certain circumstances the Investment Manager may determine that cost best approximates the fair value of the particular investment.

Note 2 – Fair Value Measurements and Disclosure

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

● Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

● Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

● Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Investment Manager in determining fair value is greatest for investments categorized in Level 3.

The Fund’s assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund’s significant accounting policies. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2023:

Investments	Level 1		Level 2		Level 3		Total
Private Credit	$	—	$	—	$	927,622,636	$	927,622,636
Private Investment Funds		—		—		11,694,940		11,694,940
Warrants		—		—		—		—
Short-Term Investments		3,589		—		—		3,589
Total Investments, at fair value	$	3,589	$	—	$	939,317,576	$	939,321,165

The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2023:

	Private Credit			Private Investment Funds			Warrants
Balance as of October 1, 2022	$	755,752,353		$	13,933,504		$	—
Transfers In		—			—			—
Transfers Out		—			—			—
Purchases		521,209,613			—			—
Sales		—			—			—
Principal reductions received		(344,383,141	)		(2,269,426	)		—
Realized gains (losses)		—			—			—
Change in unrealized appreciation (depreciation)		(4,956,189	)		30,862			—
Balance as of June 30, 2023	$	927,622,636		$	11,694,940			—

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2023.

Investments	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
Private Credit	$	927,622,636	Discounted Cash Flow	Discount Rate		8.7%-21.1%
Private Investment Funds		11,694,940	Discounted Cash Flow	Discount Rate		16.0%
Warrants		—	Cost	Price		N/A