Keystone Private Income Fund NPORT-P Keystone Private Income Fund (Jun 2024 report)

Keystone Private Income Fund

Schedule of Investments

June 30, 2024 (Unaudited)

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
		Private Credit - 104.4%
		Corporate Finance - 15.4%
	89,346,666	FilmRise Acquisitions, LLC1,2	15.00%	9/17/2025	7/1/2020		89,346,666		89,468,248
	13,804,509	FVP Funding I, LLC1,2,4	10.00 + 2.00% PIK	2/6/2027	2/7/2022		13,804,509		12,955,035
	24,655,210	FVP Funding II, LLC1,2,4	10.00 + 2.00% PIK	10/12/2027	10/12/2022		24,655,210		26,421,182
	13,800,000	Hall Labs, LLC1,2	14.50%	6/30/2024	8/11/2021		13,800,000		13,800,000
	8,593,933	iApartments, Inc.1,2,4	10.75 + 6.00% PIK	5/18/2030	5/18/2023		8,593,933		8,561,384
	14,034,985	Loop Inc.1,2,9	8.00%	6/14/2025	5/17/2022		14,034,985		9,552,447
	12,629,174	LRC Westbridge II Investco, LLC1,2,3	12.00%	11/23/2024	8/23/2023		12,629,174		12,372,533
	5,143,172	Metropolitan Partners Fund VII, LP1,2,3,4	13.00% PIK	10/1/2024	3/3/2023		5,143,172		4,940,335
	11,897,920	Onward Partners, LLC1,2	15.00%	6/17/2026	6/18/2021		11,897,920		11,683,550
	10,000,000	Vantage Borrower SPV, LLC1,2,8	11.00%	5/31/2024	3/7/2022		10,000,000		10,000,000
	4,400,000	Way.com, Inc.1,2	12.00%	3/1/2025	3/1/2023		4,400,000		4,377,292
							208,305,569		204,132,006
		Equipment Leasing - 19.8%
	251,679	274 Construction Group, Inc.1,2	12.50%	10/1/2025	9/26/2023		251,679		251,679
	889,036	Agility Auto Parts Inc.1,2	12.50%	7/1/2026	6/12/2024		889,036		889,036
	134,935	American Freight Express, Inc.1,2	12.50%	7/1/2025	3/10/2023		134,935		134,935
	349,080	Applied Machinery Rentals, LLC1,2	12.50%	4/1/2025	1/12/2023		349,080		349,080
	511,671	Arcade Silverado JV LLC1,2	12.50%	12/1/2025	5/9/2023		511,671		511,671
	532,356	Arcade Silverado JV LLC1,2	12.50%	12/1/2026	4/25/2024		532,356		532,356
	23,898	ARX, Accurate RX Specialty Pharmacy Corp.1,2	12.50%	1/1/2025	6/3/2022		23,898		23,898
	491,213	ARX, Accurate RX Specialty Pharmacy Corp.1,2	12.50%	7/1/2025	12/9/2022		491,213		491,213
	165,878	Avensis Energy Services, LLC1,2	12.50%	3/31/2025	9/13/2022		165,878		165,878
	629,936	Avensis Energy Services, LLC1,2	12.50%	9/1/2026	12/4/2023		629,936		629,936
	742,395	Blew Bayou Services LLC1,2	14.50%	5/1/2025	10/28/2022		742,395		742,395
	1,243,746	Bohme, LLC1,2	14.50%	9/30/2024	9/28/2022		1,243,746		1,243,746
	1,253,027	Bohme, LLC1,2	14.50%	3/1/2025	2/17/2023		1,253,027		1,253,027
	2,086,564	Broadband Infrastructure, Inc.1,2	14.50%	10/1/2025	3/30/2023		2,086,564		2,086,564
	8,604,461	Carnaby FA, LLC1,2	42.50%9	11/1/2024	11/6/2023		8,604,461		8,604,461
	25,000,000	Carnaby FA, LLC1,2	21.94%9	6/1/2027	4/26/2024		25,000,000		25,000,000
	87,003	Carnaby Inventory I, LLC1,2	14.50%	8/31/2024	2/23/2022		87,003		87,003
	87,003	Carnaby Inventory I, LLC1,2	14.50%	8/31/2024	2/23/2022		87,003		87,003
	6,154,836	Carnaby Inventory IV, LLC1,2	12.00%	12/31/2024	6/30/2022		6,154,836		6,154,836
	2,852,195	Carnaby Inventory IV, LLC1,2	68.48%9	9/1/2024	2/15/2024		2,852,195		2,852,195
	14,260,974	Carnaby Inventory IV, LLC1,2	68.48%9	9/1/2024	2/15/2024		14,260,974		14,260,974
	87,498	Cashman Photo Enterprises of Nevada, Inc.1,2	12.50%	4/1/2026	9/5/2023		87,498		87,498
	49,639	Creating Technology Solutions1,2	12.50%	7/1/2025	5/26/2023		49,639		49,639
	342,014	Diesel Displays & Interiors, LLCs1,2	12.50%	1/1/2026	11/30/2023		342,014		342,014
	4,209,790	Eagle Highwall Mining Systems, LLC1,2	12.50%	4/1/2027	9/29/2023		4,209,790		4,299,788
	149,916	Falls Stamping & Welding Company1,2	14.00%	1/1/2026	2/5/2024		149,916		149,916
	9,082,940	Fisher & Company, Inc.1,2	14.50%	1/1/2027	4/9/2024		9,082,940		9,082,940
	863,914	FPL Food LLC1,2	12.50%	4/1/2026	2/28/2024		863,914		863,914
	3,706,025	Future Legends, LLC1,2	14.50%	9/1/2025	2/27/2023		3,706,025		3,706,025
	2,841,601	Gregory Pharmaceutical Holdings, Inc.1,2	12.50%	2/1/2026	7/14/2023		2,841,601		2,841,601

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
	4,095,406	Information Technology Partners, Inc.1,2	14.50%	1/1/2026	12/15/2023		4,095,406		4,095,406
	482,130	Innotec, Corp.1,2	12.50%	7/1/2025	12/30/2022		482,130		482,130
	161,960	J Jets, Inc.1,2	12.50%	4/30/2025	4/8/2022		161,960		161,960
	17,984,090	JRL Energy, Inc.1,2	14.50%	4/1/2027	4/19/2024		17,984,090		17,984,090
	4,600,090	Kent Distributors, Inc.1,2	14.50%	7/1/2027	3/14/2024		4,600,090		4,600,090
	251,631	Kinikini, LLC1,2	12.50%	4/1/2026	2/27/2024		251,631		251,631
	1,971,676	KVJ Properties, Inc.1,2	12.50%	8/31/2025	2/25/2022		1,971,676		1,971,676
	501,521	Lawson Construction Company1,2	12.50%	1/1/2026	11/2/2023		501,521		501,521
	577,602	LBF Enterprises dba Powermatic Associates, Inc.1,2	12.50%	7/1/2026	12/4/2023		577,602		577,602
	7,429,677	MC Test Service, Inc.1,2	12.00%	2/1/2025	1/25/2022		7,429,677		7,429,677
	1,316,942	MC Test Service, Inc.1,2	12.50%	10/1/2026	12/8/2023		1,316,942		1,316,942
	7,997,531	Medshift, LLC1,2	14.50%	7/1/2028	4/4/2024		7,997,531		7,997,531
	7,012,388	Medshift, LLC1,2	14.50%	12/1/2027	5/3/2024		7,012,388		7,012,388
	206,870	Motus Excavation, LLC1,2	12.50%	4/1/2026	9/28/2023		206,870		206,870
	2,293,776	Navajo Transitional Energy Company, LLC1,2	9.50%	1/1/2026	12/9/2022		2,293,776		2,293,776
	1,106,369	Next Century Rebar LLC and Century Steel Fabricators, LLC1,2	12.50%	2/1/2027	6/7/2024		1,106,369		1,106,369
	114,562	Nodal Power, Inc.1,2	12.50%	7/1/2025	6/23/2023		114,562		114,562
	136,418	Nutritional Resources, Inc.1,2	12.50%	1/1/2027	3/1/2024		136,418		136,418
	582,055	NWC Services LLC	14.50%	11/1/2025	10/20/2022		582,055		582,055
	1,630,824	Onset Financial, Inc.1,2	14.50%	5/31/2026	12/11/2020		1,630,824		1,630,824
	10,000,000	Onset Financial, Inc.1,2,7	12.49% (SOFR + 7.75%)	3/31/2029	9/26/2022		10,000,000		9,924,685
	60,039	Optisys, Inc.1,2	12.50%	10/1/2025	9/14/2023		60,039		60,039
	144,213	Petroleum Distribution Transportation, LLC1,2	12.50%	7/1/2025	9/27/2022		144,213		144,213
	38,948	Pierce Powerline Co., LLC1,2	12.50%	3/31/2025	9/16/2022		38,948		38,948
	1,466,006	Pierce Powerline Co., LLC1,2	12.50%	1/1/2026	8/3/2023		1,466,006		1,466,006
	22,544	RK Pharma Inc.1,2	14.50%	6/30/2024	2/2/2022		22,544		22,544
	717,662	RK Pharma Inc.1,2	14.50%	10/1/2025	3/9/2022		717,662		717,662
	285,652	RK Pharma Inc.1,2	14.50%	9/30/2024	9/1/2022		285,652		285,652
	62,012	Saint Jean Industries, Inc.1,2	14.50%	6/30/2024	12/30/2021		62,012		62,012
	100,508	Sajawi Corporation1,2	12.50%	10/1/2025	8/30/2023		100,508		100,508
	1,496,464	SandP Solutions, LLC DBA Bitcoin of America1,2	12.50%	7/31/2025	7/28/2022		1,496,464		1,496,464
	1,072,695	Savant Consultants, LLC1,2	12.50%	5/1/2026	10/23/2023		1,072,695		1,072,695
	826,104	Southern Fabrication Works, LLC1,2	12.50%	3/1/2026	8/16/2023		826,104		826,104
	1,840,180	Steelman Aviation, Inc.1,2	12.00%	11/1/2024	10/13/2022		1,840,180		1,840,180
	6,946,265	Sustainable Green Team1,2	14.50%	2/28/2025	8/19/2022		6,946,265		6,946,265
	939,445	Transcontinental Energy Services LLC1,2	12.50%	1/1/2026	11/27/2023		939,445		939,445
	1,531,378	TrialAssure Inc.1,2	12.00%	9/30/2024	3/22/2022		1,531,378		1,531,378
	23,764,569	Trico Products Corporation1,2	12.50%	12/31/2025	6/30/2022		23,764,569		23,764,569
	3,753,683	Trico Products Corporation1,2	14.50%	12/1/2025	5/5/2023		3,753,683		3,753,683
	447,537	Trico Products Corporation1,2	12.50%	4/1/2026	6/27/2023		447,537		447,537
	2,293,283	Trico Products Corporation1,2	12.50%	10/1/2025	7/3/2023		2,293,283		2,293,283
	5,815,772	Trico Products Corporation1,2	14.50%	9/1/2026	2/29/2024		5,815,772		5,815,772
	334,508	Trucka Leasing, LLC1,2	12.50%	10/1/2025	3/6/2023		334,508		334,508
	10,666,795	United Auto Supply of Syracuse, West, Inc.1,2	12.00%	7/1/2026	6/30/2022		10,666,795		10,666,795
	7,655,265	United Auto Supply of Syracuse, West, Inc.1,2	12.00%	4/1/2027	6/30/2022		7,655,265		7,655,265
	930,139	Vensure Employer Services, Inc.1,2	14.50%	7/31/2024	1/14/2022		930,139		930,139
	1,470,360	Vensure Employer Services, Inc.1,2	14.50%	11/13/2024	5/13/2022		1,470,360		1,470,360
	6,343,464	Vensure Employer Services, Inc.1,2	14.50%	12/31/2024	6/1/2022		6,343,464		6,343,464
	2,557,568	Vensure Employer Services, Inc.1,2	14.50%	5/1/2025	8/2/2022		2,557,568		2,557,568
	3,044,170	Vensure Employer Services, Inc.1,2	14.50%	8/1/2025	11/3/2022		3,044,170		3,044,170

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
	244,024	Vensure Employer Services, Inc.1,2	14.50%	7/1/2025	12/22/2022		244,024		244,024
	3,341,478	Vensure Employer Services, Inc.1,2	14.50%	9/1/2025	1/24/2023		3,341,478		3,341,478
	3,829,242	Vensure Employer Services, Inc.1,2	14.50%	2/1/2026	5/5/2023		3,829,242		3,829,242
	4,442,071	Vensure Employer Services, Inc.1,2	14.50%	4/1/2026	9/19/2023		4,442,071		4,442,071
	2,463,270	Vensure Employer Services, Inc.1,2	14.50%	2/1/2026	1/18/2024		2,463,270		2,463,270
	2,348,471	Vensure Employer Services, Inc.1,2	12.50%	12/1/2027	5/8/2024		2,348,471		2,348,471
							261,434,525		261,449,208
		Financial Assets - 22.8%
	37,470,000	Bondit LLC1,2	13.00%	5/31/2026	6/3/2024		37,470,000		37,470,000
	9,311,890	CapitalPlus Construction Services, LLC1,2,8	12.00%	10/1/2023	9/2/2020		9,311,890		1,576,127
	2,469,892	CapitalPlus Supply Chain Partners, LLC1,2,8	12.00%	7/31/2024	8/31/2021		2,469,892		2,064,548
	45,481,578	Cocolalla, LLC1,2,4	14.00% PIK	3/27/2026	3/16/2023		45,481,578		44,947,419
	12,223,571	Delos Investment Fund II, LP1,2	5.35% + 11.00% PIK	11/20/2026	11/22/2023		12,223,571		12,229,585
	10,696,320	ERC Advance Funding, LLC1,2,7,8	15.30% (SOFR + 10.00%)	4/15/2026	6/21/2023		10,696,320		10,195,226
	41,596,386	Healthcare Funding Partners, LLC1,2	16.25%	12/31/2026	4/12/2024		41,596,386		41,596,386
	14,000,000	Kensington Private Equity Fund1,2,3,7	12.22% (SOFR + 7.00%)	3/28/2026	3/28/2023		14,000,000		14,121,645
	15,000,000	Leyline Renewable Capital, LLC	14.00%	11/26/2024	5/26/2023		15,000,000		14,952,095
	39,755,019	Lienstar LLC1,2,4,7	11.40% + 3.00% PIK (Prime + 6.00%)	3/13/2025	3/13/2023		39,755,019		39,755,019
	26,311,629	Metropolitan Partners Fund VII, LP - Oliphant1,2,3	12.50%	10/13/2024	7/6/2023		26,311,629		26,157,312
	500,000	Multiply 1, LLC1,2	12.00%	1/10/2027	1/16/2024		500,000		500,000
	3,848,952	Propel Holdings, Inc.1,2	13.60%	6/8/2026	6/8/2023		3,848,952		3,848,952
	11,748,811	Simply Funding SPV, LLC1,2	13.00%	12/31/2024	6/23/2021		11,748,811		11,690,510
	324,456	Sprout Funding SPV II, LLC1,2,8	13.00%	2/23/2024	2/24/2021		324,456		324,456
	41,367,733	Viva Funding SPV, LLC1,2	13.00%	3/31/2026	12/23/2020		41,367,733		40,625,210
							312,106,237		302,054,490
		Specialty Real Estate Finance - 46.4%
	9,101,812	517 Grand Canyon, LLC1,2,4	10.50% PIK	10/17/2024	4/17/2023		9,101,812		9,153,410
	5,826,273	750 Main Street LP1,2,4	9.69% PIK	8/6/2024	5/9/2022		5,826,273		5,826,273
	449,218	8th Avenue Property Owners, LLC1,2,4	12.00% PIK	11/14/2025	8/14/2023		449,218		449,218
	12,631,772	AE Green Mountain, LLC1,2,4	10.45% PIK	8/30/2025	8/30/2023		12,631,772		12,872,053
	2,625,077	Ashton Oak Homes (Black Locust), LLC1,2,4,7	11.35% PIK (Prime + 3.00%)	3/23/2025	3/23/2023		2,625,077		2,625,077
	6,914,172	Atomic Orchard Experiment, LLC1,2,4	9.75% PIK	10/10/2024	11/10/2022		6,914,172		6,888,776
	4,489,154	BD RC Defuniak Springs, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		4,489,154		4,468,762
	2,786,349	BD RC Greenwood, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		2,786,349		2,786,349
	4,679,574	BD RC Jacksonville AL, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		4,679,574		4,614,797
	90,453	BD RC Jacksonville Normandy, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		90,453		90,453
	4,921,985	BD RC Meridianville AL, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		4,921,985		4,852,690
	5,195,657	BD RC Montgomery AL, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		5,195,657		5,108,830
	99,234	BD RC North Myrtle Beach, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		99,234		99,234
	3,691,228	BD RC Spartanburg, LP1,2	11.50% PIK	3/18/2025	10/24/2023		3,691,228		3,691,227
	2,414,849	BEP CO Springs Hospitality LLC1,2,4	11.95% PIK	11/24/2025	8/24/2023		2,414,849		2,414,849
	4,692,048	Bonneyview Redding, LLC1,2,4	8.00% PIK	7/28/2024	7/28/2023		4,692,048		4,692,048
	12,811,503	Capital Miller Pref NewCo, LLC,1,2,4	14.00% PIK	12/5/2027	12/5/2022		12,811,503		12,283,227
	9,724,225	Cartier Industrial Center LLC1,2,4	9.50% PIK	10/24/2024	5/25/2022		9,724,225		9,744,808
	11,123,853	CC Development LP Series I, LLC1,2,4	9.95% PIK	11/18/2024	11/18/2021		11,123,853		10,833,400
	6,204,232	CC Development LP Series III, LLC1,2,4	10.45% PIK	2/3/2025	2/2/2023		6,204,232		6,175,349
	199,918	CCWO8, LLC1,2,4	10.99% PIK	4/30/2025	8/23/2411		199,918		199,918
	7,448,058	Cedar Falls Partners, LLC1,2,4,10	11.00% PIK	3/21/2025	12/21/2023		7,448,058		7,366,322
	5,404,366	Chesapeake Pines VA, LLC1,2,4	12.50% PIK	1/19/2025	1/19/2022		5,404,366		5,338,853
	8,202,068	Cheyenne Industrial Partners, LLC,1,2,4	9.00% PIK	7/15/2024	12/19/2022		8,202,068		8,202,068
	2,943,902	Circolo Villas, LLC1,2	13.00%	6/30/2024	10/13/2021		2,943,902		2,943,902
	4,234,002	Condev Storage Minneola, LLC1,2,4	10.50% PIK	5/2/2025	5/2/2024		4,234,002		4,234,002
	10,840,484	Corta Stevens Point, LLC1,2,4	9.00% PIK	10/12/2024	4/13/2023		10,840,484		10,708,267
	6,441,539	Dabney Road Industrial LLC1,2,4	10.50% PIK	3/20/2025	12/20/2023		6,441,539		6,324,925
	2,279,516	DZ Tech Community LLC1,2,4	10.50% PIK	10/25/2025	8/31/2023		2,279,516		2,279,516

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
	5,944,496	Endeavor Investments IX, LLC1,2,4	10.50% PIK	11/12/2025	9/15/2022		5,944,496		5,848,459
	4,197,472	Endeavor Investments VIII, LLC1,2,4	10.50% PIK	8/4/2025	2/4/2022		4,197,472		4,197,472
	5,525,000	Endeavor Investments X, LLC1,2,4	10.50% PIK	1/1/2027	12/15/2021		5,525,000		5,293,460
	2,235,258	Frito Lay - Pomfret1,2,4	9.50% PIK	1/30/2025	11/1/2023		2,235,258		2,235,258
	20,360,071	Frito Lay - Portfolio1,2,4	9.50% PIK	10/3/2025	10/4/2023		20,360,071		20,688,506
	5,847,982	Frontera West-Sonoma Dev, LLC1,2,4	11.29% PIK	4/19/2026	10/19/2023		5,847,982		5,836,926
	1,763,529	Galaxy Management Company, LLC1,2,3,8	14.00%	11/10/2023	11/18/2020		1,763,529		1,763,529
	218,169	Gilroy Partners, LLC1,2,4	9.00% PIK	9/15/2024	12/15/2022		218,169		218,169
	2,271,037	HD Post Buffalo, LLC1,2,4	9.95% PIK	12/6/2024	12/7/2022		2,271,037		2,271,037
	13,544,004	Holmes Lane Development, LLC1,2,4	10.75% PIK	5/4/2025	8/4/2023		13,544,004		13,213,421
	104,241	HSM Hawley, LLC1,2,4	10.50% PIK	4/5/2026	1/10/2024		104,241		104,241
	10,511	JF Wonderblock Phase 2, LLC1,2,4,10	10.99% PIK	2/20/2028	12/20/2023		10,511		10,511
	19,024,305	Justus at Promenade Senior, LLC1,2	10.30% PIK	6/16/2025	3/15/2023		19,024,305		18,716,394
	7,276,459	Lex Apartments 102B, LLC1,2,4	9.95% PIK	9/9/2024	9/9/2022		7,276,459		7,256,874
	26,807,851	Lex Apartments, LLC1,2,4	10.50% PIK	9/30/2024	8/31/2022		26,807,851		27,390,644
	5,140,952	MAP Logistics Center Lot 33, LLC1,2	10.95%	6/17/2025	6/13/2022		5,140,952		5,169,931
	18,600,523	MC Oslo Aurora, LLC1,2,4	13.25% PIK	7/11/2025	7/11/2022		18,600,523		18,435,697
	13,879,602	MC Oslo Hermitage, LLC1,2,4	13.00% PIK	6/1/2025	5/19/2022		13,879,602		13,846,014
	12,711,110	MC Oslo SFM Two, LLC1,2,4	13.00% PIK	6/1/2025	5/19/2022		12,711,110		12,676,000
	8,641,712	MC Oslo SFQ, LLC1,2,4	13.25% PIK	7/11/2025	7/11/2022		8,641,712		8,557,914
	12,792,238	MC Rye Katy, LLC1,2,4	13.25% PIK	8/9/2025	8/10/2022		12,792,238		12,910,312
	10,641,255	MC Rye Northwest, LLC1,2,4	13.25% PIK	8/9/2025	8/9/2022		10,641,255		10,684,723
	12,817,461	MC Rye Westchase, LLC1,2,4	13.25% PIK	8/9/2025	8/9/2022		12,817,461		12,911,385
	10,076	Merced Security Storage, LLC1,2,4	10.50% PIK	5/6/2026	5/6/2024		10,076		10,076
	4,037,487	Missoula Hotel Holdings, LLC1,2,4	12.00% PIK	8/31/2025	8/24/2023		4,037,487		4,037,797
	14,670,696	MLab International, LLC1,2,4	9.25% PIK	7/30/2024	7/22/2022		14,670,696		14,670,696
	4,224,654	MSP Retail II, LLC1,2	10.50%	8/1/2025	2/1/2024		4,224,654		4,140,960
	17,940,114	Nancy Jay Industrial Center, LLC1,2,4	12.95% PIK	5/31/2027	6/3/2022		17,940,114		18,195,564
	9,986,444	Odyssey Vortex LLC1,2,4	10.50% PIK	11/22/2024	8/22/2023		9,986,444		9,978,620
	6,600,000	Olympus Bluffs 4, LLC1,2,4	11.95% PIK	9/9/2025	9/9/2022		6,600,000		6,644,028
	6,015,981	Olympus Oaks 1, LLC1,2,4	12.50% PIK	7/14/2026	7/13/2023		6,015,981		5,881,106
	5,756,787	Olympus Oaks 2, LLC1,2,4	12.50% PIK	7/14/2026	7/13/2023		5,756,787		5,596,620
	6,247,656	Olympus Oaks 4, LLC1,2,4	12.50% PIK	7/13/2026	7/13/2023		6,247,656		6,126,780
	5,712,603	Olympus Oaks 5, LLC1,2,4	12.50% PIK	7/14/2026	7/13/2023		5,712,603		5,509,241
	2,561,775	Olympus Oaks 6, LLC1,2,4	12.50% PIK	2/16/2027	2/16/2024		2,561,775		2,561,775
	789,021	Olympus Oaks 7, LLC1,2,4	12.50% PIK	2/16/2027	2/16/2024		789,021		789,021
	1,130,266	Olympus Oaks 8, LLC1,2,4	12.50% PIK	2/16/2027	2/16/2024		1,130,266		1,130,266
	122,277	Olympus Oaks 9, LLC1,2,4	12.50% PIK	2/16/2027	2/16/2024		122,277		122,277
	5,232,162	Olympus Palms 1, LLC1,2,4	12.50% PIK	6/30/2025	7/1/2022		5,232,162		5,252,749
	3,274,433	Olympus Palms 3, LLC1,2,4	11.95% PIK	8/3/2025	8/3/2022		3,274,433		3,274,433
	7,916,886	Olympus Palms 4, LLC1,2	12.50%	10/4/2024	10/4/2022		7,916,886		7,905,431
	6,964,130	Olympus Palms 5, LLC1,2	12.50%	10/4/2024	10/4/2022		6,964,130		6,978,569
	6,672,381	Olympus Palms 6, LLC1,2	12.50%	10/4/2024	10/4/2022		6,672,381		6,650,438
	5,818,470	Olympus Pines FF Wash, LLC1,2,4	6.25% + 6.25% PIK	7/15/2024	7/15/2021		5,818,470		5,818,470
	4,156,213	Pierce Street Holdings LLC1,2,4	9.75% PIK	11/1/2024	3/15/2022		4,156,213		4,116,972
	10,027	Renton Hotel Holdings, LLC1,2,4	12.00% PIK	8/31/2026	5/24/2024		10,027		10,027
	2,618,468	Richland LA Hotel Holdings, LLC1,2,4	12.00% PIK	8/31/2025	8/31/2023		2,618,468		2,618,730
	90,949	Romeria Pointe, LLC1,2,4	11.09% PIK	3/4/2026	3/4/2024		90,949		90,949
	3,665,939	Salinas Rossi Partners, LLC1,2	9.00% PIK	9/15/2024	12/15/2022		3,665,939		3,665,939
	7,212,817	San Antonio Partners, LLC1,2,4	9.00% PIK	9/15/2024	12/15/2022		7,212,817		7,212,817
	10,000	Scarborough Hotel Holdings, LLC1,2,4	12.00% PIK	9/30/2026	6/24/2024		10,000		10,000
	4,841,604	Smyrna Hotel Holdings, LLC1,2,4	12.00% PIK	7/20/2025	7/21/2023		4,841,604		4,709,134
	104,060	Syracuse Hotel Holdings, LLC1,2	12.00%	5/31/2026	2/2/2024		104,060		104,060
	4,408,620	VG Huntsville Storage, LLC1,2	11.50% PIK	11/7/2024	8/7/2023		4,408,620		4,408,620
	588,326	VG Pines Residential, LLC1,2,4	11.15% PIK	9/1/2026	3/1/2024		588,326		588,326
	17,218,424	Vivo Living Durham LLC1,2,4	9.50% PIK	10/14/2024	10/14/2022		17,218,424		17,382,414
	15,036,310	Vivo Living Raleigh 1 LLC1,2,4	9.50% PIK	11/18/2024	11/18/2022		15,036,310		15,317,158
	37,192,140	Vivo Portfolio1,2	11.49%	12/15/2025	12/15/2023		37,192,140		36,262,647
	6,427,569	West Jordan Hotel Holdings, LLC1,2,4	12.00% PIK	6/20/2025	6/20/2023		6,427,569		6,342,739

					Original
Principal				Maturity	Acquisition
Amount			Coupon Rate	Date	Date	Cost		Fair Value
	23,082,182	Zoe Lakeview, LLC1,2	10.45% PIK	11/21/2024	11/22/2022		23,082,182		23,269,971
							617,169,706		614,890,900
		Total Private Credit					1,399,016,037		1,382,526,604
		Private Investment Funds - 0.9%
	N/A	Structural Keystone VL LLC - Series KS Manscaped1,2,5		12/24/2024	12/17/2021		11,377,749		11,377,749
		Total Private Investment Funds					11,377,749		11,377,749
	Shares
		Warrants - 0.0%
	73,274	Sovrn Holdings, Inc1,2,5					-		-
		Total Investments - 105.3%⁶				$	1,410,393,786	$	1,393,904,353
		Liabilities in excess of other assets - (5.3%)							(70,166,062	)
		Net Assets - 100%						$	1,323,738,291

¹ Restricted security. The total value of these securities is $1,393,904,353, which represents 105.3% 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 $1,393,904,353, which represents 105.3% 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 Variable rate.

⁸ In default.

⁹ Rate shown is determined by internal rate of return calculation, and is not a true interest rate.

See accompanying notes to schedule of investments.

Keystone Private Income Fund

Notes to Schedule of Investments

June 30, 2024 (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, 2024:

Investments	Level 1		Level 2		Level 3		Total
Private Credit	$	—	$	—	$	1,382,526,604	$	1,382,526,604
Private Investment Funds		—		—		11,377,749		11,377,749
Warrants		—		—		—		—
Total Investments, at fair value	$	-	$	—	$	1,393,904,353	$	1,393,904,353