N-CSR

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM N-CSR

CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act File Number 811-23482

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KEYSTONE PRIVATE INCOME FUND
(Exact name of registrant as specified in charter)

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c/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
(Address of Principal Executive Offices)

Ann Maurer
235 West Galena Street
Milwaukee, WI 53212
(Name and address of agent for service)

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Registrant’s Telephone Number, including Area Code: (414) 299-2217

Date of fiscal year end: September 30

Date of reporting period: September 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.     Report to Shareholders

(a)

KEYSTONE PRIVATE INCOME FUND

Annual Report

For the Year Ended September 30, 2023

Keystone Private Income Fund

Table of Contents

For the Year Ended September 30, 2023

Shareholder Letter (Unaudited)	2
Report of Independent Registered Public Accounting Firm	3
Fund Performance (Unaudited)	5
Schedule of Investments	7-14
Statement of Assets and Liabilities	16-17
Statement of Operations	18
Statements of Changes in Net Assets	19-20
Statement of Cash Flows	21
Financial Highlights	22-25
Notes to Financial Statements	26-35
Other Information (Unaudited)	36-38
Fund Management (Unaudited)	39-41

1

Keystone Private Income Fund

Shareholder Letter

September 30, 2023 (Unaudited)

Dear Shareholders,

We are pleased to provide you with our annual report of Keystone Private Income Fund (the “Fund”) for the fiscal year ended September 30, 2023. We are pleased with the continued success of the Fund and are working diligently to expand our investment capabilities and improve the overall investor experience in the Fund.

Despite the continued uncertainty about economic stability, interest rates, and inflation in the broader economy at large, we believe the following components of our investment strategy have contributed to positive returns for our investors over the last year:

•        Unlevered. Although unusual in the private credit world, we believe that our decision to manage the Fund as unlevered is a unique attribute that reduces the overall risk of an investment in the Fund.

•        Structuring. Many of our investments amortize, which reduces our exposure over time.

•        Seniority. A significant percentage of the Fund’s investments are first lien, senior secured, which we believe is another unique attribute in private credit.

•        Collateral. When sourcing new private credit investment opportunities, our bias is toward investments secured by asset-backed collateral, as opposed to positions secured by revenue, intellectual property or other intangible assets.

We believe these characteristics lower the risk profile of the Fund when compared to other private credit funds that may instead focus on cash-flow based credit investments (as opposed to asset-backed), use leverage to enhance returns, and invest in subordinate lien or equity positions.

While all investors must always assume some measure of risk when deploying capital, we believe that a methodical, disciplined approach can go a long way toward mitigating that risk. It may not be possible to mitigate all risks, especially in private transactions where there always exists the potential for fraud, collusion, changes in asset prices or simply poor performance.

We remain focused on the same investment tenets that have served us well over the past decade and expect to continue to experience a steady flow of new equipment leasing, financial assets, specialty real estate lending and corporate lending opportunities in the coming months. We will seek to capitalize on what we believe are the best opportunities within our investment verticals and expect our allocation to each of these verticals to undulate from time to time depending upon market conditions and our opportunity set. We are optimistic and comfortable with our investment approach in the current turbulent environment.

Shareholders should consult the Private Placement Memorandum for a complete listing of risks associated with the Fund.

We expect to stay the course in the management of the Fund over the coming months. We appreciate your continued support and interest.

2

Keystone Private Income Fund

Report of Independent Registered Public Accounting Firm

September 30, 2023

Board of Trustees and Shareholders Keystone Private Income Fund Opinion on the financial statements We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Keystone Private Income Fund, (the “Fund”) as of September 30, 2023, the related statements of operations, cash flows, and changes in net assets and the financial highlights for the year ended September 30, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2023 and the results of its operations and its cash flows, the changes in net assets and the financial highlights for the year ended September 30, 2023, in conformity with accounting principles generally accepted in the United States of America. The accompanying statement of changes in net assets and financial highlights for the year ended September 30, 2022, and prior, were audited by another independent registered public accounting firm whose report dated December 9, 2022 expressed an unqualified opinion on the statement of changes in net assets and financial highlights. Basis for opinion These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

3

Keystone Private Income Fund

Report of Independent Registered Public Accounting Firm

September 30, 2023 (continued)

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2023.

Chicago, Illinois

November 29, 2023

4

Keystone Private Income Fund

Fund Performance

September 30, 2023 (Unaudited)

Performance of a $50,000 Investment

This graph compares a hypothetical $50,000 investment in the Fund’s Y shares, made at its inception, with a similar investment in the Bloomberg Global High Yield Total Return Index. Results include the reinvestment of all dividends and capital gains.

Bloomberg Global High Yield Total Return Index is a multi-currency flagship measure of the global high yield debt market. The index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not possible to invest in an index.

Average Annual Total Returns as September 30, 2023*	1 Year	3 Year	Since Inception
Keystone Private Income Fund – Class D (Inception Date 9/30/2020)	9.22%	9.29%	9.29%
Keystone Private Income Fund – Class Y (Inception Date 7/1/2020)	9.93%	9.97%	9.83%
Keystone Private Income Fund – Class I (Inception Date 8/1/2020)	10.03%	10.06%	10.02%
Keystone Private Income Fund – Class Z (Inception Date 8/1/2020)	10.20%	10.22%	10.17%
Bloomberg Global High Yield Total Return Index	13.41%	-0.10%	1.20%

*   There are currently no Class A Shares.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 1.888.442.4420.

The Keystone National Group, LLC (the “Investment Manager”) has entered into an expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (including the Investment Management Fee, but excluding any taxes, interest expense, sales charges and other brokerage commissions, other transaction related expenses, acquired fund fees and expenses, Incentive Fees, expenses incurred in connection with any merger or reorganization, Distribution

5

Keystone Private Income Fund

Fund Performance

September 30, 2023 (Unaudited) (continued)

and Servicing Fees and extraordinary expenses) does not exceed 3.00% of the average daily net assets of any Class of Shares (the “Expense Limit”). Because taxes, interest expense, sales charges and other brokerage commissions, other transaction related expenses, Incentive Fees, Distribution and Servicing Fees, expenses incurred in connection with any merger or reorganization and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) may exceed 3.00% of the average daily net assets of each Class of Shares. The performance quoted above reflects the Waiver in effect and would have been lower in its absence. For the year ended September 30, 2023, the Investment Manager did not waive any fees or reimburse any expenses.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

For the Fund’s current expense ratio, please refer to the Financial Highlights Section of this report.

6

Keystone Private Income Fund

Schedule of Investments

September 30, 2023

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2%
		Corporate Finance — 27.5%
$	14,129,012	Bigfoot Capital SPV1, LLC1,2	11.75%	6/1/2025	1/15/2021	$	14,045,390	$	13,905,016
	61,251,365	FilmRise Acquisitions, LLC1,2	13.50%	9/17/2025	7/1/2020		61,251,365		61,890,909
	14,012,952	FVP Funding I, LLC1,2	10.00% + 2.00% PIK	2/6/2027	2/7/2022		14,012,952		13,757,030
	17,510,764	FVP Funding II, LLC1,2	10.00% + 2.00% PIK	10/12/2027	10/12/2022		17,510,764		18,397,962
	13,800,000	Hall Labs, LLC1,2	14.50%	12/31/2023	8/11/2021		13,800,000		13,764,092
	6,478,281	iApartments, Inc.1,2,4	10.50 + 6.00% PIK	5/18/2030	5/18/2023		6,387,360		6,387,360
	6,238,239	Joshua Tree Holdings, LLC,1,2	12.00%	4/30/2024	5/5/2023		6,238,239		6,238,239
	32,823,928	Loop Inc.1,2,9	14.25%	6/14/2025	5/17/2022		32,367,574		32,559,661
	14,958,904	LRC Westbridge II Investco, LLC1,2,3	12.00%	11/23/2024	8/23/2023		14,958,904		14,958,904
	17,649,784	Metropolitan Partners Fund VII, LP1,2,3,4	13.00% PIK	3/3/2026	3/3/2023		17,649,784		17,488,149
	32,675,419	Metropolitan Partners Fund VII, LP – Oliphant1,2,3	12.50%	10/13/2024	7/6/2023		32,675,419		32,675,419
	10,892,997	Onward Partners, LLC1,2	15.00%	6/17/2026	6/18/2021		10,798,084		10,752,890
	2,450,000	Paradise Cruise Line Intermediate Holdings, LLC1,2	12.00%	4/1/2024	4/1/2021		2,445,755		2,445,755
	25,000,000	SE1 Generation ABM Holdings, LLC1,2	12.00%	6/8/2024	6/8/2022		25,000,000		25,306,237
	10,000,000	Vantage Borrower SPV, LLC1,2	11.00%	4/30/2024	3/7/2022		10,000,000		9,992,419
	5,000,000	Way.com, Inc.1,2	12.00%	3/1/2025	3/1/2023		5,000,000		5,000,000
							284,141,590		285,520,042
		Equipment Leasing — 27.4%
	109,686	231 Auto Exchange, Inc.1,2	12.50%	6/30/2025	4/12/2023		109,686		109,686
	350,000	274 Construction Group, Inc.1,2	12.50%	10/1/2025	9/26/2023		350,000		350,000
	690,364	Amalgamated Energy Assets, LLC1,2	12.50%	3/1/2025	2/9/2023		690,364		690,364
	626,165	American Freight Express, Inc.1,2	12.50%	7/1/2025	3/10/2023		626,165		626,165
	1,954,591	Applied Machinery Rentals, LLC1,2	12.50%	4/1/2025	1/12/2023		1,954,591		1,954,591
	1,802,332	Arcade Silverado JV LLC1,2	12.50%	12/1/2025	5/9/2023		1,802,332		1,802,332
	298,901	ARX, Accurate RX Specialty Pharmacy Corp.1,2	12.50%	1/1/2025	6/3/2022		298,901		298,901
	1,595,382	ARX, Accurate RX Specialty Pharmacy Corp.1,2	12.50%	7/1/2025	12/9/2022		1,595,382		1,595,382
	642,458	Astics Inc.1,2	12.50%	4/1/2025	1/25/2023		642,458		642,458
	859,910	Avensis Energy Services, LLC1,2	12.50%	3/31/2025	9/13/2022		859,910		859,910

See accompanying notes to financial statements.

7

Keystone Private Income Fund

Schedule of Investments

September 30, 2023 (continued)

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2% (continued)
		Equipment Leasing — 27.4% (continued)
$	521,538	Bay Minette Energy LLC1,2	14.50%	11/24/2024	5/27/2022	$	521,538	$	521,538
	1,091,039	Blew Bayou Services LLC1,2	14.50%	5/1/2025	10/28/2022		1,091,039		1,091,039
	1,696,925	Bohme, LLC1,2	14.50%	9/30/2024	9/28/2022		1,696,925		1,696,925
	1,540,153	Bohme, LLC1,2	14.50%	3/1/2025	2/17/2023		1,540,153		1,540,153
	2,832,279	Broadband Infrastructure, Inc.1,2	14.50%	10/1/2025	3/30/2023		2,832,279		2,832,279
	180,893	Carepoint Health Management Associates, LLC1,2	14.50%	1/1/2024	12/2/2020		180,893		180,893
	1,991,616	Carnaby Inventory I, LLC1,2	14.50%	8/31/2024	2/23/2022		1,991,616		1,991,616
	1,991,616	Carnaby Inventory I, LLC1,2	14.50%	8/31/2024	2/23/2022		1,991,616		1,991,616
	12,296,083	Carnaby Inventory IV, LLC1,2	12.00%	12/31/2024	6/30/2022		12,296,083		12,296,083
	50,000,000	Carnaby Inventory IV, LLC1,2	85.00%9	4/1/2024	8/18/2023		50,000,000		50,000,000
	112,888	Cashman Photo Enterprises of Nevada, Inc.1,2	12.50%	4/1/2026	9/5/2023		112,888		112,888
	203,122	Creating Technology Solutions1,2	12.50%	7/1/2025	5/26/2023		203,122		203,122
	5,808,000	Eagle Highwall Mining Systems, LLC1,2	14.00%	4/1/2027	9/29/2023		5,808,000		5,808,000
	242,032	Envelope 1, Inc. and E1 Digital Direct, Inc.1,2	12.50%	1/1/2025	5/11/2022		242,032		242,032
	18,459	Firstronic, LLC1,2	12.00%	11/1/2023	10/15/2020		18,459		18,459
	443,558	Firstronic, LLC1,2	12.00%	9/30/2024	9/21/2021		443,558		443,558
	6,316,755	FPL Food LLC1,2	11.00%	2/1/2026	1/6/2022		6,316,755		6,316,755
	4,152,527	Future Legends, LLC1,2	14.50%	9/1/2025	2/27/2023		4,152,527		4,152,527
	3,023,117	Gregory Pharmaceutical Holdings, Inc.1,2	14.50%	2/1/2026	7/14/2023		3,023,117		3,023,117
	666,403	Innotec, Corp.1,2	12.50%	7/1/2025	12/30/2022		666,403		666,403
	693,686	J Jets, Inc.1,2	12.50%	4/30/2025	4/8/2022		693,686		693,686
	75,670	Kitchens Lumber Company LLC1,2	12.50%	4/18/2024	4/1/2022		75,670		75,670
	313,627	KVJ Properties, Inc.1,2	14.50%	1/1/2025	12/4/2020		313,627		313,627
	2,719,993	KVJ Properties, Inc.1,2	12.50%	8/31/2025	2/25/2022		2,719,993		2,719,993
	1,758,853	MC Test Service, Inc.1,2	12.00%	5/31/2024	5/3/2021		1,758,853		1,758,853
	8,545,179	MC Test Service, Inc.1,2	12.00%	2/1/2025	1/25/2022		8,545,179		8,545,179
	64,910	Metalogic Inspection Services, LLC1,2	14.50%	1/1/2024	3/15/2021		64,910		64,910
	219,407	Metalogic Inspection Services, LLC1,2	14.50%	2/28/2024	8/9/2021		219,407		219,407
	774,340	Motus Excavation, LLC1,2	12.50%	4/1/2026	9/28/2023		774,340		774,340
	3,530,061	Navajo Transitional Energy Company, LLC1,2	9.50%	1/1/2026	12/9/2022		3,530,061		3,530,061
	444,283	Nodal Power, Inc.1,2	12.50%	7/1/2025	6/23/2023		444,283		444,283

See accompanying notes to financial statements.

8

Keystone Private Income Fund

Schedule of Investments

September 30, 2023 (continued)

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2% (continued)
		Equipment Leasing — 27.4% (continued)
$	849,879	NWC Services LLC	14.50%	11/1/2025	10/20/2022	$	849,879	$	849,879
	2,624,175	Onset Financial, Inc.1,2	14.50%	5/31/2026	12/11/2020		2,624,175		2,624,175
	10,000,000	Onset Financial, Inc.1,2,7	12.04% (SOFR + 7.75%)	3/31/2029	9/26/2022		10,000,000		10,236,294
	4,835,478	Onset Financial, Inc. Progress Funding Line1,2	14.00%	9/30/2025	10/4/2022		4,835,478		4,954,921
	250,000	Optisys, Inc.1,2	12.50%	10/1/2025	9/14/2023		250,000		250,000
	584,878	Petroleum Distribution Transportation, LLC1,2	12.50%	7/1/2025	9/27/2022		584,878		584,878
	880,928	Piece of Cake Moving + Storage LLC1,2	12.50%	1/1/2026	8/15/2023		880,928		880,928
	187,569	Pierce Powerline Co., LLC1,2	12.50%	3/31/2025	9/16/2022		187,569		187,569
	1,890,633	Pierce Powerline Co., LLC1,2	12.50%	1/1/2026	8/3/2023		1,890,633		1,890,633
	10,598	Raw Farm, LLC1,2	12.50%	6/29/2024	4/1/2022		10,598		10,598
	553,003	RK Pharma Inc.1,2	14.50%	2/28/2024	2/2/2022		553,003		553,003
	1,785,078	RK Pharma Inc.1,2	14.50%	3/31/2024	3/9/2022		1,785,078		1,785,078
	530,674	RK Pharma Inc.1,2	14.50%	9/30/2024	9/1/2022		530,674		530,674
	1,361,767	Rokstad Power (East), Inc.1,2	10.50%	3/31/2026	3/1/2022		1,361,767		1,361,767
	1,260,348	Rokstad Power (East), Inc.1,2	10.50%	3/31/2026	3/1/2022		1,260,348		1,260,348
	1,158,305	Saint Jean Industries, Inc.1,2	14.50%	6/30/2024	12/30/2021		1,158,305		1,158,305
	150,000	Sajawi Corporation1,2	12.50%	10/1/2025	8/30/2023		150,000		150,000
	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
	1,159,177	Southern Fabrication Works, LLC1,2	14.50%	3/1/2026	8/16/2023		1,159,177		1,159,177
	1,607,446	Steelman Aviation, Inc.1,2	14.50%	12/31/2023	12/13/2021		1,607,446		1,607,446
	3,879,073	Steelman Aviation, Inc.1,2	12.00%	11/1/2024	10/13/2022		3,879,073		3,879,073
	555,472	Sun-Tech Leasing of Texas, L.P.1,2	12.00%	10/1/2025	9/18/2020		555,472		555,472
	786,596	Sun-Tech Leasing of Texas, L.P.1,2	12.00%	7/31/2024	8/25/2021		786,596		786,596
	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
	3,547,825	TrialAssure Inc.1,2	12.00%	9/30/2024	3/22/2022		3,547,825		3,547,825
	7,096,684	Trico Products Corporation1,2	12.50%	10/31/2024	4/22/2021		7,096,684		7,096,684
	10,770,784	Trico Products Corporation1,2	12.50%	10/31/2024	4/12/2021		10,770,784		10,770,784

See accompanying notes to financial statements.

9

Keystone Private Income Fund

Schedule of Investments

September 30, 2023 (continued)

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2% (continued)
		Equipment Leasing — 27.4% (continued)
$	26,949,400	Trico Products Corporation1,2	12.50%	12/31/2025	6/30/2022	$	26,949,400	$	26,949,400
	3,019,313	Trico Products Corporation1,2	14.50%	12/1/2025	5/5/2023		3,019,313		3,019,313
	498,297	Trico Products Corporation1,2	12.50%	4/1/2026	6/27/2023		498,297		498,297
	2,285,428	Trico Products Corporation1,2	12.50%	10/1/2025	7/3/2023		2,285,428		2,285,428
	1,212,682	Trucka Leasing, LLC1,2	12.50%	10/1/2025	3/6/2023		1,212,682		1,212,682
	988,023	TuffStuff Fitness International, Inc.1,2	12.50%	3/1/2025	1/24/2023		988,023		988,023
	12,957,789	United Auto Supply of Syracuse, West, Inc.1,2	12.00%	7/1/2026	6/30/2022		12,957,789		12,957,789
	7,862,463	United Auto Supply of Syracuse, West, Inc.1,2	12.00%	4/1/2027	6/30/2022		7,862,463		7,862,463
	26,386	Vensure Employer Services, Inc.1,2	14.50%	1/31/2024	7/16/2021		26,386		26,386
	786,604	Vensure Employer Services, Inc.1,2	14.50%	12/1/2023	5/18/2021		786,604		786,604
	2,050,936	Vensure Employer Services, Inc.1,2	14.50%	7/31/2024	1/14/2022		2,050,936		2,050,936
	2,552,518	Vensure Employer Services, Inc.1,2	14.50%	11/13/2024	5/13/2022		2,552,518		2,552,518
	10,029,409	Vensure Employer Services, Inc.1,2	14.50%	12/31/2024	6/1/2022		10,029,409		10,029,409
	3,810,250	Vensure Employer Services, Inc.1,2	14.50%	2/28/2025	8/2/2022		3,810,250		3,810,250
	4,265,645	Vensure Employer Services, Inc.1,2	14.50%	7/1/2025	11/3/2022		4,265,645		4,265,645
	489,716	Vensure Employer Services, Inc.1,2	14.50%	7/1/2025	12/22/2022		489,716		489,716
	4,456,665	Vensure Employer Services, Inc.1,2	14.50%	9/1/2025	1/24/2023		4,456,665		4,456,665
	5,002,770	Vensure Employer Services, Inc.1,2	14.50%	12/1/2025	5/5/2023		5,002,770		5,002,770
	1,140,629	Vensure Employer Services, Inc.1,2	14.50%	4/1/2026	9/19/2023		1,140,629		1,140,629
							284,000,179		284,355,916
		Financial Assets — 19.3%
	9,429,828	CapitalPlus Construction Services, LLC1,2,8	12.00%	10/1/2023	9/2/2020		9,429,828		2,930,047
	6,335,739	CapitalPlus Supply Chain Partners, LLC1,2,8	12.00%	7/31/2024	8/31/2021		6,335,739		5,680,064
	43,099,697	Cocolalla, LLC1,2,4	14.00% PIK	3/27/2026	3/16/2023		42,602,524		42,433,143

See accompanying notes to financial statements.

10

Keystone Private Income Fund

Schedule of Investments

September 30, 2023 (continued)

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2% (continued)
		Financial Assets — 19.3% (continued)
$	6,676,481	Coign CC Account SPV, LLC1,2,7	14.50% (Prime (capped at 6.00%) + 8.50%)	4/12/2024	10/12/2022	$	6,634,494	$	6,655,522
	20,572,105	DNF Associates, LLC1,2	12.75%	11/1/2027	12/28/2020		20,453,548		19,827,193
	8,454,114	Elevation Capital Group, LLC1,2	12.50%	8/1/2024	12/30/2021		8,454,114		8,572,121
	5,471,735	ERC Advance Funding, LLC1,2,7	15.21% (SOFR + 10.00%)	4/15/2026	6/21/2023		5,133,871		5,133,871
	10,000,000	Kensington Private Equity Fund1,2,3,7	12.02% (SOFR + 7.00%)	3/28/2026	3/28/2023		9,917,047		9,956,722
	25,000,000	Leyline Renewable Capital, LLC1,2	14.00%	11/26/2024	5/26/2023		25,000,000		25,000,000
	25,906,622	Lienstar LLC1,2,4,7	11.25% PIK (Prime + 6.00%)	3/13/2025	3/13/2023		25,709,879		25,709,879
	157,288	Propel Holdings, Inc.1,2	13.60%	6/8/2026	6/8/2023		157,288		157,288
	1,276,608	Rely Credit Funding -1 SPV, LLC1,2	13.47%	11/18/2026	5/18/2023		1,173,489		1,173,489
	12,041,060	Simply Funding SPV, LLC1,2	13.50%	12/31/2024	6/23/2021		12,041,060		11,868,820
	324,456	Sprout Funding SPV II, LLC1,2	13.00%	2/23/2024	2/24/2021		298,806		298,806
	1,520,945	Triton Credit Funding SPV, LLC1,2	13.00%	3/28/2026	9/2/2020		1,477,698		1,477,698
	34,114,645	Viva Funding SPV, LLC1,2	13.00%	3/31/2026	12/23/2020		33,627,341		33,297,148
							208,446,726		200,171,811
		Specialty Real Estate Finance — 32.0%
	10,458,577	1413 Calle Joaquin SLO, LLC1,2,4	8.00% PIK	4/1/2024	5/16/2022		10,374,099		10,510,084
	3,413,143	517 Grand Canyon, LLC1,2,4	10.50% PIK	4/17/2024	4/17/2023		3,301,176		3,369,205
	5,413,667	750 Main Street LP1,2,4	9.69% PIK	2/6/2024	5/9/2022		5,373,911		5,433,085
	410,197	8th Avenue Property Owners, LLC1,2,4	12.00% PIK	11/14/2025	8/14/2023		26,199		26,199
	1,337,121	AE Green Mountain, LLC1,2,4	10.45% PIK	4/30/2025	8/30/2023		867,923		867,923
	446,846	Ashton Oak Homes (Black Locust), LLC1,2,4,7	11.50% PIK (Prime + 3.00%)	3/23/2025	3/23/2023		131,599		131,599
	3,258,403	Atomic Orchard Experiment, LLC1,2,4	9.75% PIK	4/10/2024	11/10/2022		3,196,787		3,196,787
	82,500	BD RC Defuniak Springs, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		460		460
	82,500	BD RC Greenwood, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		460		460
	82,500	BD RC Jacksonville AL, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		460		460

See accompanying notes to financial statements.

11

Keystone Private Income Fund

Schedule of Investments

September 30, 2023 (continued)

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2% (continued)
		Specialty Real Estate Finance — 32.0% (continued)
$	82,500	BD RC Jacksonville Normandy, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023	$	460	$	460
	82,500	BD RC Meridianville AL, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		460		460
	95,055	BD RC Montgomery AL, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		530		530
	91,740	BD RC North Myrtle Beach, LP1,2,4	11.50% PIK	3/18/2025	9/28/2023		512		512
	130,847	BEP CO Springs Hospitality LLC1,2,4	11.95% PIK	11/24/2025	8/24/2023		6,365		6,365
	4,200,390	Bonneyview Redding, LLC1,2,4	8.00% PIK	7/28/2024	7/28/2023		4,091,152		4,091,152
	11,523,795	Capital Miller Pref NewCo, LLC,1,2,4	14.00% PIK	12/5/2027	12/5/2022		11,523,795		11,513,961
	5,602,074	Cartier Industrial Center LLC1,2,4	7.95% PIK	10/24/2023	5/25/2022		5,595,087		5,595,087
	9,839,015	CC Development LP Series I, LLC1,2,4	9.95% PIK	11/18/2023	11/18/2021		9,811,950		9,921,890
	1,541,175	CC Development LP Series III, LLC1,2,4	10.45% PIK	2/3/2025	2/2/2023		1,480,666		1,480,666
	5,248,743	Chesapeake Pines VA, LLC1,2,4	12.50% PIK	1/19/2025	1/19/2022		5,215,707		5,064,334
	3,262,373	Cheyenne Industrial Partners, LLC,1,2,4	9.00% PIK	12/20/2023	12/19/2022		3,240,159		3,240,159
	2,943,902	Circolo Villas, LLC1,2	13.00%	12/31/2023	10/13/2021		2,943,902		2,943,902
	3,997,064	Corta Stevens Point, LLC1,2,4	9.00% PIK	4/12/2024	4/13/2023		3,934,046		3,934,046
	507,000	DZ Tech Community LLC1,2,4	10.50% PIK	10/25/2025	8/31/2023		19,971		19,971
	5,489,856	Endeavor Investments IX, LLC1,2,4	10.50% PIK	11/12/2025	9/15/2022		5,448,035		5,338,079
	4,460,635	Endeavor Investments V, LLC1,2,4	10.50% PIK	8/24/2025	2/23/2022		4,431,593		4,239,544
	3,876,446	Endeavor Investments VIII, LLC1,2,4	10.50% PIK	8/4/2025	2/4/2022		3,851,490		3,653,437
	5,224,000	Endeavor Investments X, LLC1,2,4	10.50% PIK	1/1/2027	12/15/2021		5,188,374		5,116,001
	3,628,585	ETV Holdings, LLC1,2,4	10.50% PIK	10/13/2023	7/14/2021		3,628,585		3,628,585
	3,515,408	Fruition California Holdings LLC1,2,4	8.49% + 3.00% PIK	12/30/2023	12/30/2021		3,506,072		3,582,788
	1,829,523	Galaxy Management Company, LLC1,2,3	14.00%	11/1/2024	11/18/2020		1,829,523		1,829,523
	610,647	Gilroy Partners, LLC1,2,4	9.00% PIK	3/15/2024	12/15/2022		597,332		597,332
	15,169,783	Grind Ventures, LLC1,2,4	9.65% PIK	10/2/2023	10/20/2021		15,167,492		15,167,492
	54,904	HD Post Buffalo, LLC1,2,4	9.95% PIK	6/6/2024	12/7/2022		31,639		31,639
	2,290,421	Holmes Lane Development, LLC1,2,4	10.75% PIK	5/4/2025	8/4/2023		2,053,756		2,053,756

See accompanying notes to financial statements.

12

Keystone Private Income Fund

Schedule of Investments

September 30, 2023 (continued)

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2% (continued)
		Specialty Real Estate Finance — 32.0% (continued)
$	791,158	Justus at Promenade Senior, LLC1,2	10.30% PIK	6/16/2025	3/15/2023	$	219,443	$	219,443
	2,071,615	Lex Apartments 102B, LLC1,2,4	9.95% PIK	9/9/2024	9/9/2022		2,015,764		2,015,763
	19,282,667	Lex Apartments, LLC1,2,4	10.50% PIK	8/31/2024	8/31/2022		19,183,289		19,535,742
	5,140,952	MAP Logistics Center Lot 33, LLC1,2	10.95%	6/17/2025	6/13/2022		5,118,249		5,237,210
	13,879,078	MC Oslo Aurora, LLC1,2,4	11.25% PIK	10/11/2023	7/11/2022		13,872,047		13,872,047
	3,433,294	MC Oslo Hermitage, LLC1,2,4	13.00% PIK	6/1/2025	5/19/2022		3,411,446		3,411,446
	2,483,838	MC Oslo SFM Two, LLC1,2,4	13.00% PIK	6/1/2025	5/19/2022		2,470,184		2,470,184
	7,924,141	MC Oslo SFQ, LLC1,2,4	11.25% PIK	10/11/2023	7/11/2022		7,918,130		7,918,130
	10,739,947	MC Rye Katy, LLC1,2,4	13.25% PIK	8/9/2025	8/10/2022		10,739,947		10,547,600
	9,001,593	MC Rye Northwest, LLC1,2,4	13.25% PIK	8/9/2025	8/9/2022		9,001,593		8,831,915
	10,504,576	MC Rye Westchase, LLC1,2,4	13.25% PIK	8/9/2025	8/9/2022		10,504,576		10,310,106
	8,767,845	Meridian Hotel Holdings, LLC1,2	7.90%	6/1/2024	6/21/2021		8,727,679		8,711,126
	100,267	Missoula Hotel Holdings, LLC1,2,4	12.00% PIK	8/31/2025	8/24/2023		99,401		99,401
	6,356,977	MLab International, LLC1,2,4	9.25% PIK	1/30/2024	7/22/2022		6,317,635		6,538,576
	9,255,084	Nancy Jay Industrial Center, LLC1,2,4	12.00% PIK	6/3/2024	6/3/2022		9,255,084		9,091,875
	1,356,616	Odyssey Vortex LLC1,2,4	10.50% PIK	11/22/2024	8/22/2023		1,162,589		1,162,589
	4,573,750	Olympus Bluffs 4, LLC1,2,4	11.95% PIK	9/9/2025	9/9/2022		4,536,826		4,600,548
	2,896,671	Olympus Oaks 1, LLC1,2,4	12.50% PIK	7/14/2026	7/13/2023		2,836,816		2,836,816
	493,975	Olympus Oaks 2, LLC1,2,4	12.50% PIK	7/14/2026	7/13/2023		432,357		432,357
	3,472,660	Olympus Oaks 4, LLC1,2,4	12.50% PIK	7/13/2026	7/13/2023		3,410,851		3,410,851
	1,236,677	Olympus Oaks 5, LLC1,2,4	12.50% PIK	7/14/2026	7/13/2023		1,175,996		1,175,996
	3,958,156	Olympus Palms 1, LLC1,2,4	12.50% PIK	6/30/2025	7/1/2022		3,926,567		3,996,893
	1,536,859	Olympus Palms 3, LLC1,2,4	11.95% PIK	8/3/2025	8/3/2022		1,528,581		1,528,581
	8,812,125	Olympus Palms 4, LLC1,2	9.99%	10/4/2023	10/4/2022		8,810,188		8,810,188
	7,979,369	Olympus Palms 5, LLC1,2	9.99%	10/4/2023	10/4/2022		7,977,615		7,977,615
	8,355,000	Olympus Palms 6, LLC1,2	9.99%	10/4/2023	10/4/2022		8,353,164		8,353,164
	6,203,000	​Olympus Peaks 1, LLC1,2	9.99%	9/29/2023	9/29/2022		6,203,000		6,203,000
	5,275,869	Olympus Pines FF Wash, LLC1,2,4	6.25% + 6.25% PIK	7/15/2024	7/15/2021		5,241,905		5,154,017
	1,070,189	Pierce Street Holdings LLC1,2,4	9.75% PIK	11/1/2024	3/15/2022		1,070,189		1,070,189
	100,033	Richland LA Hotel Holdings, LLC1,2,4	12.00% PIK	8/31/2025	8/31/2023		99,076		99,076
	1,858,462	SAG El Camino, LLC1,2,4	9.95% PIK	10/15/2023	2/11/2022		1,810,200		1,810,200
	667,337	Salinas Rossi Partners, LLC1,2	9.00% PIK	3/15/2024	12/15/2022		645,762		645,762
	928,200	San Antonio Partners, LLC1,2,4	9.00% PIK	3/15/2024	12/15/2022		894,742		894,742

See accompanying notes to financial statements.

13

Keystone Private Income Fund

Schedule of Investments

September 30, 2023 (continued)

Principal Amount			Coupon Rate	Maturity Date	Original Acquisition Date	Cost		Fair Value
		Private Credit — 106.2% (continued)
		Specialty Real Estate Finance — 32.0% (continued)
$	101,404	Smyrna Hotel Holdings, LLC1,2,4	12.00% PIK	7/20/2025	7/21/2023	$	100,502	$	100,502
	6,121,982	VG Burlington Storage LLC1,2,4	9.25%	11/4/2023	5/4/2022		6,120,884		6,120,884
	2,860,900	VG Huntsville Storage LLC1,2	11.50% PIK	8/7/2024	8/7/2023		2,759,947		2,759,947
	14,941,521	Vivo Living Durham LLC1,2,4	9.50% PIK	10/14/2023	10/14/2022		14,927,751		14,927,751
	13,202,133	Vivo Living Raleigh 1 LLC1,2,4	9.50% PIK	11/18/2023	11/18/2022		13,161,299		13,275,134
	102,452	West Jordan Hotel Holdings, LLC1,2,4	12.00% PIK	6/20/2025	6/20/2023		101,623		101,623
	9,462,106	Zoe Lakeview, LLC1,2	10.45% PIK	11/21/2024	11/22/2022		9,196,211		9,041,571
							332,210,835		331,888,493
		Total Private Credit					1,108,799,330		1,101,936,262
		Private Investment Funds — 1.1%
	N/A	Structural Keystone VL LLC – Series KS Manscaped1,2,5		12/24/2024	12/17/2021	$	11,597,318	$	11,597,318
		Total Private Investment Funds					11,597,318		11,597,318
Shares
		Warrants — 0.0%
	73,274	Sovrn Holdings,Inc1,2,5					—		—
		Total Investments — 107.3%⁶				$	1,120,396,648	$	1,113,533,580
		Liabilities in excess of other assets — (7.3%)							(75,909,793	)
		Net Assets – 100%						$	1,037,623,787

1    Restricted security. The total value of these securities is $1,113,533,580, which represents 107.3% 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 $1,113,533,580, which represents 107.3% of total net assets of the Fund.

3    This investment was made through a participation. See Note 2 to the financial statements.

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 financial statements.

14

Keystone Private Income Fund

Summary of Investments

September 30, 2023

Security Type/Sector	Percent of Total Net Assets
Private Credit
Specialty Real Estate Finance	32.0	%
Corporate Finance	27.5	%
Equipment Leasing	27.4	%
Finance Assets	19.3	%
Total Private Credit	106.2	%
Private Investment Funds	1.1	%
Warrants	0.0	%
Total Investments	107.3	%
Liabilities in excess of other assets	(7.3	)%
Net Assets	100.0	%

See accompanying notes to financial statements.

15

Keystone Private Income Fund

Statement of Assets and Liabilities

September 30, 2023

Assets:
Investments, at value (cost $1,120,396,648)	$	1,113,533,580
Cash		7,523,260
Cash equivalents held in escrow for subscriptions received in advance		42,360,916
Interest receivable		17,001,881
Total Assets		1,180,419,637
Liabilities:
Payables
Proceeds from subscriptions received in advance		42,360,916
Payable for shares repurchased		14,492,147
Line of credit		60,659,192
Distributions payable		21,453,738
Investments payable		35,986
Incentive fees payable (Note 4)		1,646,257
Management fee payable (Note 4)		1,324,010
Interest expense payable on line of credit		306,639
Professional fees payable		209,103
Distribution and Servicing fee payable (Note 4)		83,821
Accounting and administration fees payable (Note 4)		61,523
Trustee and officer fees payable		21,500
Transfer agent fees payable		21,074
Other accrued expenses		119,944
Total Liabilities		142,795,850
Net Assets	$	1,037,623,787
Composition of Net Assets:
Paid-in capital	$	1,044,486,855
Total accumulated loss		(6,863,068	)
Net Assets	$	1,037,623,787

See accompanying notes to financial statements.

16

Keystone Private Income Fund

Statement of Assets and Liabilities

September 30, 2023 (continued)

Net Assets Attributable to:
Class D Shares	$	29,925,565
Class Y Shares		155,995,748
Class I Shares		79,045,113
Class Z Shares		772,657,361
	$	1,037,623,787
Shares of Beneficial Interest Outstanding (Unlimited Number of Shares Authorized, par value of $0.001):
Class D Shares		298,115
Class Y Shares		1,551,708
Class I Shares		788,768
Class Z Shares		7,685,704
		10,324,295
Net Asset Value per Share:
Class D Shares1	$	100.38
Class Y Shares	$	100.53
Class I Shares	$	100.21
Class Z Shares	$	100.53

1    Class A and Class D shareholders may be charged a sales load up to a maximum of 3.50% on the amount they invest. As of September 30, 2023 there are currently no Class A Shares outstanding. See Note 6 to the financial statements.

See accompanying notes to financial statements.

17

Keystone Private Income Fund

Statement of Operations

For the Year Ended September 30, 2023

Investment Income:
Investment income	$	98,068,248
PIK Income		27,405,619
Total Investment Income		125,473,867
Expenses:
Incentive fees (Note 4)		14,590,909
Management fees (Note 4)		13,394,508
Interest expense on line of credit		1,815,405
Accounting and administration fees (Note 4)		645,308
Professional fees		549,816
Investment expense		533,281
Transfer agent fees		345,291
Distribution and Servicing fee (Class Y) (Note 4)		341,226
Distribution and Servicing fee (Class D) (Note 4)		243,682
Distribution and Servicing fee (Class I) (Note 4)		87,717
Distribution and Servicing fee (Class A) (Note 4)		4,484
Trustee and officer fees		167,250
Other fees		140,424
CCO fees (Note 4)		53,297
Custody fees		49,855
Total Expenses		32,962,453
Net Investment Income		92,511,414
Net Change in Unrealized Depreciation on Investments
Net change in unrealized depreciation on investments		(6,863,068	)
Net Change in Unrealized Depreciation on Investments		(6,863,068	)
Net Increase in Net Assets from Operations	$	85,648,346

See accompanying notes to financial statements.

18

Keystone Private Income Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
Net Increase in Net Assets from:
Operations:
Net investment income	$	92,511,414		$	53,064,692
Net change in unrealized depreciation on investments		(6,863,068	)		—
Net Increase in Net Assets Resulting from Operations		85,648,346			53,064,692
Distributions to Shareholders:
Distributions:
Class A1		(40,029	)		(320,388	)
Class D		(2,599,878	)		(805,856	)
Class Y		(14,004,749	)		(9,746,372	)
Class I		(6,088,385	)		(3,568,392	)
Class Z		(69,778,373	)		(38,623,681	)
Net Decrease in Net Assets from Distributions to Shareholders		(92,511,414	)		(53,064,689	)
Capital Transactions:
Proceeds from shares sold:
Class A1		5,450,000			5,793,000
Class D		4,723,000			9,516,000
Class Y		95,128,369			92,312,745
Class I		35,012,000			27,432,500
Class Z		221,805,449			257,483,791
Reinvestment of distributions:
Class A1		1,480			85,757
Class D		547,734			214,688
Class Y		4,314,453			3,463,062
Class I		3,418,780			1,154,580
Class Z		12,967,070			5,365,603
Cost of shares repurchased:
Class D		(148,522	)		—
Class Y		(6,743,187	)		(1,316,026	)
Class I		(3,904,995	)		(4,979,286	)
Class Z		(23,463,234	)		(25,921,668	)
Exchanges
Class A1		(12,896,334	)		(167,779	)
Class D		12,896,334			—
Class Y		(53,300,812	)		(47,749,390	)
Class I		21,964,410			(65,175,053	)
Class Z		31,336,402			113,092,222
Net Increase in Net Assets from Capital Transactions		349,108,397			370,604,746
Total Net Increase in Net Assets		342,245,329			370,604,749
Net Assets
Beginning of year		695,378,458			324,773,709
End of year	$	1,037,623,787		$	695,378,458

See accompanying notes to financial statements.

19

Keystone Private Income Fund

Statements of Changes in Net Assets

(continued)

	For the Year Ended September 30, 2023		For the Year Ended September 30, 2022
Capital Share Transactions:
Shares sold:
Class A1	53,949		57,345
Class D	46,761		94,097
Class Y	940,974		911,461
Class I	347,509		271,716
Class Z	2,196,673		2,542,297
Shares issued in reinvestment of distributions:
Class A1	15		849
Class D	5,444		2,123
Class Y	42,804		34,193
Class I	34,055		11,436
Class Z	128,719		52,978
Shares redeemed:
Class D	(1,478	)	—
Class Y	(66,847	)	(12,993	)
Class I	(38,966	)	(49,320	)
Class Z	(232,864	)	(255,941.00	)
Exchanges
Class A1	(127,661	)	(1,661	)
Class D	127,522		—
Class Y	(527,336	)	(471,459	)
Class I	218,322		(645,553	)
Class Z	309,707		1,116,629
Net Increase in Capital Shares Outstanding	3,457,302		3,658,197

1    As of September 30, 2023 there are currently no Class A Shares outstanding.

See accompanying notes to financial statements.

20

Keystone Private Income Fund

Statement of Cash Flows

For the Year Ended September 30, 2023

Cash Flows from Operating Activities
Net increase in net assets from operations	$	85,648,346
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Net change in unrealized depreciation		6,863,068
Purchases of investments		(769,766,216	)
PIK interest income added to principal amount of investment		(27,405,619	)
Principal reductions received		446,461,044
(Increase)/Decrease in Assets:
Interest receivable		(8,613,307	)
Increase/(Decrease) in Liabilities:
Investments payable		35,986
Management fee payable		444,349
Incentive fees payable		608,228
Interest expense payable on line of credit		142,003
Professional fees payable		(48,930	)
Transfer agent fees payable		(29,112	)
Accounting and administration fees payable		(65,605	)
Distribution and Servicing fee payable		31,250
Trustee fees payable		21,500
Other accrued expenses		95,737
Net Cash Used in Operating Activities		(265,577,278	)
Cash Flows from Financing Activities
Proceeds from subscriptions		362,118,818
Increase in payable for proceeds from subscriptions received in advance		5,673,966
Proceeds from line of credit		422,295,000
Payments made on line of credit		(426,562,101	)
Distributions paid to shareholders, net of reinvestments and increase in distributions payable		(62,531,875	)
Payments for shares repurchased		(23,468,271	)
Net Cash Provided by Financing Activities		277,525,537
Net increase in cash and cash equivalents		11,948,259
Cash and cash equivalents at beginning of year1		37,935,917
Cash and cash equivalents at end of year2	$	49,884,176

​1      Cash at beginning of year includes $36,686,950 of cash and cash equivalents held in escrow for subscriptions received in advance.

​2      Cash at end of year includes $42,360,916 of cash and cash equivalents held in escrow for subscriptions received in advance.

Non-cash financing activities not included herein consist of $21,249,517 of reinvested dividends.

Interest payments on line of credit were $1,673,402.

Non-cash operating activities not included herein consist of $27,405,619 of PIK Interest.

See accompanying notes to financial statements.

21

Keystone Private Income Fund

Financial Highlights

Class D Shares

Per share operating performance.
For a capital share outstanding throughout the year/period.

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Period September 30, 2020* through September 30, 2020
Net Asset Value, beginning of year/period	$	101.13		$	101.13		$	100.00		$	100.00
Income from Investment Operations:
Net investment income1		9.68			9.96			9.08			—
Net realized and unrealized gain (loss) on investments2		(0.76	)		0.13			(0.75	)		—
Total from investment operations		8.92			10.09			8.33			—
Distributions to investors:
From net investment income		(9.67	)		(10.09	)		(7.20	)		—
Total distributions to investors		(9.67	)		(10.09	)		(7.20	)		—
Net Asset Value, end of year/period	$	100.38		$	101.13		$	101.13		$	100.00
Total Return3		9.22	%		10.44	%		8.57	%		0.00	%4
Ratios and Supplemental Data:
Net Assets, end of year/period (in thousands)	$	29,926		$	12,122		$	2,391		$	62
Net expenses		4.53	%5		4.82	%6		4.36	%7		0.00	%4
Net investment income		9.61	%5		9.85	%6		8.98	%7		0.00	%4
Senior Securities
Total Amount Outstanding exclusive of Treasury Securities
Borrowings-Revolving Loan Agreement (in thousands)8		60,659			64,926			29,433			5,000
Asset Coverage Per $1,000 of Borrowings
Borrowings-Revolving Loan Agreement8		18,106			11,710			12,037			14,265
Portfolio Turnover Rate9		49	%		63	%		53	%		1	%4

*	Commencement of offering of Class D shares.
​1	Per share data is computed using the average shares method.
​2	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
​3	Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.
​4	Class D Shares commencement occurred after income and expense were allocated as of September 30, 2020.
​5	If distribution and servicing fees of 0.90%, incentive fees of 1.64%, line of credit expenses of 0.20%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.80%, and the income ratios increased by 2.80%, for the year ended September 30, 2023.
​6	If distribution and servicing fees of 0.90%, incentive fees of 1.90%, line of credit expenses of 0.16%, and other transaction related expenses of 0.05% had been excluded, the expense ratios would have been decreased by 3.01%, and the income ratios increased by 3.01%, for the year ended September 30, 2022.
​7	If distribution and servicing fees of 0.91%, incentive fees of 1.74%, line of credit expenses of 0.13%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.84%, and the income ratios increased by 2.84%, for the year ended September 30, 2021.
​8	As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.
​9	Calculated at Fund level.

See accompanying notes to financial statements.

22

Keystone Private Income Fund

Financial Highlights

Class Y Shares

Per share operating performance.
For a capital share outstanding throughout the year/period.

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Period July 1, 2020* through September 30, 2020
Net Asset Value, beginning of year/period	$	101.28		$	101.28		$	100.58		$	100.00
Income from Investment Operations:
Net investment income1		10.40			10.71			9.12			1.37
Net realized and unrealized gain (loss) on investments2		(0.81	)		0.05			(0.16	)		0.60
Total from investment operations		9.59			10.76			8.96			1.97
Distributions to investors:
From net investment income		(10.34	)		(10.76	)		(8.26	)		(1.39	)
Total distributions to investors		(10.34	)		(10.76	)		(8.26	)		(1.39	)
Net Asset Value, end of year/period	$	100.53		$	101.28		$	101.28		$	100.58
Total Return3		9.93	%		11.16	%		9.21	%		1.97	%4
Ratios and Supplemental Data:
Net Assets, end of year/period (in thousands)	$	155,996		$	117,699		$	70,988		$	20,726
Net expenses		3.90	%6		4.18	%7		4.12	%8		3.43	%5,9
Net investment income		10.31	%6		10.58	%7		9.00	%8		6.12	%5,9
Senior Securities
Total Amount Outstanding exclusive of Treasury Securities
Borrowings-Revolving Loan Agreement (in thousands)10		60,659			64,926			29,433			5,000
Asset Coverage Per $1,000 of Borrowings
Borrowings-Revolving Loan Agreement10		18,106			11,710			12,037			14,265
Portfolio Turnover Rate11		49	%		63	%		53	%		1	%4

*	Commencement of operations.
​1	Per share data is computed using the average shares method.
​2	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
​3	Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.
​4	Not annualized.
​5	Annualized, except for incentive fees.
​6	If distribution and servicing fees of 0.25%, incentive fees of 1.65%, line of credit expenses of 0.20%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.16%, and the income ratios increased by 2.16%, for the year ended September 30, 2023.
​7	If distribution and servicing fees of 0.25%, incentive fees of 1.92%, line of credit expenses of 0.16%, and other transaction related expenses of 0.05% had been excluded, the expense ratios would have been decreased by 2.38%, and the income ratios increased by 2.38%, for the year ended September 30, 2022.
​8	If distribution and servicing fees of 0.25%, incentive fees of 1.64%, line of credit expenses of 0.13%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.08%, and the income ratios increased by 2.08%, for the year ended September 30, 2021.
​9	If distribution and servicing fees of 0.14%, incentive fees of 0.25%, and line of credit expenses of 0.29% had been excluded, the expense ratios would have been decreased by 0.68%, and the income ratios increased by 0.68%, for the period ended September 30, 2020.
​10	As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.
​11	Calculated at Fund level.

See accompanying notes to financial statements.

23

Keystone Private Income Fund

Financial Highlights

Class I Shares

Per share operating performance.
For a capital share outstanding throughout the year/period.

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Period August 1, 2020* through September 30, 2020
Net Asset Value, beginning of year/period	$	100.96		$	100.96		$	100.76		$	100.53
Income from Investment Operations:
Net investment income1		10.52			10.90			9.52			1.67
Net realized and unrealized gain (loss) on investments2		(0.86	)		(0.07	)		(0.55	)		(0.19	)
Total from investment operations		9.66			10.83			8.97			1.48
Distributions to investors:
From net investment income		(10.41	)		(10.83	)		(8.77	)		(1.25	)
Total distributions to investors		(10.41	)		(10.83	)		(8.77	)		(1.25	)
Net Asset Value, end of year/period	$	100.21		$	100.96		$	100.96		$	100.76
Total Return3		10.03	%		11.27	%		9.24	%		1.47	%4
Ratios and Supplemental Data:
Net Assets, end of year/period (in thousands)	$	79,045		$	23,003		$	64,570		$	11,755
Net expenses		3.83	%6		4.08	%7		3.84	%8		3.43	%5,9
Net investment income		10.47	%6		10.80	%7		9.42	%8		11.35	%5,9
Senior Securities
Total Amount Outstanding exclusive of Treasury Securities
Borrowings-Revolving Loan Agreement (in thousands)10		60,659			64,926			29,433			5,000
Asset Coverage Per $1,000 of Borrowings
Borrowings-Revolving Loan Agreement10		18,106			11,710			12,037			14,265
Portfolio Turnover Rate11		49	%		63	%		53	%		1	%4

*	Commencement of offering of Class I shares.
​1	Per share data is computed using the average shares method.
​2	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
​3	Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.
​4	Not annualized.
​5	Annualized, except for incentive fees.
​6	If distribution and servicing fees of 0.15%, incentive fees of 1.68%, line of credit expenses of 0.21%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.10%, and the income ratios increased by 2.10%, for the year ended September 30, 2023.
​7	If distribution and servicing fees of 0.15%, incentive fees of 1.94%, line of credit expenses of 0.16%, and other transaction related expenses of 0.05% had been excluded, the expense ratios would have been decreased by 2.30%, and the income ratios increased by 2.30%, for the year ended September 30, 2022.
​8	If distribution and servicing fees of 0.15%, incentive fees of 1.69%, line of credit expenses of 0.13%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.03%, and the income ratios increased by 2.03%, for the year ended September 30, 2021.
​9	If distribution and servicing fees of 0.15%, incentive fees of 0.30%, and line of credit expenses of 0.37% had been excluded, the expense ratios would have been decreased by 0.82%, and the income ratios increased by 0.82%, for the period ended September 30, 2020.
​10	As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.
​11	Calculated at Fund level.

See accompanying notes to financial statements.

24

Keystone Private Income Fund

Financial Highlights

Class Z Shares

Per share operating performance.
For a capital share outstanding throughout the year/period.

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Period August 1, 2020* through September 30, 2020
Net Asset Value, beginning of year/period	$	101.28		$	101.28		$	100.56		$	100.53
Income from Investment Operations:
Net investment income1		10.66			10.94			9.49			1.68
Net realized and unrealized gain (loss) on investments2		(0.81	)		0.07			(0.27	)		(0.21	)
Total from investment operations		9.85			11.01			9.22			1.47
Distributions to investors:
From net investment income		(10.60	)		(11.01	)		(8.50	)		(1.44	)
Total distributions to investors		(10.60	)		(11.01	)		(8.50	)		(1.44	)
Net Asset Value, end of year/period	$	100.53		$	101.28			101.28		$	100.56
Total Return3		10.20	%		11.43	%		9.49	%		1.46	%4
Ratios and Supplemental Data:
Net Assets, end of year/period (in thousands)	$	772,657		$	535,110		$	185,090		$	32,680
Net expenses		3.66	%6		3.93	%7		3.82	%8		3.25	%5,9
Net investment income		10.57	%6		10.81	%7		9.37	%8		11.41	%5,9
Senior Securities
Total Amount Outstanding exclusive of Treasury Securities
Borrowings-Revolving Loan Agreement (in thousands)10		60,659			64,926			29,433			5,000
Asset Coverage Per $1,000 of Borrowings
Borrowings-Revolving Loan Agreement10		18,106			11,710			12,037			14,265
Portfolio Turnover Rate11		49	%		63	%		53	%		1	%4

*	Commencement of offering of Class Z shares.
​1	Per share data is computed using the average shares method.
​2	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
​3	Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.
​4	Not annualized.
​5	Annualized, except for incentive fees.
​6	If incentive fees of 1.65%, line of credit expenses of 0.21%, and other transaction related expense of 0.06% had been excluded, the expense ratios would have been decreased by 1.92%, and the income ratios increased by 1.92%, for the year ended September 30, 2023.
​7	If incentive fees of 1.91%, line of credit expenses of 0.16%, and other transaction related expense of 0.05% had been excluded, the expense ratios would have been decreased by 2.12%, and the income ratios increased by 2.12%, for the year ended September 30, 2022.
​8	If incentive fees of 1.66%, line of credit expenses of 0.13%, and other transaction related expense of 0.06% had been excluded, the expense ratios would have been decreased by 1.85%, and the income ratios increased by 1.85%, for the year ended September 30, 2021.
​9	If incentive fees of 0.29%, and line of credit expenses of 0.37% had been excluded, the expense ratios would have been decreased by 0.66%, and the income ratios increased by 0.66%, for the period ended September 30, 2020.
​10	As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.
​11	Calculated at Fund level.

See accompanying notes to financial statements.

25

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023

1. Organization

The Keystone Private Income Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company. The Fund operates under an Agreement and Declaration of Trust dated August 26, 2019 (the “Declaration of Trust”). Keystone National Group, LLC serves as the investment adviser (the “Investment Manager”) of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. The Fund intends to continue to qualify and has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Fund commenced operations on July 1, 2020.

The Fund offers five separate classes (each a “Class”) of shares of beneficial interest (“Shares”) designated as Class A, Class D, Class Y Class I, and Class Z Shares. Shareholders own Shares of the Fund. Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future.

The Fund’s primary investment objective is to produce current income. The Investment Manager manages the Fund’s portfolio with a view toward producing current income, managing liquidity and protecting against downside scenarios. Under normal market conditions, the Fund will seek to achieve its investment objective by opportunistically investing, directly or indirectly, a majority of its net assets (plus any borrowings for investment purposes) in a wide range of private credit-oriented or other cash flow producing investments. For purposes of the Fund’s strategy, such investments may include corporate loans and credit facilities, equipment leasing transactions, real estate backed loans, corporate and consumer receivables, and other specialty finance opportunities or income-producing assets. The Fund may allocate its assets through a wide range of investment vehicles and structures, including among others as senior debt and also as subordinated debt, preferred equity and common equity investments. There can be no assurance that the Fund will achieve its investment objective.

2. Significant Accounting Policies

Basis of Preparation and Use of Estimates

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Investment Transactions and Related Investment Income

The Fund’s investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are determined using the specific identification method for financial reporting. Interest income is recognized on the accrual basis and prepayment fees are recognized as interest income when received. Dividend income is recognized on the ex-dividend date. Some or all of the interest payments of a loan or preferred equity may be structured in the form of payment in kind (“PIK”), which accrues on a current basis but is generally not paid in cash until maturity or some other determined payment date. PIK interest is included in the Fund’s net asset value and also in determining net investment income for purposes of calculating the Incentive Fee (defined below). PIK interest may be combined with cash current paid interest or otherwise tailored to address both the specific circumstances of the borrower and the return requirements of the investor. Interest payments structured in the form of PIK are subject to the risk that a borrower could default when actual cash interest or principal payments are due.

26

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

2. Significant Accounting Policies (continued)

Upfront investment income or other payments are sometimes charged to borrowers at the closing of a loan investment transaction. This income is received at the time of closing and then deferred to be recognized as investment income over the term of the loan. For the year ended September 30, 2023, the Fund accrued upfront investment income of $7,980,905.

Cash Escrow

Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. Pending any closing, funds received from prospective investors will be placed in an interest-bearing escrow account with UMB Bank, n.a., the Fund’s escrow agent, and are restricted for use otherwise. On the date of any closing, the balance in the escrow account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor. Any interest earned on escrowed amounts will be credited to the Fund for the benefit of all Shareholders.

Federal Income Taxes

The Fund has qualified and intends to continue to qualify as a “RIC” under Subchapter M of the Code. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to Shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the “more likely than not” standard as of September 30, 2023.

Distributions to Shareholders

The Fund accrues distributions monthly and pays distributions quarterly to its Shareholders of the net investment income of the Fund after payment of Fund operating expenses. The dividend rate may be modified by the Board of Trustees (the “Board”) from time to time. To the extent that any portion of the Fund’s quarterly distributions are considered a return of capital to Shareholders, such portion would not be considered dividends for U.S. federal income tax purposes and would represent a return of the amounts that such Shareholders invested. Although such return of capital distributions are not currently taxable to Shareholders, such distributions will have the effect of lowering a Shareholder’s tax basis in such Shares, and could result in a higher tax liability when the Shares are sold, even if they have not increased in value, or in fact, have lost value. The Fund’s final distribution for each tax year is expected to include any remaining investment company taxable income and net tax-exempt income undistributed during the tax year, as well as any undistributed net capital gain realized during the tax year. If the total distributions made in any tax year exceed investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund’s current and accumulated earnings and profits. This distribution policy, may, under certain circumstances, have adverse consequences to the Fund and its Shareholders because it may result in a return of capital resulting in less of a Shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio. The distribution policy also may cause the Fund to sell securities at a time it would not otherwise do so to manage the distribution of income and gain.

Valuation of Investments

The Board has approved valuation procedures for the Fund (the “Valuation Procedures”). Under the Valuation Procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Investment Manager (the “Valuation Designee”) subject to the oversight of the Board. The Valuation Designee 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.

27

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

2. Significant Accounting Policies (continued)

In general, fair value represents a good faith approximation of the current value of an asset and is 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 Designee regarding appropriate valuations should prove incorrect.

The Fund holds 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 Valuation Designee may determine that cost best approximates the fair value of the particular investment.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the Investment Company Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the Investment Company Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board designated the Investment Manager as its Valuation Designee to perform fair value determinations and approved new Valuation Procedures for the Fund.

Repurchase Offers

The Fund provides some liquidity to Shareholders by making quarterly offers to repurchase a certain percentage of its outstanding Shares at NAV. The decision to offer to repurchase Shares is in the complete and absolute discretion of the Board and the Board may, under certain circumstances, elect not to offer to repurchase Shares. The Fund believes that these repurchase offers are generally beneficial to the Fund’s Shareholders and generally are funded from available cash. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the Fund’s expense ratio. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund’s investment performance.

Borrowing, Use of Leverage

The Fund may employ leverage through a secured Revolving Loan Agreement, as amended (the “Revolving Loan Agreement”) to achieve its investment objective. The Fund’s willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the Investment Manager’s assessment of the yield curve environment, interest rate trends, market conditions and other factors. Borrowings by the Fund will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund’s cost of funds. Such debt exposes the Fund to refinancing, recourse and other risks. As a general matter, the presence of leverage can accelerate losses. Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the Investment Company Act) of 300% or more (in the event leverage is obtained solely through debt) or 200% or more (in the event leverage is obtained solely though preferred stock). The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund’s assessment of market conditions and the investment environment. The Investment Manager expects that the Fund’s borrowings may ultimately be secured with a security interest in investments. In times of adverse market conditions, the Fund may be required to post additional collateral which could affect the Fund’s liquidity.

28

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

2. Significant Accounting Policies (continued)

The Revolving Loan Agreement has maximum credit available of $110,000,000 with a maturity date April 9, 2024. For the year ended September 30, 2023, the average balance outstanding and weighted average interest rate were $22,765,770 and 7.97%, respectively. For the year ended September 30, 2023, the Fund accrued and paid interest expense of $1,815,405, and $1,673,402, respectively. As of September 30, 2023, the Fund has an outstanding line of credit balance of $60,659,192 at a 8.37% interest rate. The maximum the Fund borrowed was $110,339,145 (including accrued interest) on September 1, 2023.

Participations

The Fund may invest a portion of its assets in participation interests or special purpose vehicles holding various credit investments. The special risks associated with these obligations include adverse consequences resulting from participating in such instruments with other institutions with lower credit quality and limitations on the ability of the Fund to directly enforce its rights with respect to participations. The Fund may acquire interests in such credit investments either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting party under the credit arrangement with respect to the obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a credit arrangement typically results in a contractual relationship only with the institution participating out the interest and not directly with the counterparty. In purchasing participations, the Fund may have no right to enforce compliance by the counterparty with the terms of the credit agreement, and the Fund may not directly benefit from the collateral supporting the credit obligation in which it has purchased the participation. As a result, if the Fund were to hold a participation, it would assume the credit risk of both the borrower and the institution selling the participation to the Fund.

3. Principal Risks

Non-Diversified Status

The Fund is a “non-diversified” management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund’s assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more securities are allocated a relatively large percentage of the Fund’s assets, losses suffered by such securities could result in a higher reduction in the Fund’s capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

Limited Liquidity

Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

Investment Manager Incentive Fee Risk

Any Incentive Fee (defined below) payable by the Fund that relates to its net investment income may be computed and paid on income that may include interest or gains that have been accrued or are unrealized, but not yet received or realized. The Investment Manager is not under any obligation to reimburse the Fund for any part of the Incentive Fee it received that was based on accrued income or unrealized gains that the Fund never received or realized, and such circumstances would result in the Fund’s paying an Incentive Fee on income it never received or gains it never realized. The Incentive Fee payable by the Fund to the Investment Manager may create an incentive for it to make investments on the Fund’s behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee payable to the Investment Manager is determined may encourage it to use leverage to increase the return on the Fund’s investments. Under certain circumstances, the

29

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

3. Principal Risks (continued)

use of leverage may increase the likelihood of default, which would disfavor Shareholders. Such a practice could result in the Fund’s investing in more speculative securities than would otherwise be in its best interests, which could result in higher investment losses, particularly during cyclical economic downturns.

Private Credit

Private credit is a common term for unregistered debt investments made through privately negotiated transactions. Private credit investments may be structured using a range of financial instruments, including without limitation first and second lien senior secured loans, subordinated or unsecured debt and preferred equity arrangements. From time to time these investments might include equity features such as warrants, options, or common stock depending on the strategy of the investor and the financing requirements of the company or asset.

Loans to private companies, businesses and operators can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the collateral that secures the investment, variability in the issuer’s cash flows, the size of the issuer, the quality of collateral securing debt and the degree to which such collateral covers the accompanying debt obligations. The businesses in which the Fund invests may be levered, and the investments made by the Fund will generally not be rated by national credit rating agencies. The loans in which the Fund will invest may be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics and may carry a greater risk with respect to a borrower’s capacity to pay interest and repay principal.

Market Disruption and Geopolitical Risks

Certain local, regional or global events such as war (including Russia’s invasion of Ukraine and the Israel-Hamas war), acts of terrorism, the spread of infectious illnesses and/or other public health issues, or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of Market Disruptions and Geopolitical Risks on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

Banking Risk

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts. In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts.

4. Investment Advisory and Other Agreements

The Fund has entered into an investment management agreement (the “Investment Management Agreement”) with the Investment Manager. Pursuant to the Investment Management Agreement, the Investment Manager is entitled to a fee consisting of two components – a base management fee (the “Investment Management Fee”) and an incentive fee (the “Incentive Fee”). The Investment Management Fee is calculated and payable monthly in arrears at the annual rate of 1.50% of the month-end value of the Fund’s net assets before management fees for the current month. The Investment Management Fee is paid out of the Fund’s assets. Such fees are paid to the Investment Manager before giving effect to any repurchase of Shares effective as of that date and decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders.

30

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

4. Investment Advisory and Other Agreements (continued)

Effective January 1, 2021, the Incentive Fee is calculated and payable monthly in arrears based upon the Fund’s net profits for the immediately preceding month, and is subject to a hurdle rate, expressed as a rate of return on the Fund’s net assets equal to 0.58333333% per month (or an annualized hurdle rate of 7.00%), subject to a “catch-up” feature. Prior to January 1, 2021, the Incentive Fee was calculated quarterly. The Incentive Fee is equal to 15.0% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For the purposes of the Incentive Fee, the term “net profits” means the amount by which the NAV of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee). The Fund will maintain a memorandum account (the “Loss Recovery Account”), which will have an initial balance of zero and will be (i) increased upon the close of each calendar month end of the Fund by the amount of the net losses of the Fund for the month, and (ii) decreased (but not below zero) upon the close of each calendar month end by the amount of the net profits of the Fund for the month. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares. The “catch-up” provision is intended to provide the Investment Manager with an incentive fee of 15.0% on all of the Fund’s net profits when the Fund’s net profits reach 0.68627451% of net assets in any calendar month (8.24% annualized). For the year ended September 30, 2023, the Fund incurred $14,590,909 in incentive fees.

The Investment Manager has entered into an expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (including the Investment Management Fee, but excluding any taxes, interest expense, sales charges and other brokerage commissions, other transaction related expenses, acquired fund fees and expenses, Incentive Fees, expenses incurred in connection with any merger or reorganization, Distribution and Servicing Fees and extraordinary expenses) does not exceed 3.00% of the average daily net assets of any Class of Shares (the “Expense Limit”). Because taxes, interest expense, sales charges and other brokerage commissions, other transaction related expenses, Incentive Fees, Distribution and Servicing Fees, expenses incurred in connection with any merger or reorganization and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) may exceed 3.00% of the average daily net assets of each Class of Shares.

For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided they are able to effect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (i) the expense limit in effect at the time of the waiver and (ii) the expense limit in effect at the time of the recoupment. The Expense Limitation and Reimbursement Agreement had an initial one-year term, which ended on February 2, 2021, and will automatically renew for consecutive one-year terms thereafter. Either the Fund or the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement upon 30 days’ written notice. For the year ended September 30, 2023, the Investment Manager did not waive any fees or reimburse any expenses. As of September 30, 2023, there were no recoverable reimbursed expenses to the Investment Manager.

UMB Distribution Services, LLC serves as the Fund’s placement agent (the “Placement Agent”); UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and administrator. For the year ended September 30, 2023, the Fund’s allocated UMBFS fees are reported on the Statement of Operations.

A trustee and certain officers of the Fund are employees of UMBFS or the Investment Manager. The Fund does not compensate trustees and officers affiliated with the Fund’s administrator or Investment Manager. For the year ended September 30, 2023, the Fund’s allocated fees incurred for trustees who are not affiliated with the Fund’s administrator or Investment Manager are reported on the Statement of Operations.

Vigilant Compliance, LLC provides Chief Compliance Officer (“CCO”) services to the Fund. The Fund’s allocated fees incurred for CCO services for the year ended September 30, 2023 are reported on the Statement of Operations.

31

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

4. Investment Advisory and Other Agreements (continued)

The Fund has adopted a Distribution and Service Plan with respect to Class A Shares, Class D Shares, Class Y Shares and Class I Shares in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution and Service Plan, the Fund may pay as compensation up to 1.00% on an annualized basis of the aggregate net assets of the Fund attributable to Class A Shares, up to 0.90% on an annualized basis of the aggregate net assets of the Fund attributable to Class D Shares, up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class Y Shares, and up to 0.15% on an annualized basis of the aggregate net assets of the Fund attributable to Class I Shares (the “Distribution and Servicing Fee”) to the Fund’s Placement Agent or other qualified recipients under the Distribution and Service Plan. For purposes of determining the Distribution and Servicing Fee, NAV will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Servicing Fee payable. Therefore, it is possible the Distribution and Servicing Fee rate on the Financial Highlights may show a rate above the contractual limit. Class Z Shares are not subject to the Distribution and Service Plan.

5. Fair Value of Investments

Fair value — Definition

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 September 30, 2023:

Investments	Level 1		Level 2		Level 3		Total
Private Credit	$	—	$	—	$	1,101,936,262	$	1,101,936,262
Private Investment Funds		—		—		11,597,318		11,597,318
Warrants		—		—		—		—
Total Investments, at fair value	$	—	$	—	$	1,113,533,580	$	1,113,533,580

32

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

5. Fair Value of Investments (continued)

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 year ended September 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		797,171,835			—
Sales		—			—
Principal reductions received		(444,124,858	)		(2,336,186	)
Realized gains (losses)		—			—
Change in unrealized appreciation (depreciation)		(6,863,068	)		—
Balance as of September 30, 2023	$	1,101,936,262		$	11,597,318		$	—

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 September 30, 2023.

Investments	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
Private Credit	$	726,938,004	Discounted Cash Flow	Discount Rate	8.6% – 21.2%
Private Credit		374,998,258	Transaction Price	Price	N/A
Private Investment Funds		11,597,318	Discounted Cash Flow	Discount Rate	13.9%
Warrants		—	Transaction Price	Price	N/A

6. Capital Stock

The minimum initial investment in Class A Shares and Class Y Shares by any investor is $50,000, the minimum initial investment in Class D Shares and Class I Shares by any investor is $5,000,000, and the minimum initial investment by any investor in Class Z Shares is $10,000,000. However, the Fund, in its sole discretion, may accept investments in any Class of Shares below these minimums. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements. Class Y and Class D Shares were issued at $100.00 per share and Class A, Class I, and Class Z Shares were issued at $100.53 per share.

Class A Shares and Class D Shares are subject to a sales charge of up to 3.50%. No sales charge is expected to be charged with respect to investments by the Investment Manager or its affiliates, and their respective directors, principals, officers and employees and others in the Investment Manager’s sole discretion. The full amount of the sales charge may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges when you purchase Shares of the Fund. Neither Class I, Class Y nor Class Z Shares are subject to any sales charge.

Because the Fund is a closed-end fund, and Shareholders do not have the right to require the Fund to redeem Shares, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders, in order to provide a limited degree of liquidity to Shareholders. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. In determining whether the Fund should offer to repurchase Shares, the Board will consider a variety of operational, business and economic factors. The Investment Manager expects to ordinarily recommend that the Board authorize the Fund to offer to repurchase Shares from Shareholders quarterly with March 31, June 30, September 30 and December 31 valuation dates (or, if any such date is not a Business Day, on the last Business Day of such calendar quarter).

33

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

6. Capital Stock (continued)

If the interval between the date of purchase of Shares and the valuation date with respect to the repurchase of such Shares is less than 365 calendar days, then such repurchase will be subject to a 2.00% early repurchase fee payable to the Fund. In determining whether the repurchase of Shares is subject to an early repurchase fee, the Fund will repurchase that portion of the Shares held the longest first. Early repurchase fees are disclosed in the Statement of Changes. For the year ended September 30, 2023 there were no early repurchase fees.

For the year ended September 30, 2023, the Fund’s capital stock transactions are reported on the Statements of Changes in Net Assets. Class A Shares were fully exchanged into other classes during the year ended September 30, 2023.

7. Federal Income Taxes

At September 30, 2023, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes, were as follows:

Cost of investments	$	1,119,278,906
Gross unrealized appreciation		5,067,337
Gross unrealized depreciation		(10,812,663	)
Net unrealized appreciation/depreciation on investments	$	(5,745,326	)

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain partnership investments income.

As of September 30, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	20,335,996
Undistributed long-term capital gains		—
Distributions Payable		(21,453,738	)
Accumulated Capital and Other Losses		—
Unrealized depreciation on investments		(5,745,326	)
Total accumulated loss	$	(6,863,068	)

The tax character of distributions paid during the years ended September 30, 2023 and September 30, 2022 was as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	71,057,676	$	47,254,325
Net long-term capital gains		—		—
Total distributions paid	$	71,057,676	$	47,254,325

The difference in the amount of distributions against the Statements of Changes in Net Assets relates to the timing of certain distributions being reported on a cash basis for tax purposes. At September 30, 2023, there were $21,453,738 of distributions payable that will be considered paid in the tax year ending September 30, 2024 for tax purposes.

34

Keystone Private Income Fund

Notes to Financial Statements

September 30, 2023 (continued)

8. Investment Transactions

For the year ended September 30, 2023, purchases and sales of investments, including principal reductions received, excluding short-term investments, were $797,171,835 and $446,461,044, respectively.

9. Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

10. Change in Independent Registered Public Accounting Firm

On May 2, 2023, the Fund by action of the Board of Trustees (the “Board”) upon the recommendation of the Board’s Audit Committee engaged Grant Thornton LLP as the independent registered public accounting firm to audit the Fund’s financial statements for the fiscal year ending September 30, 2023. During the Fund’s fiscal years ended September 30, 2022 and September 30, 2021 and the subsequent period from October 1, 2022 through May 2, 2023, neither the Fund nor anyone on its behalf has consulted with Grant Thornton LLP on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund’s financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(l)(iv) of Item 304 of Regulation S-K under the Securities Exchange Act of 1934, as amended (“Regulation S-K”)) or reportable events (as described in paragraph (a)(l)(v) of said Item 304).

Cohen & Company, Ltd. (“Cohen”) previously served as the independent registered public accounting firm to the Fund. Cohen’s reports on the Fund’s financial statements for the fiscal years ended September 30, 2022 and September 30, 2021 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund’s fiscal years ended September 30, 2022 and September 30, 2021 and the subsequent period from October 1, 2022 through May 2, 2023, (i) there were no disagreements with Cohen on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Cohen, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Fund’s financial statements for such fiscal years, and (ii) there were no “reportable events” of the kind described in Item 304(a)(l)(v) of Regulation S-K.

11. Subsequent Events

In preparing these financial statements, management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statements.

35

Keystone Private Income Fund

Other Information

September 30, 2023 (Unaudited)

Proxy Voting

The Fund is required to file Form N-PX, with its complete proxy voting record for twelve-month period ending on June 30, no later than August 31. The Fund’s Form N-PX filing and a description of the Fund’s proxy voting policies and procedures are available: (i) without charge, upon request, by calling the Fund at 1-888-442-4420 or (ii) by visiting the SEC’s website at www.sec.gov.

Availability of Quarterly Portfolio Schedules

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. The Fund’s Forms N-PORT are or will be available on the SEC’s website at www.sec.gov or by calling the Fund at 1-888-442-4420.

36

Keystone Private Income Fund

Other Information

September 30, 2023 (Unaudited) (continued)

PRIVACY NOTICE

FACTS	WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: •   Social Security number •   Account balances •   Account transactions •   Transaction history •   Wire transfer instructions •   Checking account information When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does the Fund share?	Can you limit this sharing?
For our everyday business purposes –  such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes –  to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes –  information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes –  information about your creditworthiness	No	We don’t share
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-877-779-1999

37

Keystone Private Income Fund

Other Information

September 30, 2023 (Unaudited) (continued)

What we do
How does the Fund protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does the Fund collect my personal information?	We collect your personal information, for example, when you •   Open an account •   Provide account information •   Give us your contact information •   Make a wire transfer •   Tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only •   Sharing for affiliates’ everyday business purposes – information about your creditworthiness •   Affiliates from using your information to market to you •   Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates include companies such as Keystone National Group, LLC.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. •   The Fund doesn’t share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. •   The Fund doesn’t jointly market.

38

Keystone Private Income Fund

Fund Management

September 30, 2023 (Unaudited)

The identity of the members of the Board and the Fund’s officers and brief biographical information is set forth below. The Fund’s Statement of Additional Information includes additional information about the membership of the Board and is available without charge, upon request, by calling the Fund at 1-888-442-4420.

INDEPENDENT TRUSTEES
NAME, ADDRESS* AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEES
David G. Lee Year of Birth: 1952	Chairman and Trustee	Since Inception (2020)	Retired (since 2012); President and Director, Client Opinions, Inc (2003 – 2012); Chief Operating Officer, Brandywine Global Investment Management (1998 – 2002).	17	None
Robert Seyferth Year of Birth: 1952	Trustee	Since Inception (2020)	Retired (since 2009); Chief Procurement Officer/Senior Managing Director, Bear Stearns/JP Morgan Chase (1993 – 2009).	17	None
Gary E. Shugrue Year of Birth: 1954	Trustee	Since Inception (2020)	Managing Director, Veritable LP (investment advisory firm) (2016 – Present); Founder/President, Ascendant Capital Partners, LP (private equity firm) (2001 – 2015).	16	Trustee, Quaker Investment Trust (2 portfolios) (registered investment company).

39

Keystone Private Income Fund

Fund Management

September 30, 2023 (Unaudited) (continued)

INTERESTED TRUSTEES AND OFFICERS
NAME, ADDRESS* AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	LENGTH OF TIME Served	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEES
Terrance P. Gallagher*** Year of Birth: 1958	Trustee	Since Inception (2020)	Executive Vice President and Director of Fund Accounting, Administration and Tax; UMB Fund Services, Inc. (2007 – present); President, Investment Managers Series Trust II (2013 – Present); Treasurer, American Independence Funds Trust (2016 – 2018); Treasurer, Commonwealth International Series Trust (2010 – 2015).	17	Trustee, Investment Managers Series Trust II (51 portfolios) (registered investment company).
John Earl Year of Birth: 1966	President	Since Inception (2020)	Managing Partner, Keystone National Group (2006 – present)	N/A	N/A
Brad Allen Year of Birth: 1980	Treasurer	Since Inception (2020)	Chief Financial Officer & General Counsel, Keystone National Group (2010 – present)	N/A	N/A
Bernadette Murphy Year of Birth: 1964	Chief Compliance Officer	Since 2021	Director, Vigilant Compliance, LLC (investment management solutions firm) (2018 – Present); Director of Compliance and operations, B. Riley Capital Management, LLC (investment advisory firm) (2017 – 2018); Chief Compliance Officer, Dialectic Capital Management, LP (investment advisory firm) (2008 – 2018).	N/A	N/A

40

Keystone Private Income Fund

Fund Management

September 30, 2023 (Unaudited) (continued)

INTERESTED TRUSTEES AND OFFICERS
NAME, ADDRESS* AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	LENGTH OF TIME Served	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEES
Ann Maurer Year of Birth: 1972	Secretary	Since Inception (2020)	Senior Vice President, Client Services (2017 – Present); Vice President, Senior Client Service Manager (2013 – 2017), Assistant Vice President, Client Relations Manager (2002 – 2013), each with UMB Fund Services, Inc. (2002 – 2013); UMB Fund Services, Inc.	N/A	N/A

*	Address for Trustees and officers: c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, Wisconsin 53212.
**	The fund complex consists of the Fund, AFA Private Credit Fund, Agility Multi-Asset Income Fund, Aspiriant Risk-Managed Capital Appreciation Fund, Aspiriant Risk-Managed Real Assets Fund, First Trust Hedged Strategies Fund, LLC, First Trust Alternative Opportunities Fund, First Trust Private Assets Fund, First Trust Private Credit Fund, First Trust Real Assets Fund, Infinity Core Alternative Fund, Felicitas Private Markets Fund, Variant Alternative Income Fund, Variant Impact Fund, Destiny Alternative Fund LLC, Destiny Alternative Fund TEI LLC, and Pender Real Estate Credit Fund.
***	Mr. Gallagher is deemed an interested person of the Fund because of his affiliation with the Fund’s Administrator.

41

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Investment Manager
Keystone National Group, LLC
60 East South Temple, Suite 2100
Salt Lake City, UT 8411
www.keystonenational.com

Custodian Bank

UMB Bank, n.a.
928 Grand Blvd
Kansas City, MO 64106

Fund Administrator, Transfer Agent, and Fund Accountant

UMB Fund Services
235 W. Galena Street
Milwaukee, Wisconsin 53212

Placement Agent
UMB Distribution Services, LLC
235 West Galena Street
Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Grant Thornton LLP
171 N. Clark Street, Suite 200
Chicago, IL 60601

(b) Not applicable

Item 2.     Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) The registrant’s code of ethics are written standards that are reasonably designed to deter wrongdoing and to promote: (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; (3) Compliance with applicable governmental laws, rules, and regulations; (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and (5) Accountability for adherence to the code.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item’s instructions.

(e) Not applicable.

(f) The registrant has included with this filing, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.

Item 3.     Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Mr. David G. Lee and Mr. Robert Seyferth are qualified to serve as the audit committee financial experts serving on its Audit Committee and that they are “independent,” as defined by Item 3 of Form N-CSR.

Item 4.     Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for the fiscal year ended September 30, 2023 and the fiscal year ended September 30, 2022 for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for that fiscal year or fiscal period, as applicable, are $205,500 and $230,000, respectively.

Audit-Related Fees

(b) The aggregate fees billed for the fiscal year ended September 30, 2023 and the fiscal year ended September 30, 2022 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 and $0, respectively.

Tax Fees

(c) The aggregate fees billed for the fiscal year ended September 30, 2023 and the fiscal year ended September 30, 2022 for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 and $8,000, respectively. These services include preparation of Federal and state tax returns and review of excise dividend calculations.

All Other Fees

(d) The aggregate fees billed for the fiscal year ended September 30, 2023 and the fiscal year ended September 30, 2022 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0, respectively.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The registrant’s Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor’s engagement.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:

(b) 0%

(c) 0%

(d) 0%

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal year ended September 30, 2023 and the fiscal year ended September 30, 2022 of the registrant was $0 and $0, respectively.

(h) The registrant’s Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5.     Audit Committee of Listed Registrants.

Not applicable.

Item 6.     Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

PROXY POLICY

INTRODUCTION

Keystone National Group, LLC (“Keystone”) acts as the advisor to the Keystone Private Income Fund (“the Fund”). Rule 206(4)-6 under the Advisers Act requires a registered investment adviser with voting authority over client proxies to adopt proxy voting policies and procedures, including procedures to address material conflicts of interest, and to disclose such procedures and its specific voting history to clients.1 The Rule does not apply to advisers whose clients retain voting authority, smaller investment advisers who are registered with state securities authorities, or investment advisers who are not required to register under the Advisers Act.

An adviser subject to the Rule is required to:

•        adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients; describe such procedures to clients and, upon request, provide a summary of the procedures to clients;

•        disclose to clients how they may obtain information on how the adviser voted their proxies; and

•        retain certain written records about its proxy voting. (See Section XIX.–“Recordkeeping Requirements” below for a more complete description.)

The Rule applies to all advisers that have explicit or implicit proxy voting authority over client securities. The SEC has clarified that an overall delegation of discretionary authority to an adviser constitutes implicit proxy voting authority, even though an advisory contract may be silent on this point. The Rule does not apply to advisers who do not have authority to vote the proxies themselves but provide advice to clients about voting proxies.

The SEC did not mandate specific proxy voting policies and procedures. However, the SEC encouraged the design of policies and procedures that address:

•        how an adviser votes its proxies on behalf of its clients; and

•        the particular factors that an adviser takes into consideration when voting on particular matters.

The Rule also specifically requires that the procedures address material conflicts that may arise between an adviser or its affiliates and its clients (such as when the adviser has business or personal relationships with participants in proxy contests, corporate directors or candidates for directorship). The SEC noted that a policy of disclosing conflicts to a client and obtaining direction from the client on how to vote would satisfy the requirement of the Rule (although certain additional consideration should be given to this alternative in the case of employee benefit plan clients). Otherwise, the adviser must be able to demonstrate that its vote was based on the client’s best interest and not on the interests of the adviser.

The SEC staff has also issued guidance on an investment adviser’s responsibilities in retaining proxy advisory firms.2 The guidance suggests that advisers have an ongoing duty to monitor proxy advisory firms to ensure that the firms have the capacity and competency to adequately analyze proxy issues. The SEC staff has indicated that an adviser should take reasonable steps to verify that a proxy advisory firm is independent and can make proxy voting recommendations in an impartial manner and in the best interests of the adviser’s clients.

____________

1        The SEC issued a Staff Legal Bulletin recently providing guidance on investment advisers’ proxy voting responsibilities and use of outside proxy advisory firms. The bulletin noted that when considering the retention (or continuation of an existing retention) of a proxy advisory firm to provide voting recommendations, an adviser should assess such firm’s ability to competently and adequately analyze proxy issues. The bulletin also highlighted the importance of policies and procedures designed to ensure (a) adequate oversight of an outside proxy advisory firm; (b) that the investment adviser is apprised of any applicable changes to the proxy firm’s business or any new potential conflicts of interest; and (c) that proxies are being voted in the best interest of clients (see Proxy Voting: Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms, June 30, 2014).

2        Proxy Voting: Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms, Staff Legal Bulletin No. 20 (IM/CF) (June 30, 2014).

Effective September 16, 2019

Item 8.     Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

The following is biographical information about the members of Keystone National Group, LLC (the “Investment Manager”), who are primarily responsible for the day-to-day portfolio management of the Keystone Private Income Fund as of the date of the filing of this report:

John Earl

Mr. Earl is a Managing Partner of the Investment Manager and is active in investment selection, due diligence and the general management of the Investment Manager. Mr. Earl was previously a Senior Vice President in the investment banking department of Lehman Brothers. While at Lehman Brothers, Mr. Earl was active in evaluating and executing a broad variety of direct investment opportunities and monetization strategies, including acquisitions, mergers, buyouts, initial public offerings, secondary equity offerings, recapitalizations and company sale transactions. Prior to joining Lehman Brothers, Mr. Earl was a Vice President of investment banking at Shattuck Hammond Partners. In addition, Mr. Earl held previous positions at Dillon, Read & Co., Inc. and Credit Suisse. Mr. Earl holds a Juris Doctor degree from the J. Reuben Clark School of Law and an M.B.A. from the Marriott School of Management at Brigham Young University. Mr. Earl joined the Investment Manager in 2006.

Brandon Nielson

Mr. Nielson is a Managing Partner of the Investment Manager and is active in investment selection, due diligence and the general management of the Investment Manager. Mr. Nielson served as a Vice President at Partners Group, a global alternative investments firm. Based in the firm’s New York office, Mr. Nielson played a key role in building Partners Group’s U.S. presence and in identifying and performing due diligence on U.S. investment opportunities, including buyout fund investments, secondaries and co-investments. He later worked at Partners Group’s headquarters in Switzerland where he helped launch the firm’s Transaction Services business and was active in private equity structuring and fund formation. Prior to his time at Partners Group, Mr. Nielson worked for the accounting firm KPMG. He earned his Certified Public Accountant license (no longer active) and holds a B.S. degree in Accounting and M.B.A. from the Marriott School of Management at Brigham Young University. Mr. Nielson joined the Investment Manager in 2006.

Brad Allen

Mr. Allen is responsible for Keystone’s accounting and legal affairs and oversees the firm’s financial reporting and regulatory compliance. Prior to joining Keystone, Mr. Allen was a corporate securities attorney at Wilson Sonsini Goodrich & Rosati in Palo Alto, California, where he represented public and private companies on corporate governance initiatives and in a broad range of corporate transactions, including venture capital and private equity investments, secured lending, mergers, acquisitions and public offerings. Mr. Allen previously managed the financial reporting and accounting affairs of an elite language technology and localization service provider. He is licensed as a Certified Public Accountant in California and is a member of the State Bar of California and the American Institute of Certified Public Accountants. Mr. Allen and holds a B.S. degree in Accounting from the Marriott School of Management and graduated Magna Cum Laude with a Juris Doctor degree from the J. Reuben Clark School of Law. Mr. Allen joined the Investment Manager in 2010.

Taylor Jackson

Mr. Jackson is focused on creating value for investors within Keystone’s real estate focused transactions. Mr. Jackson previously served as Vice President with Nearon Enterprises, a private real estate investment firm located in the San Francisco Bay Area, where he was responsible for all aspects of real estate investment including acquisition and debt sourcing, investment due diligence, leasing, asset management and asset disposition. Mr. Jackson was directly responsible for the investment and development of over 1.5 million square feet of Industrial, Office, Retail and Multifamily assets in the San Francisco Bay Area and Salt Lake City markets. Mr. Jackson holds a B.S. degree in Accounting and Information Systems from Brigham Young University and an M.B.A. from the Haas School of Business at the University of California, Berkeley. Mr. Jackson joined the Investment Manager in 2017.

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

The following table provides information about portfolios and accounts, other than the Fund, of the personnel of Keystone National Group, LLC (the “Investment Manager”), who are primarily responsible for the day-to-day portfolio management (the “Portfolio Managers”) as of September 30, 2023:

	Type of Accounts	Total # of Accounts Managed	Total Assets ($mm)	# of Accounts managed that Advisory Fee Based on Performance	Total Assets that Advisory Fee Based on Performance ($mm)
John Earl	Registered Investment Companies:	-	$-	-	$-
	Other Pooled Investment Vehicles:	11	$679	10	$241
	Other Accounts:	3	$181	3	$181
Brandon Nielson	Registered Investment Companies:	-	$-	-	$-
	Other Pooled Investment Vehicles:	11	$679	10	$241
	Other Accounts:	3	$181	3	$181
Brad Allen	Registered Investment Companies:	-	$-	-	$-
	Other Pooled Investment Vehicles:	11	$679	10	$241
	Other Accounts:	3	$181	3	$181
Taylor Jackson	Registered Investment Companies:	-	$-	-	$-
	Other Pooled Investment Vehicles:	11	$679	10	$241
	Other Accounts:	3	$181	3	$181

Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts:

The management of multiple funds and/or other accounts may result in a Portfolio Manager devoting unequal time and attention to the management of each fund and/or other account. The Investment Manager seeks to manage such competing interests for the time and attention of the Portfolio Managers by having the Portfolio Managers focus on a particular investment discipline. Most other accounts managed by the Portfolio Managers are managed using the same investment models that are used in connection with the management of the Fund.

If a Portfolio Manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Investment Manager has adopted procedures for allocating portfolio transactions across multiple accounts.

The Investment Manager has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

(a)(3) Compensation Structure of Portfolio Manager

Compensation of the Portfolio Managers as of September 30, 2023

Total compensation paid to each Portfolio Manager includes a base salary fixed from year to year, a discretionary performance bonus and eligibility for a share of carried interest/performance fees in closed-end funds managed by the Investment Manager. The amounts paid to the Portfolio Managers are based on a percentage of the fees earned by the Investment Manager from managing the Fund and other investment accounts. The performance bonus reflects individual performance and the performance of the Investment Manager’s business as a whole. The discretionary performance bonus is determined by senior management of the Investment Manager and is based on a wide variety of factors, including without limitation investment performance, quality of work, contributions to non-investment related efforts and organizational development.

The compensation structure of key investment professionals is structured to incent long-term client retention and client service, to attract and retain highly qualified investment management professionals and to reward individual and team contributions toward creating shareholder value.

(a)(4) Disclosure of Securities Ownership

Portfolio Management Team’s Ownership of Shares

Name of Portfolio Management Team Member:	Dollar Range of Shares Beneficially Owned by Portfolio Management Team Member*:
John Earl	Over $1,000,000
Brandon Nielson	Over $1,000,000
Brad Allen	Over $1,000,000
Taylor Jackson	None

*     As of September 30, 2023

(b) Not Applicable.

Item 9.     Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.   Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17CFR 229.407), or this Item.

Item 11.   Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.   Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

None.

Item 13.   Exhibits.

(a)(1)	Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 is attached hereto.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(a)(4)	Change in the registrant’s independent public accountant. Filed herewith.
(b)	Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Keystone Private Income Fund
By (Signature and Title)
	/s/ John Earl
	John Earl, President
	(Principal Executive Officer)
Date	December 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

By (Signature and Title)	/s/ John Earl
	John Earl, President
	(Principal Executive Officer)
Date	December 8, 2023
By (Signature and Title)	/s/ Brad Allen
	Brad Allen, Treasurer
	(Principal Financial Officer)
Date	December 8, 2023

EX-99.CODE ETH

Exhibit 99.CODE ETH

Keystone Private Income Fund

FINANCIAL OFFICER CODE OF ETHICS

Purposes of the Code

The reputation and integrity of the Keystone Private Income Fund, LLC (the “Fund”) are valuable assets that are vital to the Fund’s success. Each officer and employee of the Fund, including each of the Fund’s senior financial officers (“SFOs”), is responsible for conducting the Fund’s business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function. The Fund has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Fund’s Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Fund has chosen to adopt a financial officer code of ethics for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

● Compliance with applicable laws and governmental rules and regulations;

● The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Fund’s other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

Principles for the Handling of Financial Information

The Fund has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Fund officer or employee who performs a similar function or who participates in the preparation of any part of the Fund’s financial statements. Specifically, persons subject to this Code shall:

● Act with honesty and integrity

● Avoid actual or apparent conflicts of interest with the Fund in personal and professional relationships

● Provide information to the Fund’s employees and service providers (Investment Manager, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

● Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund’s periodic reports

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

● Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

● Record (or participate in the recording of) entries in the Fund’s books and records that are accurate

● Refrain from using confidential information for personal advantage

Violations of the Code

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Fund must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

Enforcement of the Code

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Fund’s senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a “Disclosure Letter”) regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Fund within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Fund’s senior management or to the Audit Committee of the Board.

An executive officer of the Fund or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Fund.

Outside Service Providers

Because service providers to the Fund, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Fund’s financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Fund SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

Annual Certification

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

Questions about the Code

The Fund’s Board of Trustees has designated Perpetua Seidenberg to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

Effective: September 16, 2019

EX-99.CERT

Exhibit 99.CERT

Section 302 Certification

I, John Earl, certify that:

1. I have reviewed this report on Form N-CSR of Keystone Private Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the Audit Committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 8, 2023

/s/ John Earl

John Earl, President

(Principal Executive Officer)

Section 302 Certification

I, Brad Allen, certify that:

1. I have reviewed this report on Form N-CSR of Keystone Private Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the Audit Committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 8, 2023

/s/ Brad Allen

Brad Allen, Treasurer

(Principal Financial Officer)

EX-99.13(A)(4)

Exhibit 13(a)(4)

On May 2, 2023, the Fund by action of the Board of Trustees (the “Board”) upon the recommendation of the Board’s Audit Committee engaged Grant Thornton LLP as the independent registered public accounting firm to audit the Fund’s financial statements for the fiscal year ending September 30, 2023. During the Fund’s fiscal years ended September 30, 2022 and September 30, 2021 and the subsequent period from October 1, 2022 through May 2, 2023, neither the Fund nor anyone on its behalf has consulted with Grant Thornton LLP on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund’s financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(l)(iv) of Item 304 of Regulation S-K under the Securities Exchange Act of 1934, as amended (“Regulation S-K”)) or reportable events (as described in paragraph (a)(l)(v) of said Item 304).

Cohen & Company, Ltd. (“Cohen”) previously served as the independent registered public accounting firm to the Fund. Cohen’s reports on the Fund’s financial statements for the fiscal years ended September 30, 2022 and September 30, 2021 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund’s fiscal years ended September 30, 2022 and September 30, 2021 and the subsequent period from October 1, 2022 through May 2, 2023, (i) there were no disagreements with Cohen on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Cohen, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Fund’s financial statements for such fiscal years, and (ii) there were no “reportable events” of the kind described in Item 304(a)(l)(v) of Regulation S-K.

December 8, 2023

U.S. Securities and Exchange Commission

Office of the Chief Accountant

100 F Street, NE

Washington, DC 20549

Re: Keystone Private Income Fund

File no. 811-23482

Dear Sir or Madam:

We have read Exhibit 99.IND PUB ACCT; Exhibit 13(a)(4) of Form N-CSR of Keystone Private Income Fund, dated December 8, 2023, and agree with the statements concerning our Firm contained therein.

Very truly yours,

 

COHEN & COMPANY, LTD.

XML

Document And Entity Information	12 Months Ended
	Sep. 30, 2023
Document Information [Line Items]
Entity Registrant Name	KEYSTONE PRIVATE INCOME FUND
Document Type	N-CSR
Amendment Flag	false
Entity Central Index Key	0001788420
Document Period End Date	Sep. 30, 2023

XML

N-2 - USD ($)

12 Months Ended

Sep. 30, 2020

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Cover [Abstract]

Entity Central Index Key

0001788420

Amendment Flag

false

Document Type

N-CSR

Entity Registrant Name

KEYSTONE PRIVATE INCOME FUND

Financial Highlights [Abstract]

Senior Securities [Table Text Block]

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Period September 30, 2020* through September 30, 2020
Net Asset Value, beginning of year/period	$	101.13		$	101.13		$	100.00		$	100.00
Income from Investment Operations:
Net investment income1		9.68			9.96			9.08			—
Net realized and unrealized gain (loss) on investments2		(0.76	)		0.13			(0.75	)		—
Total from investment operations		8.92			10.09			8.33			—
Distributions to investors:
From net investment income		(9.67	)		(10.09	)		(7.20	)		—
Total distributions to investors		(9.67	)		(10.09	)		(7.20	)		—
Net Asset Value, end of year/period	$	100.38		$	101.13		$	101.13		$	100.00
Total Return3		9.22	%		10.44	%		8.57	%		0.00	%4
Ratios and Supplemental Data:
Net Assets, end of year/period (in thousands)	$	29,926		$	12,122		$	2,391		$	62
Net expenses		4.53	%5		4.82	%6		4.36	%7		0.00	%4
Net investment income		9.61	%5		9.85	%6		8.98	%7		0.00	%4
Senior Securities
Total Amount Outstanding exclusive of Treasury Securities
Borrowings-Revolving Loan Agreement (in thousands)8		60,659			64,926			29,433			5,000
Asset Coverage Per $1,000 of Borrowings
Borrowings-Revolving Loan Agreement8		18,106			11,710			12,037			14,265
Portfolio Turnover Rate9		49	%		63	%		53	%		1	%4

*	Commencement of offering of Class D shares.
​1	Per share data is computed using the average shares method.
​2	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
​3	Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.
​4	Class D Shares commencement occurred after income and expense were allocated as of September 30, 2020.
​5	If distribution and servicing fees of 0.90%, incentive fees of 1.64%, line of credit expenses of 0.20%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.80%, and the income ratios increased by 2.80%, for the year ended September 30, 2023.
​6	If distribution and servicing fees of 0.90%, incentive fees of 1.90%, line of credit expenses of 0.16%, and other transaction related expenses of 0.05% had been excluded, the expense ratios would have been decreased by 3.01%, and the income ratios increased by 3.01%, for the year ended September 30, 2022.
​7	If distribution and servicing fees of 0.91%, incentive fees of 1.74%, line of credit expenses of 0.13%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.84%, and the income ratios increased by 2.84%, for the year ended September 30, 2021.
​8	As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.
​9	Calculated at Fund level.

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Period July 1, 2020* through September 30, 2020
Net Asset Value, beginning of year/period	$	101.28		$	101.28		$	100.58		$	100.00
Income from Investment Operations:
Net investment income1		10.40			10.71			9.12			1.37
Net realized and unrealized gain (loss) on investments2		(0.81	)		0.05			(0.16	)		0.60
Total from investment operations		9.59			10.76			8.96			1.97
Distributions to investors:
From net investment income		(10.34	)		(10.76	)		(8.26	)		(1.39	)
Total distributions to investors		(10.34	)		(10.76	)		(8.26	)		(1.39	)
Net Asset Value, end of year/period	$	100.53		$	101.28		$	101.28		$	100.58
Total Return3		9.93	%		11.16	%		9.21	%		1.97	%4
Ratios and Supplemental Data:
Net Assets, end of year/period (in thousands)	$	155,996		$	117,699		$	70,988		$	20,726
Net expenses		3.90	%6		4.18	%7		4.12	%8		3.43	%5,9
Net investment income		10.31	%6		10.58	%7		9.00	%8		6.12	%5,9
Senior Securities
Total Amount Outstanding exclusive of Treasury Securities
Borrowings-Revolving Loan Agreement (in thousands)10		60,659			64,926			29,433			5,000
Asset Coverage Per $1,000 of Borrowings
Borrowings-Revolving Loan Agreement10		18,106			11,710			12,037			14,265
Portfolio Turnover Rate11		49	%		63	%		53	%		1	%4

*	Commencement of operations.
​1	Per share data is computed using the average shares method.
​2	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
​3	Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.
​4	Not annualized.
​5	Annualized, except for incentive fees.
​6	If distribution and servicing fees of 0.25%, incentive fees of 1.65%, line of credit expenses of 0.20%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.16%, and the income ratios increased by 2.16%, for the year ended September 30, 2023.
​7	If distribution and servicing fees of 0.25%, incentive fees of 1.92%, line of credit expenses of 0.16%, and other transaction related expenses of 0.05% had been excluded, the expense ratios would have been decreased by 2.38%, and the income ratios increased by 2.38%, for the year ended September 30, 2022.
​8	If distribution and servicing fees of 0.25%, incentive fees of 1.64%, line of credit expenses of 0.13%, and other transaction related expenses of 0.06% had been excluded, the expense ratios would have been decreased by 2.08%, and the income ratios increased by 2.08%, for the year ended September 30, 2021.
​9	If distribution and servicing fees of 0.14%, incentive fees of 0.25%, and line of credit expenses of 0.29% had been excluded, the expense ratios would have been decreased by 0.68%, and the income ratios increased by 0.68%, for the period ended September 30, 2020.
​10	As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.
​11	Calculated at Fund level.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

The Keystone Private Income Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company. The Fund operates under an Agreement and Declaration of Trust dated August 26, 2019 (the “Declaration of Trust”). Keystone National Group, LLC serves as the investment adviser (the “Investment Manager”) of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. The Fund intends to continue to qualify and has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Fund commenced operations on July 1, 2020.

The Fund offers five separate classes (each a “Class”) of shares of beneficial interest (“Shares”) designated as Class A, Class D, Class Y Class I, and Class Z Shares. Shareholders own Shares of the Fund. Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future.

The Fund’s primary investment objective is to produce current income. The Investment Manager manages the Fund’s portfolio with a view toward producing current income, managing liquidity and protecting against downside scenarios. Under normal market conditions, the Fund will seek to achieve its investment objective by opportunistically investing, directly or indirectly, a majority of its net assets (plus any borrowings for investment purposes) in a wide range of private credit-oriented or other cash flow producing investments. For purposes of the Fund’s strategy, such investments may include corporate loans and credit facilities, equipment leasing transactions, real estate backed loans, corporate and consumer receivables, and other specialty finance opportunities or income-producing assets. The Fund may allocate its assets through a wide range of investment vehicles and structures, including among others as senior debt and also as subordinated debt, preferred equity and common equity investments. There can be no assurance that the Fund will achieve its investment objective.

Risk Factors [Table Text Block]

Principal Risks

Non-Diversified Status

The Fund is a “non-diversified” management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund’s assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more securities are allocated a relatively large percentage of the Fund’s assets, losses suffered by such securities could result in a higher reduction in the Fund’s capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

Limited Liquidity

Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

Investment Manager Incentive Fee Risk

Any Incentive Fee (defined below) payable by the Fund that relates to its net investment income may be computed and paid on income that may include interest or gains that have been accrued or are unrealized, but not yet received or realized. The Investment Manager is not under any obligation to reimburse the Fund for any part of the Incentive Fee it received that was based on accrued income or unrealized gains that the Fund never received or realized, and such circumstances would result in the Fund’s paying an Incentive Fee on income it never received or gains it never realized. The Incentive Fee payable by the Fund to the Investment Manager may create an incentive for it to make investments on the Fund’s behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee payable to the Investment Manager is determined may encourage it to use leverage to increase the return on the Fund’s investments. Under certain circumstances, the

use of leverage may increase the likelihood of default, which would disfavor Shareholders. Such a practice could result in the Fund’s investing in more speculative securities than would otherwise be in its best interests, which could result in higher investment losses, particularly during cyclical economic downturns.

Private Credit

Private credit is a common term for unregistered debt investments made through privately negotiated transactions. Private credit investments may be structured using a range of financial instruments, including without limitation first and second lien senior secured loans, subordinated or unsecured debt and preferred equity arrangements. From time to time these investments might include equity features such as warrants, options, or common stock depending on the strategy of the investor and the financing requirements of the company or asset.

Loans to private companies, businesses and operators can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the collateral that secures the investment, variability in the issuer’s cash flows, the size of the issuer, the quality of collateral securing debt and the degree to which such collateral covers the accompanying debt obligations. The businesses in which the Fund invests may be levered, and the investments made by the Fund will generally not be rated by national credit rating agencies. The loans in which the Fund will invest may be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics and may carry a greater risk with respect to a borrower’s capacity to pay interest and repay principal.

Market Disruption and Geopolitical Risks

Certain local, regional or global events such as war (including Russia’s invasion of Ukraine and the Israel-Hamas war), acts of terrorism, the spread of infectious illnesses and/or other public health issues, or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of Market Disruptions and Geopolitical Risks on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

Banking Risk

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts. In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts.

Non-Diversified Status [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Non-Diversified Status

The Fund is a “non-diversified” management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund’s assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more securities are allocated a relatively large percentage of the Fund’s assets, losses suffered by such securities could result in a higher reduction in the Fund’s capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

Limited Liquidity [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Limited Liquidity

Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

Investment Manager Incentive Fee Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Investment Manager Incentive Fee Risk

Any Incentive Fee (defined below) payable by the Fund that relates to its net investment income may be computed and paid on income that may include interest or gains that have been accrued or are unrealized, but not yet received or realized. The Investment Manager is not under any obligation to reimburse the Fund for any part of the Incentive Fee it received that was based on accrued income or unrealized gains that the Fund never received or realized, and such circumstances would result in the Fund’s paying an Incentive Fee on income it never received or gains it never realized. The Incentive Fee payable by the Fund to the Investment Manager may create an incentive for it to make investments on the Fund’s behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee payable to the Investment Manager is determined may encourage it to use leverage to increase the return on the Fund’s investments. Under certain circumstances, the

use of leverage may increase the likelihood of default, which would disfavor Shareholders. Such a practice could result in the Fund’s investing in more speculative securities than would otherwise be in its best interests, which could result in higher investment losses, particularly during cyclical economic downturns.

Private Credit [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Private Credit

Private credit is a common term for unregistered debt investments made through privately negotiated transactions. Private credit investments may be structured using a range of financial instruments, including without limitation first and second lien senior secured loans, subordinated or unsecured debt and preferred equity arrangements. From time to time these investments might include equity features such as warrants, options, or common stock depending on the strategy of the investor and the financing requirements of the company or asset.

Loans to private companies, businesses and operators can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the collateral that secures the investment, variability in the issuer’s cash flows, the size of the issuer, the quality of collateral securing debt and the degree to which such collateral covers the accompanying debt obligations. The businesses in which the Fund invests may be levered, and the investments made by the Fund will generally not be rated by national credit rating agencies. The loans in which the Fund will invest may be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics and may carry a greater risk with respect to a borrower’s capacity to pay interest and repay principal.

Market Disruption and Geopolitical Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Market Disruption and Geopolitical Risks

Certain local, regional or global events such as war (including Russia’s invasion of Ukraine and the Israel-Hamas war), acts of terrorism, the spread of infectious illnesses and/or other public health issues, or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of Market Disruptions and Geopolitical Risks on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

Banking Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Banking Risk

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts. In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts.

Class D Shares [Member]

Financial Highlights [Abstract]

Senior Securities Amount

^[1]

$ 5,000

$ 60,659

$ 64,926

$ 29,433

Senior Securities Average Market Value per Unit

^[1]

$ 14,265

$ 18,106

$ 11,710

$ 12,037

Class Y Shares [Member]

Financial Highlights [Abstract]

Senior Securities Amount

^[2]

$ 5,000

$ 60,659

$ 64,926

$ 29,433

Senior Securities Average Market Value per Unit

^[2]

$ 14,265

$ 18,106

$ 11,710

$ 12,037

Class I Shares [Member]

Financial Highlights [Abstract]

Senior Securities Amount

^[3]

$ 5,000

$ 60,659

$ 64,926

$ 29,433

Senior Securities Average Market Value per Unit

^[3]

$ 14,265

$ 18,106

$ 11,710

$ 12,037

Class Z Shares [Member]

Financial Highlights [Abstract]

Senior Securities Amount

^[4]

$ 5,000

$ 60,659

$ 64,926

$ 29,433

Senior Securities Average Market Value per Unit

^[4]

$ 14,265

$ 18,106

$ 11,710

$ 12,037

[1] As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.

[2] As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.

[3] As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.

[4] As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act.