Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 May 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       9.6%               
                                                                          
General Industrials                                    1.0%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            13.3%              
                                                                          
Cyclical Services                                      19.5%              
                                                                          
Non-Cyclical Services                                  10.1%              
                                                                          
Utilities                                              13.0%              
                                                                          
Financials                                             6.4%               
                                                                          
Information Technology                                 0.8%               
                                                                          
Fixed Interest                                         5.3%               
                                                                          
Net current assets                                     21.0%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £129.7m            
                                                                          
Net Asset Value Per Ordinary Share                     672.2p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 May 2003                          576.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               4.4%               
                                                                          
Premium/(discount)                                     (14.2)%            
                                                                          
Gearing                                                114                
                                                                          
Gearing*                                               108                
                                                                          
*excluding fixed interest securities                                      
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
Figures as at 31 May 2003                                                 

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             5.0%               
                                                                          
2 Brit American Tobacco                                3.5%               
                                                                          
3 Signet Group                                         3.5%               
                                                                          
4 National Grid Transco                                3.4%               
                                                                          
5 Marks & Spencer                                      3.0%               
                                                                          
6 RJ Reynolds                                          2.7%               
                                                                          
7 Tesco                                                2.6%               
                                                                          
8 Barratt Developments                                 2.6%               
                                                                          
9 Centrica                                             2.5%               
                                                                          
10 Imperial Tobacco                                    2.4%               

Figures as at 31 May 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03   1 Year     3 Years     5 Years  
                                    *                                          
                                                                               
Share Price                   +14.4%         -14.3%     -37.6%      -46.7%     
                                                                               
NAV                           +10.9%         -16.3%     -39.0%      -35.0%     
                                                                               
Benchmark                     +6.0%          -17.6%     -28.9%      -19.6%     

* With effect from 1 January 2003 INVESCO Asset Management Limited was
appointed Investment Manager of the Company

Figures supplied by INVESCO Marketing

                                                                    31 May 2003