Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 29 December2006

Sector Breakdown

Oil & Gas                                                   6.6%
                                                                
Basic Materials                                             3.0%
                                                                
Industrials                                                13.3%
                                                                
Consumer Goods                                             17.2%
                                                                
Health Care                                                11.2%
                                                                
Consumer Services                                           9.9%
                                                                
Telecommunications                                          9.2%
                                                                
Utilities                                                  15.3%
                                                                
Financials                                                 12.1%
                                                                
Technology                                                  2.2%
                                                                
                                                            100%

Statistics

Total Gross         212.7     Dividend (p)              35.00
Assets (£m)                                                  
                                                             
Ordinary Shares:              Dividend Yield             3.0%
                                                             
- Mid Market      1,160.0     Asset Gearing*              120
Price (p)                                                    
                                                             
- Net Asset Value 1,293.4     Asset Gearing*              120
(p)                                                          
                                                             
Discount            10.3%     (excluding fixed               
                              interest securities)           

* Asset Gearing reflects the amount of loans invested in the portfolio. A
figure of 100 means that the Company has no gearing.

Top 10 Equity Holdings incl convertibles * % of Portfolio

1. BT Group                                          6.0%              
                                                                       
2. GlaxoSmithKline                                   4.5%              
                                                                       
3. Imperial Tobacco                                  4.2%              
                                                                       
4. Reynolds American Inc                             3.9%              
                                                                       
5. Royal Dutch Shell                                 3.8%              
                                                                       
6. Tesco                                             3.4%              
                                                                       
7. National Grid                                     3.3%              
                                                                       
8. Altria                                            3.3%              
                                                                       
9. Vodafone                                          3.3%              
                                                                       
10. Brit American Tobacco                            3.1%              

Figures as at 29 December 2006.

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +163.4%     +16.9%      +80.9%      +73.7%
                                                                               
NAV                                  +137.3%     +17.4%      +82.8%      +68.0%
                                                                               
Benchmark (FTSE All Share)            +94.3%     +16.8%      +60.8%      +50.2%

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

Figures supplied by INVESCO Marketing / Datastream = Total Return

                                                                 8 January 2007