Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31 March2007

Sector Breakdown

Oil & Gas                                                      8.7%
                                                                   
Basic Materials                                                3.0%
                                                                   
Industrials                                                   14.6%
                                                                   
Consumer Goods                                                18.5%
                                                                   
Health Care                                                   10.8%
                                                                   
Consumer Services                                             10.0%
                                                                   
Telecommunications                                             9.4%
                                                                   
Utilities                                                     12.2%
                                                                   
Financials                                                     9.6%
                                                                   
Technology                                                     3.2%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              215.6     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              3.0%
                                                                               
- Mid Market Price (p)            1,174.00     Asset Gearing*               119
                                                                               
- Net Asset Value with debt at    1,315.14     Asset Gearing*               119
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,267.78     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)               10.7%                                     
                                                                               
Discount (debt at fair value)         7.4%                                     

* 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                                            5.6%               
                                                                          
2. Brit American Tobacco                               4.8%               
                                                                          
3. Imperial Tobacco                                    4.7%               
                                                                          
4. Royal Dutch Shell                                   4.6%               
                                                                          
5. GlaxoSmithKline                                     4.6%               
                                                                          
6. Reynolds American Inc                               4.2%               
                                                                          
7. BP PLC                                              4.0%               
                                                                          
8. Vodafone                                            3.7%               
                                                                          
9. Tesco                                               3.7%               
                                                                          
10. National Grid                                      3.5%               

Figures as at 31 March 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +166.6%     +15.3%      +80.0%      +85.1%
                                                                               
NAV                                  +142.6%     +13.4%      +75.1%      +73.3%
                                                                               
Benchmark (FTSE All Share)           +100.0%     +11.2%      +64.4%      +51.2%

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

Figures supplied by Invesco Perpetual Marketing / Datastream = Total Return

                                                                  10 April 2007