Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31 October 2006

Sector Breakdown

Oil & Gas                                            6.9%              
                                                                       
Basic Materials                                      2.6%              
                                                                       
Industrials                                          15.0%             
                                                                       
Consumer Goods                                       16.8%             
                                                                       
Health Care                                          11.7%             
                                                                       
Consumer Services                                    9.3%              
                                                                       
Telecommunications                                   8.9%              
                                                                       
Utilities                                            14.6%             
                                                                       
Financials                                           12.3%             
                                                                       
Technology                                           1.9%              

Statistics

Total Gross         207.0     Dividend (p)              31.50
Assets (£m)                                                  
                                                             
Ordinary Shares:              Dividend Yield             2.8%
                                                             
- Mid Market      1,131.0     Asset Gearing*              119
Price (p)                                                    
                                                             
- Net Asset Value 1,250.0     Asset Gearing*              119
(p)                                                          
                                                             
Discount             9.5%     (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                                   4.9%              
                                                                       
3. Royal Dutch Shell                                 4.1%              
                                                                       
4. Reynolds American Inc                             4.0%              
                                                                       
5. Tesco                                             3.5%              
                                                                       
6. Imperial Tobacco                                  3.4%              
                                                                       
7. Altria                                            3.3%              
                                                                       
8. Brit American Tobacco                             3.0%              
                                                                       
9. Vodafone                                          2.9%              
                                                                       
10. National Grid                                    2.9%              

Figures as at 31 October

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +152.2%     +28.0%      +83.5%      +78.1%
                                                                               
NAV                                  +126.8%     +25.0%      +83.5%      +71.4%
                                                                               
Benchmark (FTSE All Share)            +88.6%     +21.7%      +62.7%      +52.9%

* 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

                                                                7 November 2006