Portfolio Update

Keystone Investment Trust plc                         

HEADLINE: Monthly portfolio disclosure

Keystone Investment Trust plc announces that, as at 31 October 2005, it held
the following investments in listed investment companies (including investment
trusts) that have not declared a policy to invest less than 15% in other listed
investment companies.

Company                         Issue                         
                                                              
Utilico Emerging Markets        Ord 10p                       

This announcement is made in accordance with Paragraph 15.4.11 (1) of the
Listing Rules.

2 November 2005