Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 October 2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       2.7%               
                                                                          
General Industrials                                    1.5%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.4%              
                                                                          
Cyclical Services                                      21.2%              
                                                                          
Non-Cyclical Services                                  14.3%              
                                                                          
Utilities                                              17.2%              
                                                                          
Financials                                             11.9%              
                                                                          
Information Technology                                 2.8%               
                                                                          
Fixed Interest                                         0.0%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         177.6      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.3%
                                                               
- Mid Market        913.5      Asset Gearing*               118
Price (p)                                                      
                                                               
- Net Asset Value 1,030.1      Asset Gearing*               118
(p)                                                            
                                                               
Discount            11.3%      (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                                            5.1%               
                                                                          
2. GlaxoSmithkline                                     4.4%               
                                                                          
3. Reynolds American Inc                               4.2%               
                                                                          
4. Altria                                              4.1%               
                                                                          
5. Brit American Tobacco                               3.9%               
                                                                          
6. O2                                                  3.2%               
                                                                          
7. Tesco                                               3.0%               
                                                                          
8. Imperial Tobacco                                    2.8%               
                                                                          
9. British Energy                                      2.5%               
                                                                          
10 Reuters                                             2.5%               

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                           +97.1%     +24.3%     +103.1%       +8.6%
                                                                               
NAV                                   +81.5%     +24.7%      +79.8%       -1.0%
                                                                               
Benchmark (FTSE All Share)            +55.0%     +19.8%       51.9%       +1.1%

* 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 2005