Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31August 2007

Sector Breakdown

Consumer Goods                                                19.6%
                                                                   
Industrials                                                   13.3%
                                                                   
Health Care                                                   11.3%
                                                                   
Utilities                                                     11.0%
                                                                   
Financials                                                    10.5%
                                                                   
Consumer Services                                             10.5%
                                                                   
Oil & Gas                                                     10.1%
                                                                   
Telecommunications                                             8.9%
                                                                   
Basic Materials                                                2.9%
                                                                   
Technology                                                     1.9%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              214.3     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              3.0%
                                                                               
- Mid Market Price (p)            1,172.00     Asset Gearing*               120
                                                                               
- Net Asset Value with debt at    1,305.45     Asset Gearing*               120
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,263.26     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)               10.2%                                     
                                                                               
Discount (debt at fair value)         7.2%                                     

* 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. Reynolds American Inc                               5.1%               
                                                                          
2. Brit American Tobacco                               5.0%               
                                                                          
3. BP PLC                                              4.9%               
                                                                          
4. GlaxoSmithKline                                     4.8%               
                                                                          
5. Imperial Tobacco                                    4.6%               
                                                                          
6. BT Group                                            4.6%               
                                                                          
7. Vodafone                                            4.3%               
                                                                          
8. HSBC Holdings                                       3.7%               
                                                                          
9. Tesco                                               3.5%               
                                                                          
10. Royal Dutch Shell                                  3.5%               

Figures as at 31 August 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +169.4      +11.1       +78.4      +154.0
                                                                               
NAV                                   +143.5      +11.4       +74.1      +129.3
                                                                               
Benchmark (FTSE All Share)            +101.6      +11.8       +62.0       +87.9

* 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

                                                               7 September 2007