Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 July 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       4.2%               
                                                                          
General Industrials                                    1.7%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            18.0%              
                                                                          
Cyclical Services                                      21.3%              
                                                                          
Non-Cyclical Services                                  10.2%              
                                                                          
Utilities                                              13.4%              
                                                                          
Financials                                             6.4%               
                                                                          
Information Technology                                 0.9%               
                                                                          
Fixed Interest                                         4.6%               
                                                                          
Net current assets                                     19.3%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £134.8m            
                                                                          
Net Asset Value Per Ordinary Share                     710.2p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 July 2003                         638.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               4.0%               
                                                                          
Premium/(discount)                                     (10.1)%            
                                                                          
Gearing                                                114                
                                                                          
Gearing excluding fixed interest securities            110                
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 31 July 2003)                                              

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.7%               
                                                                          
2 Brit American Tobacco                                3.6%               
                                                                          
3 Signet Group                                         3.4%               
                                                                          
4 National Grid Transco                                3.4%               
                                                                          
5 RJ Reynolds                                          3.3%               
                                                                          
6 Marks & Spencer                                      3.3%               
                                                                          
7 Centrica                                             3.1%               
                                                                          
8 Altria                                               2.6%               
                                                                          
9 Tesco                                                2.3%               
                                                                          
10 Somerfield                                          2.3%               

Figures as at 31 July 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03   1 Year     3 Years     5 Years  
                                    *                                          
                                                                               
Share Price                   +26.7%         +17.7%     -32.7%      -37.9%     
                                                                               
NAV                           +16.4%         +9.4%      -36.6%      -28.7%     
                                                                               
Benchmark                     +10.5%         +3.4%      -27.1%      -14.4%     

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

Figures supplied by INVESCO Marketing

                                                                   31 July 2003