Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 March2006

Sector Breakdown

Basic Materials                                        2.1%               
                                                                          
Industrials                                            13.3%              
                                                                          
Consumer Goods                                         15.5%              
                                                                          
Health Care                                            12.2%              
                                                                          
Consumer Services                                      15.5%              
                                                                          
Telecommunications                                     8.2%               
                                                                          
Utilities                                              21.4%              
                                                                          
Financials                                             9.1%               
                                                                          
Technology                                             2.7%               

Statistics

Total Gross         199.1      Dividend (p)               31.50
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.0%
                                                               
- Mid Market      1,052.0      Asset Gearing*               119
Price (p)                                                      
                                                               
- Net Asset Value 1,191.4      Asset Gearing*               119
(p)                                                            
                                                               
Discount            11.7%      (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. GlaxoSmithkline                                     5.4%               
                                                                          
2. BT Group                                            5.4%               
                                                                          
3. Reynolds American Inc                               4.3%               
                                                                          
4. Altria                                              3.4%               
                                                                          
5. Tesco                                               3.2%               
                                                                          
6. BAA                                                 3.1%               
                                                                          
7. Brit American Tobacco                               2.9%               
                                                                          
8. British Energy                                      2.6%               
                                                                          
9. Imperial Tobacco                                    2.5%               
                                                                          
10. Rexam                                              2.4%               

Figures as at 31 March

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years    5 Years
                                           *                                  
                                                                              
Share Price                           +2.58%    +29.02%    +141.15%    +33.33%
                                                                              
NAV                                   +5.06%    +29.63%    +133.30%    +36.88%
                                                                              
Benchmark (FTSE All Share)            +8.09%    +27.46%     +90.50%    +31.71%

* 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 April 2006