Portfolio Update

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

Keystone Investment Trust Plc announces that, as at 30 March 2007, its top ten
investments were as follows:

Investments at 5% and over of total assets               
                                                         
BT GROUP PLC                                             
                                                         
Investments under 5% of total assets                     
                                                         
BRITISH AMERICAN TOBACCO PLC                             
                                                         
IMPERIAL TOBACCO PLC                                     
                                                         
ROYAL DUTCH SHELL PLC (`B' SHARES)                       
                                                         
GLAXOSMITHKLINE PLC                                      
                                                         
REYNOLDS AMERICAN INC                                    
                                                         
BP PLC                                                   
                                                         
VODAFONE GROUP PLC                                       
                                                         
TESCO PLC                                                
                                                         
NATIONAL GRID PLC                                        

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 30
March 2007.

This announcement is made in accordance with UKLA Listing Rule 15.4.11(2).

INVESCO Asset Management Limited

3 April 2007