Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 30 June 2007

Sector Breakdown

Oil & Gas                                                     10.5%
                                                                   
Basic Materials                                                2.8%
                                                                   
Industrials                                                   12.4%
                                                                   
Consumer Goods                                                19.2%
                                                                   
Health Care                                                   11.6%
                                                                   
Consumer Services                                              7.8%
                                                                   
Telecommunications                                            10.0%
                                                                   
Utilities                                                     11.4%
                                                                   
Financials                                                    10.1%
                                                                   
Technology                                                     4.2%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              221.7     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              3.0%
                                                                               
- Mid Market Price (p)            1,161.00     Asset Gearing*               119
                                                                               
- Net Asset Value with debt at    1,360.93     Asset Gearing*               119
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,321.67     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)               14.7%                                     
                                                                               
Discount (debt at fair value)        12.2%                                     

* 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. BT Group                                            5.4%               
                                                                          
2. Royal Dutch Shell                                   5.3%               
                                                                          
3. BP PLC                                              5.1%               
                                                                          
4. Brit American Tobacco                               4.9%               
                                                                          
5. Reynolds American Inc                               4.8%               
                                                                          
6. GlaxoSmithKline                                     4.7%               
                                                                          
7. Vodafone                                            4.6%               
                                                                          
8. Imperial Tobacco                                    4.6%               
                                                                          
9. Tesco                                               3.2%               
                                                                          
10. National Grid                                      3.1%               

Figures as at 30 June 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +166.9%     +16.8%      +70.8%     +116.2%
                                                                               
NAV                                  +153.8%     +20.8%      +78.6%     +111.3%
                                                                               
Benchmark (FTSE All Share)           +109.1%     +18.4%      +68.2%      +77.5%

* 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

                                                                    6 July 2007