Portfolio Update

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

Keystone Investment Trust Plc announces that, as at 31 December 2005, its top
ten investments were as follows:

Investments over 5% of total assets                      
                                                         
AIM STIC GBP (MMF)                                       
                                                         
BT GROUP PLC                                             
                                                         
Investments under 5% of total assets                     
                                                         
REYNOLDS AMERICAN INC                                    
                                                         
GLAXOSMITHKLINE PLC                                      
                                                         
ALTRIA GROUP, INC                                        
                                                         
BRITISH AMERICAN TOBACCO PLC                             
                                                         
TESCO PLC                                                
                                                         
REUTERS GROUP PLC                                        
                                                         
IMPERIAL TOBACCO PLC                                     
                                                         
HISCOX PLC                                               

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 31
December 2005.

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

INVESCO Asset Management Limited

3 January 2006