Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31August 2006

Sector Breakdown

Oil & Gas                                            3.8%              
                                                                       
Basic Materials                                      2.3%              
                                                                       
Industrials                                          13.8%             
                                                                       
Consumer Goods                                       16.6%             
                                                                       
Health Care                                          12.0%             
                                                                       
Consumer Services                                    9.6%              
                                                                       
Telecommunications                                   8.1%              
                                                                       
Utilities                                            20.8%             
                                                                       
Financials                                           11.0%             
                                                                       
Technology                                           2.0%              

Statistics

Total Gross         200.9     Dividend (p)              31.50
Assets (£m)                                                  
                                                             
Ordinary Shares:              Dividend Yield             2.9%
                                                             
- Mid Market      1,087.5     Asset Gearing*              119
Price (p)                                                    
                                                             
- Net Asset Value 1,204.4     Asset Gearing*              119
(p)                                                          
                                                             
Discount             9.7%     (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. BT Group                                          5.9%              
                                                                       
2. GlaxoSmithKline                                   5.0%              
                                                                       
3. Reynolds American Inc                             4.2%              
                                                                       
4. Royal Dutch Shell                                 3.8%              
                                                                       
5. Altria                                            3.5%              
                                                                       
6. Tesco                                             3.5%              
                                                                       
7. British Energy                                    3.1%              
                                                                       
8. Brit American Tobacco                             3.0%              
                                                                       
9. Imperial Tobacco                                  2.8%              
                                                                       
10. HSBC                                             2.6%              

Figures as at 31 August

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +142.5%     +24.1%      +81.0%      +49.9%
                                                                               
NAV                                  +118.6%     +20.9%      +85.0%      +46.2%
                                                                               
Benchmark (FTSE All Share)            +80.2%     +16.8%      +60.5%      +36.6%

* 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 September 2006