Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 April 2006

Sector Breakdown

Oil & Gas                                              2.9%               
                                                                          
Basic Materials                                        2.1%               
                                                                          
Industrials                                            12.1%              
                                                                          
Consumer Goods                                         15.1%              
                                                                          
Health Care                                            12.9%              
                                                                          
Consumer Services                                      13.5%              
                                                                          
Telecommunications                                     8.2%               
                                                                          
Utilities                                              22.5%              
                                                                          
Financials                                             8.8%               
                                                                          
Technology                                             1.9%               

Statistics

Total Gross         199.8      Dividend (p)               31.50
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.0%
                                                               
- Mid Market      1,049.0      Asset Gearing*               118
Price (p)                                                      
                                                               
- Net Asset Value 1,196.5      Asset Gearing*               118
(p)                                                            
                                                               
Discount            12.3%      (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                                     5.6%               
                                                                          
2. BT Group                                            5.3%               
                                                                          
3. Reynolds American Inc                               4.2%               
                                                                          
4. Altria                                              3.3%               
                                                                          
5. Tesco                                               3.1%               
                                                                          
6. Brit American Tobacco                               3.0%               
                                                                          
7. Royal Dutch Shell                                   2.9%               
                                                                          
8. British Energy                                      2.9%               
                                                                          
9. Vodafone                                            2.9%               
                                                                          
10. Centrica                                           2.7%               

Figures as at 30 April

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +130.6%     +32.0%     +121.7%      +23.4%
                                                                               
NAV                                  +114.5%     +34.9%     +114.6%      +26.3%
                                                                               
Benchmark (FTSE All Share)            +81.8%     +32.4%      +79.1%      +25.5%

* 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

                                                                     8 May 2006