Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31January 2006

Sector Breakdown

Basic Materials                                        2.0%               
                                                                          
Industrials                                            11.7%              
                                                                          
Consumer Goods                                         16.6%              
                                                                          
Health Care                                            11.1%              
                                                                          
Consumer Services                                      15.6%              
                                                                          
Telecommunications                                     7.2%               
                                                                          
Utilities                                              20.6%              
                                                                          
Financials                                             12.3%              
                                                                          
Technology                                             2.9%               

Statistics

Total Gross         191.8      Dividend (p)               31.50
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.1%
                                                               
- Mid Market      1,028.5      Asset Gearing*               118
Price (p)                                                      
                                                               
- Net Asset Value 1,136.7      Asset Gearing*               118
(p)                                                            
                                                               
Discount             9.5%      (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                                            5.1%               
                                                                          
2. Reynolds American Inc                               4.5%               
                                                                          
3. GlaxoSmithkline                                     4.1%               
                                                                          
4. Altria                                              3.5%               
                                                                          
5. Tesco                                               3.3%               
                                                                          
6. Brit American Tobacco                               3.1%               
                                                                          
7. Reuters                                             2.8%               
                                                                          
8. Imperial Tobacco                                    2.6%               
                                                                          
9. British Energy                                      2.6%               
                                                                          
10. Centrica                                           2.4%               

Figures as at 31 January

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +126.1%     +24.7%     +125.0%      +11.5%
                                                                               
NAV                                  +103.7%     +23.8%     +122.0%       +9.4%
                                                                               
Benchmark (FTSE All Share)            +71.3%     +24.0%      +88.2%      +13.0%

* 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 February 2006