Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 September 2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       2.7%               
                                                                          
General Industrials                                    1.6%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.1%              
                                                                          
Cyclical Services                                      22.0%              
                                                                          
Non-Cyclical Services                                  13.7%              
                                                                          
Utilities                                              17.4%              
                                                                          
Financials                                             11.9%              
                                                                          
Information Technology                                 2.6%               
                                                                          
Fixed Interest                                         0.0%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         180.5      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.1%
                                                               
- Mid Market        963.0      Asset Gearing*               116
Price (p)                                                      
                                                               
- Net Asset Value 1,052.3      Asset Gearing*               116
(p)                                                            
                                                               
Discount             8.5%      (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                                            5.2%               
                                                                          
2. GlaxoSmithkline                                     5.0%               
                                                                          
3. Reynolds American Inc                               4.1%               
                                                                          
4. Altria                                              3.9%               
                                                                          
5. Brit American Tobacco                               3.7%               
                                                                          
6. Tesco                                               3.1%               
                                                                          
7. British Energy                                      2.7%               
                                                                          
8. Imperial Tobacco                                    2.7%               
                                                                          
9 Reuters                                              2.6%               
                                                                          
10 O2                                                  2.4%               

Figures as at 30 September

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +107.7%      32.5%      142.3%       11.0%
                                                                               
NAV                                   +85.4%      30.7%      102.1%        3.1%
                                                                               
Benchmark (FTSE All Share)            +59.6%      24.9%       68.6%        5.8%

* 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

                                                                 6 October 2005