Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31 January 2007

Sector Breakdown

Oil & Gas                                                   7.8%
                                                                
Basic Materials                                             2.8%
                                                                
Industrials                                                12.7%
                                                                
Consumer Goods                                             18.2%
                                                                
Health Care                                                11.4%
                                                                
Consumer Services                                          10.1%
                                                                
Telecommunications                                          9.1%
                                                                
Utilities                                                  13.6%
                                                                
Financials                                                 11.8%
                                                                
Technology                                                  2.5%
                                                                
                                                            100%

Statistics

Total Gross Assets (£m)              211.8     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              3.0%
                                                                               
- Mid Market Price (p)            1,180.00     Asset Gearing*               121
                                                                               
- Net Asset Value with debt at    1,286.89     Asset Gearing*               121
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,240.85     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)                8.3%                                     
                                                                               
Discount (debt at fair value)         4.9%                                     

* 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                                          5.7%              
                                                                       
2. GlaxoSmithKline                                   4.6%              
                                                                       
3. Imperial Tobacco                                  4.3%              
                                                                       
4. Royal Dutch Shell                                 4.3%              
                                                                       
5. Reynolds American Inc                             3.8%              
                                                                       
6. Tesco                                             3.5%              
                                                                       
7. BP PLC                                            3.5%              
                                                                       
8. National Grid                                     3.4%              
                                                                       
9. Vodafone                                          3.4%              
                                                                       
10. Brit American Tobacco                            3.4%              

Figures as at 31 January 2007.

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +168.0%     +18.5%      +84.8%      +82.3%
                                                                               
NAV                                  +137.4%     +16.6%      +81.3%      +74.0%
                                                                               
Benchmark (FTSE All Share)            +93.8%     +13.2%      +61.8%      +51.4%

* 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 2007