Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 30September 2006

Sector Breakdown

Oil & Gas                                            3.6%              
                                                                       
Basic Materials                                      2.4%              
                                                                       
Industrials                                          14.3%             
                                                                       
Consumer Goods                                       16.1%             
                                                                       
Health Care                                          11.8%             
                                                                       
Consumer Services                                    9.1%              
                                                                       
Telecommunications                                   8.8%              
                                                                       
Utilities                                            20.7%             
                                                                       
Financials                                           11.2%             
                                                                       
Technology                                           2.0%              

Statistics

Total Gross         203.5     Dividend (p)              31.50
Assets (£m)                                                  
                                                             
Ordinary Shares:              Dividend Yield             2.9%
                                                             
- Mid Market      1,104.0     Asset Gearing*              119
Price (p)                                                    
                                                             
- Net Asset Value 1,224.2     Asset Gearing*              119
(p)                                                          
                                                             
Discount             9.8%     (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                                          6.1%              
                                                                       
2. GlaxoSmithKline                                   4.7%              
                                                                       
3. Reynolds American Inc                             4.1%              
                                                                       
4. Royal Dutch Shell                                 3.6%              
                                                                       
5. Altria                                            3.2%              
                                                                       
6. Tesco                                             3.2%              
                                                                       
7. Brit American Tobacco                             3.0%              
                                                                       
8. Imperial Tobacco                                  2.9%              
                                                                       
9. National Grid                                     2.7%              
                                                                       
10. Vodafone                                         2.7%              

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                          +146.2%     +18.5%      +90.6%      +88.7%
                                                                               
NAV                                  +122.2%     +19.3%      +89.8%      +78.7%
                                                                               
Benchmark (FTSE All Share)            +83.1%     +14.7%      +65.7%      +53.2%

* 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 2006