Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31 October2007

Sector Breakdown

Consumer Goods                                                18.9%
                                                                   
Consumer Services                                             13.7%
                                                                   
Utilities                                                     13.3%
                                                                   
Industrials                                                   13.0%
                                                                   
Health Care                                                   11.5%
                                                                   
Oil & Gas                                                     11.1%
                                                                   
Telecommunications                                             9.3%
                                                                   
Financials                                                     6.7%
                                                                   
Technology                                                     2.5%
                                                                   
Basic Materials                                                0.0%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              222.9     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              2.9%
                                                                               
- Mid Market Price (p)            1,220.00     Asset Gearing*               118
                                                                               
- Net Asset Value with debt at    1,369.34     Asset Gearing*               118
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,325.57     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)               10.9%                                     
                                                                               
Discount (debt at fair value)         8.0%                                     

* 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. BP PLC                                              5.5%               
                                                                          
2. Royal Dutch Shell                                   5.5%               
                                                                          
3. Brit American Tobacco                               5.4%               
                                                                          
4. Imperial Tobacco                                    4.9%               
                                                                          
5. Vodafone                                            4.7%               
                                                                          
6. Reynolds American - US Common Stock                 4.6%               
                                                                          
7. BT Group                                            4.6%               
                                                                          
8. GlaxoSmithKline                                     4.5%               
                                                                          
9. Tesco                                               3.9%               
                                                                          
10. National Grid                                      3.4%               

Figures as at 31 October 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +180.5      +11.2       +76.9      +189.0
                                                                               
NAV                                   +155.4      +12.7       +75.4      +152.9
                                                                               
Benchmark (FTSE All Share)            +114.3      +13.6       +65.6      +110.0

* With effect from 1 January 2003 INVESCO Asset Management Limited was
appointed Investment Manager of the Company

Figures supplied by Invesco Perpetual Marketing / Datastream = Total Return

                                                                7 November 2007