Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31July 2007

Sector Breakdown

Consumer Goods                                                19.2%
                                                                   
Industrials                                                   12.8%
                                                                   
Health Care                                                   11.5%
                                                                   
Financials                                                    11.1%
                                                                   
Utilities                                                     11.0%
                                                                   
Oil & Gas                                                     10.5%
                                                                   
Consumer Services                                             10.4%
                                                                   
Telecommunications                                             8.7%
                                                                   
Basic Materials                                                3.0%
                                                                   
Technology                                                     1.8%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              212.7     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              3.1%
                                                                               
- Mid Market Price (p)            1,132.00     Asset Gearing*               119
                                                                               
- Net Asset Value with debt at    1,293.45     Asset Gearing*               119
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,252.57     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)               12.5%                                     
                                                                               
Discount (debt at fair value)         9.6%                                     

* 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                                              5.1%               
                                                                          
2. Brit American Tobacco                               4.9%               
                                                                          
3. Reynolds American Inc                               4.8%               
                                                                          
4. GlaxoSmithKline                                     4.8%               
                                                                          
5. BT Group                                            4.7%               
                                                                          
6. Imperial Tobacco                                    4.5%               
                                                                          
7. Vodafone                                            4.1%               
                                                                          
8. HSBC Holdings                                       3.8%               
                                                                          
9. Royal Dutch Shell                                   3.6%               
                                                                          
10. Tesco                                              3.4%               

Figures as at 31 July 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +160.5%      +8.7%      +72.0%     +141.9%
                                                                               
NAV                                  +141.2%     +11.8%      +74.6%     +126.8%
                                                                               
Benchmark (FTSE All Share)           +102.1%     +13.0%      +65.2%      +89.0%

* 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 August 2007