Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 30 November2007

Sector Breakdown - excluding all cash (incl Certs of Deposit AIM STIC)

Consumer Goods                                                19.5%
                                                                   
Utilities                                                     14.1%
                                                                   
Industrials                                                   12.7%
                                                                   
Consumer Services                                             12.6%
                                                                   
Health Care                                                   11.7%
                                                                   
Oil & Gas                                                     11.3%
                                                                   
Telecommunications                                             8.3%
                                                                   
Financials                                                     6.6%
                                                                   
Technology                                                     2.6%
                                                                   
Basic Materials                                                0.6%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              216.0     Dividend (p)               40.00
                                                                               
Ordinary Shares:                               Dividend Yield              3.5%
                                                                               
- Mid Market Price (p)            1,155.00     Asset Gearing*               108
                                                                               
- Net Asset Value with debt at    1,318.18     Asset Gearing*               108
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,285.04     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)               12.4%                                     
                                                                               
Discount (debt at fair value)        10.1%                                     

* 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. Reynolds American - US Common Stock                 5.3%               
                                                                          
2. British American Tobacco                            5.3%               
                                                                          
3. Imperial Tobacco                                    5.1%               
                                                                          
4. BP                                                  4.9%               
                                                                          
5. Royal Dutch Shell                                   4.8%               
                                                                          
6. GlaxoSmithKline                                     4.7%               
                                                                          
7. Vodafone                                            4.2%               
                                                                          
8. BT                                                  4.1%               
                                                                          
9. Tesco                                               3.7%               
                                                                          
10. National Grid                                      3.6%               

Figures as at 30 November 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +171.5%      +5.8%      +58.4%     +160.1%
                                                                               
NAV                                  +150.7%      +9.9%      +63.5%     +136.9%
                                                                               
Benchmark (FTSE All Share)           +104.1%      +8.5%      +54.0%      +93.2%

* 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

                                                                6 December 2007