Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 April 2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.4%               
                                                                          
General Industrials                                    1.9%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            29.1%              
                                                                          
Cyclical Services                                      20.7%              
                                                                          
Non-Cyclical Services                                  11.7%              
                                                                          
Utilities                                              19.3%              
                                                                          
Financials                                             10.2%              
                                                                          
Information Technology                                 3.7%               
                                                                          
Fixed Interest                                         0.0%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         162.2      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.1%
                                                               
- Mid Market        822.5      Asset Gearing*               116
Price (p)                                                      
                                                               
- Net Asset Value   914.8      Asset Gearing*               116
(p)                                                            
                                                               
Discount            10.1%      (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. GlaxoSmithkline                                     5.3%               
                                                                          
2. BT Group                                            5.0%               
                                                                          
3. Reynolds American Inc                               4.5%               
                                                                          
4. Brit American Tobacco                               4.0%               
                                                                          
5. Altria                                              3.7%               
                                                                          
6. Tesco                                               3.5%               
                                                                          
7. Reuters                                             2.4%               
                                                                          
8. Scottish Power                                      2.3%               
                                                                          
9. Rexam                                               2.3%               
                                                                          
10. Imperial Tobacco                                   2.3%               

Figures as at 30 April 2005

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +74.7%     +16.4%      +26.0%       +1.8%
                                                                               
NAV                                   +59.0%     +13.0%      +18.1%      -14.0%
                                                                               
Benchmark (FTSE All Share)            +37.4%     +10.7%       +5.5%       -7.2%

* 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

                                                                     5 May 2005