Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 30 June2006

Sector Breakdown

Oil & Gas                                              3.9%               
                                                                          
Basic Materials                                        2.3%               
                                                                          
Industrials                                            12.4%              
                                                                          
Consumer Goods                                         15.7%              
                                                                          
Health Care                                            12.4%              
                                                                          
Consumer Services                                      10.5%              
                                                                          
Telecommunications                                     8.6%               
                                                                          
Utilities                                              22.7%              
                                                                          
Financials                                             10.2%              
                                                                          
Technology                                             1.3%               

Statistics

Total Gross         194.8      Dividend (p)               31.50
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.1%
                                                               
- Mid Market      1,024.5      Asset Gearing*               118
Price (p)                                                      
                                                               
- Net Asset Value 1,158.9      Asset Gearing*               118
(p)                                                            
                                                               
Discount            11.6%      (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                                            6.0%               
                                                                          
2. GlaxoSmithKline                                     5.4%               
                                                                          
3. Reynolds American Inc                               4.5%               
                                                                          
4. Royal Dutch Shell                                   3.8%               
                                                                          
5. Tesco                                               3.4%               
                                                                          
6. Altria                                              3.4%               
                                                                          
7. British Energy                                      3.2%               
                                                                          
8. Brit American Tobacco                               3.0%               
                                                                          
9. Imperial Tobacco                                    2.7%               
                                                                          
10. Centrica                                           2.7%               

Figures as at 30 June

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +128.4%     +23.1%      +83.0%      +28.9%
                                                                               
NAV                                  +110.3%     +21.2%      +81.6%      +32.2%
                                                                               
Benchmark (FTSE All Share)            +76.6%     +19.7%      +66.1%      +27.8%

* 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

                                                                    7 July 2006