Portfolio Update

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

Keystone Investment Trust Plc announces that, as at 30 June 2005, its top ten
investments were as follows:

Investments over 5% of total assets                      
                                                         
BT GROUP PLC                                             
                                                         
Investments under 5% of total assets                     
                                                         
GLAXOSMITHKLINE PLC                                      
                                                         
REYNOLDS AMERICAN INC                                    
                                                         
ALTRIA GROUP, INC                                        
                                                         
BRITISH AMERICAN TOBACCO PLC                             
                                                         
TESCO PLC                                                
                                                         
REUTERS GROUP                                            
                                                         
SCOTTISH POWER PLC                                       
                                                         
ASSOCIATED BRITISH FOODS                                 
                                                         
REXAM PLC                                                

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 30 June
2005.

This announcement is made in accordance with Paragraph 21.20(l)(ii) of the
Listing Rules.

INVESCO Asset Management Limited

4 July 2005