Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 31 May2007

Sector Breakdown

Oil & Gas                                                     10.3%
                                                                   
Basic Materials                                                3.1%
                                                                   
Industrials                                                   13.1%
                                                                   
Consumer Goods                                                18.4%
                                                                   
Health Care                                                   11.2%
                                                                   
Consumer Services                                              8.0%
                                                                   
Telecommunications                                            10.2%
                                                                   
Utilities                                                     11.8%
                                                                   
Financials                                                    10.1%
                                                                   
Technology                                                     3.8%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              223.8     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              2.9%
                                                                               
- Mid Market Price (p)            1,214.00     Asset Gearing*               119
                                                                               
- Net Asset Value with debt at    1,376.49     Asset Gearing*               119
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,337.22     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)               11.8%                                     
                                                                               
Discount (debt at fair value)         9.2%                                     

* 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                                            5.9%               
                                                                          
2. Royal Dutch Shell                                   5.7%               
                                                                          
3. Brit American Tobacco                               4.9%               
                                                                          
4. BP PLC                                              4.6%               
                                                                          
5. GlaxoSmithKline                                     4.4%               
                                                                          
6. Vodafone                                            4.3%               
                                                                          
7. Imperial Tobacco                                    4.3%               
                                                                          
8. Reynolds American Inc                               4.2%               
                                                                          
9. Tesco                                               3.7%               
                                                                          
10. National Grid                                      3.3%               

Figures as at 31 May 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +179.1      +24.4       +85.8      +109.2
                                                                               
NAV                                   +156.7      +23.4       +86.1       +93.7
                                                                               
Benchmark (FTSE All Share)            +110.6      +21.7       +72.0       +63.8

* 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 June 2007