Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 30November 2006

Sector Breakdown

Oil & Gas                                            7.0%              
                                                                       
Basic Materials                                      2.9%              
                                                                       
Industrials                                          14.0%             
                                                                       
Consumer Goods                                       17.2%             
                                                                       
Health Care                                          11.1%             
                                                                       
Consumer Services                                    10.1%             
                                                                       
Telecommunications                                   9.1%              
                                                                       
Utilities                                            14.4%             
                                                                       
Financials                                           12.2%             
                                                                       
Technology                                           2.0%              

Statistics

Total Gross         205.2     Dividend (p)              35.00
Assets (£m)                                                  
                                                             
Ordinary Shares:              Dividend Yield             3.1%
                                                             
- Mid Market      1,130.0     Asset Gearing*              120
Price (p)                                                    
                                                             
- Net Asset Value 1,237.4     Asset Gearing*              120
(p)                                                          
                                                             
Discount             8.7%     (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                                          5.9%              
                                                                       
2. GlaxoSmithKline                                   4.7%              
                                                                       
3. Royal Dutch Shell                                 4.0%              
                                                                       
4. Reynolds American Inc                             3.9%              
                                                                       
5. Imperial Tobacco                                  3.7%              
                                                                       
6. Tesco                                             3.5%              
                                                                       
7. Brit American Tobacco                             3.3%              
                                                                       
8. Altria                                            3.3%              
                                                                       
9. Vodafone                                          3.2%              
                                                                       
10. National Grid                                    3.0%              

Figures as at 30 November

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +156.6%     +19.7%      +82.1%      +72.4%
                                                                               
NAV                                  +127.0%     +18.5%      +80.3%      +59.7%
                                                                               
Benchmark (FTSE All Share)            +88.1%     +17.4%      +60.1%      +46.1%

* 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 December 2006