Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 November 2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.2%               
                                                                          
General Industrials                                    1.5%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.0%              
                                                                          
Cyclical Services                                      23.0%              
                                                                          
Non-Cyclical Services                                  10.4%              
                                                                          
Utilities                                              18.1%              
                                                                          
Financials                                             12.9%              
                                                                          
Information Technology                                 2.9%               
                                                                          
Fixed Interest                                         0.0%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         183.6      Dividend (p)               31.50
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.2%
                                                               
- Mid Market        975.5      Asset Gearing*               115
Price (p)                                                      
                                                               
- Net Asset Value 1,075.4      Asset Gearing*               115
(p)                                                            
                                                               
Discount             9.3%      (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                                            5.3%               
                                                                          
2. Reynolds American Inc                               4.3%               
                                                                          
3. GlaxoSmithkline                                     4.2%               
                                                                          
4. Altria                                              3.9%               
                                                                          
5. Brit American Tobacco                               3.4%               
                                                                          
6. Tesco                                               3.2%               
                                                                          
7. Imperial Tobacco                                    2.9%               
                                                                          
8 Reuters                                              2.7%               
                                                                          
9. British Energy                                      2.5%               
                                                                          
10. BAA                                                2.4%               

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                          +114.5%      25.1%      105.4%      +11.0%
                                                                               
NAV                                   +92.7%      25.7%       82.1%       +9.5%
                                                                               
Benchmark (FTSE All Share)            +60.1%      20.8%       51.6%       +9.0%

* 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

                                                                6 December 2005