Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Statistics

Fact Sheet 30 April 2007

Sector Breakdown

Oil & Gas                                                      9.2%
                                                                   
Basic Materials                                                3.1%
                                                                   
Industrials                                                   14.1%
                                                                   
Consumer Goods                                                18.4%
                                                                   
Health Care                                                   10.6%
                                                                   
Consumer Services                                              9.4%
                                                                   
Telecommunications                                             9.8%
                                                                   
Utilities                                                     12.0%
                                                                   
Financials                                                     9.7%
                                                                   
Technology                                                     3.7%
                                                                   
                                                             100.0%

Statistics

Total Gross Assets (£m)              220.2     Dividend (p)               35.00
                                                                               
Ordinary Shares:                               Dividend Yield              2.9%
                                                                               
- Mid Market Price (p)            1,216.00     Asset Gearing*               119
                                                                               
- Net Asset Value with debt at    1,349.20     Asset Gearing*               119
par (p)                                                                        
                                                                               
- Net Asset Value with debt at    1,306.90     (excluding fixed interest       
fair value (p)                                 securities)                     
                                                                               
Discount (debt at par)                9.9%                                     
                                                                               
Discount (debt at fair value)         7.0%                                     

* 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                                            5.7%               
                                                                          
2. Royal Dutch Shell                                   4.9%               
                                                                          
3. GlaxoSmithKline                                     4.7%               
                                                                          
4. Brit American Tobacco                               4.6%               
                                                                          
5. Imperial Tobacco                                    4.4%               
                                                                          
6. BP PLC                                              4.3%               
                                                                          
7. Reynolds American Inc                               4.1%               
                                                                          
8. Vodafone                                            4.0%               
                                                                          
9. Tesco                                               3.8%               
                                                                          
10. National Grid                                      3.4%               

Figures as at 30 April 2007

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +177.2%     +19.8%      +84.0%      +99.2%
                                                                               
NAV                                  +148.9%     +16.0%      +76.9%      +84.9%
                                                                               
Benchmark (FTSE All Share)           +104.9%     +12.7%      +65.1%      +57.3%

* 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

                                                                     8 May 2007