KEYSTONE POSITIVE CHANGE INVESTMENT TRUST PLC 
By
Keystone Investment Trust plc
Interim Management Statement
for the three months ended 31 December 2013
Material Events
No material events, specifically in relation to the Company, occurred during
the period to 31 December 2013.
The Company's AGM was held today, 23 January 2014, and all of the resolutions
put to shareholders were passed.
Dividends
In the period a second interim dividend of 32p together with a special dividend
of 7p per ordinary share was paid on 13 December 2013 to shareholders on the
register on 22 November 2013. The shares were marked ex-dividend on 20 November
2013.
Performance - Total Return
3 Months 1 Year 3 Years 5 Years
Share Price 7.7% 34.3% 66.8% 129.2%
Net Asset Value 8.9% 35.6% 60.0% 116.0%
FTSE All-Share Index 5.5% 20.8% 31.0% 95.2%
Source: Thomson Reuters Datastream
Share Price and Discount
For the Three Months Ended
31Dec2013
As at 31 Dec 2013 High Low Average
Share Price (pence) 1732.00 1732.00 1640.00 1673.98
Discount (debt at par) 3.1%
Discount (debt at fair 0.3%
value)
Source: Thomson Reuters Datastream
Assets and Gearing
31 Dec 2013
Total Gross Assets (£m) 273.6
of which cash and Certificates of Deposit (£m) 23.3
Borrowings (£m) 31.9
Cum Income Net Asset Value (pence) 1,788.1
Gross Gearing 13.2%
Net Gearing 3.5%
`Gross Gearing' reflects the amount of a company's gross borrowings and takes
no accounts of any cash balances. It is based on gross borrowings as a
percentage of shareholders' funds.
`Net Gearing' reflects the amount of net borrowings invested, i.e borrowings
less cash and bond holdings. It is based on net borrowings as a percentage of
shareholders' funds.
The Company's structured debt is provided by 250,000 5% cumulative preference
shares of £1 each and the following debentures totalling approximately £32
million:
- £7,000,000 7.75% debenture stock 2020
- £24,968,300 debenture stock 2023
Sector Breakdown of Portfolio (excluding Cash and Certificates of Deposit)
31 Dec 2013
Financials 24.6%
Health Care 19.6%
Industrials 16.6%
Consumer Goods 14.5%
Consumer Services 10.8%
Telecommunications 8.5%
Utilities 5.2%
Basic Materials 0.2%
100.0%
Top Ten Holdings
Investments % of Portfolio
BT Group 5.1%
British American Tobacco 4.4%
AstraZeneca 4.3%
Novartis - Swiss Common Stock 4.0%
Imperial Tobacco 3.9%
Reynolds American - US Common Stock 3.8%
Roche - Swiss Common Stock 3.6%
GlaxoSmithKline 3.4%
Thomas Cook 3.4%
BAE Systems 3.1%
All ordinary shares unless otherwise stated
Changes to Share Capital
Ordinary Shares of 50p each
Issued
As at 30 Sep 2013 13,518,799
Shares bought back 0
Shares issued 0
As at 31 Dec 2013 13,518,799
The Company has authority to buy back shares for cancellation and to issue new
shares (disapplying pre-emption rights), in each case within specified limits.
The Company expects to renew these authorities each year.
Price and Performance
The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Times and the Financial Times under `Investment
Companies' and in the Daily Telegraph under `Investment Trusts'.
The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com
Further information can be obtained from Invesco Perpetual as follows:
Free Investor Helpline: 0800 085 8677
Internet address: www.invescoperpetual.co.uk/investmenttrusts
The information provided in this statement should not be considered as a
financial promotion.
For and on behalf of
Invesco Asset Management Limited
Keystone Investment Trust plc : - Interim Management Statement
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© PRNewswire - 2014
