Monthly update

Lindsell Train Investment Trust PLC
21 May 2007


                                        The Lindsell Train Investment Trust PLC
                                                   As at 30 Apr 2007

Fund Objective

To maximise long-term total returns subject to the avoidance of loss of absolute value and with a minimum objective to
maintain the real purchasing power of Sterling capital, as measured by the annual average yield on the 2.5%
Consolidated Loan Stock.

Net Asset Value                                                       GBP 161.33
Share Price                                                           GBP 167.00
Premium (Discount)                                                         3.51%
Market Capitalisation                                                 GBP 33.4mn
Benchmark (21/2% Con Ann Avg Yield +4.7%)                                   +0.4
Source: Bloomberg; NAV-Lindsell Train. Share Price
quoted is closing mid price. See Benchmark definition.


Performance History (based in        2002     2003      2004         2005            2006               YTD 2007
GBP)
Net Asset Value TR%                  -9.6     +3.1      +23.7        +16.5           +13.7                +7.4
Share Price TR%                      -19.8    -8.7      +20.6        +27.5           +20.1                +9.3

Source: LTL and Bloomberg. Performance years listed Jan - Dec. Launch date 22 Jan 2001. TR=Total Return (with dividends
reinvested) Past performance is not a guide to future performance. The price of units and the income from them may go
down as well as up. Investors may not get back what they invested.


2006 Performance    Jan  Feb  Mar  Apr  May  Jun   Jul    Aug      Sep        Oct            Nov              Dec

Net Asset Value TR% +0.9 +1.9 +1.2 -1.8 -2.0 +1.8 +1.7   +2.1     +3.2       +0.5       +0.2                  +2.8
Share Price TR%     -3.0 +7.5 +1.5 +3.4 -1.5 -2.6 +3.2   +4.1     +5.7       +3.0       +3.6                  -1.6

Source: LTL and S&P Micropal unless otherwise indicated. Performance years listed Jan - Dec. Launch date 22 Jan 2001.

TR=Total Return (with dividends reinvested)


2007 Performance       Jan   Feb  Mar  Apr  May Jun  Jul    Aug      Sep        Oct           Nov             Dec

Net Asset Value TR%    +2.6 +0.8* +1.9 +2.6
Share Price TR%        -1.3 +4.0  +3.1 +4.5

Source: LTL and Bloomberg unless otherwise indicated. Performance years listed Jan - Dec. Launch date 22 Jan 2001. TR=

Total Return (with dividends reinvested) *Source: Lindsell Train Ltd .


Past performance is not a guide to future performance. The price of units and the income from them may go down as well
as up. Investors may not get back what they invested.




Industry Breakdown                                           % of NAV
Bonds                                                            14.4
Preference Shares                                                11.2
Equity - Media                                                   12.0
Equity - Banks & Investment Co.                                   6.5
Equity - Leisure & Ent.                                          14.8
Equity - Food & Beverage                                         31.6
Equity - Consumer Goods                                           1.8
Equity - Internet                                                 1.5
Investment Fund                                                  19.6
Cash & Equivalent                                               (13.4)
Total                                                            100.0
Source: Lindsell Train


Top 10 Holdings                                          % of NAV
Barr AG                                                      11.7
HBOS 9.25% Non Cum Pref Stk                                  11.2
Lindsell Train Global Media (Dist)                           10.2
Cadbury Schweppes                                            9.6
Nintendo                                                     8.1
Diageo                                                       7.6
Marston's                                                    6.8
Lindsell Train Ltd                                           6.5
21/2% Consolidated Loan Stock                                5.6
Lindsell Train Japan (Dist)                                  5.0
Source: Lindsell Train


Fund Exposure         Bonds     Prefs        Equity          Funds              Cash                 % of NAV
UK %                   9.8       11.2         53.0            4.4              (13.9)                   64.5
USA %                  4.6        -            2.6             -                4.8                     12.0
Europe (ex UK) %        -         -            4.5             -               (2.3)         2.2
Japan %                 -         -            8.1            5.0              (2.0)                    11.1
Global %                -         -             -             10.2               -                      10.2
Total                  14.4      11.2         68.2            19.6             (13.4)                  100.0
Source: Lindsell
Train


Fund Manager's Comments


It is our practice to write these reports strictly retrospectively - in other words never to discuss the events of May
in a note dedicated to April. On this occasion, however, we break with practice, because events in early May 2007 are
so significant for the Trust's investment portfolio that they supersede what was, in truth, a somewhat nondescript
April.

Those events were Rupert Murdoch's public approach to acquire Dow Jones, followed a day or so after by Thomson's agreed
offer for Reuters. The ramifications are several.

First, Dow Jones and Reuters are not just direct holdings in your portfolio, but also important positions within the
Lindsell Train Global Media Fund (and Reuters within Finsbury Growth & Income Trust), which is, in turn, one of the
biggest investments in the Trust. Adding these weights together, the current 'look through' exposure for LTIT to Dow
Jones and Reuters combined amounts to c8.5% - admittedly after the 48.0% and 26.0% gains in each stock since the news
broke. Both could make further progress, we believe, because both trade at meaningful discounts to the existing offers
for each company and, for Dow Jones in particular, there is a chance that the bidding process will escalate.

Next, although the contemporaneity of the bids was accidental, we have no doubt that this bouleversement of the global
media industry has meaning and represents a beginning, not an end-game. What has happened here is that industrialists
operating at that nexus where Internet, Media and Software meet, have looked into the 21st century and concluded that
there is growth and value to be earned by translating 'old economy' media franchises onto digital platforms. Crucially,
those industrialists recognise that investors in public markets underestimate and undervalue this opportunity and they
have moved to corral for themselves two wonderful properties - the Wall Street Journal and Reuters - before portfolio
investors catch on. Dow Jones has been a miserable performer in capital terms in recent years, while investors persist
in analysing it as a newspaper company, exhibiting all the by now well-known structural problems of other purveyors of
news via 'dead trees'. Murdoch, however, sees beyond the inky broadsheet and covets the intangible, but so valuable,
mastheads. 'Wall Street Journal', 'Barrons' and 'Dow Jones' can draw audiences to PCs, TVs and mobile phones. Analyst,
Ken Doctor, of Burlinghame (an institution we are not familiar with) puts it well - 'Dow Jones isn't Google, but for
Murdoch it offers a means to become the #1 worldwide in business news and business news has become one of the most
lucrative magnets for advertisers.'

Finally, therefore, these deals have implications for the valuation of other owners of, admittedly rare, outstanding
professional publishing franchises and have opened the door for other such transactions. We still expect to see
fixed-line telephone companies around the world moving to acquire similar assets, in an attempt to retain subscribers
to their networks. LTIT holdings Pearson and Reed Elsevier have each been galvanised by events, as well as other stocks
within the Media Fund, such as McGraw Hill and Wolters Kluwer. In entertainment, we cherish our investment in Nintendo,
up 10.0% in April, which also offers access to the meeting point of 'content' and 'on-line'.

Elsewhere, in April Nestle announced the acquisition of Gerber Foods (US baby foods). The EV/Revenue terms for the deal
were 2.8x. If Cadbury were valued similarly, its shares would trade at £9.70, rather than today's £6.60. We think
Cadbury's brands are, in fact, even more desirable.







Fund Manager                            Launch Date                             Denomination
Nick Train                              22 Jan 2001                             GBP

Year End                                Dividend                                Benchmark
31st Mar                                Ex Date: June                           The annual average yield on the 21/2%
                                        Payment: August                         Consolidated Loan Stock.

The Board                               Management Fees                         Registered Address
Rhoddy Swire                            Standard Fee: 0.65%                     Lindsell Train Investment Trust
Donald Adamson                          Performance Fee: 10% of annual increase Springfield Lodge, Colchester Road
Dominic Caldecott                       in the share price above the gross      Chelmsford
Michael Lindsell                        annual yield of the 21/2% Consolidated  ESSEX  CM2 5PW
Michael Mackenzie                       Loan Stock.

ISIN                                    Secretary                               Listing
GB0031977944                            Phoenix Administration Services Limited London Stock Exchange

Bloomberg
LTI LN

Disclaimer

Risk Warning This factsheet is intended for use by shareholders of the Lindsell Train Investment Trust ('LTIT') and/or
persons who are authorised by the UK Financial Services Authority or those who are permitted to receive such
information in the UK. Any opinion expressed whether in general or both on the performance of individual securities and
in a wider economic context represents Lindsell Train's views at the time of preparation. They are subject to change
without notice and should not be construed as investment advice or investment recommendation. Past performance is not a
guide to future performance and may not be repeated. The value of investments and income from them can go down as well
as up and you may not get back the amount originally invested. Lindsell Train Investment Trust plc is an investment
trust company listed on the London Stock Exchange. Investment trusts have the ability to borrow to invest which is
commonly referred to as gearing. Companies with higher gearing are subject to higher risks and therefore the investment
value may change substantially. The net asset value ('NAV') per share and its performance of an investment trust may
not be the same as its market share price per share and performance.

Issued by Lindsell Train Limited
Authorised and regulated by the Financial Services Authority
17 May 2007 LTL 000-048-4

                                                Lindsell Train Limited
                         2 Queen Anne's Gate Buildings, Dartmouth Street, London SW1H 9BP U.K.
                                     Tel. [phone]  Fax. [phone]
                                   [e-mail]  www.lindselltrain.com
                Lindsell Train Limited is authorised and regulated by the Financial Services Authority.





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