Portfolio Update

Lindsell Train Investment Trust PLC
03 January 2006

THE LINDSELL TRAIN INVESTMENT TRUST PLC

In accordance with Listing Rule 15.4.11 (2), The Lindsell Train Investment Trust
PLC announces that at 31 December 2005 the ten largest investments were as
follows:
Company                                                             Market Value (£)        Percentage of
                                                                                                portfolio
HBOS 9.25% Non-Cum Irredeemable Pref GBP1                                  2,891,735                 9.78
Lindsell Train Global Media (Distributor) Inc A                            2,767,106                 9.36
Barr (AG) PLC Ordinary                                                     2,561,189                 8.67
US Treasury 6.25% 15/05/2030                                               2,430,442                 8.22
2.5% Consolidated Loan Stock                                               2,044,505                 6.92
Cadbury Schweppes PLC Ord 12.5p                                            2,033,150                 6.88
Diageo PLC Ordinary 28 101/108p                                            1,790,313                 6.06
Lindsell Train Japan (Distributor) Inc                                     1,747,741                 5.91
Wolverhampton & Dudley Breweries Ord 25p                                   1,614,399                 5.46
Treasury 2.5%                                                              1,509,875                 5.11
Total                                                                     21,390,455                72.37

There were no additional investments with a value greater than 5% of the
Company's portfolio.

Phoenix Administration Services Limited - Secretary

3 January 2006


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