Monthly Update

Lindsell Train Investment Trust PLC
21 November 2005


                                        The Lindsell Train Investment Trust PLC
                                                As at 31st October 2005
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.

Share Price                                                           GBP 125.54
Net Asset Value                                                       GBP 120.50
Premium (Discount)                                                        (4.0%)
Market Capitalisation                                                 GBP 24.1mn
Benchmark (21/2% Con Ann Avg Yield +4.6%)                                   +0.4
Source: Bloomberg; NAV-Lindsell Train. Share Price
quoted is closing mid price. See Benchmark definition.

Performance History (based in      2000     2001        2002         2003           2004                YTD 2005
GBP)
Net Asset Value %                  n/a      +3.2        -9.6         +3.1           +23.7                 +11.6
Share Price %                      n/a     +18.5       -19.8         -8.7           +20.6                 +20.8
Source: S&P Micropal. Based in GBP. Performance years listed Jan - Dec. Launch date 22 Jan 2001. 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.


2004 Performance    Jan   Feb   Mar   Apr   May   Jun   Jul   Aug     Sep        Oct            Nov            Dec
Net Asset Value %  +1.8  +3.3  +0.3  +2.3  -0.1  +2.1  -2.0   +4.8    +3.8      +1.4*          +0.0*          +3.7
Share Price %      -2.3  +6.0  -0.6  +0.6  +2.3  +2.7  +0.5   +0.5    +8.6       +3.0          -1.9           +0.0
Source: S&P Micropal unless otherwise indicated. Based in GBP. Performance years listed Jan - Dec. Launch date 22 Jan
2001. With dividends reinvested. *Source: Lindsell Train Limited.


2005 Performance    Jan   Feb   Mar   Apr   May   Jun   Jul    Aug      Sep        Oct           Nov           Dec
Net Asset Value %  +1.4  +0.3  +1.7  +0.8  +3.0   3.0  +1.1   +0.5     +1.1        -0.4           -             -
Share Price %      +8.9  +3.6  -3.5  +1.8  +2.7  +9.6  +0.4   -2.4     +2.4        -4.0           -             -
Source: S&P Micropal unless otherwise indicated. Based in GBP. Performance years listed Jan - Dec. Launch date 22 Jan
2001. 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                                                            22.5
Preference Shares                                                15.1
Equity - Media                                                   10.6
Equity - Banks & Investment Co.                                  4.9
Equity - Leisure & Ent.                                          9.9
Equity - Food & Beverage                                         27.0
Investment Fund                                                  21.4
Cash & Equivalent                                               (11.4)
Total                                                           100.0
Source: Lindsell Train


Top 10 Holdings                                                % of NAV
HBOS 9.25% Non Cum                                               11.6
Barr AG                                                          10.2
Lindsell Train Global Media (Dist)                               10.1
US Gov Treasury 6.25%                                             9.1
Cadbury Schweppes                                                 8.0
21/2% Consolidated Loan Stock                                     7.7
Lindsell Train Japan (Dist)                                       7.0
Diageo                                                            6.8
Wolverhampton & Dudley Breweries                                  5.8
UK Treasury 2.5%                                                  5.7
Source: Lindsell Train


Fund Exposure         Bonds      Prefs        Equity          Funds              Cash                 % of NAV
UK %                   13.4      15.1          45.0            4.2              (12.9)                  64.8
USA %                  9.1         -            1.4             -                5.0                    15.5
Europe (ex UK) %        -          -            2.0             -               (0.6)                    1.4
Japan %                 -          -            4.0            7.1              (2.9)                    8.2
Global %                -          -             -             10.1               -                     10.1
Total                  22.5      15.1          52.4            21.4             (11.4)                  100.0
Source: Lindsell
Train


Fund Manager's Comments

The NAV took a hit last month falling 2% mirroring the weak performance of equity markets. Most of our equity holdings
fell in price. A contributory factor to this weakness has been the spectre of higher inflation, which is now more
evident in headline inflation data. For instance, US CPI in September was up 4.7%, the highest rate of increase since
1991 and UK CPI was up 2.5%, the highest rate of increase since 1996. In the face of these concerns our long-term fixed
interest positions have held up rather better than expected with the gilts unchanged, the US bond down on the month by
3% and the preference shares actually rising.

There is no doubt that following the late summer hike in commodity prices, especially oil and gasoline, many investors
fear a resurgence in inflation. It is understandable that there has been an immediate rise in the price of goods and
services where the price of a commodity is a primary, direct input such as in electricity, petrol, gas and heating
fuels but now that commodity prices have remained high for long, products where such commodities are an indirect or
lesser input have also begun to rise in price, like the price of some household goods, cosmetics, building materials
and transport suggesting that businesses have increasing pricing power. In support of this observation, it is notable
how corporate profitably remains high and growing, especially in the USA where S&P 500 3rd quarter earnings were up 20%
(with 80% of companies having reported) as compared to the previous year. There is precious little evidence of
shrinking profit margins yet, implying that corporations in aggregate are able to cope well with the rise in input
costs in part by passing on price increases to consumers. This winter is likely be a test of whether the consumer has
the power to demand higher wages to compensate for increased costs such as heating and transport. In the USA, where the
economy is so much more open, signs are that the consumer will continue to suffer as workers do not have the bargaining
power, as has been recently demonstrated by General Motors by persuading the United Autoworkers Union to take pay and
benefits cuts for its 1.1 million members. For some months US real average hourly earnings have been falling, more
recently at an increased rate of 2.7%. But in the UK where wages rises have been stable at 4.0% and therefore
increasing marginally in real terms, with CPI at 2.5%, and where unionised public sector workers make up a higher
proportion of the total workforce, there is more risk that workers succeed in achieving higher wages rises in
compensation for the higher cost of living. What is certain is that central banks are watching carefully how this
battle develops carefully and have become more hawkish of late, warning of the need to stamp out any incipient
inflation. But perhaps the most important controlling influence in all of this are the bond markets themselves. Lower
bond prices feed straight through to higher mortgage rates, which has been the main source of marginal funding for
retail expenditures though home equity extraction in both the UK and the USA. Furthermore higher mortgage rates reduce
housing activity and with a lag house prices thereby reducing the equity in homes able to be monetised for retail
expenditures. There is also, not surprisingly, a strong link between consumer confidence and house prices changes.

Bond prices might continue to prove resolute in the face of such inflationary fears. In which case it will be the
central banks raising short rates that will act to restrain credit growth through negatively sloped yield curves
(short-term interest rates higher than long-term interest rates) such as we already have in the UK. On the other hand,
we acknowledge the risk that even though our bonds have responded little to inflationary fears so far, they may well do
so at some juncture in the future. Should that eventuate we think such weakness is likely to be temporary because of
the linkages outlined above and may well engender conditions that become even more bond friendly thereafter.

Whatever happens, it looks as though the many years of benign conditions for consumers both sides of the Atlantic are
drawing to a close which could have important implications for many of our consumer facing businesses. Indeed we have
been watching with interest the travails of Anheuser-Busch whose 11 consecutive years of increasing profits has come to
an abrupt halt this year. Does this make us less enthusiastic about our businesses? Definitely not, especially when
compared to other companies even if it might moderate the price at which we are prepared to access more shares and
temper the peak valuations at which we continue to remain owners. It does however remind us of the risks we face and
makes us think that if great businesses such as the ones we own are to suffer, what will it be like for the vast
majority of mediocre businesses we purposefully avoid owning.


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
Michael Mackenzie                       Performance Fee: 10% of annual increase Springfield Lodge, Colchester Road
Donald Adamson                          in the share price, plus dividend,      Chelmsford
                                        above the gross annual yield of the 2   ESSEX  CM2 5PW
                                        1/2% Consolidated Loan Stock.
ISIN                                    Secretary                               Listing
GB0031977944                            Phoenix Administration Services Limited London Stock Exchange
Bloomberg
LTI LN

Disclaimer
This document is intended for use by persons who are authorised by the UK Financial Services Authority ('FSA') and those
who are permitted to receive such information in the UK. The information contained in this
document does not constitute an offer or invitation to buy or sell any investments. Nothing in this document
constitutes investment, legal, tax or other advice. Lindsell Train and/or persons connected with it may have an
interest in this investment.
The value of any investment in securities or funds and the income generated from them may go down as well as up and are
not guaranteed. Past performance cannot be used as a guide or guarantee of future performance. You may not get back the
original amount you have invested. Changes in foreign exchange rates may cause the value of your investment to go up or
down. Some funds with higher gearing may be subject to higher volatility and the investment value may change
substantially. The net asset value (NAV) performance of an investment trust is not the same as its market share price
performance.

Issued by Lindsell Train Limited
Authorised and regulated by the Financial Services Authority
18 Nov 2005 LTL 000-031-0b

                                                Lindsell Train Limited
                                          35 Thurloe Street, London  SW7 2LQ
                                     Tel. [phone]  Fax. [phone]
                                   [e-mail]  www.lindselltrain.com
                Lindsell Train Limited is authorised and regulated by the Financial Services Authority.





                      This information is provided by RNS
            The company news service from the London Stock Exchange                  EIF