Monthly update

Lindsell Train Investment Trust PLC
21 July 2005


                                        The Lindsell Train Investment Trust PLC
                                                  As at 30th Jun 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 125.00
Net Asset Value                                                       GBP 125.91
Premium (Discount)                                                        (0.7%)
Market Capitalisation                                                 GBP 25.0mn
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     2000   2001      2002       2003          2004                        YTD 2005
GBP)
Net Asset Value %                 n/a    +3.2      -9.6       +3.1         +23.7                         +10.4*
Share Price %                     n/a   +18.5     -19.8       -8.7         +20.6                         +24.7*

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  +2.9*    -      -        -          -             -               -
Share Price %      +8.9 +3.6 -3.5 +1.8 +2.7  +9.3*    -      -        -          -             -               -

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                                                            24.6
Preference Shares                                                14.0
Equity - Media                                                    8.4
Equity - Banks & Investment Co.                                   4.0
Equity - Leisure & Ent.                                           9.5
Equity - Food & Beverage                                         26.9
Investment Fund                                                  22.5
Cash & Equivalent                                                (9.9)
Total                                                            100.0
Source: Lindsell Train


Top 10 Holdings                                                 % of NAV
US Gov Treasury 6.25%                                             11.2
Barr AG                                                           11.0
Lindsell Train Global Media (Dist)                                9.9
HBOS 9.25% Non Cum                                                9.8
Lindsell Train Japan (Dist)                                       8.4
21/2% Consolidated Loan Stock                                     7.7
Cadbury Schweppes                                                 7.6
Diageo                                                            6.5
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       14.0         42.0             4.2             (9.9)                  63.7
USA %                  11.2        -            1.4              -               3.6                   16.2
Europe (ex UK) %         -         -            1.7              -              (0.5)                   1.2
Japan %                  -         -            3.7             8.4             (3.1)                   9.0
Global %                 -         -             -              9.9               -                     9.9
Total                  24.6       14.0         48.8            22.5             (9.9)                  100.0
Source: Lindsell
Train


Fund Manager's Comments

The Trust's NAV continued to advance in June rising 3% (adjusted for the payment of the 2005 dividend). Rising
bond prices and a rising US dollar versus Sterling continue to be significant positive influences to performance,
something we do not foresee changing while consumer spending in the UK remains so weak. As well as the directly
invested US dollar holdings: the US Treasury bond, Dow Jones, the Lindsell Train funds and cash; currently 34% of NAV,
all of the individual equities except AG Barr and Wolverhampton and Dudley have significant trading interests and
assets in US dollars.

Nintendo is perhaps the most exposed to the US dollar of them all. Not only are 50% sales in the USA but also 70% of
its net cash is held in US Dollars as well. As net cash today represents 56% of market capitalisation the fortunes of
the currency should certainly have some bearing on the company's market value. Nevertheless, we have always
been more concentrated on assessing Nintendo's ability to maintain and build its franchise in the fearsomely
competitive video games industry. In visiting the management of Nintendo last month we were encouraged by the latest
sales of Nintendo DS hardware in Japan (the new handheld platform released late last year) as it has been largely
inspired by two new popular games that are succeeding in appealing to casual gamers who might have not ordinarily
bought games in the past. Nintendogs, a game allowing you to nurture, train and compete with a virtual dog (akin to
appeal generated by Bandai's Tamagochi franchise) has particular appeal to women who represent over 40% of the
buyers as compared to just 20% for other games. More recently Nintendo released a 'brain training' game
that has appeal to adults where 80% of the buyers are aged over 19. Both games allow the user to play for shorter
periods of time and do not require the completion of many complicated stages, a feature of existing games and one which
Nintendo identified as a disincentive for casual gamers. Proof of the pudding will be the appeal of these titles in the
larger US market where they will be released later this year. Also, we saw a new GameBoy Micro, a product to be
launched worldwide in the autumn, the size of a small mobile phone. Nintendo envisage users playing games on this
platform for short intervals of time most likely while they travel or commute. We would expect new titles to be
released in conjunction with its launch, again appealing to the casual gamer. Autumn also sees the launch of Nintendo
's online strategy for the DS platform in Japan. Importantly gamers can select who they wish to play with and
will be given free access to the internet through 1,000 internet wireless 'hotspots' established by
Nintendo. It is good to see that the company is not short on ideas and reassuringly for investors these initiatives are
unlikely to cost large incremental sums of money to bring to market allowing the company to continue to earn
exceptional returns on its invested capital (as distinct from its cash reserves). This is in contrast to Sony and
Microsoft both of whose hardware strategy is orientated around technical innovation to improve graphic quality. Not
only does this require hefty investment but also it makes the games much more expensive to develop, as the $40m cost of
Microsoft's latest software release 'Halo 2' revealed. As a result both companies have yet to
demonstrate they can generate adequate investment returns from the business. In the 7 years to March 2005 Sony'
s games business generated just $455m of free cash flow, in the 3 years to December 2004 Microsoft incurred operating
losses (in its home and entertainment division where Xbox is the major part) of $3,541m and in the 7 years to March
2005 Nintendo generated $4,483bn of free cash flow. At the moment these figures cut little ice with other investors who
are more concerned about Nintendo's loss of market share to these deep pocketed competitors, failing, we think,
to recognise the value of Nintendo's niche. We continue to believe that the market value of Nintendo today
remains paltry compared to these cash flow returns which might be further enhanced if they prove successful in
expanding the franchise with the initiatives described above.




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 77A High Street
Donald Adamson                          in the share price, plus dividend,      Brentwood
                                        above the gross annual yield of the 2   ESSEX  CM14 4RR
                                        1/2% Consolidated Loan Stock.
ISIN                                    Bloomberg                               Listing
GB0031977944                            LTI LN                                  London Stock Exchange

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
20 Jun 2005 LTL 000-028-5b

                                                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.



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