Portfolio disclosure

Lindsell Train Investment Trust PLC
05 January 2004

THE LINDSELL TRAIN INVESTMENT TRUST PLC

In accordance with Listing Rule 21.20 (l)(ii), The Lindsell Train Investment
Trust PLC announces that at 31 December 2003 the ten largest investments were as
follows:
Company                                                             Market Value (£)       Percentage of
                                                                                               portfolio
US Treasury 6.25% 15/05/2030                                               3,366,883               14.89
Lindsell Train Global Media (Distributor)Inc 'A'                           2,099,548                9.28
Lindsell Train Japan (Distributor) Inc                                     1,913,585                8.46
HBOS 9.25% Non-Cum Irredemable Preference                                  1,739,783                7.69
2.5% Consolidated Loan Stock                                               1,678,685                7.42
Barr (AG)                                                                  1,588,125                7.02
Treasury 2.5%                                                              1,302,750                5.76
Cadbury Schweppes                                                          1,204,716                5.33
Glenmorangie 'A' (Limited Voting) Ordinary                                 1,015,594                4.49
Halifax Group 6.125% Non Cumulative Preference                               992,863                4.39
Total                                                                                              74.73

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





For Phoenix Administration Services Limited

Secretary

5 January 2004


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