Portfolio Update

Lindsell Train Investment Trust PLC
05 January 2005

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 2004 the ten largest investments were as
follows:


Company                                                             Market Value (£)        Percentage of
                                                                                                portfolio

US Treasury 6.25% 15/05/2030                                               2,397,289                 8.89

Lindsell Train Global Media (Distributor) Inc A                            2,287,143                 8.48

HBOS 9.25% Non-Cum Irredeemable Pref GBP1                                  2,260,335                 8.38

Glenmorangie Plc 'A' (Limited Voting) Ordinary                             2,214,250                 8.21

Barr (AG) PLC Ordinary                                                     2,162,392                 8.02

Lindsell Train Japan (Distributor) Inc                                     1,948,540                 7.23

2.5% Consolidated Loan Stock                                               1,853,890                 6.88

Cadbury Schweppes PLC Ord 12.5p                                            1,424,222                 5.28

Wolverhampton & Dudley Breweries                                           1,395,756                 5.18

Treasury 2.5%                                                              1,374,250                 5.10

Total                                                                     19,318,067                71.65

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

Phoenix Administration Services Limited - Secretary

5 January 2005


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