Monthly Briefing 30-11-01

Lindsell Train Investment Trust PLC
12 December 2001

The Lindsell Train Investment Trust

As at 30th November 2001

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.


Net Asset Value

Share Price          £115.50
Net Asset Value      £104.32
Discount (Premium)  (10.7%)

Source: Bloomberg.


Market Capitalisation

Market Capitalisation      £23.1mn


Performance                   Nov      Oct       Sep           Since Launch

NAV                           +3.2     +3.9     -4.0               +4.3

Share Price                   +6.5     +4.8     -15.2              +15.5

2.5% Consol Loan Stk                   +5.0
Annual Average Yield


*Source: Bloomberg. Based in GBP.


Top 10 Holdings                                                      % NAV
US Gov Treasury 6.25%                                                      12.5
Lindsell Train Japan (Dist)                                                12.2
Lindsell Train Global Media (Dist)                                         12.2
US Gov Treasury 3.875%                                                      7.5
Halifax Group plc Pref                                                      7.0
21/2% Consolidated Loan Stock                                               5.8
UK Treasury 2.5%                                                            5.0
Cadbury Schweppes                                                           5.0
Dow Jones & Co                                                              4.9
Nintendo Co                                                                 4.5




Fund Breakdown

Geographical Breakdown                                               % NAV
Bonds                                                                      30.9
              UK                                             10.9
              US                                             20.0

Preference Shares                                                           7.0
Equities                                                                   35.1
              UK                                             22.8
              US                                              5.1
              Japan                                           4.5
              Europe                                          2.7

Funds                                                                      24.4
              LT Japan                                       12.2
              LT Global Media                                12.2

Cash                                                                        2.6
Total                                                                     100.0

Currency Exposure                                                    % NAV
USD                                                                        49.6
JPY                                                                         0.9
EUR                                                                         2.7
GBP                                                                        46.8
Total                                                                     100.0

Industry Breakdown                                                   % NAV
Bonds                                                                      30.9
Preference Shares                                                           7.0
Media                                                                      12.0
Banks & Investment Co.                                                      6.3
Leisure & Tourism                                                           8.2
Food & Beverage                                                             8.6
Investment Fund                                                            24.4
Cash                                                                        2.6
Total                                                                     100.0



Fund Manager's Comments

Herewith another monthly report, following on the heels of the first. This one
updates shareholders through to the end of November and establishes a regular
pattern for their promulgation.

The structure of the Company's portfolio rests on a number of strategic
convictions held by Lindsell Train. While the convictions remain firm, as now,
Shareholders should expect little portfolio activity - especially as the Trust
is fully invested.

The convictions are: -


    i)     Long dated Anglo-Saxon government bonds will benefit from continued
    low inflation and the unpleasant shocks, relating to deteriorating credit
    quality, emanating from both the corporate sector and even some sovereign
    states, for instance Japan. One way we express our enthusiasm for
    government bonds is to suggest that the price of the 21/2% Consolidated
    Loan Stock may rise from its current 51p to 75p over the next 3-5 years,
    implying a decline in long yields to c.3.0%.

    ii)     The US Dollar will at least hold its own against the Euro and Yen,
    as economic difficulties mount in Europe and, particularly, Japan. The
    Dollar/Sterling relationship will remain stable, but with the risks to
    Sterling, if its rapprochement with the Euro proceeds.

    iii)     Stocks are interesting as stocks currently, rather than as
    components of stockmarkets. In other words, we find some attractive
    individual ideas but are, at best, ambivalent about the major indices.

These convictions are reflected in the Company's 38% exposure to long bonds,
including the 7% investment in the Halifax Preference Share; in the 50%
overall exposure to the US Dollar (bonds, stocks and funds) and in the narrow
list of just nine equities and the two funds, which are either uncorrelated to
the market (Japan) or concentrated on a specific strategy (media).

The astonishing collapse of Enron through November, equivalent to two World
Trade Centres in terms of capital destruction, has confirmed us in our
conservative portfolio construction. Even bond prices have proven almost as
volatile as stocks, nevertheless, we are comforted by the thought of the
immutability of the interest flows from our bonds, while we are conscious that
many, many corporations struggle to grow or maintain cash flows. We added to
the US bond position in the Japan Fund recently, which offsets a short
position in Japanese Government bonds.

Recent news affecting our stock holdings includes: -

Cadbury - The year end trading update confirmed earnings growth and free cash
flow generation targets. We hope to add to this stock below £4.30.

Nintendo - The US launch of GameCube was ahead of expectations, with the
company claiming it the most successful console launch ever. The c.US$5bn of
net cash on Nintendo's balance sheet, all organically generated, encourages us
to hold this stock through a period of intense competition between game
platforms, but also growth.

Instinet - The merger of Archipelago and Redibook, two rival electronic market
marketplaces, has hit Instinet share price, although should not, in our view,
threaten its dominance of NASDAQ institutional volumes. We may add to this
position.

Wolverhampton & Dudley - This stock has advanced on achievement of profit
objectives, dividend increase and share buyback. We believe its dividend
yield, higher than a gilt, is sustainable and are, therefore, holders.

AG Barr - We added to this holding last month. At purchase price the stock
trades on 9x prospective earnings and yields 5%, with a cash-rich balance
sheet and a long running return to equity of 18% or better.

HBOS - The company confirmed no direct exposure to Enron, illustrating in our
view, the quality of its book.

Fund      Launch Date                                  Denominated Currency
Manager

Nick      22 January 2001                              GBP
Train

Year End  Dividend                                     Benchmark

31st      Ex-date:      June                           The annual average yield
March     Payment:      August                         on the 21/2%
                                                       Consolidated Loan Stock.

Sedol No  Bloomberg

3001710   LTI LN

The Board Management Fees                              Registered Address

Rhoddy    Standard Fee:                                Lindsell Train
Swire     0.65% p.a.                                   Investment Trust
Michael                                                77A High Street
Mackenzie Performance Fee:                             Brentwood
Donald    10% of annual increase in the share price,   ESSEX DM14 4RR
Adamson   plus dividend, above the gross annual yield
Michael   of the 21/2% Consolidated Loan Stock.
Lindsell

Disclaimer

The contents in this document is solely for information purposes only. The
information contained herein does not constitute an offer or invitation to buy
or subscribe any securities or funds in any jurisdiction in which such
distribution is not authorised. Nothing in this document constitutes
investment, legal, tax or other advice and cannot be relied upon in making any
investment decision. Applications to invest in some of the funds must only be
made on the basis of offer documents which may only be available for private
circulation. The information contained in this document is published in good
faith and neither Lindsell Train Limited nor any other person so connected
assumes any responsibility for the accuracy or completeness of such
information as provided. No representation is made or assurance given that any
statements made, views, projections or forecasts are correct or that
objectives will be achieved. Lindsell Train and/or persons connected with it
may have an interest in the Fund. The value of investments and the income from
them may go down as well as up and are not guaranteed. Past performance is no
guarantee of future performance. You may not get back the amount you invested.
Foreign exchange rates may cause the value of investments to go up or down.
Investments may be subject to higher volatility in certain funds and the
investment value may fall suddenly and substantially.




                            Lindsell Train Limited

                      35 Thurloe Street, London SW7 2LQ

                 Tel. [phone] Fax. [phone]

                 [e-mail] www.lindselltrain.com




               Lindsell Train Limited is regulated by the FSA.