Portfolio Update

Finsbury Life Sciences Inv Tst PLC
04 October 2004



                                                                  4 October 2004


                    FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC
                                 (the 'Company')

                          QUARTERLY STATEMENT OF INVESTMENTS

In compliance with the Listing Rules - Chapter 21 Investment Entities (I)(ii),
the Company discloses the following:

  • Investments valuing greater than 5% of the Company's gross assets comprise
    the following:


Company Name                                                        Value of Investment at      % of Total
                                                                      30 September 2004     Portfolio  Assets
Merlin Fund LP                                                            3,074,926               10.84



  • The ten largest investments held by the Company comprise the following:


Company Name                                                         Value of Investment at      % of Total
                                                                   30 September 2004          Portfolio Assets

Merlin Fund LP                                                             3,074,926               10.84
Biocompatibles Intl Ord                                                    1,203,580                4.24
Neurosearch                                                                1,108,439                3.91
UK Treasury 4.5%                                                           1,085,313                3.83
Crucell NV                                                                 1,022,466                3.60
Evotec Biosystems                                                           987,402                 3.48
Vitrolife                                                                   939,361                 3.31
Icon Spon ADR                                                               865,712                 3.05
GPC Biotech NPV                                                             826,891                 2.91
Qiagen NV                                                                   813,720                 2.87


                                    - ENDS -


For further information please contact:
Tracey Lago, Company Secretary
Close Finsbury Asset Management Limited
Telephone: [phone]


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