Portfolio Update

Finsbury Life Sciences Inv Tst PLC
02 July 2004



                                                                     2 July 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
                                                               Portfolio  Assets
                                            30 June 2004
Merlin Fund LP                                 4,120,050               13.47





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


Company Name                              Value of Investment at      % of Total
                                                                 ortfolio Assets
                                             30 June 2004

Merlin Fund LP                              4,120,050               13.47
Teva Pharmaceutical Industries ADR          1,519,837                4.97
UK Treasury 4.5%                            1,482,300                4.84
Shire Pharmaceuticals Group Ord             1,179,675                3.86
Icon Spon Adr                               1,158,230                3.79
Biocompatibles Intl Ord                     1,059,909                3.46
Evotec Biosystems                           1,053,616                3.44
Crucell NV                                  1,025,043                3.35
Vitrolife                                   1,000,468                3.27
Celltech Group                              1,000,223                3.27




                                    - 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