Portfolio Update

Finsbury Life Sciences Inv Tst PLC
05 January 2005



                                                                  5 January 2005





                    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
                                                                       31 December 2004
Merlin Fund LP                                                            3,310,524               10.85
GPC Biotech NPV                                                           1,642,479                5.38
Crucell NV                                                                1,606,619                5.27





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


Company Name                                                         Value of Investment at      % of Total
                                                                                              Portfolio Assets
                                                                   31 December 2004

Merlin Fund LP                                                             3,310,524               10.85
GPC Biotech NPV                                                            1,642,479                5.38
Crucell NV                                                                 1,606,619                5.27
Neurosearch                                                                1,524,156                5.00
Medigene                                                                   1,323,894                4.34
Genmab A/S DKK1                                                            1,281,670                4.20
Biocompatibles Intl Ord                                                    1,265,927                4.15
Protherics Ord                                                              947,465                 3.11
Antisoma Ord                                                                903,656                 2.96
Basilea Pharmaceutical                                                      857,989                 2.81







                                    - 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