Portfolio Update

Finsbury Emerging Biotechnology Tst
04 October 2005



                                                                  4 October 2005



                     FINSBURY EMERGING BIOTECHNOLOGY 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 2005     Portfolio  Assets
                                                                      
Amgen                                                                     2,927,223                8.81
Merlin Fund LP                                                            2,912,658                8.77
Genzyme Corp General Division                                             2,003,671                6.03
Medimmune Inc                                                             1,862,947                5.61
UK Treasury                                                               1,662,045                5.00





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


Company Name                                                       Value of Investment at       % of Total
                                                                      30 September 2005      Portfolio Assets
                                                                 

Amgen                                                                     2,927,223                8.81
Merlin Fund LP                                                            2,912,658                8.77
Genzyme Corp General Division                                             2,003,671                6.03
Medimmune Inc                                                             1,862,947                5.61
UK Treasury                                                               1,662,045                5.00
Viropharma Inc                                                            1,657,394                4.99
Genentech Inc                                                             1,618,608                4.87
Vertex Pharmaceuticals                                                    1,224,083                3.68
Abgenix                                                                   1,112,275                3.35
Gen-Probe Inc                                                             1,089,359                3.28







                                    - 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