Quaterly Disclosure

Finsbury Life Sciences Inv Tst PLC
05 January 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
                                                                       31December 2003
Merlin Fund LP                                                            3,810,619-              12.30





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


Company Name                                                         Value of Investment at      % of Total
                                                                                              Portfolio Assets
                                                                   31 December 2003

Merlin Fund LP                                                             3,810,619               12.30
Vicuron Pharmaceuticals                                                    1,540,398                4.97
Evotec Biosystems                                                          1,433,162                4.63
Teva Pharmaceutical Industries ADR                                         1,298,721                4.19
Actelion                                                                   1,092,418                3.53
Celltech Group                                                             1,032,658                3.33
UK Treasury 5% 07/06/04                                                    1,005,200                3.24
Pharmagene                                                                 1,000,875                3.23
Antisoma                                                                    979,273                 3.16
Shire Pharmaceuticals Group                                                 976,500                 3.15







                                    - ENDS -



For further information please contact:

Tracey Gower, Company Secretary

Close Finsbury Asset Management Limited

Telephone: [phone]


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