Monthly Update April 2004

British Empire Sec & Gen Tst PLC
19 April 2004

BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC





Performance Commentary

Over the month NAV was up 3.3%1. This compares to a decrease in the benchmark of
0.1%2 and an increase of 0.7%1 and a decrease of 1.3%1for the MSCI World (£) and
FTSE All Share indices respectively.



Financial year to date net asset value rose 16.8%1 compared to a rise of 9.8%
for the Datastream index, 6.0% for the MSCI World (£) and 10.1% for the FTSE All
Share.



Over three years NAV is up 24.9%1 while the FTSE All Share is down 11.0%.





Manager's Comment

The NAV performance was strong in March due, in large part, to the rally in our
Japanese holdings.  Following a recent trip to visit companies in Japan, we
returned bullish on the Japanese equities market and smaller companies in
particular.  We have been buying shares in Japanese companies that, in relation
to their assets, trade as cheaply as any companies in the world.  The management
of Japanese companies have been taking steps to improve their Return on Assets
which should help their stock market ratings.  In addition, massive monetary
stimulus seems finally to be succeeding in generating some selective asset price
inflation.





Statistics


                  Value   % 1 mo   % 1 yr  % 3 yr  % 5 yr

Price (£)1       240.5p     2.1     61.3    30.3    130.8

Net Asset Value1 252.8p     3.3     50.3    21.6    88.4

Net Asset Value Total       3.3     51.3    24.9    96.1
Return1

Benchmark2 (£)             -0.1     33.4    -13.5   -2.4


Annual Returns    2003     2002     2001    2000    1999
(%)

Price1            41.6     -12.2     0.8    26.0    52.6

MSCI World1       20.6     -27.4    -14.1   -5.8    28.6



1 Source: Fundamental Data

2 UK Datastream Investment Trust Index(TR) Source: Datastream





Top Ten Equity Holdings                                    %

Rue Imperiale                                             6.1

Hansa Trust plc                                           5.6

Wendell Investissement                                    4.0

Law Debenture Corp plc                                    3.6

Henderson Electric & General                              4.0

Prospect Japan Fund Ltd                                   4.1

Jardine Strategic Holdings Limited                        3.4

Encana Corp                                               2.6

Groupe Bruxelles Lambert SA                               2.2

Baillie Gifford Japan Trust                               2.2

TOTAL                                                    37.8





Capital Structure

Ordinary Shares                                           160,080,089

10 3/8% Debenture Stock 2011                              £11,883,322

8 1/8% Debenture Stock 2023                               £15,000,000

Equities Index Unsecured Loan Stock 2013                    3,208,197





Gross Assets/Gearing

Gross Assets                                                          £417.9
million

Debt
£33.6 million

Actual Gearing (Debt less cash divided by

net asset value)                                                         -1.09%




Fund Codes

Bloomberg                               Reuters Ticker/ISIN

BTEM                                    GB0001335081





Geographic Breakdown (% of total assets)



Continental Europe                 30.5%

Japan                              14.3%

Canada/US                           4.6%

Asia Pacific                       11.7%

UK                                 23.5%

Liquidity                           9.0%

EM EA                               6.4%





Further Information



Investment Manager - John Pennink, AVI Limited

[phone]     [e-mail]



Information may be found on the following websites:

http://www.british-empire.co.uk/ or http://www.assetvalueinvestors.com/



All figures as at 31 March 2004.  All sources Asset Value Investor unless
otherwise stated. British Empire Securities Trust is managed by Asset Value
Investors Ltd. The price of shares and the income from them may go down as well
as up; they can be affected by exchange rate movements between currencies and it
is possible that investors may not get back the full amount invested on disposal
of the shares.  Past performance is no guarantee of future performance.
Investments in emerging markets carries a greater degree of risk, in particular
the volatility of the markets and the local custody and registration
arrangements, which may be less developed than in more mature markets.  There is
no guarantee that the market price of shares in Investment Trusts will fully
reflect their underlying Net Asset Value (NAV). This Investment Trust should be
considered only as part of a balanced portfolio, of which it should not form a
disproportionate part. Under no circumstances should this information be
considered as an offer, or solicitation, to deal in investments. Issued by Asset
Value Investors Ltd., which is authorised and regulated by the Financial
Services Authority.




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