Monthly Update March 2004

British Empire Sec & Gen Tst PLC
17 March 2004

BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC



Performance Commentary

Over the month NAV was up 2.2%1. This compares to an increase in the benchmark
of 1.7%2 and a decrease of 0.7%1 and an increase of 2.9%1for the MSCI World (£)
and FTSE All Share indices respectively.


Manager's Comment

It is almost 12 months since the markets began to rally last March and the bull
market is showing some signs of fatigue.  The technology and cyclical stocks
which have led the market are finding it hard to make progress and there are
signs of rotation into defensive sectors.  The FTSE 100, which is heavily
weighted in defensive stocks, has been showing signs of relative out
performance.  For our part, we have become more cautious on the short term
prospects for mining stocks and have reduced our overweight position there.


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

Price (£)1        235.5p      4.9       51.6      25.1      135.7

Net Asset Value1  244.7p      2.2       40.5      13.7      89.4

Net Asset Value Total         2.2       41.5      16.8      97.2
Return1

Benchmark2 (£)                1.7       29.0      -19.9      0.8


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                                           6.8
Hansa Trust plc                                         5.7
Wendel Investissement                                   4.3
Henderson Electric & General                            4.0
Law Debenture Corp Plc - Ord                            3.9
Prospect Japan Fund Ltd                                 3.5
Jardine Strategic Holdings Ltd                          3.4
Encana Corp                                             2.7
Investor AB SEK6.25 'A'                                 2.3
Groupe Bruxelles Lambert SA                             2.2

TOTAL                                                  38.8



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                                     £417.9mil
Debt                                              £33.6mil

Actual Gearing (Debt less cash dividend by net asset value) -1.09%


Fund Codes
Bloomberg                                      Reuters Ticker / ISIN
BTEM                                           GB0001335081


Geographic Breakdown
Continental Europe            32.8%

Japan                                          12.0%

Canada/US                                       4.4%

Asia Pacific                                   10.8%

UK                                             25%

Liquidity                      7.8%

EMEA                                           7.2%





All figures as at 29 February 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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            The company news service from the London Stock Exchange