Monthly Update

British Empire Sec & Gen Tst PLC
15 November 2005



BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Performance Commentary


This investment management report relates to performance figures as at 31
October 2005.

Over the month NAV was down 2.3%(1).  This compares to a decrease in the
benchmark of 3.1%(2), and a decrease of 2.9%(1) and 2.5%(1) for the FTSE All
Share and MSCI World (£) indices respectively.

Over three years NAV is up 124.1%1 while the FTSE All Share is up 51.9%1.


Manager's Comment

There was a sluggish start to the year as equity markets corrected following the
strong rally of recent months.  Despite the general gloom, there was good news
for a couple of our holdings.  Both PD Ports and Placer Dome received takeover
approaches and both stocks were up almost 20% on the news.

Funding costs for bidders are still relatively cheap and approaches like these
give us confidence that value can still be found in certain areas of the market.


Statistics


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

Price (£)(1)                     399.0      -0.2      47.3      161.3       138

Net Asset Value(1)               376.2      -2.3      37.0      118.9      86.4

Net Asset Value Total Return(1)             -2.3      37.9      124.1      93.9
Benchmark(2) (£)                            -3.1      22.9       54.4       0.3


Annual Returns (%)                2004      2003      2002       2001      2000

Price(1)                          36.0      41.6     -12.2        0.8      26.0

MSCI World(1)                      7.2      20.6     -27.4      -14.1      -5.8


1 Source: Fundamental Data

2 Datastream Global Growth Investment Trust Index(TR) Source: Thomson Financial



Top 10 Equity Holdings                                             %

Prospect Japan                                                  2.87
PD Ports                                                        2.71
Hansa Trust                                                     2.62
Jardine Strategic                                               2.60
Mitsubishi Estates                                              2.53
Law Debenture Corp                                              2.51
Deutsche Wohnen                                                 2.49
European Asset Value Fund                                       2.31
Investor AB                                                     2.29
Fording Canadian Coal                                           2.01


Capital Structure as at 30 September 2005

Ordinary Shares                                          160,080,089
10 3/8% Debenture stock 2011                              £8,514,940
8 1/8% Debenture stock 2023                              £15,000,000
Equities index unsecured loan stock 2013                   2,906,267


Gross Assets/Gearing as at 30 September 2005

Gross Assets                                               £648 mil.
Debt                                                         .4 mil.
Actual Gearing (Debt less cash divided by net asset value)    -10.0%


Fund Codes

Bloomberg                                     Reuters Ticker / ISIN
BTEM                                                   GB0001335081


Geographical Breakdown

Continental Europe                                            20.0%
Japan                                                         17.6%
Canada / US                                                    6.2%
Asia Pacific                                                  11.1%
UK                                                            19.2%
Liquidity                                                     18.2%
EMEA                                                           7.7%


All figures as at 31 October 2005.  All sources Asset Value Investors Ltd 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.


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