Portfolio Update

British Empire Sec & Gen Tst PLC
03 January 2007


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

In accordance with Listing Rule 15.4.11 (1), British Empire Securities and
General Trust plc announces that at 31 December 2006 it had the following
holdings in other UK listed investment companies (including listed investment
trusts) which do not have a stated investment policy to invest no more than 15%
of their gross assets in other listed UK investment companies (including listed
investment trusts):


Name                                                     Market Value (£)         Percentage of portfolio

Alliance Trust Plc Ord 2.5p                                    22,517,640                            2.95
Hansa Trust Plc 'A' Ordinary 5p                                 7,465,003                            0.99
Advance UK Trust Plc Ord 1p                                     5,417,004                            0.72
Total                                                          35,399,647                            4.66



In accordance with Listing Rule 15.4.11 (2), British Empire Securities and
General Trust plc announces that at 31 December 2006 the ten largest investments
were as follows:


Company                                                  Market value (£)         Percentage of portfolio

Treasury 4.5% 07/03/2007                                       59,934,000                            7.84
Treasury 7.25% 07/12/2007                                      45,805,500                            5.99
Investor AB 'A' SEK6.25                                        25,681,223                            3.38
Alliance Trust Plc Ordinary 2.5p                               22,517,640                            2.95
Treasury 5% 07/03/2008                                         21,953,800                            2.87
Jardine Strategic Holdings USD0.05                             20,252,025                            2.67
Sofina SA Common NPV                                           19,148,442                            2.51
Lundbergforetagen AB Series 'B' SEK10                          16,867,785                            2.21
Electra Private Equity Plc Ord                                 16,833,629                            2.20
NTT Urban Development Corp NPV                                 16,391,657                            2.14
Total                                                         265,385,701                           34.76

Except as stated above there were no investments with a value greater than 5% of
the Company's portfolio.

Phoenix Administration Services Limited - Secretary

3 January 2007


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