Monthly Update

British Empire Sec & Gen Tst PLC
12 April 2005


BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC


Performance Commentary

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

Over the month NAV was up 0.8%1.  This compares to a decrease in the benchmark
of 1.0%2, no change for the MSCI World (£) and a decrease of 0.9%1 for the FTSE
All Share indices.

Financial year to date, net asset value rose 18.0%1 compared to a rise of 10.4%2
for the Datastream index, 5.5%1 for the MSCI World (£) and 9.9%1 for the FTSE
All Share.

Over three years NAV is up 55.5%1 while the FTSE All Share is up 6.2%1.


Manager's Comment

NAV performance for the first 6 months of the financial year has been strong.
We have been taking advantage of the rising markets to shift some of our assets
to a more defensive position (in terms of both cash weighting and stock
selection) as we feel that higher interest rates in the US coupled with less
attractive valuations will eventually take a toll on the equity markets.

We have recently cut our position in Hansa Trust, which has been a wonderful
performer, roughly in half in the interests of diversification.


Statistics

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

Price (£)1                    329.3         1.2      37.7       72.6     116.1
Net Asset Value1              316.3         0.8      24.8       51.9      61.4
Net Asset Value Total Return1               0.8      25.6       55.5      67.8
Benchmark2 (£)                             -1.0      12.5        5.0     -11.7

Annual Returns (%)             2004        2003      2002       2001      2000
Price1                         36.0        41.6     -12.2        0.8      26.0
MSCI World1                     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
3 Benchmark index changed to Datastream Global Growth Investment Trust Index(TR)



Top 10 Equity Holdings                                                  %

Eurazeo                                                              4.31
Jardine Strategic                                                    4.08
Law Debenture                                                        3.41
Prospect Japan                                                       2.97
CNP                                                                  2.93
Hansa Trust                                                          2.54
Wendel Investissement                                                2.28
European Asset Value Fund                                            2.16
Lundbergs                                                            1.99
Investor                                                             1.93



Capital Structure as at 31 March 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                        2,981,267



Gross Assets / Gearing as at 31 March 2005

Gross Assets                                                   £529.0mil.
Debt                                                           £ 30.9mil.
Actual Gearing (Debt less cash dividend by net asset value)        -12.5%


Fund Codes

Bloomberg                                           Reuters Ticker / ISIN
BTEM                                                         GB0001335081


Geographical Breakdown

Continental Europe                                                  27.9%
Japan                                                               12.5%
Canada / US                                                          4.3%
Asia Pacific                                                        12.2%
UK                                                                  18.4%
Liquidity                                                           17.5%
EMEA                                                                 7.2%



All figures as at 31 March 2005.  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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