Monthly Update

British Empire Sec & Gen Tst PLC
21 October 2005

BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

Performance Commentary

This investment management report relates to performance figures as at 30
September 2005.

Over the month NAV was up 6.0%(1). This compares to an increase in the benchmark
of 4.9%(2), and an  increase of 3.4%(1) and 4.3%(1) for the FTSE All Share and 
MSCI World (£) indices respectively.

For the financial year 2005, net asset value rose 43.9%(1) compared to a rise of
28.2%(2) for the Datastream index, 21.4%(1) for the MSCI World (£) and 24.9%(1) 
for the FTSE All Share.

Over three years NAV is up 127.4%(1) while the FTSE All Share is up 68.6%(1).


Manager's Comment

September provided a strong finish to our financial year with the NAV up a
further 6%.

Good performance in Japan and mining stocks boosted the portfolio.

We are wary of stocks on narrow discounts after the markets vigorous rally this
year and we have been using the recent strength to raise a bit more liquidity.


Statistics





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

Price (£)(1)                       384.9      4.6           52.2         154.7     138.8

Net Asset Value(1)                 383.5      6.0           42.9         122.1      90.5

Net Asset Value Total Return(1)               6.0           43.9         127.4      98.1

Benchmark(2) (£)                              4.9           28.2         68.5        3.4



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

(3)  Benchmark index changed to Datastream Global Growth Investment Trust 
     Index(TR)





Top 10 Equity Holdings        %

Prospect Japan              2.94

Jardine Strategic           2.68

Hansa Trust                 2.65

Law Debenture Corp          2.47

European Asset Value Fund   2.35

Fording Canadian Coal       2.31

Mitsubishi Estates          2.31

PD Ports                    2.24

Deutsche Wohnen             2.09

Investor AB                 2.07





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      21.6%

Japan                   16.2%

Canada / US              7.1%

Asia Pacific            11.5%

UK                      18.4%

Liquidity               15.7%

EMEA                     9.5%



All figures as at 30 September 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