Monthly Report

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 January 2012

This data will be available on the Company's website, http://
www.pacific-assets.co.uk from 17 February 2012.

Pacific Assets Trust plc as at 31 January 2012                    

Top Ten Equity Holdings                     %        
                                                     
Taiwan Semiconductor Manufacturing         6.2       
                                                     
Manila Water                               5.0       
                                                     
Hong Kong & China Gas                      4.8       
                                                     
DBS Group                                  4.8       
                                                     
Singapore Telecommunications               4.3       
                                                     
Towngas China                              3.9       
                                                     
DGB Financial Group                        3.7       
                                                     
Kasikornbank                               3.7       
                                                     
Philippine Long Distance Telephone         3.6       
                                                     
Samsung Fire & Marine Insurance            3.6       
                                                     
Total                                      43.6      
                                                     
Geographical breakdown                      %        
                                                     
Singapore                                  17.4      
                                                     
Hong Kong                                  17.2      
                                                     
Taiwan                                     14.9      
                                                     
India                                      12.7      
                                                     
South Korea                                11.3      
                                                     
Philippines                                10.5      
                                                     
Thailand                                   6.0       
                                                     
Liquidity                                  4.5       
                                                     
Malaysia                                   3.4       
                                                     
China                                      1.0       
                                                     
Indonesia                                  0.6       
                                                     
Sri Lanka                                  0.5       
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       
                                                     

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

17 February 2012

Frostrow Capital LLP

Secretary