Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 May 2011

This data will be available on the Company's website, http://
www.pacific-assets.co.uk from 8 June 2011.

Top Ten Equity Holdings                     %        
                                                     
Taiwan Semiconductor Manufacturing         5.7       
                                                     
DBS Group                                  5.1       
                                                     
E.Sun Financial Holding                    4.3       
                                                     
Manila Water                               4.2       
                                                     
Singapore Telecommunications               4.1       
                                                     
Daegu Bank                                 3.5       
                                                     
Kasikornbank                               3.4       
                                                     
Hong Kong & China Gas                      3.4       
                                                     
Singapore Post                             3.4       
                                                     
Samsung Fire & Marine Insurance            3.2       
                                                     
Total                                      40.3      
                                                     
Geographical breakdown                      %        
                                                     
Taiwan                                     18.1      
                                                     
Singapore                                  17.1      
                                                     
Hong Kong                                  15.7      
                                                     
South Korea                                11.7      
                                                     
India                                      10.0      
                                                     
Liquidity                                  9.3       
                                                     
Thailand                                   7.4       
                                                     
Philippines                                7.0       
                                                     
China                                      2.5       
                                                     
Indonesia                                  0.5       
                                                     
Sri Lanka                                  0.5       
                                                     
Malaysia                                   0.2       
                                                     
Total                                     100.0      
                                                     
Actual Gearing                            100.0      

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

7 June 2011

Frostrow Capital LLP

Secretary