Portfolio update

Impax Environmental Markets Plc announces that its top ten holdings
as at 31 March 2006 were as follows:-


Holding                         Country

Itron Inc                       United States
Regal-Beloit Corporation        United States
Vestas Wind Systems A/S         Denmark
LKQ Corporation                 United States
Canadian Hydro Developers Inc   Canada
Esco Technologies Inc           United States
Kurita Water Industries Ltd     Japan
Gamesa Corporation Technologica Spain
Chloride Group PLC              United Kingdom
Pall Corporation                United States



No other investments were held on 31 March 2006 which represented
more than 5% of gross assets.




---END OF MESSAGE---