Portfolio update

Impax Environmental Markets Plc announces that its top ten holdings
as at 31 December 2005 were as follows:-


Holding                         Country

Canadian Hydro Developers Inc   Canada
LKQ Corporation                 United States
Esco Technologies Inc           United States
Itron Inc                       United States
Kurita Water Industries Ltd     Japan
Pall Corporation                United States
Stericycle Inc                  United States
RPS Group plc                   United Kingdom
Regal-Beloit Corporation        United States
Gamesa Corporation Technologica Spain



No other investments were held on 31 December 2005 which represented
more than 5% of gross assets.




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