Portfolio update

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


Holding                                     Country

Itron                                       United States
Kurita Water Industries                     Japan
RPS Group                                   United Kingdom
Casella Waste Systems                       United States
Vestas Wind Systems                         Denmark
BWT                                         Austria
Zenon Environmental                         Canada
Quantum Fuel Systems Technologies Worldwide United States
Chloride Group                              United Kingdom
Horiba                                      Japan




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


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