Portfolio update

Impax Environmental Markets Plc announces that its top ten holdings
as at 30 June 2005 were as follows:-


Holding                 Country

RPS Group               United Kingdom
Vestas Wind Systems     Denmark
Kurita Water Industries Japan
Itron                   United States
Zenon Environmental     Canada
Casella Waste Systems   United States
Pall Corporation        United States
Pentair                 United States
Horiba                  Japan
LKQ Corporation         United States




No other investments were held on 30 June 2005 which represented more
than 5% of gross assets.




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