Portfolio update

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


Holding                 Country

Vestas Wind Systems     Denmark
Kurita Water Industries Japan
Casella Waste Systems   United States
Itron                   United States
RPS Group               United Kingdom
Zenon Environmental     Canada
LKQ Corporation         United States
Stericycle              United States
Pentair                 United States
BWT AG                  Austria





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




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