Portfolio update

Impax Environmental Markets Plc announces that its top ten holdings
as at 30 June 2006 were as follows:-


Holding                         Country

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




No other investments were held on 30 June 2006 which represented more
than 5% of gross assets.

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