Portfolio Listing - Equities

Australian Ethical Equities Trust
	% of Fund

as at: 30 May 2008

Cash

6.48%

Cash and Equivalent

Equity: Listed (Small Caps)

34.97%

     Blackmores Ltd
     E Serv Global
     Energy Developments Ltd
     Green Cap Ltd
     Hansen Technologies
     Hastings Fund Management Ltd
     Intrapower Ltd
     Melbourne IT Ltd
     Metgasco Ltd
     MYOB Ltd
     Petratherm Ltd
     Pulse Health Ltd
     Pure Energy Resources Ltd
     Savcor Group Ltd Oy
     Slater & Gordon
     Technology One Ltd
     Viridis Clean Energy Group

Equity: Listed Australia & N.Z

29.33%

     Arrow Energy
     Australian Pipeline Trust
     Babcock and Brown Wind Partner
     Brambles Limited
     Cochlear Ltd
     Envestra Ltd
     iiNet Ltd
     Origin Energy Ltd
     QBE Insurance Group
     ResMed Inc

Equity: Listed International

27.55%

     Accell Group
     Adobe Systems Inc
     Citrix Systems Inc
     Hera SPA
     Herman Miller Inc
     Hyflux
     Impax Group Plc
     Interface Inc
     National Express Group PLC
     Shimano Inc
     Solarworld AG
     Swedbank AB
     TOMRA Systems ASA
     United Natural Foods Inc
     Vestas Wind Systems A/S

Equity: Unlisted

1.09%

Equity - Unlisted Aust

Options (Foreign Currency)

0.58%

Cash and Equivalent

The fund size is now $203.7 million

Portfolio listings date

The full portfolio listings are older than other portfolio information in order to protect Australian Ethical's intellectual property.

> View equities sector listing (GICS) for this Trust.