Portfolio Listing - Large Companies

Australian Ethical Large Companies Share Trust
	% of Fund

as at: 30 May 2008

Cash

3.85%

     Cash and Equivalent

Equity: Listed Australia & N.Z

61.32%

     Ansell Ltd
     Australian Pipeline Trust
     Australian Stock Exchange Ltd
     Babcock and Brown Wind Partner
     Brambles Limited
     Cochlear Ltd
     Commonwealth Property Off.Fund
     Computershare Ltd
     CSL Ltd
     Fairfax (John) Holdings Limited
     Fisher and Paykel Healthcare Corporation Ltd
     Insurance Australia Group
     Macquarie Communications Infrastructure Group
     Macquarie Office Trust
     Origin Energy Ltd
     QBE Insurance Group
     ResMed Inc
     Sigma Company Ltd
     Sims Group Ltd
     Sonic Healthcare Limited
     St George Bank Ltd
     Suncorp-Metway Bank Ltd

Equity: Listed International

34.26%

     Adobe Systems Inc
     ARRIVA PLC
     Aviva Plc
     Benesse Corporation
     Celesio AG
     Citrix Systems Inc
     Deutsche Postbank AG
     Energies Nouvelles
     Gamesa Corp Tecnologica SA
     Grifols S.A
     Health Care REIT Inc
     Hera SPA
     Iberdrola Renewables
     Interface Inc
     LKQ Corp
     MTR Hong Kong
     National Express Group PLC
     Ormat Technologies
     Q Cells AG
     Shimano Inc
     Solarworld AG
     Sonova Holding AG
     Stage Coach Group PLC
     SunPower Corporation
     Swedbank AB
     TOMRA Systems ASA
     Trustpower Ltd
     United Natural Foods Inc
     Vestas Wind Systems A/S
     Vmware
     Whole Foods Market Inc
     William Demant Holdings

Options (Foreign Currency)

0.57%

     Cash and Equivalent

The fund size is now $131.6 million

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