diff --git a/.github/workflows/e2e.yaml b/.github/workflows/e2e.yaml
index 605de5d06e388335d118d46c541c72fbc3e18a3f..87681bc2fa625728a0d1bda38ea11817b168d414 100644
--- a/.github/workflows/e2e.yaml
+++ b/.github/workflows/e2e.yaml
@@ -191,7 +191,14 @@ jobs:
           /tmp/flux create kustomization flux-system \
           --source=flux-system \
           --path=./clusters/staging
+          kubectl -n flux-system wait kustomization/infrastructure --for=condition=ready --timeout=5m
           kubectl -n flux-system wait kustomization/apps --for=condition=ready --timeout=5m
+          kubectl -n nginx wait helmrelease/nginx --for=condition=ready --timeout=5m
+          kubectl -n redis wait helmrelease/redis --for=condition=ready --timeout=5m
+          kubectl -n podinfo wait helmrelease/podinfo --for=condition=ready --timeout=5m
+      - name: flux tree
+        run: |
+          /tmp/flux tree kustomization flux-system | grep Service/podinfo
       - name: flux check
         run: |
           /tmp/flux check
diff --git a/cmd/flux/testdata/tree/kustomizations.yaml b/cmd/flux/testdata/tree/kustomizations.yaml
index a5739d6fd5b7a193145fd99455a3211b93c56faa..45055da22618ffabe85948baa1e14fb285811509 100644
--- a/cmd/flux/testdata/tree/kustomizations.yaml
+++ b/cmd/flux/testdata/tree/kustomizations.yaml
@@ -65,8 +65,6 @@ status:
         v: v1
       - id: cert-manager_cert-manager_source.toolkit.fluxcd.io_HelmRepository
         v: v1beta1
-      - id: cert-manager_cert-manager_helm.toolkit.fluxcd.io_HelmRelease
-        v: v2beta1
 ---
 apiVersion: kustomize.toolkit.fluxcd.io/v1beta2
 kind: Kustomization
@@ -87,3 +85,4 @@ status:
       reason: ReconciliationSucceeded
       status: "True"
       type: Ready
+---
diff --git a/cmd/flux/testdata/tree/tree-compact.golden b/cmd/flux/testdata/tree/tree-compact.golden
index a635f6c8cc0170801106ceb0fd87eb9a0fe0bde1..d4e8a4f9ef7fd7257cdac49ac9303d07006a9894 100644
--- a/cmd/flux/testdata/tree/tree-compact.golden
+++ b/cmd/flux/testdata/tree/tree-compact.golden
@@ -1,6 +1,5 @@
 Kustomization/{{ .fluxns }}/flux-system
 ├── Kustomization/{{ .fluxns }}/infrastructure
-│   ├── HelmRepository/cert-manager/cert-manager
-│   └── HelmRelease/cert-manager/cert-manager
+│   └── HelmRepository/cert-manager/cert-manager
 └── GitRepository/{{ .fluxns }}/flux-system
 
diff --git a/cmd/flux/testdata/tree/tree.golden b/cmd/flux/testdata/tree/tree.golden
index e2af2008535a164f35dee8f39ed6f2c17394713b..c5863ed15bcf862009c6b2dfd783bd067d4e6652 100644
--- a/cmd/flux/testdata/tree/tree.golden
+++ b/cmd/flux/testdata/tree/tree.golden
@@ -6,7 +6,6 @@ Kustomization/{{ .fluxns }}/flux-system
 ├── Deployment/{{ .fluxns }}/source-controller
 ├── Kustomization/{{ .fluxns }}/infrastructure
 │   ├── Namespace/cert-manager
-│   ├── HelmRepository/cert-manager/cert-manager
-│   └── HelmRelease/cert-manager/cert-manager
+│   └── HelmRepository/cert-manager/cert-manager
 └── GitRepository/{{ .fluxns }}/flux-system
 
diff --git a/cmd/flux/tree_kustomization.go b/cmd/flux/tree_kustomization.go
index 79964d76431bc40e5aced6e55764a608abdadb9a..d3d43ec6bd51190993dac9ca71b8a5d8cba92a59 100644
--- a/cmd/flux/tree_kustomization.go
+++ b/cmd/flux/tree_kustomization.go
@@ -17,15 +17,23 @@ limitations under the License.
 package main
 
 import (
+	"bytes"
+	"compress/gzip"
 	"context"
+	"encoding/base64"
 	"encoding/json"
 	"fmt"
+	"io/ioutil"
 	"strings"
 
 	"github.com/fluxcd/flux2/internal/tree"
 	"github.com/fluxcd/flux2/internal/utils"
+	helmv2 "github.com/fluxcd/helm-controller/api/v2beta1"
 	kustomizev1 "github.com/fluxcd/kustomize-controller/api/v1beta2"
+	"github.com/fluxcd/pkg/ssa"
 	"github.com/spf13/cobra"
+	corev1 "k8s.io/api/core/v1"
+	apierrors "k8s.io/apimachinery/pkg/api/errors"
 	"k8s.io/apimachinery/pkg/runtime/schema"
 	"sigs.k8s.io/cli-utils/pkg/object"
 	"sigs.k8s.io/controller-runtime/pkg/client"
@@ -119,13 +127,15 @@ func treeKustomization(ctx context.Context, tree tree.ObjMetadataTree, item *kus
 		return nil
 	}
 
+	compactGroup := "toolkit.fluxcd.io"
+
 	for _, entry := range item.Status.Inventory.Entries {
 		objMetadata, err := object.ParseObjMetadata(entry.ID)
 		if err != nil {
 			return err
 		}
 
-		if compact && !strings.Contains(objMetadata.GroupKind.Group, "toolkit.fluxcd.io") {
+		if compact && !strings.Contains(objMetadata.GroupKind.Group, compactGroup) {
 			continue
 		}
 
@@ -137,6 +147,26 @@ func treeKustomization(ctx context.Context, tree tree.ObjMetadataTree, item *kus
 		}
 
 		ks := tree.Add(objMetadata)
+
+		if objMetadata.GroupKind.Group == helmv2.GroupVersion.Group &&
+			objMetadata.GroupKind.Kind == helmv2.HelmReleaseKind {
+			objects, err := getHelmReleaseInventory(
+				ctx, client.ObjectKey{
+					Namespace: objMetadata.Namespace,
+					Name:      objMetadata.Name,
+				}, kubeClient)
+			if err != nil {
+				return err
+			}
+
+			for _, obj := range objects {
+				if compact && !strings.Contains(obj.GroupKind.Group, compactGroup) {
+					continue
+				}
+				ks.Add(obj)
+			}
+		}
+
 		if objMetadata.GroupKind.Group == kustomizev1.GroupVersion.Group &&
 			objMetadata.GroupKind.Kind == kustomizev1.KustomizationKind {
 			k := &kustomizev1.Kustomization{}
@@ -156,3 +186,84 @@ func treeKustomization(ctx context.Context, tree tree.ObjMetadataTree, item *kus
 
 	return nil
 }
+
+type hrStorage struct {
+	Name     string `json:"name,omitempty"`
+	Manifest string `json:"manifest,omitempty"`
+}
+
+func getHelmReleaseInventory(ctx context.Context, objectKey client.ObjectKey, kubeClient client.Client) ([]object.ObjMetadata, error) {
+	hr := &helmv2.HelmRelease{}
+	if err := kubeClient.Get(ctx, objectKey, hr); err != nil {
+		return nil, err
+	}
+
+	storageNamespace := hr.GetNamespace()
+	if hr.Spec.StorageNamespace != "" {
+		storageNamespace = hr.Spec.StorageNamespace
+	}
+
+	storageName := hr.GetName()
+	if hr.Spec.ReleaseName != "" {
+		storageName = hr.Spec.ReleaseName
+	} else if hr.Spec.TargetNamespace != "" {
+		storageName = strings.Join([]string{hr.Spec.TargetNamespace, hr.Name}, "-")
+	}
+
+	storageVersion := hr.Status.LastReleaseRevision
+	// skip release if it failed to install
+	if storageVersion < 1 {
+		return nil, nil
+	}
+
+	storageKey := client.ObjectKey{
+		Namespace: storageNamespace,
+		Name:      fmt.Sprintf("sh.helm.release.v1.%s.v%v", storageName, storageVersion),
+	}
+
+	storageSecret := &corev1.Secret{}
+	if err := kubeClient.Get(ctx, storageKey, storageSecret); err != nil {
+		// skip release if it has no storage
+		if apierrors.IsNotFound(err) {
+			return nil, nil
+		}
+		return nil, fmt.Errorf("failed to find the Helm storage object for HelmRelease '%s': %w", objectKey.String(), err)
+	}
+
+	releaseData, releaseFound := storageSecret.Data["release"]
+	if !releaseFound {
+		return nil, fmt.Errorf("failed to decode the Helm storage object for HelmRelease '%s'", objectKey.String())
+	}
+
+	// adapted from https://github.com/helm/helm/blob/02685e94bd3862afcb44f6cd7716dbeb69743567/pkg/storage/driver/util.go
+	var b64 = base64.StdEncoding
+	b, err := b64.DecodeString(string(releaseData))
+	if err != nil {
+		return nil, err
+	}
+	var magicGzip = []byte{0x1f, 0x8b, 0x08}
+	if bytes.Equal(b[0:3], magicGzip) {
+		r, err := gzip.NewReader(bytes.NewReader(b))
+		if err != nil {
+			return nil, err
+		}
+		defer r.Close()
+		b2, err := ioutil.ReadAll(r)
+		if err != nil {
+			return nil, err
+		}
+		b = b2
+	}
+
+	var rls hrStorage
+	if err := json.Unmarshal(b, &rls); err != nil {
+		return nil, fmt.Errorf("failed to decode the Helm storage object for HelmRelease '%s': %w", objectKey.String(), err)
+	}
+
+	objects, err := ssa.ReadObjects(strings.NewReader(rls.Manifest))
+	if err != nil {
+		return nil, fmt.Errorf("failed to read the Helm storage object for HelmRelease '%s': %w", objectKey.String(), err)
+	}
+
+	return object.UnstructuredsToObjMetas(objects)
+}