INVESTSMART GROUP LIMITED — Major Shareholding Notification 2007

Feb 7, 2007

Form $604$

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme	Fat Prophets Australia Fund Ltd
-------------------------	----------------------------------------

111 772 359 ACN/ARSN

1. Details of substantial holder (1)

Name	Select Asset Management Limited
ACN (if applicable)	101 103 011
There was a change in the interests of the substantial holder on:		6/2/07
The previous notice was given to the company on		27/12/06
The previous notice was dated		27/12/06

$2.$ Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities (4)		Previous notice	Present notice
	Person's votes	Voting power $(5)$	Person's votes	Voting power $(5)$
Ordinary	1,981,705	6.24%	2,303,819	7.26% .

$3.$ Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest or the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change $(6)$	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
Annexure A
Details were unable to be obtained at the time of lodgement.

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Annexure A
					--------------------------------------- ________

Changes in association 5.

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as fo

Name and ACN (if applicable)	Nature of association

Addresses 6.

The addresses of persons named in this form are as follows:

Name	Address
Select Asset Management Limited	Level 10, 2 Bulletin Piace, Sydney NSW 2000

	. .
Signature	print name	David Yale		$\sim$	capacity Director 0 1 $date -7$
	sign here		-

This Annexure A of 1 page referred to in Form 604, Notice of initial substantial holder

Select Asset Management Limited ACN 101 103 011

Items 3 and 4

The substantial shareholder, Select Asset Management Limited holds Fat Prophets Australia Fund Limited ACN 111 772 359 as Manager of the Select Growth Portfolio ARSN 102 769 237 and the Select CEF Portfolio ARSN 119 534 048. Select Asset Management Limited has the power to disclose and exercise voting rights on behalf of investors in the Select Growth Portfolio and the Select CEF Portfolio.

Signed: $\frac{1}{\sqrt{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{1-\frac{1}{$