WAM RESEARCH LIMITED — Net Asset Value 2007

Jul 10, 2007

WILSON INVESTMENT FUND LIMITED

(ACN 100 504 541)

==> picture [152 x 105] intentionally omitted <==

WILSON INVESTMENT FUND LTD (WIL) JUNE 2007 INVESTMENT UPDATE & NTA

In the 12 month period to 30 June 2007 WIL on average held about 33.7% of its funds in fixed interest, cash and hybrids and the remaining 66.3% was held in equities. The total portfolio increased by 30.73% over that period.

The NTA before tax as at 30 June 2007 was 141.43 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 30 June 2007 was 141.27 cents per share.

WIL is a long-term investor and does not intend disposing of its total portfolio. If estimated tax on unrealised portfolio gains were to be deducted, the above figure would be 129.40 cents per share.

hare.
NTA before tax	141.43c*
NTAafter tax and before tax on unrealised gains	141.27c*
NTA after tax (including unrealised gains tax)	129.40c*

• After the payment of a final dividend of 2.75 cents a share fully franked, paid on 27 April 2007.

DIVIDENDS

The interim dividend of 2.75 cents a share fully franked was paid on the 27 April 2007.

MARKET OUTLOOK

The Australian sharemarket denied all the sceptics and bears to post a stunning 30.3% gain on the Accumulation index for the year to 30 June, 2007. This took the gain on the All Ordinaries Accumulation index since the current bull market started in March 2003 to 171.5%.

Interestingly, the increase in share prices has accelerated during the past 12 months. For the first time, however, much of the increase in the last year has been because investors are paying more for earnings. This is especially so among industrial stocks. In other words investors are prepared to pay more and take on more risk. As a result we have become increasingly cautious.

PORTFOLIO STRUCTURE

PORTFOLIO STRUCTURE
	As at31 May 2007			As at3 0June 2007
Investment Type	$m	%		$m	%
Listed Equities	141.73	83.30%		143.88	83.80%
Listed Hybrids	14.76	8.68%		14.95	8.71%
Fixed Interest and Cash	13.64	8.02%		12.86	7.49%
Total Assets	170.13	100.00 %		171.69	100.00 %

For further information please contact:

Mr Geoff Wilson on (02) 9247 6755 / 0412 242 712 Mr Matthew Kidman on (02) 9258 4938 / 0417 069 578 Website: www.wilsonassetmanagement.com.au

LEVEL ELEVEN 139 MACQUARIE ST SYDNEY NSW 2000 TEL (02) 9247 6755 FAX 02) 9247 6855

PORTFOLIO STRUCTURE continued

PORTFOLIO STRUCTURE continued
	As at31 May 2007			As at30 June 2007
	No.			No.
Total no. of ord shares on issue	120,955,444			120,955,444

As at 30 June 2007 the listed securities were as follows:

Listed Debt Securities Qty ANZ Ltd 5.85% Conv Pref (ANZPA) 15,000 Bank of Queensland Ltd Prefs (BOQPB) 70,000 Brickworks Ltd Prefs (BKWPA) 8,000 Futuris Corp Ltd 7% Conv Notes (FCLGA) 297,482 Leighton Holdings Ltd Conv Notes (LEIGA) 8,000 Nylex Ltd Unsec Conv Note (NLXG) 17,304 Seven Network Ltd Non-red Prefs (SEVPC) 15,000 Toll Holdings Ltd Reset Prefs (TOLPA) 5,000 Willmott Forests Ltd Prefs (WFLPA) 14,000 Capital Goods Nylex Ltd (NLX) 117,543 Nylex Ltd Options (NLXO) 54,384 Reece Australia Ltd 5,523 Commercial Services & Supplies CreditCorp Group Ltd (CCP) 959,082 McMillan Shakespeare Ltd (MMS) 750,000 SAI Global Ltd (SAI) 675,000 Consumer Services Sydney Attractions Group Ltd (SAQ) 183,616 Tabcorp Holdings Ltd (TAH) 200,000 Tattersalls Ltd (TTS) 611,350 Media Infochoice Ltd (ICH) 2,166,560 Photon Group Ltd (PGA) 1,033,000 Prime Television Ltd (PRT) 381,291 Sth Cross Broadcasting (Aust) Ltd(SBC) 259,945 Retailing AP Eagers Ltd (APE) 322,454 ARB Corporation Ltd (ARP) 580,864 Signature Brands Ltd (SBL) 793,804 Food & Staples Retailing Metcash Ltd (MTS) 950,000 Software & Services Rattoon Holdings Ltd (RTN) 2,508,477	Market Value 1,521,000 7,079,100 817,600 827,000 816,880 31,338 1,529,700 1,022,500 1,302,840 14,947,958 153,394 17,675 154,920 325,989 11,796,709 3,982,500 2,571,750 18,350,959 1,092,515 3,430,000 2,873,345 7,395,860 324,984 6,352,950 1,418,403 4,159,120 12,255,457 4,836,810 2,497,715 32,546 7,367,071 4,275,000 4,275,000 1,028,476 **1,028,476 **	Food Beverage & Tobacco Qty Cockatoo Ridge Wines Ltd (CKR) 8,108,328 Graincorp Ltd (GNC) 209,714 Select Harvest Ltd (SHV) 343,241 Pharmaceuticals & Biotechnology Sigma Pharmaceuticals Ltd (SIP) 884,120 Banks Bendigo Bank Ltd (BEN) 495,463 Mortgage Choice Ltd (MOC) 369,715 National Aust Bank Ltd (NAB) 100,000 Rock Building Society Ltd (ROK) 57,285 Westpac Banking Corporation 120,000 Wide Bay Australia Ltd (WBB) 381,760 Health Care Equip & Services Aevum Ltd (AVE) 1,324,953 Primary Health Care Ltd (PRY) 300,191 Pro Medicus Ltd (PME) 1,075,000 Diversified Financials ASXLtd (ASX) 302,000 Babcock & Brown Ltd (BNB) 100,000 Clime Investment M ment Ltd (CIW) 3,836,143 CVC Ltd (CVC) 750,000 Equity Trustees Ltd (EQT) 71,000 IOOF Holdings Ltd (IFL) 327,000 Mariner Financial Ltd (MFI) 2,560,000 MMC Contrarian Ltd (MMA) 3,743,305 NSX Ltd (NSX) 1,085,000 Perpetual Ltd (PPT) 40,000 Treasury Group Ltd (TRG) 98,766 Insurance Calliden Group Ltd (CIX) 6,000,000 Tower Australia Group Ltd (TAL) 1,689,950 Tower Ltd (TWR) 953,156 Real Estate Challenger Wine Trust (CWT) 2,453,250 Transportation Viking Industries Ltd (VKI) 500,000 TOTAL PORTFOLIO VALUE	Market Value 1,216,249 2,935,996 3,981,596 8,133,841 1,874,334 1,874,334 7,531,038 1,168,299 4,102,000 301,319 3,079,200 4,581,120 20,762,976 4,703,583 3,812,426 1,451,250 9,967,259 14,707,400 3,208,000 4,603,372 1,402,500 2,203,130 3,332,130 1,971,200 3,893,037 477,400 3,140,400 1,532,848 40,471,417 3,000,000 3,886,885 2,068,349 8,955,234 2,171,126 2,171,126 542,500 542,500 ** 158,825,455 **

For further information please contact:

Mr Geoff Wilson on (02) 9247 6755 / 0412 242 712 Mr Matthew Kidman on (02) 9258 4938 / 0417 069 578 Website: www.wilsonassetmanagement.com.au

LEVEL ELEVEN 139 MACQUARIE ST SYDNEY NSW 2000 TEL (02) 9247 6755 FAX 02) 9247 6855