UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                 -------------

                                 SCHEDULE 13D
                                (Rule 13d-101)

              INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
              TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                 RULE 13d-2(a)

                  Under the Securities Exchange Act of 1934
                                (Amendment No.    )*



                             Fair Isaac Corporation
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    303250104
- --------------------------------------------------------------------------------
                                  (CUSIP Number)

                         Sandell Asset Management Corp.
                               40 West 57th Street
                                   26th Floor
                               New York, NY 10019
                  Attention: Richard Gashler, General Counsel
                                  212-603-5700

                                 With a Copy to:
                               Marc Weingarten, Esq.
                             Schulte Roth & Zabel LLP
                                 919 Third Avenue
                               New York, NY 10019
                                  212-756-2000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
                                Communications)

                                 June 28, 2007
                              ------------------
             (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.

                         (Continued on following pages)
                              (Page 1 of 14 Pages)

- --------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page. The information required on the
remainder of this cover page shall not be deemed to be "filed" for the purpose
of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 2 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              Castlerigg Master Investments Ltd.
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              WC
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              British Virgin Islands
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  2,155,500
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          2,155,500
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,155,500
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              3.8%
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              CO
- ------------- -----------------------------------------------------------------






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 3 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              Sandell Asset Management Corp.
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              AF
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              Cayman Islands
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  2,874,000
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          2,874,000
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,874,000
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              5.0 %
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              CO
- ------------- -----------------------------------------------------------------






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 4 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              Castlerigg International Limited
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              AF
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              British Virgin Islands
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  2,155,500
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          2,155,500
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,155,500
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              3.8%
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              CO
- ------------- -----------------------------------------------------------------






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 5 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              Castlerigg International Holdings Limited
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              AF
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              British Virgin Islands
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  2,155,500
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          2,155,500
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,155,500
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              3.8%
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              CO
- ------------- -----------------------------------------------------------------






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 6 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              Castlerigg Global Select Fund, Limited
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              AF
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              Cayman Islands
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  718,500
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          718,500
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              718,500
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              1.3%
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              CO
- ------------- -----------------------------------------------------------------






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 7 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              CGS, Ltd.
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              WC
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              Cayman Islands
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  718,500
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          718,500
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              718,500
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              1.3%
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              CO
- ------------- -----------------------------------------------------------------






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 8 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              Castlerigg GS Holdings, Ltd.
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              AF
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              Cayman Islands
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  718,500
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          718,500
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              718,500
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              1.3%
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              CO
- ------------- -----------------------------------------------------------------





- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 9 of 14 Pages
- ----------------------------                        ----------------------------

- ------------- -----------------------------------------------------------------
     1        NAME OF REPORTING PERSON

              Thomas E. Sandell
- ------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|  (b) |_|
- ------------- -----------------------------------------------------------------
     3        SEC USE ONLY
- ------------- -----------------------------------------------------------------
     4        SOURCE OF FUNDS

              AF
- ------------- -----------------------------------------------------------------
     5        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
              TO ITEMS 2(d) or 2(e)     |_|
- ------------- -----------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

              Sweden
- ------------- -----------------------------------------------------------------
 NUMBER OF    7           SOLE VOTING POWER

   SHARES                 0
              ----------- -----------------------------------------------------
BENEFICIALLY  8           SHARED VOTING POWER

   OWNED                  2,874,000
              ----------- -----------------------------------------------------
  BY EACH     9           SOLE DISPOSITIVE POWER

 REPORTING                0
              ----------- -----------------------------------------------------
  PERSON      10          SHARED DISPOSITIVE POWER
                          2,874,000
   WITH
- ------------- ----------- -----------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,874,000
- ------------- -----------------------------------------------------------------
     12       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES |_|
- ------------- -----------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

              5.0%
- ------------- -----------------------------------------------------------------
     14       TYPE OF REPORTING PERSON

              IN
- ------------- -----------------------------------------------------------------






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 10 of 14 Pages
- ----------------------------                        ----------------------------

ITEM 1.       SECURITY AND ISSUER

     This statement on Schedule 13D relates to the common stock, par value $0.01
per share (the "Common Stock"), of Fair Isaac Corporation, a Delaware
corporation (the "Issuer"). The principal executive offices of the Issuer are
located at: 901 Marquette Avenue, Suite 3200, Minneapolis, Minnesota 55402-3232.

ITEM 2.       IDENTITY AND BACKGROUND

     (a) The names of the persons filing this statement on Schedule 13D are
Castlerigg Master Investments Ltd., a British Virgin Islands company
("Castlerigg Master Investments"); Sandell Asset Management Corp., a Cayman
Islands exempted company ("SAMC"); Castlerigg International Limited, a British
Virgin Islands company ("Castlerigg International"); Castlerigg International
Holdings Limited, a British Virgin Islands company ("Castlerigg Holdings");
Castlerigg Global Select Fund, Limited, a Cayman Islands exempted company
("Castlerigg Global Select"); CGS, Ltd., a Cayman Islands exempted company
("CGS"); Castlerigg GS Holdings, Ltd., a Cayman Islands exempted company
("CGSH"); and Thomas E. Sandell ("Sandell"). Castlerigg Master Investments,
SAMC, Castlerigg International, Castlerigg Holdings, Castlerigg Global Select,
CGS, CGSH and Sandell are collectively referred to herein as the "Reporting
Persons". The filing of this statement on Schedule 13D and any future amendments
hereto, and the inclusion of information herein and therein, shall not be
construed as an admission that any of the Reporting Persons, for the purpose of
Section 13(d) of the Act or otherwise, is the beneficial owner of any shares of
Common Stock in which such person does not have a pecuniary interest.

     (b) The principal business address for each of Castlerigg Master
Investments, Castlerigg International and Castlerigg Holdings is c/o Citco Fund
Services (Curacao) N.V., Kaya Flamboyan 9, P.O. Box 812, Curacao, Netherlands
Antilles. The principal business address for Castlerigg Global Select, CGS and
CGSH is Walker House, P.O. Box 265GT, Mary Street, George Town, Grand Cayman,
Cayman Islands. The principal business address for each of SAMC and Sandell is
c/o Sandell Asset Management Corp., 40 West 57th Street, 26th Floor, New York,
New York 10019.

     (c) Castlerigg International is a private investment fund that is primarily
engaged in the business of investing in securities and other investment
opportunities. Castlerigg International invests substantially all of its assets
indirectly in Castlerigg Master Investments, a master trading vehicle that is
primarily engaged in the business of investing in securities and other
investment opportunities. Castlerigg Holdings is the controlling shareholder of
Castlerigg Master Investments and Castlerigg International is the controlling
shareholder of Castlerigg Holdings. Castlerigg Global Select is a private
investment fund that is primarily engaged in the business of investing in
securities and other investment opportunities. Castlerigg Global Select invests
substantially all of its assets indirectly in CGS, a master trading vehicle that
is primarily engaged in the business of investing in securities and other
investment opportunities. CGSH is the controlling shareholder of CGS and
Castlerigg Global Select is the controlling shareholder of CGSH. SAMC is the
discretionary investment manager of Castlerigg International, Castlerigg
Holdings, Castlerigg Master Investments, Castlerigg Global Select, CGS and CGSH.
Sandell is the controlling shareholder, Chief Executive Officer and Portfolio
Manager of SAMC. Information regarding the directors, executive officers and/or
control persons of Castlerigg Master Investments, SAMC, Castlerigg
International, Castlerigg Holdings, Castlerigg Global Select, CGS and CGSH
(collectively, the "Instruction C Persons") is set forth in Appendix III
attached hereto.





- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 11 of 14 Pages
- ----------------------------                        ----------------------------

     (d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).

     (e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.

     (f) Castlerigg Master Investments, Castlerigg International and Castlerigg
Holdings are British Virgin Islands companies. SAMC, Castlerigg Global Select,
CGS and CGSH are Cayman Islands exempted companies. Sandell is a citizen of
Sweden.






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 12 of 14 Pages
- ----------------------------                        ----------------------------

ITEM 3.       SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

     Funds for the purchase of the shares of Common Stock reported herein to be
held by Castlerigg Master Investments and CGS were derived from their respective
general working capital and margin account borrowings made in the ordinary
course of business. A total of approximately $106,807,167 million was paid to
acquire the shares of Common Stock reported herein.

ITEM 4.       PURPOSE OF TRANSACTION

            The Reporting Persons acquired the shares of Common Stock for
investment purposes in the ordinary course of business because they believed the
shares to be undervalued in the market.

            On June 29, 2007, SAMC sent a letter to the Chief Executive Officer
of the Issuer expressing support for his efforts to improve the Issuer's
performance but cautioning that operational turnarounds can be fraught with risk
and are sometimes better attempted as a part of a larger organization or in a
private ownership context. Further, SAMC urged the Board of Directors to (i)
closely monitor the progress of the turnaround and hold management to clearly
defined milestones in a reasonable timeframe, (ii) immediately engage a
financial advisor to review the Issuer's strategic alternatives and (iii)
continue to aggressively repurchase shares at the current depressed valuation
level. A copy of the letter is attached hereto as Exhibit A and incorporated
herein by reference. A copy of a related press release issued by SAMC on June
29, 2007 is attached hereto as Exhibit B and is incorporated herein by
reference.

            Except as described herein, none of the Reporting Persons has any
plans or proposals which relate to, or could result in, any of the matters
referred to in paragraphs (a) through (j), inclusive, of the instructions to
Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to
time, review or reconsider their position and/or change their purpose and/or
formulate plans or proposals with respect thereto. Depending on the Issuer's
response to the June 29 Letter, among other things, the Reporting Persons may
consider proposing a slate of nominees for election as directors at the Issuer's
next annual meeting. Representatives of SAMC have engaged and may in the future
engage in discussions with members of the Board and management as well as with
other shareholders of the Issuer and other interested parties regarding the
suggestions contained in the June 29 Letter and other matters of interest to the
Issuer's shareholders.

            Although none of the Reporting Persons has any specific plan or
proposal to acquire or dispose of the shares of Common Stock, each Reporting
Person at any time and from time to time may (i) acquire additional shares or
securities of the Issuer, (ii) dispose of any or all of its securities of the
Issuer or (iii) enter into privately negotiated derivative transactions with
institutional counterparties to hedge the market risk of some or all of its
positions in the securities of the Issuer, depending upon an ongoing evaluation
of the investment in such securities, prevailing market conditions, other
investment opportunities, liquidity requirements of the Reporting Persons,
and/or other investment considerations.






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 13 of 14 Pages
- ----------------------------                        ----------------------------

ITEM 5.       INTEREST IN SECURITIES OF THE ISSUER

     (a) Each of Castlerigg Master Investments, SAMC, Castlerigg International,
Castlerigg Holdings and Sandell may be deemed to beneficially own the 2,155,500
shares of Common Stock held by Castlerigg Master Investments, representing
approximately 3.8% of the outstanding shares of Common Stock. Each of CGS, CGSH,
Castlerigg Global Select, SAMC and Sandell may be deemed to beneficially own the
718,500 shares of Common Stock held by CGS, representing approximately 1.3% of
the outstanding shares of Common Stock. The Reporting Persons may be deemed to
be a "group" by virtue of the matters discussed in Item 4, which "group" may be
deemed to beneficially own an aggregate of 2,874,000 shares of Common Stock,
representing approximately 5.0% of the outstanding shares of Common Stock. The
percentages used herein are based upon the 57,361,506 shares of Common Stock
reported to be outstanding as of April 30, 2007 by the Issuer in its Quarterly
Report on Form 10-Q for the period ended March 31, 2007, filed with the
Securities and Exchange Commission on May 7, 2007.

     (b) None of the Reporting Persons has sole power to vote or direct the vote
or sole power to dispose or direct the disposition of shares of Common Stock.
Each of Castlerigg Master Investments, SAMC, Castlerigg International,
Castlerigg Holdings and Sandell has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of the 2,155,500 shares of
Common Stock held by Castlerigg Master Investments. Each of CGS, CGSH,
Castlerigg Global Select, SAMC and Sandell has shared power to vote or direct
the vote and shared power to dispose or direct the disposition of the 718,500
shares of Common Stock held by CGS.

     (c) Information concerning transactions in the shares of Common Stock
effected by the Reporting Persons during the past sixty days is set forth in
Appendix I hereto.

     (d) No person other than Castlerigg Master Investments, SAMC, Castlerigg
International, Castlerigg Holdings and Sandell is known to have the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the shares of Common Stock held by Castlerigg Master
Investments. No person other than CGS, CGSH, Castlerigg Global Select, SAMC and
Sandell is known to have the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of, the shares of Common Stock
held by CGS.

     (e) Not applicable.

ITEM 6.       CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
              RESPECT TO SECURITIES OF THE ISSUER

     The Reporting Persons may from time to time enter into stock loan
agreements with one or more counterparties in the ordinary course of business
pursuant to which the Reporting Persons may lend their shares of Common Stock
subject to recall at their discretion.

     Except as otherwise set forth herein, the Reporting Persons do not have any
contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.

ITEM 7.       MATERIAL TO BE FILED AS EXHIBITS

     The following documents are filed as appendices and exhibits:

Appendix I:   Transactions Effected During the Past Sixty Days

Appendix II:  Joint Filing Agreement

Appendix III: Information Regarding the Instruction C Persons

Appendix IV:  Powers of Attorney

Exhibit A:    Letter to Issuer's Chief Executive Officer dated June 29, 2007

Exhibit B:    Press release issued by Sandell Asset Management Corp. on
              June 29, 2007






- ----------------------------                        ----------------------------
CUSIP No.  303250104            SCHEDULE 13D        Page 14 of 14 Pages
- ----------------------------                        ----------------------------

                                    Signature

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

     Dated: June 29, 2007

            CASTLERIGG MASTER INVESTMENTS LTD.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            SANDELL ASSET MANAGEMENT CORP.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Chief Executive Officer


            CASTLERIGG INTERNATIONAL LIMITED

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CASTLERIGG INTERNATIONAL HOLDINGS LIMITED

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CASTLERIGG GLOBAL SELECT FUND LIMITED

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CGS, LTD.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CASTLERIGG GS HOLDINGS, LTD.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            /s/ Thomas E. Sandell
            ---------------------
            Thomas E. Sandell





                                   APPENDIX I
                TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS

(All transactions were regular market transactions effected on the New York
Stock Exchange)


- -------------   ---------------                         ----------    ----------
Date of         Person                                  Amount of      Price per
transaction     effecting                               securities       share
                transaction                             Bought/        or unit
                                                        (Sold)
- -------------   ---------------                         ----------     ---------

06/20/07        Castlerigg Master Investments Ltd.        37,500          37.23
06/20/07        Castlerigg Master Investments Ltd.        75,000          37.08
06/20/07        CGS                                       12,500          37.23
06/20/07        CGS                                       25,000          37.08
06/22/07        Castlerigg Master Investments Ltd.        75,000          36.87
06/22/07        CGS                                       25,000          36.87
06/25/07        Castlerigg Master Investments Ltd.        75,000          37.24
06/25/07        CGS                                       25,000          37.24
06/26/07        Castlerigg Master Investments Ltd.        75,000          37.26
06/26/07        CGS                                       25,000          37.26
06/27/07        Castlerigg Master Investments Ltd.        75,000          37.52
06/27/07        CGS                                       25,000          37.52
06/28/07        Castlerigg Master Investments Ltd.         6,525          37.40
06/28/07        Castlerigg Master Investments Ltd.        12,225          37.46
06/28/07        Castlerigg Master Investments Ltd.        75,000          37.38
06/28/07        Castlerigg Master Investments Ltd.        75,000          37.38
06/28/07        CGS                                        4,075          37.46
06/28/07        CGS                                        2,175          37.40
06/28/07        CGS                                       25,000          37.38
06/28/07        CGS                                       25,000          37.38






                                   APPENDIX II
                             JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D may be filed on behalf of each of
the undersigned without the necessity of filing additional joint filing
agreements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning him or it contained herein and therein, but shall not be
responsible for the completeness and accuracy of the information concerning the
others, except to the extent that he or it knows or has reason to believe that
such information is inaccurate.


     Dated: June 29, 2007

            CASTLERIGG MASTER INVESTMENTS LTD.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            SANDELL ASSET MANAGEMENT CORP.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Chief Executive Officer


            CASTLERIGG INTERNATIONAL LIMITED

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CASTLERIGG INTERNATIONAL HOLDINGS LIMITED

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CASTLERIGG GLOBAL SELECT FUND LIMITED

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CGS, LTD.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            CASTLERIGG GS HOLDINGS, LTD.

            By: /s/ Thomas E. Sandell
                ---------------------
                Thomas E. Sandell, Director


            /s/ Thomas E. Sandell
            ---------------------
            Thomas E. Sandell



                                  Appendix III
                 Information Regarding the Instruction C Persons

Castlerigg Master Investments, SAMC, Castlerigg International, Castlerigg
Holdings, CGS, CGSH and Castlerigg Global Select have no executive officers or
directors other than as follows:

Sandell serves as a director of Castlerigg Master Investments, SAMC, Castlerigg
International, Castlerigg Holdings, CGS, CGSH and Castlerigg Global Select and
as an executive officer of Castlerigg International and SAMC.

Daniel Mignon serves as a director of Castlerigg Master Investments, Castlerigg
International, Castlerigg Holdings, CGS, CGSH and Castlerigg Global Select.

InterCaribbean Services Ltd. serves as a director of Castlerigg Master
Investments, Castlerigg International and Castlerigg Holdings.

Timothy O'Brien and Richard Gashler serve as executive officers of SAMC.

Hilmi Unver serves as a director of CGS, CGSH and Castlerigg Global Select.

To the best of the Reporting Persons' knowledge, none of the Instruction C
Persons during the last five years has been convicted in a criminal proceeding
(excluding traffic violations or other similar misdemeanors) or been a party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws. To the best of the Reporting Persons'
knowledge, except as set forth in this statement on Schedule 13D, none of the
Instruction C Persons owns any shares of Common Stock.

- ----------------- -------------------- ---------------------- -------------------- Name Principal Address Citizenship / Occupation Place of Organization - ----------------- -------------------- ---------------------- -------------------- Sandell See Item 2 See Item 2 See Item 2 - ----------------- -------------------- ---------------------- -------------------- Mignon Executive of an Le Prince de Galles Belgium investment manager 10 Avenue de Grande- Bretagne MC-98000 Monte-Carlo MONACO - ----------------- -------------------- ---------------------- -------------------- InterCaribbean Fund Administrator c/o Citco BVI Limited Curacao, Services Ltd. Citco Building Netherlands Wickhams Cay Antilles PO Box 662 Road Town, Tortola British Virgin Islands - ----------------- -------------------- ---------------------- -------------------- O'Brien Chief Financial 40 West 57th Street, United States Officer of 26th Floor SAMC New York, New York 10019 - ----------------- -------------------- ---------------------- -------------------- Gashler General Counsel 40 West 57th Street, United States of SAMC 26th Floor New York, New York 10019 - ----------------- -------------------- ---------------------- -------------------- Unver Portfolio Manager 98 rue de Saint-Jean Switzerland case postale 5240 CH-1211 Geneve 11 Switzerland
Appendix IV POWERS OF ATTORNEY POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that Castlerigg Master Investments Ltd., whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 CASTLERIGG MASTER INVESTMENTS LTD. By: Sandell Asset Management Corp. its Investment Manager By: /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell Chief Executive Officer POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that Sandell Asset Management Corp., whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 SANDELL ASSET MANAGEMENT CORP. By: /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell Chief Executive Officer POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that Castlerigg International Limited, whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 CASTLERIGG INTERNATIONAL LIMITED By: Sandell Asset Management Corp. its Investment Manager By: /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell Chief Executive Officer POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that Castlerigg International Holdings Limited, whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 CASTLERIGG INTERNATIONAL HOLDINGS LIMITED By: Sandell Asset Management Corp. its Investment Manager By: /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell Chief Executive Officer POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that Castlerigg Global Select Fund, Limited, whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 CASTLERIGG GLOBAL SELECT FUND, LIMITED By: Sandell Asset Management Corp. its Investment Manager By: /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell Chief Executive Officer POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that CGS, Ltd., whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 CGS, LTD. By: Sandell Asset Management Corp. its Investment Manager By: /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell Chief Executive Officer POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that Castlerigg GS Holdings, Ltd., whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 CASTLERIGG GS HOLDINGS, LTD. By: Sandell Asset Management Corp. its Investment Manager By: /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell Chief Executive Officer POWER OF ATTORNEY ----------------- KNOW ALL MEN BY THESE PRESENTS, that Thomas E. Sandell, whose signature appears below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil French as his attorney-in-fact and agent for the undersigned solely for the purpose of executing reports required under Sections 13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the same, with exhibits and appendices thereto, and other documents in connection therewith, with the Securities and Exchange Commission, thereby ratifying and confirming all that each said attorney-in-fact may do or cause to be done by virtue hereof. Dated: June 29, 2007 /s/ Thomas E. Sandell ------------------------------ Thomas E. Sandell
                            SANDELL ASSET MANAGEMENT
                             CASTLERIGG INVESTMENTS



June 29, 2007


Fair Isaac Corporation
901 Marquette Avenue
Suite 3200
Minneapolis, MN 55402-3232
Attn: Dr. Mark Greene
Fax 612-758-6002


Dear Mark,

Thank you for taking the time to meet with our team at your InterACT conference
in San Francisco. As you are aware, Sandell Asset Management Corp. and certain
funds managed by it, are the beneficial owner of 5.0% of Fair Isaac's ("FIC")
common stock. As such, our interests in maximizing the value of the company's
assets should be aligned with both management and the board.

We were encouraged by management's plan to improve operating and financial
results as outlined in your presentation and statements during the meeting and
we support your efforts to bridge the clear disconnect between the quality of
the company's products and its financial performance. However, we recognize that
there is a lot of work to be done, and our fear is that, given prior
management's abject failure at maximizing the value of the company's valuable
assets, underperformance may have become endemic at Fair Isaac and that more
dramatic steps may be necessary.

It has become clear to us that the board made the strategic decision at some
point earlier in the year to forego opportunities to sell the company to either
strategic or financial buyers, instead choosing to hire a new CEO to turn the
company around operationally as a public company. In our experience, extensive
corporate turnarounds are fraught with risk, and we feel strongly that such
actions may best be undertaken as a part of a larger organization or in a
private ownership context. You and your team appear to have a plan to improve
results and we expect that the board will monitor the progress of a turnaround
closely by establishing concrete benchmarks and milestones (such as specific
revenue growth and margin goals) for management within a well-defined and
reasonable timeframe. In the event that management does not achieve these goals
and value is not being created, we feel strongly that the board should initiate
a process to sell the company in whole or in part. We caution the board against
allowing too much time to pass before taking action if the company's financial
performance does not improve, and suggest that the company actively evaluate its
alternatives in the meantime. Specifically, we recommend that the board engage a




June 29, 2007
Page 2


financial advisor to study the following in order to determine which
alternatives represent the best risk/reward versus the status quo for
shareholders:

     1.   A sale of Fair Isaac in its entirety to a strategic or financial buyer
     2.   A separation and sale of the scoring, strategy machines and analytics
          software divisions
     3.   A leveraged recapitalization as a public company

While the operational turnaround is in process, there is no reason for the board
not to be open to incoming expressions of interest from potential buyers or
their financial advisors.

We also encourage the company to be aggressive in its existing stock repurchase
program and extend that program as appropriate. Our research indicates that
continued buybacks would be accretive and we think a reasonable amount of
leverage is appropriate based on the cash flow strength of the company's
businesses.

As a significant FIC shareholder, we are hopeful that you will be successful in
your efforts and that growth and consistent profitability will return to Fair
Isaac. That hope is tempered by the company's poor history over the last five
years of creating value, a tradition continued with the recently released
results that reported revenue and margin pressures in essentially all of the
company's segments, including disappointing guidance for revenue declines and
significantly reduced earnings.

Consistent with our own duties to our investors, if we feel that the company is
not gaining positive traction or that the board is unduly resistant to
approaches by potential buyers, we will seek changes for the benefit of all
shareholders.

We look forward to continued discussion on enhancing value at Fair Isaac and can
be reached at 212-603-5700 at your convenience.

Sincerely,



Thomas E. Sandell
Chief Executive Officer
Sandell Asset Management


FOR IMMEDIATE RELEASE                                             PRESS RELEASE


                 SANDELL SEEKS VALUE MAXIMIZATION AT FAIR ISAAC


JUNE 29TH, 2007 (NYSE:FIC)-Sandell Asset Management Corp. ("Sandell") sent a
letter today to Dr. Mark N. Greene, Chief Executive Officer of Fair Isaac
Corporation. Sandell also disclosed beneficial ownership of 5.0% of shares of
Fair Isaac's common stock in a Schedule 13D filed with the Securities and
Exchange Commission today. In the letter, Sandell expressed support for Dr.
Greene's efforts to improve the operating and financial performance of the
Company, but also cautioned that operational turnarounds can be fraught with
risk and are sometimes better attempted as a part of a larger organization or in
a private ownership context. Further, Sandell urged the Board of Directors to
take the following actions:

     o    Closely monitor the progress of the turnaround and hold management to
          clearly defined milestones in a reasonable timeframe.
     o    Immediately engage a financial advisor to review the best
          risk-adjusted alternatives for Fair Isaac and its shareholders
          including a sale of the Company in whole or in part.
     o    Continue to aggressively repurchase shares at the current depressed
          valuation levels.

"Fair Isaac has excellent products and strong market positions, but there is a
clear disconnect between the value that these assets should be able to command
in the marketplace and the current value implied by the share price. It is
incumbent on management and the board to maximize the value of these assets,
either through improved operational and financial performance or through a sale
to a strategic or financial buyer," said Thomas E. Sandell, Chief Executive
Officer of Sandell Asset Management Corp. "As the process continues, we hope to
work constructively with Fair Isaac's management and board to improve the value
for all shareholders."



For further information, contact:

Mr. Thomas E. Sandell
Sandell Asset Management Corp.
(212) 603-5700

About Sandell Asset Management Corp.

Sandell Asset Management Corp. is a multi-billion dollar global investment
management firm, founded by Thomas E. Sandell, that focuses on global corporate
events and restructurings throughout North America, Continental Europe, the
United Kingdom, Latin America and the Asia-Pacific theatres. Sandell frequently
will take an "active involvement" in facilitating financial or organization
improvements accruing to the benefit of investors.