Monthly Report 

1^st Aug 2006  – 31st August 2006

For those who have been waiting for this report, I apologise for the delay in getting it out.  I'll comment on the reasons for this in my September 2006 report.

As stated in the interim report, this month came in at -1.7%.  Performance soured around mid July, and I haven't  seen any evidence yet of recovery. As a consequence, I traded very conservatively throughout the month.