I have been asked, on behalf of the Trustees, to formally write and thank you for the informative investment report as tabled at their 8 August meeting.

This was timely given the recent and ongoing turmoil in world stock-markets and it was good for the Trustees to both know what had been the effect on the monies invested and your thoughts as to the prospects for Real Return funds in the current market conditions.

Your continued support of the Trust's work as Independent Financial Advisor is much appreciated.