The invariant subspace
structure of an operator algebra L+ is completely determined. The non-selfadjoint
algebra is constructed from a cyclic transformation acting on a finite set. There is a
distinguished (finite) set of invariant subspaces of L+ which has been identified
elsewhere. These subspaces are used as canonical models; all other invariant
subspaces for L+ are described in terms of these subspaces. Uniqueness of this
representation is also discussed.