ONE MULTI-STRATEGY FUND LIMITED – Class BApril 2005 Monthly CommentsDue to a decline in the majority of world equity markets as well as a continuing crisis in convertible securities, hedge funds experienced more disappointing results during April. While the HFRI Fund of Fund Diversified Index lost 1.59%, One Multi Strategy fund endured a -0.99% for the Euro class and -0.93% for the Dollar class. The S&P 500 lost 1.89% and the 10-year Treasury yields fell from 4.64% in March down to 4.21% in April. The largest negative contributor was long short equity. Strategy Allocation for April 2005ConvertibleCashFixed arbitrage0.24%Inco me2.53%CTA Arbitrage12.51% 2.47%L/S Equity18.43%Options Arbitrage19.57%Distressed/HighFund of Yi e ldFunds / Multi- 20.06%Strategy24.19%Class B – USD - ISIN code: KYG6751G1394 Class B– Euro – ISIN code: KYG6751G1212Monthly Net Returns (%) - EURO Class B Monthly Net Returns (%) - USD Class B2000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 2005Jan 1.38 1.72 0.88 0.64 0.49 (0.38)Jan1.551.720.780.680.40(0.36)Feb 4.57 2.80 0.30 0.34 0.11 1.05Feb4.742.800.0.310.11.12Mar 1.48 1.17 0.41 (0.17) 0.42 0.01Mar 1.64 1.17 0.26 (0.26) 0.24 0.03Apr 2.31 0.28 0.51 1.01 (1.10) (0.99)Apr 2.48 0.80 0.50 0.96 (1.39) (0.93)May 0.86 0.92 0.56 1.29 (0.82) May 0.69 0.94 0.52 1.15 (0.89) Jun 1.20 0.42 (0.45) 0.18 0.32 Jun 1.03 0.06 (0.55) 0.20 0.38 Jul 0.52 (0.03) (0.50) (0.63) (0.57) Jul 0.35 0.05 (0.32) (0.56) (0.42) Aug 1.49 0.87 0 ...