ONE MULTI-STRATEGY FUND LIMITED – Class BJune 2005 Monthly CommentsOne Multi Strategy had a strong month in June. The Dollar class was up 1.60% and the Euro class was up 1.52%. The leading contributors to the performance were long short equity and distressed high yield trading. An overall recovery may be underway; stocks and corporate bonds rallied and fear is near its lowest point; as measured by the VIX, volatility was at 12.04%. On June 30 2005, the Fed raised the federal funds rate to 3.25% and equity markets closed the month flat (the S&P 500 is 0.14% MTD and -0.81% YTD). Hedge funds had a generally decent month; the S&P hedge fund index was up 0.90%. Strategy Allocation for June 2005Cash ConvertibleFixed 0.00% arbitrageIncome2.34%ArbitrageCTA2.33%11.83%L/S Equity17.32%Options Arbitrage18.65%Distressed/HighFund of Yi e ldFunds / Multi- 18.96%Strategy28.58%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) 0.81 May 0.69 0.94 0.52 1.15 (0.89) 0.81Jun 1.20 0.42 (0.45) 0.18 0.32 1.60 Jun 1 ...