ONE MULTI-STRATEGY FUND LIMITED – Class AAugust 2005 Monthly CommentsNews and events on many levels made August an eventful month. The Iraqi constitution problem, Iran’s unwillingness to shut down its nuclear program, and last, but not least, Hurricane Katrina introduced uncertainty into financial markets. Equity markets took a hit (S&P 500 down -0.9% MTD) and volatility, as measured by the VIX index, fell to 12.6%. The 10 year Treasury yield fell from 4.28% to 4.02% marking a two-month low. One Multi Strategy had a decent month returning +0.47% and 0.33% for USD and Euro classes respectively.Strategy Allocation for August 2005Fixed Cash Income0.00% Arbitrage2.62%CTA13.30%L/S Equity19.47%Options Arbitrage11.15%Distressed/HighYi e ldFund of 21.33%Funds / Multi-Strategy32.13%Class A – Euro – ISIN code: KY6751G1139Class A – USD - ISIN code: KYG6751G1055Monthly Net Returns (%) - EURO Class A Monthly Net Returns (%) - USD Class A2000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 2005Jan 1.51 1.72 0.94 0.79 0.56 (0.27)Jan 1.68 1.85 0.66 0.79 0.40 (0.30)Feb 4.88 2.80 0.44 0.45 0.19 1.15Feb 5.04 2.99 0.19 0.43 0.09 1.22Mar 1.61 1.17 0.64 (0.08) 0.53 0.07Mar 1.77 1.28 0.30 (0.21) 0.33 0.09Apr 2.49 0.43 0.63 1.15 (1.09) (0.93)Apr 2.65 0.88 0.60 1.13 (1.26) (0.87)May 0.78 1.02 0.57 1.38 (0.79) 0.87May 0.95 1.42 0.52 0.98 (0.79) 0.88Jun 1.14 0.27 (0.42) 0.27 0.44 1.65Jun 1.31 0.69 (0.44) 0.26 0.36 1.79Jul 0.42 0.19 (0.47) (0.51) (0.19) 1 ...