ONE MULTI-STRATEGY FUND LIMITED – Class BNovember 2005 Monthly CommentsThe equity rally that started in October and continued throughout November drove major indices to 4 ½-year highs. Economic data was encouraging; the 3Q05 GDP was revised from 3.8% to 4.3% and November was the best month for job creation (215,000 new jobs created) since July. On the Fed side, Janet Yellen, San Francisco Fed President, expressed views that more interest rate increases may lie ahead. Within this environment, OMS outperformed all major indices returning 2.09% and 2.01% for the Dollar class and Euro class respectively. Strategy Allocation for November 2005PIPE20%CTA Cash14% 2%Fixed IncomeArbitrageOptions 2%Arbitrage15%L/S Equity17%Fund of Funds / Multi- Distressed/HighStrategy Yi e l d11% 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)Jan 1.55 1.72 0.78 0.68 0.40 (0.36)Feb 4.57 2.80 0.30 0.34 0.11 1.05Feb 4.74 2.80 0.08 0.31 0.01 1.12Mar 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 0.69 0.94 0.52 1.15 (0.89) 0.81May 0.86 0.92 0.56 1.29 (0.82) 0.81Jun 1.03 0.06 (0.55) 0.20 0.38 1.52Jun 1.20 0.42 (0.45) 0.18 0.32 1.60Jul 0.35 0.05 (0.32) (0.56) (0.42) 1.16Jul 0 ...