2003 12 - ONE EURO Class B Euro dolar - Monthly comment - BB

ONE MULTI-STRATEGY FUND LIMITED – Class BNovember 2003 Monthly CommentsFor the month, the U.S. equity markets were positive with the S&P 500 rallying 5.08% and the Nasdaq up 2.20%. The equity volatility index (VIX) has fallen to levels not seen since 1996 while actual volatility has also collapsed trading at 11%. In the bond market, the 10-year Treasury note continues to trade in a narrowrange bounded by 4.18% on the low side and 4.40% on the upside. Hedge funds returns were moderate during the month. ONE Multi-Strategy had a solid month regardless of the market conditions, its performance led by distressed debt and multi-strategies investments.stStrategy Allocation for December 1 2003Cash Derivative and Convertible arbitrage 4% Capital Structure14%27%Debt L/S3%Ma cro Equity L/S Deep value and 9% 24%Distressed19%Class B – USD – ISIN code: KYG6751G1394 Class B – Euro – ISIN code: KYG6751G1212Monthly Net Returns (%) - USD Class B Monthly Net Returns (%) - EURO Class B 2000 2001 2002 2003 2000 2001 2002 2003Jan 1.55 1.72 0.78 0.68 Jan1.381.720.880.64Feb 4.74 2.80 0.08 0.31 Feb45728003003Mar 1.48 1.17 0.41 (0.17)Mar 1.64 1.17 0.26 (0.26)Apr 2.48 0.80 0.50 0.96 Apr2.310.280.511.01May 0.86 0.92 0.56 1.29 May0690940215Jun 1.20 0.42 (0.45) 0.18 Jun 1.3 0.06 (0.55) 0.20Jul 0.35 0.05 (0.32) (0.56)Jul 0.52 (0.03) (0.50) (0.63)Aug 1.33 0.68 0.73 (1.96)Aug 1.49 0.87 0.61 (1.97)Sep 2.23 (0.62) (2.80) 1.07 Sep 2.06 (1.01) (2.23) 1.29Oct 0.71 0.55 (0.25) 0 ...