latest results

May 2008 - Estimates 

Share Class	Return
A - Class EUR	+0.28%
A - Class USD	+0.19%
B - Class EUR	+0.22%
B - Class USD	+0.13%

April 2008

Share Class	Return	NAV	YTD
A - Class EUR	+0.79%	EUR 193.23	-3.06%
A - Class USD	+0.68%	USD 188.10	-3.56%
B - Class EUR	+0.74%	EUR 176.93	-3.35%
B - Class USD	+0.62%	USD 183.05	-3.70%

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Investment Strategy and Objectives

One Multi Strategy Fund’s objective is to offer to shareholders a positive return of +7 to +12% in Euros or +10% to +13% in U.S. dollars with low volatility and with limited correlation to market cycles affecting the traditional equity and fixed income markets. The fund offers a diversified portfolio of stocks, bonds and derivative instruments managed by selected portfolio managers who individually have demonstrated excellent results. The perceived ability of each manager to control risk is of paramount importance.

The fund’s conservative hedge fund managers invest on both sides of the securities markets, both long and short, and use derivatives for hedging and arbitrage purposes so their performances tend to be less susceptible to market moves.