Half Yearly Report

RNS Number : 9243R

BlueCrest AllBlue Fund Ltd

31 August 2010

BlueCrest AllBlue Fund Limited

Half - yearly Financial Report

for the period ended 30 June 2010

(Unaudited)

Registered in Guernsey 44704

BlueCrest AllBlue Fund Limited (the "Company")
CONTENTS
About the Company	1
Investment Objective and Policy	1
Chairman's Statement	8
Report by the Manager of AllBlue Limited	10
Interim Management Report	21
Statement of Comprehensive Income	23
Statement of Financial Position	27
Statement of Changes in Net Assets Attributable to Shareholders	33
Statement of Cash Flows	35
Notes to the Financial Statements	40
Schedule of Investments	66
Shareholder Information	68
Directors and Service Providers	69

BlueCrest AllBlue Fund Limited (the "Company")

ABOUT THE COMPANY

BlueCrest AllBlue Fund Limited is a self managed, authorised closed-ended investment company registered and incorporated in Guernsey with an unlimited life. The Company was launched in May 2006 as Close AllBlue Fund Limited when the Sterling Shares, Euro Shares and US Dollar Shares were admitted to trading on the AIM Market. On 13 June 2008, the Company changed its name to BlueCrest AllBlue Fund Limited. On 19 June 2008, the Company cancelled the trading of its Ordinary Shares on AIM and the Ordinary Shares were admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities.

During the period under review in this report the Company held a C share raising which closed on 17 June 2010 and raised approximately £348.6 million comprising £309.5 million in respect of Sterling C Shares, EUR8.1 million in respect of Euro C Shares and US$47.8 million in respect of US Dollar C Shares.

As at 26 August 2010, the last practicable date prior to the publication of this report, the Company's total issued share capital consisted of 526,452,940 Ordinary Shares, of which 464,095,773 were designated as Sterling Shares (of which 450,000 Sterling Shares were held in treasury), 9,789,071 as Euro Shares and 52,568,096 as US Dollar Shares. As at 30 July 2010, the latest practicable date prior to the publication of this report, the unaudited aggregate net assets of the Company (in Sterling terms) were approximately £812.45 million, equivalent to an unaudited NAV per Sterling Share of £1.6121, per Euro Share of €1.5557 and per US Dollar Share of US$1.5586.

Investment Objective and Policy

The investment objective of the Company is to seek to provide consistent long-term capital growth through an investment policy of investing substantially all of its assets in AllBlue Limited ("AllBlue") or any successor vehicle of AllBlue. Accordingly, the Company's published investment policy is consistent with that of AllBlue.

AllBlue is an open-ended investment company incorporated in the Cayman Islands with an investment objective of providing consistent long-term appreciation of its assets through investment in a diversified portfolio of underlying funds. Investors in the Company are,

BlueCrest AllBlue Fund Limited (the "Company")

ABOUT THE COMPANY (continued)

Investment Objective and Policy (continued)

therefore, offered an opportunity to participate indirectly in the same investment portfolio as that of AllBlue.

AllBlue seeks to achieve its investment objective through investment in underlying funds, each of which on its own has a distinct investment objective and approach, and which collectively form a diversified basket of hedge fund investments. As at 30 June 2010, AllBlue was invested in seven underlying funds comprising BlueCrest Capital International Limited, BlueTrend Fund Limited, BlueCrest Emerging Markets Fund Limited, BlueCrest Mercantile Fund Limited, BlueMatrix Fund Limited, BlueCrest Multi Strategy Credit Fund Limited and BlueCube Limited, all of which are managed by members of the BlueCrest Group ("BlueCrest"). AllBlue may in the future exclude any or all of these funds or include any other investment fund established by BlueCrest or by managers with close links to BlueCrest, from time to time.

BlueCrest is the appointed investment manager of AllBlue. BlueCrest seeks to construct a portfolio of investments for AllBlue, comprising the underlying funds, by utilising proprietary optimisation techniques as well as an in-depth understanding of underlying positions, correlations and risks. Both allocations and risks are closely monitored on a monthly basis by the BlueCrest Group AllBlue committee, comprising a team of senior investment professionals of BlueCrest. BlueCrest Capital Management Guernsey LP reviews the allocation of AllBlue's assets amongst the underlying funds on a monthly basis and makes such adjustments as it deems appropriate.

It is the policy of BlueCrest Capital Management Guernsey LP that the assets of AllBlue will be predominantly fully invested. However, AllBlue may hold certain assets in cash or cash equivalents from time to time, should it consider that this is required for efficient portfolio management or otherwise in the best interests of AllBlue.

Although the Company has power under its Articles to borrow up to an amount equal to 10 per cent. of its net assets at the time of the drawing, the Directors do not intend that the Company should engage in any structural borrowing and any borrowing would only be for the purpose of managing day-to-day cash flow, for meeting expenses of the Company and for funding repurchases of Shares.

BlueCrest AllBlue Fund Limited (the "Company")

ABOUT THE COMPANY (continued)

On 31 December 2009, the Company entered into a £500,000 overdraft facility with Barclays Private Clients International Limited (the "Lender"), which is now repayable on six months prior notice by the Lender and is due to expire on 3 August 2011. It is the intention of the Company to renew this facility annually so that there is always in place such a facility for at least the next six months. The overdraft facility has been obtained for the purpose of managing day-to-day cash flow when paying the ongoing operational expenses of the Company and to facilitate the buy back of its Shares as explained below.

AllBlue does not employ any leverage but may engage in short term borrowing, as is deemed necessary from time to time, pending the availability of subscription monies to fund new allocations to the underlying funds, or in order to fund redemptions ahead of redemption proceeds being made available.

None of the underlying funds is subject to any limits on the extent to which borrowings or leverage may be employed and they may leverage through the use of options, futures, options on futures, swaps and other synthetic or derivative financial instruments.

BlueCrest

BlueCrest Capital Management LLP ("BlueCrest") has been appointed as the investment manager of AllBlue and the Underlying Funds. Blue Crest has the power (exercisable only with the consent of AllBlue) to appoint, on behalf of AllBlue, acting as its agent, one or more third parties to perform in its place and as agent or agents of AllBlue, any of its functions, powers and duties as investment manager. BlueCrest is an English limited liability partnership incorporated on 11 August 2008 with number OC339259 and registered office at 40 Grosvenor Place, London SW1X 7AW acting solely through its office in Guernsey located at Level 6, 29 The High Street, St Peter Port, Guernsey, GY1 1WD (tel: +44 (0)14 8171 1822).

BlueCrest is licensed and regulated by the Guernsey Financial Services Commission (the "GFSC") and registered as an investment adviser with the United States Securities and Exchange Commission under the United States Investment Advisers Act of 1940.

BlueCrest AllBlue Fund Limited (the "Company")

ABOUT THE COMPANY (continued)

Currency Risk Management

As AllBlue's base currency is the US Dollar, BlueCrest may from time to time enter into forward exchange contracts in order to hedge the US Dollar exposure of the assets attributable to its Sterling shares and Euro shares in order to neutralise, as far as possible, the impact of fluctuations in the exchange rates between Sterling or Euro, as the case may be, and the US Dollar. Whilst hedging of currency exposure may occur within AllBlue, your Directors do not intend that the Company will carry out any additional hedging arrangements.

Further Issue of Shares

The Directors have authority to allot the authorised but unissued share capital of the Company and such authority shall only be exercised at prices which are not less than the prevailing net asset value of the relevant Share class at the time. The Company held an extraordinary general meeting of Shareholders on 14 July 2010 at which the pre-emption rights granted to Shareholders were disapplied in relation to up to 500 million Shares for a period concluding on 31 December 2011, unless such resolution is previously revoked by the Company's shareholders in general meeting. The Directors intend to request that the authority to allot Shares on a non-pre-emptive basis is reviewed at each subsequent general meeting of the Company.

Discount Management Provisions

The Directors have obtained shareholder approval to buy back up to 14.99% of each class of Shares in issue at the last General Meeting and intend to seek annual renewal of this authority from shareholders at each future General Meetingheld under section 199 of The Companies (Guernsey) Law, 2008, as amended. In accordance with applicable laws any Share buy backs will be affected by the purchase of Shares in the market for cash at a price below the prevailing net asset value of the relevant class of Shares where the Directors believe such a purchase will enhance shareholder value. Any borrowings would be repaid out of the proceeds of redemption of the required number of shares in AllBlue. Shares which are purchased may be cancelled or held in treasury.

BlueCrest AllBlue Fund Limited (the "Company")

ABOUT THE COMPANY (continued)

The Company's Articles incorporate a discount management provision (which applies to each class of Share individually) that will require a continuation vote to be proposed in respect of the particular class of Share at a class meeting of the relevant Shareholders (by way of ordinary resolution) if, over the previous 12 month rolling period commencing from 1 January 2008, the relevant class of Share has traded, on average (calculated by averaging the closing mid-market share price on the dates which are five Business Days after the date on which each estimated NAV announcement is made for each NAV Calculation Date over the period) at a discount in excess of five per cent. to the average Net Asset Value per

Share of that class (calculated by averaging the NAV per Share of that class as at the NAV Calculation Date at the end of each month during the calculation period).

In the event that a vote to continue is proposed and passed for any class of Ordinary Shares, no further continuation vote will be capable of being proposed for that class for a period of 12 months from the date on which the requirement for a continuation vote was triggered. Continuation votes were passed for all three classes of Ordinary Shares at separate class meetings held on 12 August 2009 and no further continuation vote will be capable of being triggered for each class for a further 12 months from the date on which the requirement for such a continuation votes was triggered, such trigger dates being 30 April 2010 (Sterling Shares), 27 February 2010 (Euro Shares) and 31 March 2010 (US Dollar Shares).

As at 30 July 2010, the Sterling Shares had traded at an average 1.6% premium to their net asset values, the Euro Shares at an average 0.8% premium and the US Dollar Shares at an average premium of 0.3%, all over the previous 12 month period. As at 20 August 2010, being the latest practicable date prior to the publication of this document, the Sterling Shares were trading at a premium of 3.58% to their net asset value, the Euro Shares at a premium of 3.02% and the US Dollar Shares at a premium of 3.64%.

BlueCrest AllBlue Fund Limited (the "Company")

ABOUT THE COMPANY (continued)

Portfolio Summary

The Company's investments in AllBlue as at 30 June 2010 were:

Investment	Number of Shares	Valuation in Local Currency*	Valuation £	Total Net Assets %
AllBlue Limited Sterling Shares	4,330,490	£742,450,909	742,450,909	91.79

AllBlue Limited Euro Shares	89,909	€15,322,890	12,541,243	1.55

AllBlue Limited US$ Shares	461,117	$79,983,343	53,471,950	6.61

			808,464,103	99.95

*Source AllBlue Fund Limited.

As at 30 June 2010, the investment portfolio of AllBlue was allocated on the following basis amongst the underlying funds:

Portfolio Summary (continued)

Underlying fund	Allocation %*
BlueCrest Capital International Limited	37.6
BlueTrend Fund Limited	12.7
BlueCrest Multi-Strategy Credit Fund Limited	14.5
BlueCrest Emerging Markets Fund Limited	14.4
BlueCrest Mercantile Fund Limited	13.6
BlueMatrix Fund Limited	4.5
BlueCube Limited	2.6
Cash	0.1

*Source AllBlue Fund Limited.

BlueCrest AllBlue Fund Limited (the "Company")

ABOUT THE COMPANY (continued)

Net Asset Value per Share for Financial Statements Purposes

As at 30 June 2010, the net asset values of the Shares were:

	Sterling Share Class £	Euro Share Class €	US Dollar Share Class $	Sterling C Share Class £	Euro C Share Class €	US Dollar C Share Class $
Net asset value at 1 January 2010	1.5225	1.4681	1.4734	0.9898	0.9898	0.9898

Add: net movement in unrealised appreciation on investments	0.0793	0.0765	0.0742	-	-	-


Less: operating expenses	(0.0010)	(0.0004)	(0.0009)	(0.0000)	(0.0003)	(0.0002)

Add: effect of share issues and conversions	(0.0001)	0.0005	0.0011	0.0001	0.0002	0.0002

Net asset value as at 30 June 2010	1.6006	1.5447	1.5478	0.9899	0.9897	0.9898

BlueCrest AllBlue Fund Limited (the "Company")

CHAIRMAN'S STATEMENT

Dear Shareholder,

Following a successful year in 2009, the Company has continued to deliver strong NAV performance during the first six months of 2010. Investment markets continued to experience significant volatility as concerns in the market focused on the European sovereign debt crisis, the condition of the bank's balance sheets and the prospect of lower growth in the developed markets. It was possible to achieve attractive returns in trading markets during the period. Those funds pursuing trading arbitrage strategies were the strongest contributors to the AllBlue Fund in the first half of the year.

As the Company's shares continued to trade at a premium with significant investor appetite for the shares, we were pleased to complete a further placing and offer for subscription of C shares in June 2010 which raised £349 million. This capital raising exercise has further improved the liquidity of the Company's shares which the Board believes is in the interests of all shareholders.

Share Price Performance

In the six month period to 30 June 2010, the published Sterling Share NAV (calculated in accordance with the Company's Articles of Association) rose from £1.5224 to £1.6006, a return of 5.14% for the period, which is in line with AllBlue's target return.

The price of a Sterling Share increased from 159.30 p to 164.60 p during the period, an appreciation of 3.3 %. The Company has continued to trade well relative to its peer group, a large number of which have continued to trade at a discount. The average premiums over the period for each of the Sterling, Euro and US Dollar Shares were 2.6%, 2.3% and 3.7%, respectively.

As at 30 June 2010, each of the Shares of the Sterling, Euro and US Dollar Share classes were trading at premiums of 2.8 %, 2.3 % and 4.3 %, respectively.

BlueCrest AllBlue Fund Limited (the "Company")

CHAIRMAN'S STATEMENT (Continued)

Investment Management

The AllBlue Fund has continued to invest in the same seven principal underlying funds throughout the period. The investment allocations have seen an increase to discretionary trading strategies and a resulting decrease to systematic trading strategies. The report by the Manager of AllBlue on pages 10 to 15 contains a more detailed review of the returns for the period from the different underlying strategies.

BlueCrest has advised the Company that the risk and leverage policies that have been consistently applied during the life of the AllBlue Fund continue to function robustly, and that as at 30 June 2010, the weighted average level of unencumbered cash in the underlying funds was approximately 64%.

Outlook

The Company has been advised by BlueCrest that the investment environment for trading-based strategies, that has delivered strong performance so far in 2010, remains attractive.

Conversion between Share Classes

In response to requests received from the Company's shareholders the Board has proposed to change the conversion facility from a quarterly to monthly frequency. Subject to the approval of the shareholders at an extraordinary general meeting to be held on 22 September 2010 the Company will move to a monthly conversion facility as at the first business day of each calendar month in place of the existing quarterly conversion facility.

I look forward to reporting to you again in the Annual Financial Report for the year ended 31 December 2010.

Richard Crowder

Chairman

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (the "Report")

At the invitation of the Directors of the Company, this commentary has been provided by BlueCrest Capital Management L.L.P. ("BlueCrest") as manager of AllBlue Limited ("AllBlue") and is provided without any warranty as to its accuracy and without any liability incurred on the part of the Company, BlueCrest or AllBlue. The commentary in the Report is provided as a source of useful information for shareholders of the Company but is not attributable to the Company.

Report on AllBlue Limited by BlueCrest Capital Management LLP for the half year ending June 30, 2010

AllBlue Limited (Class A, USD) generated 5.07% in the period under review, the first half of 2010. AllBlue has seen solid returns for the year with positive performance in each of the first two quarters: 3.6% and 1.4% for Q1 and Q2 respectively, having experienced only one negative month, in May. All bar one of the underlying funds posted a positive return for the first half of 2010, the sole detractor being BlueCube (Systematic Equity Market Neutral).

With the markets attention focused on the European Sovereign Debt crisis, concerns over the global recovery and the realisation that rates in developed markets are likely to experience lower rates for longer, the trading environment in the first half continued to present significant opportunities for discretionary trading strategies as the volatile markets offered arbitrage opportunities.

In this environment it is no surprise that BlueCrest Capital International, with its focus on interest rate trading, has been the largest single contributor to the performance of AllBlue, and has been held as the highest allocation within the portfolio.

Despite AllBlue delivering returns of 5.07% for the first half of the year the volatility of the strategy, measured on weekly estimate data, has touched all time lows. In the period under review AllBlue has delivered an annualised volatility of 3.5%.

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (Continued)

BlueCrest Capital International (Global Macro)

BlueCrest Capital International generated a return of 9.15% (Class F, USD) for the first half of 2010.

The Rates desk, led by Michael Platt, was the strongest performer during the first half of 2010, contributing about 8% to BlueCrest Capital International. FX Volatility, Fixed Income Relative Value, Cross Asset Convexity and Fixed Income Absolute Return also contributed positive returns, whilst Equity Derivatives produced a negative contribution for the first half of 2010.

The fund has expanded its trading team with several additions to the Rates and Fixed Income Relative Value trading teams.

BlueTrend (Systematic Trend Follower)

BlueTrend has generated a return of 2.01% (Class B, USD) for the first half of 2010.

The first half of the year has seen mixed results for BlueTrend with strong returns from February through to April followed by negative performance in May as the market concerns over Europe reached their peak and as a broad reversal took place in risky assets. The strategy finished the first half by returning to positive performance during June.

The returns for the strategy have been driven by the fixed income sectors with both Bonds and Short Rates delivering very strong returns as the market continues to adjust to the idea that rates will be lower for longer. On the other hand the returns from Energies and Equities have been negative as we have seen higher volatility and sharp reversals in these sectors.

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (Continued)

Emerging Markets

BlueCrest Emerging Markets has generated a return of 2.45% (Class A, USD) for the first half of 2010.

The first half of the year has seen a general re-pricing of the EM asset classes relative to the developed markets. The fund had strong performance in Latin America and in CEMEA in both the local rates markets and the credit markets. In general the team has held the view that EM local interest rate markets will experience a bull flattening, however the year has presented numerous opportunities to trade around this view.

The fund has expanded its trading team with the additions of Marcin Wiszniewski and Daniel Kajiya.

Multi Strategy Credit

BlueCrest Multi Strategy Credit has generated a return of 2.48% (Class A, USD) for the first half of 2010.

The Credit markets have seen high levels of volatility during the first half of the year as the asset class bore the brunt of global concerns over the European Sovereign Debt crisis. During the first half of 2010 the Long/Short strategy has been the strongest performer, with positions such as being long Tier 1 bank and insurance capital against peripheral government bonds and US mortgage bonds performing well.

The fund has expanded its trading team over the first half of the year with the arrival of Kharen Musaelian, Dario Villani and Stephen Waugh who join BlueCrest to focus on opportunities in the US credit markets.

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (Continued)

Mercantile (Trade Finance)

BlueCrest Mercantile has generated a return of 6.74% (Class A, USD) for the first half of 2010.

The largest contributor to this performance was the Bank Basel II strategy where the assets performed strongly as the underlying default rate remained very low, with no defaults in any of the portfolios in Q2. The strategy also benefited from out performance of the hedges. Bank Basel II accounted for about 70% of the performance in the first half of 2010.

The Trade Credit Opportunities strategy also performed well during the period, whilst the Commodities Finance strategy was relatively flat over the first half of the year.

BlueMatrix (Equity Statistical Arbitrage)

BlueMatrix has generated a return of 4.06% (Class A, USD) for the first half of 2010.

This program, which trades approximately 600 single-name equities, typically witnesses its best performance in conditions of elevated but stable volatility, where the market has a potential for volatility to trend down. As market volatility declines, the relationship between the baskets and the single stocks begins to normalize, creating positive returns. As a result, given the market uncertainty and corresponding volatility, BlueMatrix has been able to take full advantage of these opportunities.

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (Continued)

BlueCube (Equity Market Neutral)

BlueCube has generated a negative return of -0.53% (Class A, USD) for the first half of 2010.

The strategy employs five strategies that cover three sources of information: technical, fundamental and sentiment. Over the first half the Capital Dynamics strategy has been the strongest performer whilst the Momentum strategy has been the weakest performer. The dynamic rotation employed by the strategy has led to the Analyst Recommendations strategy holding the highest weight at the end of the period, whilst the Value strategy held the lowest weighting.

Disclaimer

This Report is provided: (i) for all purposes, except for issue into the United States or issue to US persons, by BlueCrest Capital Management (UK) LLP ("BCM (UK) LLP"); and (ii) only for the purposes of issue into the United States or issue to US persons, by BlueCrest Capital Management LLP ("BCMLLP"). BCM (UK) LLP is authorised and regulated by the Financial Services Authority of the United Kingdom (the "FSA"). BCMLLP is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940. BCMLLP is licensed and regulated by the Guernsey Financial Services Commission under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (the "POI Law") to carry on controlled investment business in or from within the Bailiwick of Guernsey.

To the extent that this Report is provided by BCM (UK) LLP, the following applies. None of the fund(s) described herein (each, a "Fund") is a recognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the "Act"). The promotion of the Fund(s) and the distribution of this document in the United Kingdom is accordingly restricted by law. This Report is being provided inside and outside the United Kingdom by BCM (UK) LLP only to and/or is directed only at persons who are professional clients or eligible counterparties for the purposes of the FSA's Conduct of Business Sourcebook. This Report is exempt from the scheme promotion restriction (in Section 238 of the Act) on the communication of invitations or inducements to participate in unrecognised collective investment schemes on the grounds that it is being issued only to and/or directed only at such persons. To the extent that this Report is provided by BCM (UK) LLP, interests in the Fund are only available to such persons and this document must not be relied or acted upon by any other persons. BCM (UK) LLP neither provides investment advice to, nor receives and transmits orders from, investors in the Funds nor does it carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FSA Rules.

To the extent that this Report is issued by BCMLLP, this document constitutes promotion of controlled investments for the purposes of the POI Law and the rules and guidance issued from time to time by the Guernsey Financial Services Commission (the "GFSC Rules"). The information contained herein is directed by BCMLLP exclusively at persons who are professional clients or eligible counterparties for the purposes of the GFSC Rules, or to Qualified Purchasers, as defined in the U.S. Investment Company Act of 1940, as amended. Any of the Funds and other investments and investment services to which this document relates are only available to the persons referred to above and other persons should not act or rely on the information contained herein.

The information contained herein is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any person or entity is strictly prohibited. The distribution of this document may be further restricted by law. No action has been or will be taken by any of BCM (UK) LLP, BCM LLP, or the Funds, to permit the possession or distribution of this Report in any jurisdiction (other than as expressly described herein) where action for that purpose may be required.

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (Continued)

Accordingly, this Report may not be used in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons to whom this document is communicated should inform themselves about and observe any such restrictions.

This Report is not intended to constitute, and should not be construed as, investment advice. Potential investors in the Funds should seek their own independent financial advice. This document has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein. This Report is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Any decision to purchase securities or interests with respect to any of the Funds described herein must be based solely upon the information contained in the Prospectus or Private Placement Memorandum for that Fund, including any supplements thereto, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments. Some or all alternative investment programs may not be suitable for certain investors.

Certain of the performance results provided herein were not achieved from the actual management of the Funds, but are instead simulated results achieved by means of the retroactive application of the adviser's investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. This approach has inherent limitations, including that results may not reflect the impact that material economic and market factors might have had on the adviser's decision-making if the adviser actually had been managing client money.

Although the information in this Report is believed to be materially correct, no representation or warranty is given as to the accuracy of any of the information provided. Certain information included in this Report is based on information obtained from sources considered to be reliable. However, any projections or analysis provided to assist the recipient of this document in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, neither the Funds nor any of their agents, service providers or professional advisers assumes any liability or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this Report or for any decision based on it.

Past performance is not necessarily indicative of future results. The actual performance realised by any given investor will depend on, amongst other things, the Fund invested into, the class of shares/interests subscribed for the period during which such shares/interests are held and in what currency such shares/interests are held. This document may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. Target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.

Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund's investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder's investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) the investment manager will receive performance-based compensation, which may result in riskier investments, and the Funds' fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U.S. exchanges; and (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund.

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (Continued)

APPENDICES

	Period Return
	Capital		Emerging
Month Ending	International	BlueTrend	Markets	Mercantile	BlueMatrix	Credit RV	BlueCube	AllBlue
Jan-10	3.27%	-2.98%	0.70%	1.25%	-1.30%	0.53%	0.49%	1.03%
Feb-10	1.08%	4.04%	-0.75%	1.38%	3.62%	-0.19%	-1.62%	0.92%
Mar-10	0.88%	6.14%	0.87%	2.46%	-0.04%	0.80%	0.25%	1.59%
Apr-10	2.08%	3.16%	1.22%	0.66%	-0.72%	2.58%	1.05%	1.85%
May-10	-0.17%	-8.33%	0.02%	-0.04%	3.97%	-0.62%	-1.26%	-1.15%
Jun-10	1.71%	0.68%	0.38%	0.87%	-1.41%	-0.61%	0.59%	0.76%

Q1 2010	5.31%	7.14%	0.81%	5.17%	2.24%	1.13%	-0.90%	3.58%
Q1 ann.	21.23%	28.55%	3.26%	20.67%	8.96%	4.53%	-3.59%	14.32%
Q2 2010	3.65%	-4.78%	1.63%	1.50%	1.78%	1.33%	0.37%	1.44%
Q2 ann.	14.59%	-19.13%	6.50%	5.99%	7.10%	5.32%	1.47%	5.76%
YtD 2010	9.15%	2.01%	2.45%	6.74%	4.06%	2.48%	-0.53%	5.07%
YtD 2010 ann.	18.29%	4.03%	4.91%	13.49%	8.11%	4.95%	-1.07%	10.15%

	Annualised Vol (based on weekly estimated data)
	Capital		Emerging
Month Ending	International	BlueTrend	Markets	Mercantile	BlueMatrix	Credit RV	BlueCube	AllBlue
Q1 2010	3.94%	15.74%	4.46%	3.50%	5.10%	4.80%	3.31%	4.01%
Q2 2010	2.94%	21.39%	2.70%	2.32%	18.92%	4.27%	6.83%	2.74%
YtD 2010	3.51%	18.38%	3.68%	3.17%	13.86%	4.51%	5.32%	3.49%

	Return/Vol Ratio
	Capital		Emerging
Month Ending	International	BlueTrend	Markets	Mercantile	BlueMatrix	Credit RV	BlueCube	AllBlue
Q1 2010	5.39	1.81	0.73	5.91	1.76	0.94	-1.08	3.57
Q2 2010	4.97	-0.89	2.40	2.59	0.38	1.25	0.22	2.10
YtD 2010	5.21	0.22	1.33	4.26	0.59	1.10	-0.20	2.91

Capital Int Ltd	YtD Return

Desks	30-Jun
Rates	8.06%
RV	0.43%
FX	0.19%
Equity Deriv	-0.55%
Credit RV	0.09%
Commodities	-0.02%
Trade Finance	0.18%
Venture Finance	0.13%
Cross Asset Convexity	0.22%
Alignment	0.35%
Emerging Markets	0.07%
YtD	9.15%

Figures in the above table relate to Class A USD of AllBlue Limited.

BlueCrest AllBlue Fund Limited (the "Company")

REPORT BY THE MANAGER OF ALLBLUE LIMITED (Continued)

APPENDICES (Continued)

Q1 Correlation Matrix
31/03/2010	Capital International	BlueTrend	Emerging Markets	BlueMatrix	Mercantile	Credit RV	BlueCube	AllBlue
Capital International	100.00%	35.69%	52.44%	-19.30%	-4.35%	28.62%	19.10%	70.32%
BlueTrend	35.69%	100.00%	65.62%	12.89%	12.95%	53.41%	37.40%	88.40%
Emerging Markets	52.44%	65.62%	100.00%	-5%	38.83%	29.86%	53.62%	79.55%
BlueMatrix	-19.30%	12.89%	-4.93%	100.00%	-15.27%	-23%	-39.50%	-2.10%
Mercantile	-4.35%	12.95%	38.83%	-15.27%	100.00%	-34.49%	-1.94%	9.55%
Credit RV	28.62%	53.41%	29.86%	-23.13%	-34.49%	100.00%	71.08%	62%
BlueCube	19.10%	37.40%	53.62%	-39.50%	-1.94%	71.08%	100.00%	52.20%
AllBlue	70.32%	88.40%	79.55%	-2.10%	9.55%	61.68%	52.50%	100.00%

Q2 Correlation Matrix
30/06/2010	Capital International	BlueTrend	Emerging Markets	BlueMatrix	Mercantile	Credit RV	BlueCube	AllBlue
Capital International	100.00%	25.41%	-17.93%	-19.16%	25.98%	16.79%	9.33%	53.37%
BlueTrend	25.41%	100.00%	54.31%	69.16%	-4.48%	-25.84%	60.15%	89.44%
Emerging Markets	-17.93%	54.31%	100.00%	28%	18.68%	-18.01%	40.46%	59.51%
BlueMatrix	-19.16%	69.16%	28.41%	100.00%	-41.26%	-35%	64.25%	41.19%
Mercantile	25.98%	-4.48%	18.68%	-41.26%	100.00%	3.07%	-18.26%	24.22%
Credit RV	16.79%	-25.84%	-18.01%	-35.14%	3.07%	100.00%	-21.94%	33%
BlueCube	9.33%	60.15%	40.46%	64.25%	-18.26%	-21.94%	100.00%	28%
AllBlue	53.37%	89.44%	59.51%	41.19%	24.22%	33.09%	28.46%	100.00%

YtD Correlation Matrix
30/06/2010	Capital International	BlueTrend	Emerging Markets	BlueMatrix	Mercantile	Credit RV	BlueCube	AllBlue
Capital International	100%	31.12%	31.72%	-15.07%	9.16%	23.10%	10.86%	67.41%
BlueTrend	31.12%	100%	54.26%	55.20%	4.07%	14.11%	53.23%	88.53%
Emerging Markets	31.72%	54.26%	100%	12.95%	27.06%	16.62%	40.06%	73.92%
BlueMatrix	-15.07%	55.20%	12.95%	100%	-32.37%	-27.99%	51.10%	11.54%
Mercantile	9.16%	4.07%	27.06%	-32.37%	100%	-19.57%	-11.72%	10.51%
Credit RV	23.10%	14.11%	16.62%	-27.99%	-19.57%	100.00%	11.90%	54.89%
BlueCube	10.86%	53.23%	40.06%	51.10%	-11.72%	11.90%	100.00%	38.18%
AllBlue	67.41%	88.53%	73.92%	11.54%	10.51%	54.89%	38.18%	100.00%

BlueCrest AllBlue Fund Limited (the "Company")

INTERIM MANAGEMENT REPORT FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2010

A description of important events that have occurred during the first six months of the financial year, their impact on the performance of the Company as shown in the financial statements and a description of the principal risks and uncertainties for the remaining six months of the annual financial year is given in the Chairman's Statement on pages 8 and 9, and the notes to the financial statements on pages 40 to 65 and is incorporated here by reference.

There were no material related party transactions which took place in the first six months of the financial year, other than those disclosed at note 5 to the financial statements on page 45.

This half-yearly financial report has not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

Going Concern

The performance of the investments held by the Company over the reporting period are described in the Statement of Operations and the outlook for the future is described in the Chairman's Statement. The Company's financial position, its cash flows and liquidity position are set out in the financial statements and the Company's financial risk management objectives and policies, details of its financial instruments and its exposures to price risk, credit risk, interest rate risk and the risk of leverage by underlying funds are set out at note 14 to the financial statements.

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of this half-yearly financial report.

BlueCrest AllBlue Fund Limited (the "Company")

INTERIM MANAGEMENT REPORT FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2010

Responsibility Statements

The Board of directors jointly and severally confirm that, to the best of their knowledge:

(a) The financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b) This Interim Management Report includes or incorporates by reference:

a. An indication of important events that have occurred during the first six months of the financial year, and their impact on the financial statements;

b. a description of the principal risks and uncertainties for the remaining six months of the financial year;

c. confirmation that there were no related party transactions in the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period; and

d. changes in the related parties transactions described in the last annual report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year.

Richard Crowder Jonathan Hooley

Director Director

BlueCrest AllBlue

Fund Limited (the "Company")

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2010

		Ordinary Shares			C Shares
	Notes	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
		£	€	$	£	€	$	£
Net gain on financial assets at fair value through profit or loss	6	21,620,303	360,675	1,565,566	-	-	-	23,132,073

Other operating income		-	-	-	-	-	-	-

Operating expenses	2	(288,352)	(2,113)	(19,257)	(14,106)	(2,302)	(9,330)	(324,592)

Increase / (decrease) in net assets attributable to shareholders		21,331,951	358,562	1,546,309	(14,106)	(2,302)	(9,330)	22,807,481

Other comprehensive income:

Currency aggregation adjustment		-	-	-	-	-	-	894,980

Increase / (decrease) in net assets attributable to shareholders after other comprehensive income		21,331,951	358,562	1,546,309	(14,106)	(2,302)	(9,330)	23,702,461

Earnings / (loss) per share for the year		Pence (£)	Cent (€)	Cents ($)	Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	4	8.26	7.81	7.70	0.00	(0.02)	(0.01)

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF COMPREHENSIVE INCOME (continued)

for the period ended 30 June 2010

In arriving at the results for the financial period, all amounts above relate to continuing operations.

There are no items of other comprehensive income for the period other than those disclosed above.

Reconciliation of basic and diluted earnings / (loss) per share for investment purposes to earnings / (loss) per share per the financial statements:

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Sterling Share Class	Euro Share Class	US$ Share Class
	Pence £	Cent €	Cents $	Pence £	Cent €	Cents $

Earnings / (loss) per Share for investment purposes	8.38	7.86	7.80	0.00	0.00	0.00
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	(0.12)	(0.05)	(0.10)	0.00	(0.02)	(0.01)
Earnings / (loss) per Share per the financial statements	8.26	7.81	7.70	0.00	(0.02)	(0.01)

The earnings per share for investment purposes represents the earnings / (loss) per share attributable to shareholders in accordance with the Prospectus.

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2009

		Ordinary Shares			C Shares
	Notes	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
		£	€	$	£	€	$	£
Net gain on financial assets at fair value through profit or loss	6	24,207,536	690,287	2,219,321	-	-	-	26,474,768

Other operating income		-	-	14,937	-	-	-	9,991

Operating expenses	2	(196,682)	(6,760)	(8,533)	-	-	-	(208,427)

Increase in net assets attributable to shareholders		24,010,854	683,527	2,225,725	-	-	-	26,276,332

Other comprehensive income:

Currency aggregation adjustment		-	-	-	-	-	-	(2,965,750)

Increase in net assets attributable to shareholders after other comprehensive income		24,010,854	683,527	2,225,725	-	-	-	23,310,582

Earnings per share for the year		Pence (£)	Cent (€)	Cents ($)	Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	4	11.64	11.32	10.96	-	-	-

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF COMPREHENSIVE INCOME (continued)

for the period ended 30 June 2009

In arriving at the results for the financial period, all amounts above relate to continuing operations.

There are no items of other comprehensive income for the year than those disclosed above.

Reconciliation of basic and diluted earnings per share for investment purposes to earnings per share per the financial statements:

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Sterling Share Class	Euro Share Class	US$ Share Class
	Pence £	Cent €	Cents $	Pence £	Cent €	Cents $

Earnings per Share for investment purposes	11.74	11.44	11.01	-	-	-
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	(0.10)	(0.12)	(0.05)	-	-	-
Earnings per Share per the financial statements	11.64	11.32	10.96	-	-	-

The earnings per share for investment purposes represent the earnings per share attributable to shareholders in accordance with the Prospectus.

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF FINANCIAL POSITION

as at 30 June 2010

		Ordinary Shares			C Shares
	Notes	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
		£	€	$	£	€	$	£
FIXED ASSETS
Unquoted financial assets designated as at fair value through profit or loss	6	436,001,972	7,282,045	32,656,367	306,448,937	8,040,845	47,326,978	808,464,103

CURRENT ASSETS
Receivables & prepayments	7	131,277	1,002	4,378	-	-	-	62,263
Cash & cash equivalents		367,828	41,969	13,419	-	-	-	411,150
		499,105	42,971	17,797	-	-	-	473,413

CURRENT LIABILITIES
Payables & accrued liabilities	8	42,848	42,011	23,518	22,295	585	3,442	49,160
		42,848	42,011	23,518	22,295	585	3,442	49,160

NET CURRENT ASSETS / (LIABILITIES)		456,257	960	(5,721)	(22,295)	(585)	(3,442)	424,253

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		436,458,229	7,283,005	32,650,646	306,426,642	8,040,260	47,323,536	808,888,356

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF FINANCIAL POSITION (continued)

as at 30 June 2010

		Ordinary Shares			C Shares
	Notes	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
		£	€	$	£	€	$	£

Represented by:
CAPITAL AND RESERVES
Share capital	9	-	-	-	-	-	-	-
Share premium	10	-	-	-	-	-	-	-
Treasury Shares	11	(483,079)	-	-	-	-	-	(483,079)
Distributable reserves	12	436,941,308	7,283,005	32,650,646	306,426,642	8,040,260	47,323,536	809,371,435

		436,458,229	7,283,005	32,650,646	306,426,642	8,040,260	47,323,536	808,888,356

SHARES IN ISSUE		272,675,704	4,714,739	21,094,056	309,536,109	8,123,800	47,810,975

NAV PER SHARE		£1.6006	€1.5447	$1.5478	£0.9899	€0.9897	$0.9898

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF FINANCIAL POSITION (continued)

as at 30 June 2010

Reconciliation of NAV for investment purposes to NAV per the financial statements

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class
	£	€	$	£	€	$

Published NAV per share	1.6006	1.5447	1.5478	0.9899	0.9897	0.9898
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
NAV per share per the financial statements	1.6006	1.5447	1.5478	0.9899	0.9897	0.9898

The published NAV per Share represents the NAV per Share attributable to shareholders in accordance with the Prospectus.

The financial statements on pages 23 to 39 were approved by the Board of Directors on 31 August 2010 and are signed on its behalf by:

Richard Crowder Jonathan Hooley

Director Director

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF FINANCIAL POSITION (continued)

as at 31 December 2009

		Ordinary Shares			C Shares
	Notes	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
		£	€	$	£	€	$	£
FIXED ASSETS
Unquoted financial assets as at fair value through profit or loss	6	318,365,831	7,789,813	23,446,094	95,453,774	1,086,802	5,772,324	439,760,856

CURRENT ASSETS
Receivables & prepayments	7	63,343	558	1,025	346	4	20	18,894
Cash & cash equivalents		774,439	41,956	17,597	-	-	-	822,532
		837,782	42,514	18,622	346	4	20	841,426

CURRENT LIABILITIES
Payables & accrued liabilities	8	56,819	46,163	14,028	21,912	264	1,303	83,533
		56,819	46,163	14,028	21,912	264	1,303	83,533

NET CURRENT ASSETS / (LIABILITIES)		780,963	(3,649)	4,594	(21,566)	(260)	(1,283)	757,893

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		319,146,794	7,786,164	23,450,688	95,432,208	1,086,542	5,771,041	440,518,749

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF FINANCIAL POSITION (continued)

as at 31 December 2009

		Ordinary Shares			C Shares
	Notes	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
		£	€	$	£	€	$	£

Represented by:
CAPITAL AND RESERVES
Share capital	9	-	-	-	-	-	-	-
Share premium	10	-	-	-	-	-	-	-
Treasury Shares	11	(483,079)	-	-	-	-	-	(483,079)
Distributable reserves	12	319,629,873	7,786,164	23,450,688	95,432,208	1,086,542	5,771,041	441,001,828

		319,146,794	7,786,164	23,450,688	95,432,208	1,086,542	5,771,041	440,518,749

SHARES IN ISSUE		209,623,415	5,303,602	15,915,995	96,417,954	1,097,890	5,830,631

NAV PER SHARE		£1.5225	€1.4681	$1.4734	£0.9898	€0.9898	$0.9898

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF FINANCIAL POSITION (continued)

as at 31 December 2009

Reconciliation of NAV for investment purposes to NAV per the financial statements

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class
	£	€	$	£	€	$

Published NAV per share	1.5224	1.4690	1.4743	0.9897	0.9897	0.9897
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	0.0001	(0.0009)	(0.0009)	0.0001	0.0001	0.0001
NAV per share per the financial statements	1.5225	1.4681	1.4734	0.9898	0.9898	0.9898

The published NAV per Share represents the NAV per Share attributable to shareholders in accordance with the Prospectus.

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS

for the period ended 30 June 2010

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Opening balance	319,146,794	7,786,164	23,450,688	95,432,208	1,086,542	5,771,041	440,518,749

Adjustment to allocation of reserves brought forward	(14,788)	6,982	10,226	-	-	-	-

Issue of Shares	-	-	-	309,536,109	8,123,800	47,810,975	348,148,632

Share issue costs	-	-	-	(3,095,361)	(81,238)	(478,110)	(3,481,486)

Increase / (decrease) in net assets attributable to shareholders	21,331,951	358,562	1,546,309	(14,106)	(2,302)	(9,330)	22,807,481

	340,463,957	8,151,708	25,007,223	401,858,850	9,126,802	53,094,576	807,993,376

Other comprehensive income:
Currency aggregation adjustment	-	-	-	-	-	-	894,980

	340,463,957	8,151,708	25,007,223	401,858,850	9,126,802	53,094,576	808,888,356

Transfer from C Shares	(21,566)	(260)	(1,284)	21,566	260	1,284	-

Share conversions	96,015,838	(868,443)	7,644,707	(95,453,774)	(1,086,802)	(5,772,324)	-

Closing balance	436,458,229	7,283,005	32,650,646	306,426,642	8,040,260	47,323,536	808,888,356

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS

for the year ended 31 December 2009

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Opening balance	257,377,005	7,844,246	25,216,708	-	-	-	282,155,572

Issue of Shares	-	-	-	96,417,954	1,097,780	5,830,631	100,997,226

Share issue costs	-	-	-	(964,180)	(10,978)	(58,306)	(1,009,973)

Increase / (decrease) in net assets attributable to shareholders	55,792,409	1,909,445	4,545,502	(21,566)	(260)	(1,284)	60,028,035

	313,169,414	9,753,691	29,762,210	95,432,208	1,086,542	5,771,041	442,170,860

Other comprehensive income:
Currency aggregation adjustment	-	-	-	-	-	-	(1,652,111)

	313,169,414	9,753,691	29,762,210	95,432,208	1,086,542	5,771,041	440,518,749

Share conversions	5,977,380	(1,967,527)	(6,311,522)	-	-	-	-

Closing balance	319,146,794	7,786,164	23,450,688	95,432,208	1,086,542	5,771,041	440,518,749

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF CASH FLOWS

for the period ended 30 June 2010

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Operating activities
Increase / (decrease) in net assets attributable to shareholders	21,331,951	358,562	1,546,309	(14,106)	(2,302)	(9,330)	23,702,461

Less: Unrealised (appreciation) / depreciation on financial assets at fair value through profit or loss	(21,320,833)	150,942	(1,565,566)	-	-	-	(22,413,863)
Less: Realised gains on conversions	(299,470)	(511,617)	-	-	-	-	(718,210)
Less: Interest income	-	(109)	-	(8,189)	-	(582)	(8,656)
Add: Interest expense	3,042	48	237	54	2	13	3,299
Adjustment to allocation of reserves brought forward	(14,788)	6,982	10,226	-	-	-	-
Currency aggregation adjustment	-	-	-	-	-	-	(894,983)
(Decrease) / Increase in accrued expenses and payables	(13,971)	(4,152)	9,490	383	321	2,139	(34,373)
(Increase) / Decrease in prepayments and accrued income	(67,934)	(444)	(3,353)	346	4	20	(43,369)

Net cashflow from operating activities	(382,003)	212	(2,657)	(21,512)	(1,975)	(7,740)	(407,691)

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF CASH FLOWS (continued)

for the period ended 30 June 2010

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Investing activities
Interest received	-	109	-	8,189	-	582	8,656
Transfer from C Share	(21,566)	(260)	(1,284)	21,566	260	1,284	-
Purchase of financial assets	-	-	-	(306,448,937)	(8,040,845)	(47,326,978)	(344,669,994)
Proceeds from sale of financial assets	-	-	-	-	-	-	-

Net cashflow from investing activities	(21,566)	(151)	(1,284)	(306,419,182)	(8,040,585)	(47,325,112)	(344,661,338)

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF CASH FLOWS (continued)

for the period ended 30 June 2010

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Financing activities
Proceeds of issue of Shares	-	-	-	309,536,109	8,123,800	47,810,975	348,148,632
Share issue costs	-	-	-	(3,095,361)	(81,238)	(478,110)	(3,481,486)
Purchase of own Shares	-	-	-	-	-	-	-
Interest paid	(3,042)	(48)	(237)	(54)	(2)	(13)	(3,299)

Net cashflow from financing activities	(3,042)	(48)	(237)	306,440,694	8,042,560	47,332,852	344,663,847


Cash and cash equivalents at beginning of period	774,439	41,956	17,597	-	-	-	822,532

Currency aggregation adjustment	-	-	-	-	-	-	(6,200)
Increase / (decrease) in cash and cash equivalents	(406,611)	13	(4,178)	-	-	-	(405,182)

Cash and cash equivalents at end of period	367,828	41,969	13,419	-	-	-	411,150

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF CASH FLOWS

for the period ended 30 June 2009

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Operating activities
Increase in net assets attributable to shareholders	24,010,854	683,527	2,225,725	-	-	-	23,310,582

Less: Unrealised appreciation on financial assets at fair value through profit or loss	(24,014,223)	(566,035)	(2,006,603)	-	-	-	(26,046,270)
Less: Realised gains on sales of financial assets	(94,076)	(2,400)	(3,315)	-	-	-	(98,137)
Less: Realised gains on conversions	(99,236)	(121,852)	(209,403)	-	-	-	(330,361)
Less: Interest income	(1,831)	(32)	(1)	-	-	-	(1,861)
Add: Interest expense	204	7	12	-	-	-	218
Currency aggregation adjustment	-	-	-	-	-	-	2,965,750
Decrease in accrued expenses and payables	(67,859)	(13,951)	(52,279)	-	-	-	(117,607)
Increase in prepayments and accrued income	(20,046)	(731)	(3,002)	-	-	-	(22,443)

Net cashflow from operating activities	(286,213)	(21,467)	(48,866)	-	-	-	(340,128)

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

STATEMENT OF CASH FLOWS (continued)

for the period ended 30 June 2009

	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Investing activities
Interest received	1,831	32	1	-	-	-	1,861
Proceeds from sale of financial assets	459,200	12,327	25,645	-	-	-	485,292

Net cashflow from investing activities	461,031	12,359	25,646	-	-	-	487,153

Financing activities

Interest paid	(204)	(7)	(12)	-	-	-	(218)

Net cashflow from financing activities	(204)	(7)	(12)	-	-	-	(218)

Cash and cash equivalents at beginning of period	837,331	13,610	43,391	-	-	-	880,075

Currency aggregation adjustment	-	-	-	-	-	-	1,144
Increase / (decrease) in cash and cash equivalents	174,613	(9,115)	(23,232)	-	-	-	146,806

Cash and cash equivalents at end of period	1,011,944	4,495	20,159	-	-	-	1,028,025

The notes on pages 40 to 65 form an integral part of these financial statements.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2010

1 ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared in conformity with International Financial Reporting Standards ("IFRS") as adopted by the European Union and applicable Guernsey law. The financial statements have been prepared on an historical cost basis except for the measurement at fair value of unquoted financial assets designated at fair value through profit or loss.

The financial statements are presented in GBP because that is the currency of the primary economic environment in which the Company operates.

The following Standards or Interpretations have been issued by the International Accounting Standards Board but not yet adopted by the Company:

IFRS 9 Financial Instruments - Classification and Measurement effective for annual periods beginning on or after 1 January 2013.

IAS 24 Related Party Disclosures - Revised definition of related parties effective for annual periods beginning on or after 1 January 2011.

IAS 32 Financial Instruments: Presentation - Amendments relating to classification of rights issues effective for annual periods beginning on or after 1 February 2010.

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments effective for annual periods beginning on or after 1 July 2010.

(b) Going concern

As described in note 9, should the average 12 month discount at which the Shares of any class trade to their net asset value exceed 5% of net asset value per Share, the Company is obliged to offer a continuation vote to class shareholders.

The Company triggered its rolling 12 month discount floor provision for each of the Sterling, Euro and US Dollar Share classes, by reference to the final NAV as at 30 April 2009, 27 February 2009 and 31 March 2009, respectively, although it is not expected to trigger the discount provisions in 2010. In accordance with the articles of association of the Company, continuation votes were proposed for all three classes of Shares by way of ordinary resolutions at separate class meetings held on 12 August 2009 and each continuation vote was passed.

The Company has adequate financial resources and as a consequence, the directors believe the Company is well placed to manage its business risks successfully despite the current economic climate. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the financial information.

The Company has been granted exemption under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is charged an annual fee of £600.

(d) Expenses

All expenses are accounted for on an accruals basis.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

1 ACCOUNTING POLICIES (continued)

(e) Interest income

Interest income is accounted for on an accruals basis.

(f) Share issue costs

The Share issue costs borne by the Company are recognised in the statement of changes in net assets attributable to shareholders, as the Company's Ordinary Shares have no fixed redemption date.

(g) Cash and Cash Equivalents

Cash and cash equivalents are defined as call deposits and short term deposits readily convertible to known amounts of cash and subject to insignificant risk of changes in value, together with bank overdrafts. For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and deposits at bank, together with bank overdrafts.

(h) Investments

All investments are designated upon initial recognition as financial assets at "fair value through profit or loss". Investments are initially recognised on the date of purchase (on 'trade date' basis) at cost, being the fair value of the consideration given, excluding transaction costs associated with the investment, with unrealised gains and losses on investments arising from change in fair value of investments from prior years is recognised in the Statement of Comprehensive Income.

Realised gains or losses are determined on the disposal of investments and are recognised in the Statement of Comprehensive Income.

In order to assess the fair value of unquoted investments the net asset value of the underlying investment in AllBlue Limited is taken into consideration.

The Company's net asset value is based on valuations of unquoted investments. In calculating the net asset value and the net asset value per Share of the Company, the Administrator considers the net asset values of the shares in AllBlue Limited supplied by the administrator of AllBlue Limited. Those net asset values are based on the market value of the various investments held by AllBlue Limited.

(i) Foreign currency translation

The financial statements are presented in Sterling, which is the Company's functional and presentation currency. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange ruling at the reporting date. All differences are taken to the Statement of Comprehensive Income.

Income and expense items are translated at the average exchange rates for the period. Exchange differences arising on currency aggregation due to translation of foreign currency balances to presentation currency are taken to Other Comprehensive Income.

(j) Segment information

For management purposes, the Company is organised into one business unit, and hence no separate segment information has been presented. The Company determines that this operating segment is the investment in three Share classes of a fund of hedge funds incorporated in the Cayman Islands.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

1 ACCOUNTING POLICIES (continued)

(k) Shares

Sterling, Euro and US Dollar and C Shares have been reclassified as liabilities in accordance with IAS 32 because of the provisions contained in the Company's articles of association as described in note 9. The directors have been advised that this treatment does not result in the Shares being treated as a liability for the purpose of applying the solvency test set out in Section 527 of the Companies (Guernsey) Law, 2008, as amended.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

2 OPERATING EXPENSES

	1 Jan 2010 to 30 Jun 2010
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Administration fees	42,252	676	3,289	752	23	181	45,830
Directors' remuneration	79,099	1,267	6,157	19,083	488	3,171	105,673
Registration fees	40,135	642	3,124	714	22	172	43,533
Directors & Officers insurance	9,632	154	750	171	5	41	10,447
Broker fees	58,941	939	4,565	544	32	251	63,408
Audit fees	6,678	107	520	119	4	29	7,244
Annual & Regulatory fees	12,610	202	982	224	7	54	13,678
Legal & Professional fees	20,325	325	1,582	362	11	87	22,046
Printing of annual reports	3,307	53	258	59	2	14	3,588
Printing of half yearly reports	1,405	24	101	28	-	2	1,520
Bank interest on overdraft facility	3,042	48	237	54	2	13	3,299
Bank facility fee and charges	4,782	76	369	84	3	20	5,183
(Profit) / Loss on exchange	-	(2,381)	(3,118)	-	1,700	5,853	1,176
Other operating expenses	6,144	90	441	101	3	24	6,623
	288,352	2,222	19,257	22,295	2,302	9,912	333,248

Less: Bank interest earned	-	(109)	-	(8,189)	-	(582)	(8,656)

Total expenses for the period	288,352	2,113	19,257	14,106	2,302	9,330	324,592

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

2 OPERATING EXPENSES (continued)

	1 Jan 2009 to 30 Jun 2009
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Administration fees	42,700	1,369	2,413	-	-	-	45,537
Directors' remuneration	75,017	2,404	4,239	-	-	-	80,000
Registration fees	17,367	557	981	-	-	-	18,521
Directors & Officers insurance	7,078	227	400	-	-	-	7,548
Accountancy fees	2,813	90	159	-	-	-	3,000
Broker fees	11,516	369	651	-	-	-	12,281
Audit fees	18,216	584	1,029	-	-	-	19,426
Annual & Regulatory fees	16,095	516	909	-	-	-	17,164
Legal & Professional fees	2,153	69	122	-	-	-	2,296
Printing of annual reports	(1,056)	(34)	(60)	-	-	-	(1,127)
Printing of half yearly reports	1,500	48	85	-	-	-	1,600
Bank interest on overdraft facility	204	7	12	-	-	-	218
Bank facility fee and charges	55	3	3	-	-	-	60
(Profit) / Loss on exchange	3,166	529	(2,504)	-	-	-	1,963
Other operating expenses	1,689	54	95	-	-	-	1,801
	198,513	6,792	8,534	-	-	-	210,288

Less: Bank interest earned	(1,831)	(32)	(1)	-	-	-	(1,861)

Total expenses for the period	196,682	6,760	8,533	-	-	-	208,427

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

3 DIRECTORS' REMUNERATION

	Annual fee
	£
Richard Crowder, Chairman	50,000
Jonathan Hooley, Chairman Audit Committee	40,000
Paul Meader	35,000
John Le Prevost	35,000
Andrew Dodd	Waived

	160,000

Each of the directors, with the exception of Andrew Dodd, earned additional ad-hoc fees of £6,500 in the period.

The directors of the Company are considered key management personnel.

4 EARNINGS PER SHARE

The earnings per each class of share is based on the net gain for the period of £21,331,951 (Jun 2009: £24,010,854) and 258,078,876 (Jun 2009: 206,206,873) shares in the Sterling Ordinary share class, €358,562 (Jun 2009: €683,527) and 4,586,403 (Jun 2009: 6,033,351) shares in the Euro Ordinary share class and $1,546,309 (Jun 2009: $2,225,725) and 20,075,960 (Jun 2009: 20,294,824) shares in the US$ Ordinary share class, -£14,106 (2009: £Nil) and 306,536,109 (Jun 2009: Nil) shares in Sterling C share class, -€2,302 (2009: €Nil) and 8,123,800 (2009: Nil) shares in the Euro C share class, -$9,330 (2009: $Nil) and 47,810,975 (2009: Nil) shares in the US$ C share class each, being the weighted average number of shares in issue during the period.

5 RELATED PARTY TRANSACTIONS

Transactions with related parties are made on terms equivalent to those that prevail in an arm's length transaction.

Anson Fund Managers Limited is the Company's administrator and secretary, Anson Registrars Limited is the Company's registrar, transfer agent and paying agent and Anson Administration (UK) Limited is the Company's UK Transfer agent. John R Le Prevost is a director and controller of Anson Fund Managers Limited, Anson Registrars Limited and Anson Administration (UK) Limited. £89,363 (Jun 2009: £64,058) of costs were incurred by the Company with these related parties in the period, of which £13,314 (Dec 2009: £8,663) was due to these related parties at 30 June 2010.

In accordance with IAS 28 the Company's investment transactions with AllBlue Limited represent a holding in excess of 28% (Dec 2009: 23%), therefore they are effectively transactions with a related party. The totals of such transactions are shown in Note 6.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

6 INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

	As at 30 June 2010
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	219,938,860	6,065,636	17,703,882	95,453,774	1,086,802	5,772,324	336,253,746
Unrealised appreciation on valuation brought forward	98,426,971	1,724,177	5,742,212	-	-	-	103,507,110

Valuation brought forward	318,365,831	7,789,813	23,446,094	95,453,774	1,086,802	5,772,324	439,760,856

Movements in the period:
Gross share conversions in the period	96,015,838	(868,443)	7,644,707	(95,453,774)	(1,086,802)	(5,772,324)	-
Adjustment for realised gain on Share conversions	299,470	511,617	-	-	-	-	718,210
Purchases at cost	-	-	-	306,448,937	8,040,845	47,326,978	344,669,994
Sales	-	-	-	-	-	-	-
Exchange losses on currency balances	-	-	-	-	-	-	901,180

Portfolio cost carried forward	316,254,168	5,708,810	25,348,589	306,448,937	8,040,845	47,326,978	682,543,130

Unrealised appreciation on valuation carried forward	119,747,804	1,573,235	7,307,778	-	-	-	125,920,973

Valuation carried forward	436,001,972	7,282,045	32,656,367	306,448,937	8,040,845	47,326,978	808,464,103

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

6 INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)

	As at 30 June 2010
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Realised gains on sales	299,470	511,617	-	-	-	-	718,210
Increase in unrealised appreciation	21,320,833	(150,942)	1,565,566	-	-	-	22,413,863

Net gains on financial assets at fair value through profit or loss	21,620,303	360,675	1,565,566	-	-	-	23,132,073

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

6 INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)

	As at 31 December 2009
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	213,155,443	6,611,498	22,823,717	-	-	-	235,115,765
Unrealised appreciation on valuation brought forward	43,470,401	1,233,890	2,403,054	-	-	-	46,296,632

Valuation brought forward	256,625,844	7,845,388	25,226,771	-	-	-	281,412,397

Movements in the year:
Gross share conversions in the year	5,977,380	(1,967,527)	(6,311,522)	-	-	-	-
Adjustments for realised gains on Share conversions	1,171,161	1,431,592	1,214,017	-	-	-	3,191,574
Purchases at cost	-	-	-	95,453,774	1,086,802	5,772,324	99,987,253
Sales	(365,124)	(9,927)	(22,330)	-	-	-	(387,737)
Exchange losses on currency balances	-	-	-	-	-	-	(1,653,109)

Portfolio cost carried forward	219,938,860	6,065,636	17,703,882	95,453,774	1,086,802	5,772,324	336,253,746

Unrealised appreciation on valuation carried forward	98,426,971	1,724,177	5,742,212	-	-	-	103,507,110

Valuation carried forward	318,365,831	7,789,813	23,446,094	95,453,774	1,086,802	5,772,324	439,760,856

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

6 INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)

	As at 31 December 2009
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£	€	$	£

Realised gains on sales	1,265,237	1,433,992	1,217,332	-	-	-	3,289,828
Increase in unrealised appreciation	54,956,570	490,287	3,339,158	-	-	-	57,210,478

Net gains on financial assets at fair value through profit or loss	56,221,807	1,924,279	4,556,490	-	-	-	60,500,306

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

6 INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)

IFRS 7 requires fair value to be disclosed by the source of inputs, using a three-level hierarchy:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2);

Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The investments held by the Company have been classified as Level 2.

Details of the value of the classification are listed in the table below. Fair values are based on the market value of the investments as at the reporting date:

Financial assets at fair value through profit or loss	Fair Value as at 30 Jun 2010	Fair Value as at 31 Dec 2009
	GBP	GBP

Level 2	808,464,103	439,760,856

There have been no transfers between Level 2 and Level 3 of the fair value hierarchy during the period under review.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

7 RECEIVABLES

	30 Jun 2010
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	€	$	£	£

Prepayments	30,302	506	2,267	-	-	-	-	32,232
Other receivables	28,214	496	2,111	-	-	-	-	30,031
Inter class loan accounts	72,761	-	-	-	-	-	(72,761)	-

	131,277	1,002	4,378	-	-	-	(72,761)	62,263

	31 Dec 2009
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	€	$	£	£

Prepayments	9,431	303	556	415	5	24	-	10,492
Other receivables	7,947	255	469	(69)	(1)	(4)	-	8,402
Inter class loan accounts	45,965	-	-	-	-	-	(45,965)	-

	63,343	558	1,025	346	4	20	(45,965)	18,894

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

8 PAYABLES (AMOUNTS FALLING DUE WITHIN ONE YEAR)

	30 Jun 2010
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	€	$	£	£

Accrued administration fees	6,164	103	461	747	20	115	-	7,397
Accrued broker fees	11,732	196	878	432	11	67	-	12,965
Accrued registration fees	4,931	82	369	598	16	92	-	5,917
Accrued directors fees	-	-	-	-	-	-	-	-
Accrued bank charges	191	3	14	-	-	-	-	203
Accrued audit fees	10,292	172	770	187	5	29	-	11,158
Accrued printing costs	5,007	84	375	93	2	14	-	5,430
Inter class loan accounts	-	41,295	20,312	19,109	501	2,951	(72,761)	-
Other sundry accruals	4,531	76	339	1,129	30	174	-	6,090

	42,848	42,011	23,518	22,295	585	3,442	(72,761)	49,160

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

8 PAYABLES (AMOUNTS FALLING DUE WITHIN ONE YEAR) (continued)

	31 Dec 2009
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	€	$	£	£

Accrued administration fees	6,329	203	373	854	10	50	-	7,644
Accrued broker fees	-	-	-	-	-	-	-	-
Accrued registration fees	844	27	50	114	1	7	-	1,019
Accrued directors fees	23,432	753	1,383	20,612	233	1,203	-	46,579
Accrued bank charges	-	-	-	35	-	2	-	36
Accrued audit fees	20,888	671	1,233	214	2	12	-	22,499
Accrued printing costs	4,759	153	281	49	1	3	-	5,127
Inter class loan accounts	-	44,338	10,675	10	17	25	(45,965)	-
Other sundry accruals	567	18	33	24	-	1	-	629

	56,819	46,163	14,028	21,912	264	1,303	(45,965)	83,533

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

9 SHARE CAPITAL

Authorised Share Capital

An unlimited number of Unclassified shares of no par value each.

Ordinary Shares

C Shares

Issued

Sterling Share Class

Euro Share Class

US Dollar

Class

Sterling Share Class

Euro Share Class

US Dollar Share Class

Total

Number of shares in issue at 30 June 2010

272,675,704

4,714,739

21,094,056

309,536,109

8,123,800

47,810,975

663,955,383

	Ordinary Shares			C Shares
The movement in shares took place as follows:	Number of Sterling Shares	Number of Euro Shares	Number of US$ Shares	Number of Sterling Shares	Number of Euro Shares	Number of US$ Shares
Date of movement

Issue 21 April 2006	2	-	-	-	-	-
Issue 25 May 2006	135,283,597	5,676,877	9,632,602	-	-	-
Conversion 1 April 2008	2,323,063	(1,064,142)	(2,999,848)	-	-	-
Cancellation 19 May 2008	(198,000)	-	-	-	-	-
Conversion 1 July 2008	(9,400)	-	19,068	-	-	-
Conversion of C shares 4 September 2008	71,997,994	1,663,467	8,086,481	-	-	-
Conversion 1 October 2008	(3,462,150)	223,992	5,980,852	-	-	-
Purchase of treasury shares 26 November 2008	(100,000)	-	-	-	-	-
Purchase of treasury shares 16 December 2008	(100,000)	-	-	-	-	-

Sub-total carried forward	205,735,106	6,500,194	20,719,155	-	-	-

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

9 SHARE CAPITAL

	Ordinary Shares			C Shares
The movement in shares took place as follows:	Number of Sterling Shares	Number of Euro Shares	Number of US$ Shares	Number of Sterling Shares	Number of Euro Shares	Number of US$ Shares
Date of movement

Sub-total brought forward	205,735,106	6,500,194	20,719,155	-	-	-

Purchase of treasury shares 19 December 2008	(150,000)	-	-	-	-	-
Purchase of treasury shares 31 December 2008	(100,000)	-	-	-	-	-
Conversion 1 January 2009	643,075	(615,782)	(111,870)	-	-	-
Conversion 1 April 2009	157,384	297,877	(624,923)	-	-	-
Conversion 1 July 2009	132,724	2,937,405	(4,332,028)	-	-	-
Conversion 1 October 2009	3,205,126	(3,816,092)	265,661	-	-	-

Issue 15 December 2009	-	-	-	96,417,954	1,097,780	5,830,631

As at 31 December 2009	209,623,415	5,303,602	15,915,995	96,417,954	1,097,780	5,830,631

Conversion 1 January 2010	428,601	(1,239,975)	1,054,347	-	-	-
C Share conversion 12 February 2010	62,681,311	739,574	3,914,102	(96,417,954)	(1,097,780)	(5,830,631)
Conversion 1 April 2010	(57,623)	(88,462)	209,612	-	-	-

Issue 23 June 2010	-	-	-	309,536,109	8,123,800	47,810,975

As at 30 June 2010	272,675,704	4,714,739	21,094,056	309,536,109	8,123,800	47,810,975

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

9 SHARE CAPITAL (continued)

In the event of a return of capital on a winding-up or otherwise, shareholders are entitled to participate in the distribution of capital after paying all the debts and satisfying all the liabilities attributable to the relevant share class.

The holders of shares of the relevant share class shall be entitled to receive by way of capital any surplus assets of the share class in proportion to their holdings. In the event that the share class has insufficient funds or assets to meet all the debt and liabilities attributable to that share class, any such shortfall shall be paid out of funds or assets attributable to the other share classes in proportion to the respective net assets of the relevant share classes as at the date of winding-up.

The Company's Articles incorporate a discount management provision (which applies to each class of Ordinary Shares individually) that will require a continuation vote to be proposed in respect of the particular class of Ordinary Shares at a class meeting of the relevant Shareholders (by way of ordinary resolution) if, over the previous 12 month rolling period commencing from 1 January 2008, the relevant class of Ordinary Shares has traded, on average (calculated by averaging the closing mid-market share price on the dates which are 5 Business Days after the date on which each estimated Published NAV announcement is made for each NAV Calculation date over the period) at a discount in excess of 5 per cent to the average Net Asset Value per Ordinary Share of that class (calculated by averaging the NAV per Ordinary Share of that class as at the NAV Calculation Date at the end of each month during the period).

In the event that a vote to continue is proposed and passed for any class of Ordinary Shares as a result of the operation of such mechanism, no further continuation vote will be capable of being proposed for that class for a further 12 months from the date on which the requirement for such a continuation vote was triggered.

If such continuation vote is not passed, the Directors will be required to formulate redemption proposals to be put to the Shareholders of that class offering to redeem their Ordinary Shares at the relevant Published Net Asset Value on the NAV Calculation Date immediately preceding such redemption (less the costs of all such redemptions). However, where one or more such resolutions in respect of the same period is/are not passed and the class(es) of Ordinary Shares involved represent 75 per cent, or more of the Company's net assets attributable to all Ordinary Shares at the last NAV Calculation Date on or immediately preceding the date of the latest continuation resolution being defeated, the Directors may first (at their discretion) put forward alternative proposals to all Shareholders to offer to repurchase their Shares or to reorganise, reconstruct or wind up the Company. If, however, such alternative proposals are not passed by the necessary majority of shareholders of the relevant class, the Directors must proceed to offer to redeem the relevant class (es) of Ordinary Shares on the terms described above.

Where following redemption of any class of Ordinary Shares under the discount management provision, the number of Ordinary Shares of that class remaining in issue represent less than 25 per cent, of the Ordinary Shares of that class in issue immediately before such redemption or the listing for such class of Ordinary Shares on the Official List is withdrawn or threatened to be withdrawn or the Directors determine that the conditions for the continued listing of that class are not (or they believe will not be) met, then the Company may redeem the remaining issued Ordinary Shares of that class within 3 months of such determination at a redemption price equal to the Net Asset Value of Ordinary Shares of that class on the NAV Calculation Date selected by the Directors for such purpose (less the costs of such redemption).

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

9 SHARE CAPITAL (continued)

The Company triggered its rolling 12 month discount floor provision for each of the Sterling, Euro and US Dollar Share classes, by reference to the final NAV as at 30 April 2009, 27 February 2009 and 31 March 2009, respectively. In accordance with the articles of incorporation of the Company, continuation votes were proposed for all three classes of shares by way of ordinary resolutions at separate class meetings held on 12 August 2009 and each continuation vote was passed.

The arrangements for the conversion of C Shares into Ordinary Shares are detailed in note 15 (Subsequent events).

10 SHARE PREMIUM

In April 2006 the shareholders of the Company passed a resolution to cancel the amount standing to the credit of the Company's share premium account (less any formation expenses set off against the share premium account) and the directors obtained from the Court in Guernsey an order confirming such cancellation of the share premium account in accordance with The Companies (Guernsey) Law, 1994 (as amended) (the "1994 Law"). The reserve created was thereafter available as distributable profits to be used for all purposes permitted by the 1994 Law, including the buy back of shares and the payment of dividends.

On 1 July 2008 The Companies (Guernsey) Law, 1994 (as amended) was replaced by The Companies (Guernsey) Law, 2008 (as amended) (the "2008 Law"). The 2008 Law does not require share premium to be held in a separate account and any premium at which shares are issued can be used for all purposes, including the buy back of Shares and the payment of dividends, provided that the Company would after any distribution still meet the statutory Solvency Test as such is defined in the 2008 Law. Accordingly, upon the issue of C Shares in August 2008 and December 2009 the entire amount of share premium received on the issue of such C Shares was immediately transferred to distributable reserves.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

11 TREASURY SHARES

	30 Jun 2010
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$	£	€	$

Balance as at 1 January 2010	483,079	-	-	-	-	483,079
Cancelled during the year	-	-	-	-	-	-
Acquired during the year	-	-	-	-	-	-

Balance as at 30 June 2010	483,079	-	-	-	-	483,079

	31 Dec 2009
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$	£	€	$

Balance as at 1 January 2009	483,079	-	-	-	-	483,079
Cancelled during the year	-	-	-	-	-	-
Acquired during the year	-	-	-	-	-	-

Balance as at 31 December 2009	483,079	-	-	-	-	483,079

The treasury shares reserve represents 450,000 Sterling Shares purchased in the market at various prices per share ranging from £1.03 to £1.11 and held by the Company in treasury. No cancellation of Shares took place in the period.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

12 DISTRIBUTABLE RESERVES

	30 Jun 2010
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£	€		$

Balance as at 1 January 2010	319,629,873	7,786,164	23,450,688	95,432,208	1,086,542	5,771,041	441,001,828
Transfer from C Share Issue	(21,566)	(260)	(1,284)	306,462,314	8,042,822	47,334,149	344,667,146
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income	21,331,951	358,562	1,546,309	(14,106)	(2,302)	(9,330)	23,702,461
Adjustment to allocation of reserves brought forward	(14,788)	6,982	10,226	-	-	-	-
Share conversions	96,015,838	(868,443)	7,644,707	(95,453,774)	(1,086,802)	(5,772,324)	-

Balance as at 30 June 2010	436,941,308	7,283,005	32,650,646	306,426,642	8,040,260	47,323,536	809,371,435

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS (continued)

for the period ended 30 June 2010

12 DISTRIBUTABLE RESERVES (continued)

	31 Dec 2009
	Ordinary Shares			C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£	€		$

Balance as at 1 January 2009	257,860,084	7,844,246	25,216,708	-	-	-	282,638,651
Transfer from C Share Issue	-	-	-	95,453,774	1,086,802	5,772,325	99,987,253
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income	55,792,409	1,909,445	4,545,502	(21,566)	(260)	(1,284)	58,375,924
Share conversions	5,977,380	(1,967,527)	(6,311,522)	-	-	-	-

Balance as at 31 December 2009	319,629,873	7,786,164	23,450,688	95,432,208	1,086,542	5,771,041	441,001,828

The Share issue costs incurred during the period and borne by the Company in relation to the issue of C shares amounted to £3,095,361 in the Sterling share class, £81,238 in the Euro share class and £478,110 in the US Dollar share class.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2010

13 FINANCIAL INSTRUMENTS

The Company's main financial instruments comprise:

(a) Cash and cash equivalents that arise directly from the Company's operations; and

(b) Shares held in AllBlue Limited.

14 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The main risks arising from the Company's financial instruments concerns its holding of shares in AllBlue Limited and the risks attaching to those shares which are market price risk, credit risk, liquidity risk, interest rate risk and increased volatility due to leverage employed by the underlying funds as explained below.

The Company is not exposed to foreign exchange risk as each class of Shares in the Company is directly invested in shares of AllBlue Limited denominated in the same corresponding currency.

So far as the Company is concerned the only risk the Board can monitor and control is the liquidity risk attaching to its ability to realise shares in AllBlue Limited for the purpose of meeting ongoing expenses of the Company. Thereafter the Board recognises that the Company has via its holding of shares in AllBlue Limited an indirect exposure to the risks summarised below though it must be noted that there is little or nothing which the Board can do to manage each of these risks within AllBlue Limited ("AllBlue") or the underlying funds in which AllBlue invests (the "underlying fund(s)").

(a) Price Risk

The success of AllBlue's and the underlying funds' and, therefore, the Company's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls and national and international political circumstances. These factors may affect the level and volatility of securities' prices and the liquidity of the underlying funds' investments. Volatility or illiquidity could impair the underlying funds' profitability or result in losses.

Details of the Company's Investment Objectives and Policy are given on page 2.

Price sensitivity

The Company invests substantially all its assets in AllBlue and does not undertake any significant borrowing or hedging activity at the Company level. Its performance is therefore directly linked to the net asset value of AllBlue, which itself is driven by the net asset values of the underlying funds, each of which hold a large number of positions in listed and unlisted securities.

At 30 June 2010, if the net asset value of AllBlue had been 10% higher with all other variables held constant, the net assets attributable to shareholders for the period would have been £80,846,410 (Dec 2009: £43,976,086) greater, arising due to the increase in the fair value of financial assets at fair value through profit or loss.

If the net asset value of AllBlue had been 10% lower with all other variables held constant, the net assets attributable to shareholders for the period would have been £80,846,410 (Dec 2009: £43,976,086) lower, arising due to the decrease in the fair value of financial assets at fair value through profit or loss.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2010

14 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(a) Price Risk (continued)

Price sensitivity (continued)

The sensitivity is higher in 2010 than in 2009 because of an increase in the net financial assets and liabilities at fair value through profit or loss at the statement of financial position date.

(b) Credit Risk

The nature of commercial arrangements made in the normal course of business between many prime brokers and custodians means that in the case of any one prime broker or custodian defaulting on its obligations to AllBlue or any of the underlying funds, the effects of such a default may have negative effects on other prime brokers with whom AllBlue or such underlying fund deals. The underlying funds and, by extension, AllBlue and the Company may, therefore be exposed to systemic risk when AllBlue or an underlying fund deals with prime brokers and custodians whose creditworthiness may be interlinked.

The assets of AllBlue and the underlying funds may be pledged as margin with prime brokers or other counterparties or held with prime brokers or banks. In the event of the default of any of these prime brokers, banks or counterparties, AllBlue or the underlying funds may not receive back all or any of the assets pledged or held with the defaulting party.

The maximum credit risk to which the Company was exposed at the year end was £808,905,284 (Dec 2009: £440,591,790).

The main concentration of risk for the Company relates to the investments in AllBlue, as these are the only investments the Company has.

In some circumstances, investments may be relatively illiquid making it difficult to acquire or dispose of them at the prices quoted on the various exchanges. Accordingly, an underlying fund's ability to respond to market movements may be impaired and, consequently, the underlying fund may experience adverse price movements upon liquidation of its investments which may in turn affect the value of AllBlue and hence the Company's investment in AllBlue. Settlement of transactions may be subject to delay and administrative formalities.

There can be no assurance that the liquidity of the investments of AllBlue and the underlying funds will always be sufficient to meet redemption requests as, and when, made. Any such lack of liquidity may affect the ability of the Company to realise its shares in AllBlue and the value of Shares in the Company. For such reasons AllBlue's treatment of redemption requests may be deferred in exceptional circumstances including if a lack of liquidity may result in difficulties in determining the net asset value and the net asset value per share in AllBlue. This in turn would limit the ability of the Directors to realise the Company's investments in AllBlue should they consider it appropriate to do so and may result in difficulties in determining the net asset value of a Share in the Company.

The market prices, if any, for such illiquid investments tend to be volatile and may not be readily ascertainable and the relevant underlying fund may not be able to sell them when it desires to do so or to realise what it perceives to be their fair value in the event of a sale. The size of the underlying funds' positions may magnify the effect if a decrease in market liquidity for such instruments. Changes in overall market leverage, deleveraging as a consequence of a decision by the counterparties with which the underlying funds enter into repurchase/reverse repurchase agreements or derivative transactions, to reduce the level of leveraging, or the liquidation by other market participants of the same or similar positions, may also adversely affect the underlying funds' portfolios.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2010

14 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets.

The underlying funds may not be able readily to dispose of such illiquid investments and, in some cases, may be contractually prohibited from disposing of such investments for a specified period of time. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale.

The Company's shares in issue are traded on the London Stock Exchange's Main Market for Listed Securities (the "LSE"). However, in certain circumstances there may be a limited market for the shares and it may not be possible for investors to achieve liquidation of their holding within a short time period or for the investor to realise the full anticipated value of the Shares.

The table below details the residual contractual maturities of financial liabilities:

As at 30 June 2010	1-3 months	Over 1 year	Total
	£	£	£

Accrued expenses	49,160	-	49,160
Total	49,160	-	49,160


As at 31 December 2009	1-3 months	Over 1 year	Total
	£	£	£

Accrued expenses	83,533	-	83,533
Total	83,533	-	83,533

(d) Interest Rate Risk

The prices of securities tend to be sensitive to interest rate fluctuations. Unexpected fluctuations in interest rates could cause the corresponding prices of long positions and short positions adopted to move in directions which were not originally anticipated. In addition, interest rate increases generally increase the interest or carrying costs of investments. However, the Company's investments designated as at fair value through profit or loss are non interest bearing, and therefore are not exposed to interest rate risk.

The Company's own cash balances are not materially exposed to interest rate risk as cash and cash equivalents are held on floating interest rate deposits with banks and the Company does not rely on income from bank interest to meet day to day expenses.

(e) Leverage by Underlying Funds

Certain underlying funds in which the Company may have an economic interest operate with a substantial degree of leverage and are not limited in the extent to which they either may borrow or engage in margin transactions. The positions maintained by such underlying funds may in aggregate value be in excess of the net asset value of AllBlue. This leverage presents the potential for a higher rate of total return but will also increase the volatility of AllBlue and, as a consequence, the Company, including the risk of a total loss of the amount invested.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2010

14 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(f) Capital management

The investment objective of the Company is to provide shareholders with consistent long-term capital growth through an investment policy of investing substantially all of its assets in AllBlue or any successor vehicle to AllBlue.

As the Company's Ordinary Shares are traded on the LSE, the Ordinary Shares may trade at a discount to their Net Asset Value per Share. However, in structuring the Company, the Directors have given detailed consideration to the discount risk and how this may be managed.

At the last annual general meeting held pursuant to section 199 of The Companies (Guernsey) Law, 2008, as amended (the "Law"), the directors were granted authority to buy back up to 14.99 per cent of the Ordinary Shares in issue. The Company's authority to make purchases of its own issued Ordinary Shares will expire at the conclusion of the next general meeting of the Company to be held pursuant to section 199 of the Law and renewal of such authority will be sought at the next general meeting. The timing of any purchases will be decided by the Board.

The Directors intend that purchases will only be made pursuant to this authority through the market, for cash, at prices below the prevailing net asset value per Share where the Directors reasonably believe such purchases will be of material benefit to the Company.

Following approval of the Court in Guernsey, the Company resolved to cancel the amount standing to the credit of its share premium account following Admission. The amount released on cancellation has been credited as a distributable reserve in the books of account and may be used by the Company for the purpose of funding purchases of its Ordinary Shares as described above and the payment of dividends. On 1 July 2008 The Companies (Guernsey) Law, 1994 (as amended) was replaced by The Companies (Guernsey) Law, 2008 (as amended) (the "2008 Law"). The 2008 Law does not require share premium to be held in a separate account and any premium at which shares are issued can be used for all purposes, including the buy back of Shares and the payment of dividends, provided that the Company would after any distribution still meet the statutory Solvency Test as such is defined in the 2008 Law. Accordingly, upon the issue of C Shares in August 2008 and December 2009 the entire amount of share premium received on the issue of such C Shares was immediately transferred to distributable reserves.

The Company's authorised share capital is such that further issues of new Ordinary Shares could be made. Subject to prevailing market conditions, the Board may decide to make one or more further such issues or reissues of Ordinary Shares for cash from time to time. Any further issues of new Ordinary Shares or reissues of Ordinary Shares held in treasury will rank pari passu with Ordinary Shares in issue.

There are no provisions of the Companies Laws which confer rights of pre-emption in respect of the allotment of Shares. There are, however, pre-emption rights contained in the Articles, but the Directors have been granted the power to issue further Shares on a non-pre-emptive basis until the time of the Company's general meeting in 2010 pursuant to section 199 of the Law by a special resolution of Shareholders passed on 10 December 2009. The Directors intend to request that the authority to allot Shares on a non-pre-emptive basis is renewed at each subsequent general meeting of the Company.

Unless authorised by shareholders, the Company will not issue further Ordinary Shares or reissue Ordinary Shares out of treasury for cash at a price below the prevailing Net Asset Value per Share unless they are first offered pro rata to existing shareholders.

BlueCrest AllBlue Fund Limited (the "Company")

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2010

14 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(f) Capital management (continued)

The Company monitors capital on the basis of the carrying amount of reserves as presented on the face of the statement of financial position. Capital for the reporting period under review is summarised as follows:

	2010	2009
	GBP	GBP

Purchase of own shares	(483,079)	(483,079)
Distributable reserves	809,371,435	441,001,828

Total	808,888,356	440,518,749

15 SUBSEQUENT EVENTS

On 17 June 2010 the Company issued 309,536,109 Sterling C Shares for a consideration of £1 each, 8,123,800 Euro C Shares for a consideration of Euro 1 each and 47,810,975 US Dollar C Shares for a consideration of US$1 each pursuant to a placing and offer for subscription of such C Shares.

On 9 August 2010 the Sterling C Shares were converted into 191,448,083 Sterling Shares based on a conversion ratio of 0.6185 Sterling Shares for each Sterling C Share, the Euro C Shares were converted into 5,204,918 Euro Shares based on a conversion ratio of 0.6407 Euro Shares for each Euro C Share and the US Dollar C Shares were converted into 30,575,118 US Dollar Shares based on a conversion ratio of 0.6395 US Dollar Shares for each US Dollar C Share.

The additional Ordinary Shares arising on conversion were admitted to listing on the Official List of the UK Listing Authority and to trading on the Main Market for Listed Securities of the London Stock Exchange on 9 August 2010 and all Ordinary Shares of the relevant class rank pari passu.

BlueCrest AllBlue Fund Limited (the "Company")

SCHEDULE OF INVESTMENTS

as at 30 June 2010

SECURITIES PORTFOLIO	NOMINAL HOLDINGS	VALUATION SOURCE CURRENCY	VALUATION GBP	TOTAL NET ASSETS %

AllBlue Limited Class A Sterling Shares	4,330,490	£742,450,909	£742,450,909	91.79%

AllBlue Limited Class A Euro Shares	89,909	€15,322,890	£12,541,243	1.55%

AllBlue Limited Class A US$ Shares	461,117	$79,983,343	£53,471,950	6.61%

			£808,464,102	99.95%

BlueCrest AllBlue Fund Limited (the "Company")

SCHEDULE OF INVESTMENTS

as at 31 December 2009

SECURITIES PORTFOLIO	NOMINAL HOLDINGS	VALUATION SOURCE CURRENCY	VALUATION GBP	TOTAL NET ASSETS %

AllBlue Limited Class A Sterling Shares	2,539,598	£413,819,605	£413,819,605	93.94%

AllBlue Limited Class A Euro Shares	54,762	€8,876,617	£7,872,581	1.79%

AllBlue Limited Class A US$Shares	177,017	$29,218,416	£18,068,670	4.10%

			£439,760,856	99.83%

BlueCrest AllBlue Fund Limited (the "Company")

SHAREHOLDER INFORMATION

The Company's Sterling Shares, Euro Shares and US Dollar Shares are capable of being traded on the London Stock Exchange's main market for listed securities. All Shares may be dealt in directly through a stockbroker or professional adviser acting on an investor's behalf. The buying and selling of Shares may be settled through CREST.

Approximately 20 business days after the end of each month the confirmed net asset value for each class of Share is announced, together with information on the Company's investments and performance report, to a regulatory information service provider of the London Stock Exchange. In addition, on a weekly basis the Company announces in the same manner the estimated net asset value for each class of Share.

The ISIN, SEDOL and the London Stock Exchange mnemonic of each share class is:

ISIN SEDOL LSE mnemonic

Sterling share class GB00B13YVW48 B13YVW4 BABS

Euro share class GB00B13YXC81 B13YXC8 BABE

US Dollar share class GB00B13YXH37 B13YXH3 BABU

Conversion between Share Classes

The Company currently offers a quarterly conversion between share classes. Subject to the approval of the shareholders of the Company at an extraordinary general meeting to be held on 22 September 2010 the Company will move to a monthly conversion facility as at the first business day of each calendar month in place of the existing quarterly conversion facility. Conversion forms can be found on its website at www.bluecrestallblue.com.

Shareholder Enquiries

The Company's CREST compliant registrar is Anson Registrars Limited in Guernsey which maintains the Company's registers of shareholders. They may be contacted by telephone on (44) 01481 711301.

Further information regarding the Company can be found on its website at www.bluecrestallblue.com.

BlueCrest AllBlue Fund Limited (the "Company")

DIRECTORS AND SERVICE PROVIDERS

Directors

Richard Crowder

Andrew Dodd

Jonathan Hooley

Paul Meader

John R Le Prevost

Registered Office of the Company

Anson Place

Mill Court

La Charroterie

St Peter Port

Guernsey GY1 1EJ

Telephone +44 (0)1481 722260

Administrator and Company Secretary

Anson Fund Managers Limited

PO Box 405

Anson Place

Mill Court

La Charroterie

St Peter Port

Guernsey GY1 3GF

Registrar, Paying Agent and Transfer Agent

Anson Registrars Limited

PO Box 426

Anson Place

Mill Court

La Charroterie

St Peter Port

Guernsey GY1 3WX

UK Transfer Agent

Anson Administration (UK) Limited

3500 Parkway

Whiteley

Hampshire

England PO15 7AL

Auditor

Ernst & Young LLP

14 New Street

St Peter Port

Guernsey GY1 4AF

Corporate Broker

RBS Hoare Govett Limited

250 Bishopsgate

London

England EC2M 4AA

Financial Public Relations

M: Communications

1 Ropemaker Street

London

England EC2Y 9HT

This information is provided by RNS

The company news service from the London Stock Exchange

END

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