Half Yearly Report

RNS Number : 1736Q

BlueCrest AllBlue Fund Ltd

28 August 2014

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BlueCrest AllBlue Fund Limited (LSE: BABS, BABU, BABE) is pleased to announce its unaudited Financial Report for the six months ended

30 June 2014

BLUECREST ALLBLUEFUND LIMITED (THE "COMPANY")

Glossary

Company & Investment Overview

Half year to 30 June 2014 in numbers

Chairman's Statement

About the Company

Report by the Manager of AllBlue Limited

Interim Management Report

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changesin Net Assets Attributable to Shareholders

Statement of Cash Flows

Notes to the Financial Statements

Schedule of Investments

Shareholder Information

Contact Information and Advisors

GLOSSARY

Unless the context suggestsotherwise, references withinthis report to:

"AIC Code" means the AIC Code of CorporateGovernance.

"AIC" means the Association of Investment Companies, of which the Company is a member. "AllBlue Leveraged" means AllBlueLeveraged Feeder Limited.

"AllBlue" means AllBlue Limited.

"Articles" mean the Articlesof Association of the Company. The "Company" means BlueCrest AllBlueFund Limited. "BlueCrest LLP" means BlueCrest Capital Management LLP.

"BlueCrest Limited"means BlueCrest Capital Management Limited. "Board" means the Board of Directors of the Company.

"Business Day" means any day on whichbanks are open for businessin the Cayman Islands, United Kingdomand/or Guernsey and/or such other place or places as the Directors may from time to time determine.

"GFSC Code" means the GuernseyFinancial Services Commission Financial Sector Code of Corporate Governance.

"ICS" means the Institutional Cash Series plc ("ICS") (an umbrella investment company with variable capital and having segregated liability between its funds).

"IFRS" means the International Financial ReportingStandards as adopted by the European Union and applicable Guernseylaw.

"JTC" or the "Administrator" means JTC (Guernsey) Limited. "Law" means the Companies (Guernsey) Law 2008.

"Period" means the period from 1 January2014 to 30 June 2014.

"Shares" means the Sterling Shares, Euro Shares and US Dollar Shares of the Company in issue.

"UnderlyingFunds" means the seven underlying funds of AllBluecomprising BlueCrest Capital International Limited, BlueTrend Fund Limited, BlueCrest Multi Strategy CreditFund Limited, BlueCrest Emerging MarketsFund Limited, BlueCrestMercantile Fund Limited, BlueCrest Equity Strategies Fund Limited and BlueMatrix Limited(together, includingthe master funds into which such funds invest).

"UKLA" means UnitedKingdom Listing Authority. "VaR" means Value at Risk.

COMPANY & INVESTMENT OVERVIEW

The Company is a Guernseyinvestment company listed and traded on the Premium Segment of the London StockExchange with assetsof approximately£831m*. Its objective is to invest substantially all of its assets in AllBlue Limited.

AllBlue is a multi-strategy fund of hedge funds investingin BlueCrest funds across its two core specialisations: discretionary and systematic trading. Thesetwo complementary strategies are blendedusing 7 underlying BlueCrest funds.

Using robust risk management, AllBlue blends these 7 non-correlated funds to produce attractive returns with low volatility. AllBlue has full transparency into the 7 funds aiding the sterling share class return of 8.93%** per annum since inception in 2006, combined with low volatility. A summary on each underlying fund is provided at the end of this section.

AllBlue and the 7 underlying funds are managed by BlueCrest Capital Management, one of the world'spremier hedge fund managers with officesin the UK, Europe, the US and Asia.

Founded in 2000, BlueCrestmanages approximately $27.9bn*** and has a proven trackrecord of generating stronglevels of capital growthwhilst ensuring capitalpreservation. It has an award-winning reputation for excellence in both discretionary and systematic trading. The principals of BlueCrest have a significant level of their own wealthinvested alongside their clients, aligningtheir interests with those of their investors.

The Company has three share classes,Sterling, Dollar and Euro and seeks to provide shareholders with the followingkey benefits:

• Attractive returns which are not beholden to the direction of asset markets,created by skilled portfolio management and a non-correlated, multi-strategy approach.

•

• Strong capital preservation characteristics reflecting robust risk management and expert blending of variousassets across discretionary and systematic funds.

• Good liquidity as the shares in the Company can be bought and sold whenever the London Stock Exchange is open for business

More information on the Company, its performance and current allocations can be found on the website, www.bluecrestallblue.com

*As at 31 July 2014.

**Net performance of AllBlue Limited(Class A GBP) to 30 June 2014.

*** As at 1 July 2014.

The seven underlying funds

BlueCrest

Capital International

A global macro strategy, with a strong fixed income focus. Strategies include directional and curve trading, driven by macro views around central bank activities, their likely actions and market reactions that will impact the level of rates and the shape of the yield curve. Also relative value which looks to identify anomalies across the fixed income markets.

BlueCrest Emerging Markets

A macro strategythat looks toidentify opportunities acrosscurrency, local interest rates, sovereign and quasi-sovereign creditmarkets with a focus on liquidity. The strategytrades throughout LatinAmerica, the MiddleEast, Central and EasternEurope, Africa andAsia.

BlueCrest

Multi Strategy Credit

Engages in opportunities across the full credit spectrum of corporate and sovereign debt markets, implementing strategies such as long / short credit, creditvolatility and capital structure arbitrage.

BlueCrest Mercantile

Invests in bonds and loans associated with the productionand trade of commercialgoods and commodities and then hedges out the associated risks.The credits are purchased from commercial banks who are under pressure to remove them fromtheir balance sheetsin order to manage risk concentration and to adhere to regulatory requirements.

BlueCrestEquity Strategies

Engages in long/short and event drivenstrategies across global equity marketsby taking a multi-trader, multi strategyapproach. Primarily non-directional.

BlueTrend

A global systematictrend followingstrategy that trades in excess of 150 liquid markets covering assetclasses includingequities, fixedincome, foreign exchange, energy,metals and agricultural commodities.

BlueMatrix

A global systematicequity market neutralstrategy thatdraws upon a widevariety of fundamental and technical inputs,as well as other sources. The portfolio construction process incorporates a sophisticated in-house risk model which seeks to maintain market neutrality at the regional level, aswell as limiting exposures to otherfactors such as size or liquidity.

HALF YEAR TO 30 JUNE 2014 IN NUMBERS

+4.7%

Sterling Share price increase

+4.5%

NAV per share increase (Sterling Class)

+7.1%

NAV per share increase 12 months to 30 June 2014

2.6%

12 month volatility

(Sterling NAV)

ZERO

Number of rolling 12 month periods of negative NAV (since inception)

£831m

Net Asset Value

30 June 2014

£42.6m

Cost of Shares repurchased during period

-3.9%

Share price discount to NAV at 30 June 2014 (Sterling Shares)

0.56p

Uplift to NAV per Sterling Share from buybacks in the period

CHAIRMAN'S STATEMENT

I am pleasedto be able to report a period of good performance for the Company during the first half of 2014. The net assetvalue per Share rose by 4.5% (Sterling Class) with all of the underlying funds contributing positively. This is a very encouraging performance given what were, periodically, difficultmarket conditions; conditionswhich saw a number of the Company's peers struggle tomaintain capital values. For reference, the Sterling Class NAV has risen by 7.1% over the past 12 months.

The share price performed largely in line with the net asset value, with a total shareholder return of 4.7% for the six months(Sterling Shares). Just as importantly, the volatilityof AllBlue Limited ("AllBlue") has remainedlow and the volatility of the share price has also beenlower than in prior periods.

Before turning to a more detailed analysis of the period, I believe that it is worth dwelling on a long term perspective. Since launch in the spring of 2006, the Sterling Class has delivered a return of 8.6% per annum, a return well in excess of that available from equities or bonds during the same period. More importantly,perhaps, it has done so with very low volatility and without being beholden to the direction of asset markets to generatethese returns. Many of our shareholders tell us that they hold the Company as much for its diversification benefits in their portfolios as for its attractive long term returns. On occasions, of course, returns will be tempered over short periods by the restriction of opportunities available. This happened in early 2013, although AllBluehas always maintained its record of generating positive performance over all rolling12 month periods.However, even in times of more muted performance the diversification benefits have prevailed and the patient shareholder has seen excellent long term returns withoutever having short term worries.Assisted by the Company's good daily liquidityon the London Stock Exchangeand, I would like to think, robust governance and oversight from your board, the Company has earned its place in a wide range of investors' portfolios. The benefits of potential performance, diversification and liquidity are arguably as compelling and relevanttoday as at the Company's launchover eight years ago.

The Company's long term performance is shown in the chart below:

BlueCrest AllBlue Fund Performance

[Not available through RNS]

PORTFOLIO MANAGEMENT

Turning to the events of the first half of the year, markets tended to be dominated by central bank policy moves and geo-political events.BlueCrest Capital Management Limited ("BlueCrest Limited") provides a detailedanalysis in their reportlater in these financial statements but, in summary, there was notable divergence in the policy coming from different global central banks. After monthsof speculation,the European Central Bank finally cut interest rates and introduced measuresto stimulate bank lending whereas the US Federal Reserve continued with its measuredwithdrawal of stimuluswith the resultthat speculation began to mount over the likely timing of the first interest rate increase. Yet it is the Bank of England which appears likely to be the first central bank to act to tighten policy, perhaps as early as the beginning of next year. The currentbuoyancy of the UK economy is in stark contrast to its apparently dismalprospects 12 months ago.

These events, alongside geo-political worries such as the Ukraine and the Middle East together with uncertainty over the robustness of emerging marketeconomies, China in

particular,made for a difficult market backdrop for investors. Equitieswere occasionally volatile yet have continuedin a generally positive vein but it is the fixed income markets that havesurprised most investors. Despite widespread predictions for rising yields,the bond markets performedstrongly and consistently with 10 year US Treasuryyields falling by around50 b.p. and German 10 year yieldsrecently touching a record low of below 1%. Investors were almost universally wrong-footed by thesemoves and marketsproved too challenging for many to be able to make money, let alone match marketindex performances.

For AllBlue, all the underlying funds generated positivereturns duringthe first half with BlueTrend, BlueCrest Emerging Markets and BlueCrest MultiStrategy Credit being the most notable performers. It has been encouraging to see a return to strong performance for BlueTrend after a protracted period of difficultconditions. BlueTrend was the major contributor to second quarterperformance as it gained over 10% in the three month period.

BlueCrest Emerging Marketsperformed well despite difficult conditions across most emerging markets, especially in the first quarter. To generate gains whilst emerging markets' bonds,equities and currencies all fell sharply was a notable achievement and is testament to the strengthof the risk management processeswithin BlueCrest LLP. The gains from BlueCrest Multi Strategy Credit, up over 8% during the first half, came not from the ongoing strength of credit markets but from opportunistic trading both long and short. It therefore achieved returnswith great consistency. We are encouraged that BlueCrest Limited continues to see a rich opportunity set for creditwithout the need for directional positioning.

At the start of June, AllBlue made an allocation to a new fund, BlueCrest Equity Strategies Fund. BlueCrest Equity Strategies Fund is a discretionary, equity long/short fund and was launched in July 2013, since when it is has generated strong returns, despite occasionally difficult equity market conditions. It operates a multi-manager, multi-strategy approach, covering global equity markets,and is led by ChristianDalban and Jonathan Larkin. Christian and Jonathan, based in BlueCrest Limited'sLondon and New York offices respectively, both have extensiveexperience gained at J.P. Morgan, Millenniumand Nomura. Since joining BlueCrest Limited they have built a broad,strong team of specialists, typically having an industry or geographical focus, who collectivelyproduce a diversified portfolio for the fund.

The largest element of the strategy is long/short equity trading, primarily from a fundamental perspective, with this being complemented by event driven and equity derivative strategies. The fund runs a gross exposure that is typically around 500%, with the flexibility to vary this

level according to opportunity set, but net exposure is typicallywithin +/-20%. The target volatility of the fund is 4-7% with target returns of 10-15% per annum. The fund implements the same risk framework used by BlueCrestLimited's other discretionary funds, including the two stage stop loss process (in this case the applicable levels are 4.5% and 4.5%). In addition, further portfolio and risk constraints are appliedat both the individual portfolio manager and aggregate fund level.

BlueCrest Equity Strategies Fund is very different to BlueMatrix, the systematic equity market neutral fund already includedin AllBlue, and demonstrates very different return characteristics. The addition of BlueCrest Equity Strategies Fund is highly complementary to the existing 6 fundsand BlueCrest Limited believe that it should be return enhancing without notably changingthe risk profileof the portfolio or raising correlation to equity markets.

The allocation to BlueCrest Equity Strategies Fund was increased to 9% of AllBlue on 1 July 2014 and BlueCrestLimited was activein shifting the allocations withinAllBlue during the firsthalf based both on its inclusion and other changes to opportunities in the markets.The charts below show the position throughout the period.

AllBlue Allocation for the period

[Not available through RNS]

Capital allocations are for AllBlue Limited. All figures rounded to the nearest whole number. Information is for BlueCrest AllBlue Fund Limited as at 30 June 2014.

DISCOUNT MANAGEMENT

As I noted in my report to you in April, the Board is very aware of the impact upon shareholders of any variability in the share price againstthe net asset value. As a result, we havecontinued to be active when necessary in repurchasing sharesat a discount to net

asset value, althoughthis activity subsidedin more recent months as underlying investor demand for shares has increased.

During the first six months of 2014, the Company repurchased £44,929,822 worth of Shares atan average discount of 5.0%, bringingthe amount purchasedsince the inceptionof the buy-back program in May 2012 to over £120m. In prior periods,these purchases were undertaken solely in the SterlingShares but, more recently, purchases have also taken place in the US Dollar Shares.These purchases of US Dollar Shares have been made when conditions have been appropriate and they have traded at a wider discount than the Sterling Shares. In so doing, the Board aims to reinforcethe convergencebetween the currency classes that previouslyhad been effected solely throughthe monthly conversion facility. As in prior periods, the effect of the share repurchases at a discountwas an increase in the net asset value per share.

We are pleased that the discounthas improved and we expect to continue to be pro-active when necessary.

PROPOSED RETURNOF CAPITAL TO EURO SHARE CLASS HOLDERS

Since the launchof the Company in 2006, there has been a Euro Share class which has always been the smallestClass by some margin. Given its small size and very limited liquidity, in late June the Board proposedto provide Euro shareholders with a final opportunity to convert into Sterlingor US Dollar Shares or redeem at net asset value less costs with the Euro Class being closedthereafter. Euro Class shareholders voted to approve these proposals at an Extraordinary General Meeting held on 27 August 2014. There will be no impact on Sterling or US DollarClass shareholders.

APPOINTMENT OF STEVE LE PAGE AS A DIRECTOR

As I reportedto you in April, Jonathan Hooley resigned as a Directorof the Company and as Chairman of the Audit Committeeat the end of April 2014. Since that time the Nominations Committee has undertaken a wide-ranging and thorough search using objectiveand robust selection criteria, cognisantof the Company's policies on diversity. I am pleased to report that as a result of this process we have been fortunateto be able to appoint Steve le Page as aDirector and Chairman of the Audit Committee with effect from 3 June 2014. Steve (aged 58) brings a deep knowledge and wealth of practical experience of financialand governance reporting, auditing, internal control and investment fund structures combined with a strong awareness of tax and regulatory issues.

He retired from partnership with PwC in the Channel Islands in September 2013. His career there spanned thirty three years,during which time he was partnerin charge of their Assurance and Advisory businesses for ten years and Senior Partnerfor five years.In these executive positions he led considerable change and growth in that firm and helped fund boards deal with regulatory and reporting issues. His experience spans initial listings, ongoing governance and reporting, continuation and going concernand even winding up of Listed and unlisted entities. He is aChartered Accountant and a Chartered Tax Advisor and he has a number of non-executive roles.He is resident in Guernsey.I would like formallyto welcome Steve to the Company, where he has already had a meaningful impact, and I hope that I may get the chanceto introduce him personally to many of you in due course.

REGULATION & GOVERNANCE

The most notableenhancement in the recentperiod has been the formation of a Risk Committee, chaired by Paul Meader, and the approval of its constitution, composition and framework. As some of you will know, Paul is a very experienced investmentmanager and is bringing that experience to bear with additional focus as Chairman of the Risk Committee. The Risk Committeeexists to complementand broaden the work already undertaken by the Audit Committee and we look forward to being able to report in some detail on the work of the Risk Committee in the annual report early next year.

SHAREHOLDER COMMUNICATION

I am pleased to be able to report that the Company has recently appointedan independent third party,Broker Profile, to assist with and build upon the enhancements to shareholder communication of the last two years. BrokerProfile will be known to many of you and has an excellent reputation with both investment companiesand investors alike.

It is excellent to have BrokerProfile working alongside BlueCrest Limited,Paul Meader and I to continue to widen the scope of our engagement with shareholders and, I believe, to improve further the quality, breadthand timeliness of materialthat we provide to you.

As always, the Board welcome feedback from shareholders and are always delighted to hold meetings with you. Please feel free to contact me or my colleagues at info@bluecrestallblue.com. In addition,if you would like to receive regular updates from the Company by email, pleasesend a request to the same address.

LOOKING FORWARD

The outlook for markets is rarely obvious and, if it appears so, it is usually misleading. So it is nosurprise that the global economy and investment markets continueto face uncertainty. While self sustainingeconomic growth seems to be appearingin some regions of the world,

the consequent potential withdrawal of monetary stimulusintroduces the risk of material volatility. After all, we continue to live through one of the greatestmonetary and fiscal experiments in the history of finance; and experiments sometimeshave a tendency of blowing up. We all need to be prepared.

In such an environment the characteristics of good performance and good diversification evidenced by AllBlueare as valuable as ever. I look forward to reporting to you again in the spring of 2015.

Yours faithfully

Richard Crowder Chairman

ABOUT THE COMPANY

The Company is a self-managed closed-ended investment company incorporated with an unlimited life on 21 April 2006 in Guernsey with registered number 44704. The Company has three classes of share in issue, being Sterling Shares, Euro Shares and US Dollar Shares (together the "Shares").

All Shares in issue have been admittedto the Official List of the United Kingdom Listing Authority and to tradingon the London Stock Exchange's main market for listed securities.

As at 21 August 2014, the last practicabledate prior to the publication of this report, the Company's totalissued share capital consisted of 453,393,578 Ordinary Shares,of which 404,516,639 were designated as Sterling Shares (excluding 44,899,127 Sterling Sharesand 632,000 US Dollar Shareswhich were held in treasury), 8,094,527 as Euro Shares and 40,782,412 as US DollarShares. As at 31 July 2013, the latest confirmed monthly NAV prior to the publication of this report, the confirmed unaudited aggregate net assets of the Company (in Sterling terms) were approximately £830,945,355 with an unauditedNAV per Sterling Share of £1.9152,per Euro Share of €1.8461and per US Dollar Share of US$1.8294.

Investment Objectiveand Policy

The investment objectiveof the Company is to seek to provide consistent long-term capital growth through an investmentpolicy of investingsubstantially all of its assets in AllBlue or any successor vehicle of AllBlue. Accordingly, the Company's published investment policy is consistent with that of AllBlue.In the event that AllBluechanges its investment policy without shareholder approval, the directorswill consider removing the Company'sassets from AllBlue or taking other appropriate action so that the Company is not in breach of any applicable regulation.

AllBlue Limited

AllBlue isa fund incorporated in the Cayman Islands with an investment objective to provide consistent long-term appreciation of its assets throughinvestment in a diversified portfolio of underlying funds. Investorsin the Company are therefore offered an opportunityto participate indirectly in the same investment portfolio as that of AllBlue.

AllBlue seeks to achieve its investment objective throughinvestment in underlying funds, each of which on its own has a distinctinvestment objectiveand approach and which, as

part of a portfolio of assets,form a diversified basket of hedge fund investments. As at 30 June2014, AllBlue was invested in seven underlying funds comprising BlueCrestCapital International Limited, BlueCrest Emerging Markets Fund Limited, BlueCrest Multi Strategy CreditFund Limited, BlueCrest Mercantile Fund Limited, BlueCrest Equity Strategies Fund Limited, BlueTrend Fund Limitedand BlueMatrix Limited (together, including the master funds into which such funds invest, the "Underlying Funds"), all of which are managedby BlueCrest Limited. AllBluemay in the futureexclude any or all of thesefunds or from time to time include any other investment fund established by BlueCrest Limitedor by managers with close links to BlueCrest Limited.

BlueCrest Limited is the appointedinvestment manager of AllBlue. BlueCrestLimited has appointed on behalf of AllBlue, acting as its agent, certain membersof its group ("AllBlue Sub-Investment Managers") as sub-investment managers to manage the assetsof AllBlue, as agents of AllBlue.The AllBlue Sub-Investment Managers seek 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 monitoredon a monthly basis by the AllBlue Sub-Investment Managers' AllBluecommittee, comprising a team of senior investment professionals of BlueCrest Limited.On a monthly basis the AllBlue Sub- Investment Managers' AllBlue Committeealso reviews the allocation of AllBlue's assets amongst the Underlying Funds and makes such adjustments as it deems appropriate.

It is the policy of the AllBlueSub-Investment Managers that the assetsof AllBlue will be predominantly fully invested.However, AllBlue may from time to time hold certain assets in cash or cash equivalents, should it consider that this is requiredfor efficient portfolio management or otherwisein the best interests of AllBlue.

AllBlue LeveragedFeeder Limited

On 26 March 2012 the Company announced that on 1 April 2012, the Company redeemed a portionof its investment in AllBlue in order to generate a cash reserve(the "Cash Reserve") for the purposes of managing day-to-day cash flows, for meetingexpenses of the Company and for funding any repurchases of Shares.

In order to maintain a substantially similar economic exposureto AllBlue, the Company invested an appropriate amount of the redemption proceeds into shares in AllBlue

Leveraged.AllBlue Leveraged invests all of its assets in the ordinaryshares of AllBluebut with the addition of leverage of approximately 50 per cent. of its net assetvalue, giving investment exposurewhich is approximately 1.5 times that of AllBlue (excluding all fees and expenses attributable to such investments).

The effect of these arrangementsis that the Company'saggregate investment exposure to AllBlue remainsbroadly 100% whilstproviding access to more immediate liquidity.

The Cash Reserve and AllBlueLeveraged investment are held solelywithin the Sterling class, but so that the Cash Reserveremains availablefor use by the US Dollar classas well, if needed.The Board reviewsthe Cash Reserve on a quarterly basis to ensure a substantially similar economic exposureto AllBlue is maintained.

Borrowing and Leverage

Although the Company has power under its Articles of Incorporation to borrow up to an amountequal to 10 per cent. ofits net assets at the time of the drawing, the Directors do not intend that the Company should engage directly in any structural borrowingand 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.

AllBlue does not employ any leverage but may be exposed to it in the Underlying Funds and may engage in shortterm borrowing, as is deemednecessary from time to time, pendingthe 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.

AllBlue Leveraged employs leverage for the purpose of making investments. Whilst there is no limit on the extentof borrowings or leverage that AllBlue Leveragedmay employ it is expected to be in an amount equal to approximately 50 per cent. of AllBlue Leveragednet asset value, but may vary from time to time.

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 borrowings, options, futures, options on futures, swaps and other synthetic or derivative financialinstruments.

BlueCrest CapitalManagement Limited("BlueCrest Limited")

On 1 July 2014, BlueCrest CapitalManagement LLP novated its investment management rights and obligations, as originally agreed with the Company, to BlueCrest Limited (acting in its capacity as general partner of BlueCrest CapitalManagement LP).

BlueCrest Limited (actingin its capacity as generalpartner of BlueCrestCapital Management LP) was appointedas the investment managerof AllBlue and AllBlue Leveraged and the Underlying Funds.BlueCrest Limited has the power (exercisable only with the consent of AllBlue) to appoint, on behalf of AllBlue, acting as its agent, one or more thirdparties to performin its place and as agent or agents of AllBlue,any of its functions, powers and duties as investment manager.BlueCrest Limited has appointed on behalf of AllBlue, acting as its agent, certain membersof its group (the "AllBlue Sub-Investment Managers")as sub-investmentmanagers to manage the assets of AllBlue, as agents of AllBlue. BlueCrest Limited has a similar power in respect of AllBlue Leveragedand each of the Underlying Funds.

BlueCrestLimited is a limited liability company registered in Guernsey under company number58114 and having its registered office at BlueCrestHouse, Glategny Esplanade, St Peter Port, Guernsey,GY1 1WR (tel +44 (0) 1481 733800).

BlueCrestLimited is licensed and regulatedby the Guernsey Financial ServicesCommission (no. 1036021) and registered as an investment adviser with the United States Securities and Exchange Commission under the United States Investment Advisers Act of 1940 and with the U.S. Commodity Futures Trading Commission as a commodity pool operatorand is a member of the NationalFutures Association in such capacity.

Currency Risk Management

As AllBlue's base currency is the US Dollar, BlueCrest Limited may from time to time enter intoforward exchange contracts in order to hedge the US Dollarexposure of the assets attributable to AllBlue's Sterlingshares 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 casemay be, and the US Dollar. For as long as hedging of currency exposure may occur within AllBlue, the Directorsdo not intend that the Company will carry out any additional hedging arrangements.

Further Issue of Shares

Subject to the terms of the Companies Laws, the Listing Rules and the Articles, in order to manage any Share price premium to net asset value if the Directors believe there is investor demand that cannot be satisfiedthrough the secondarymarket or to raise additional capital for investment, the Company may seek to issue additional Shares either throughthe issue of sharesheld in treasury or the issue of new shares. Further issues of such Shares will only be made if the Directorsdetermine such issues to be in the best interests of shareholders and the Company as a whole and, pursuantto the Listing Rules, can only be issued for cash at aprice above the net asset value of the shares unlessfirst offered pro rata to existing shareholders.

The Directors currentlyhave 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 theprevailing net asset value of the relevant share class at the time. The Company held a General Meeting of Shareholders on 12 August 2014 at which the pre-emption rights granted to Shareholders were dis-applied in relation to up to 45 millionNew Shares for a periodconcluding on 31 December2015, unless such resolutions previously extended, renewed or revoked by the Company's Shareholders in general meeting. In accordance with the Listing Rules, such New Shares could only be issued at or above net asset value per share (unless offered pro rata to existingshareholders or pursuantto further authorisation by shareholders).

Conversion Facility

The Company offers a conversionfacility as at the first business day of each calendar month ("Conversion Day").The Directors have discretion not to operatethe conversion facility with respect to any share class from time to time. Where the conversion facility is made available, shareholders are entitledto convert their OrdinaryShares in any currency class for Ordinary Shares in another currencyclass as at the Conversion Day. The Board procures that new Shares created pursuant to the conversion are admitted to the Official List of the United Kingdom Listing Authorityand to trading on the LondonStock Exchange following the relevant conversion.

The ProposedClosure of the Euro Class

On 27 June 2014 the Company announced the proposed closureof the Euro Class.The Board advised that given the small size and lack of liquidity of the Euro Class it would be

seeking shareholderoffering Euro Class shareholdersthe opportunity to convert into US Dollar or Sterling Shares and then seekingconsent to cancel the listingon the London Stock Exchange of the Euro Class and to redeem all of the Euro Class shares then in issue.

The Company issued a Circular dated 4 August 2014 to its shareholders, invitingthem to vote on the proposed closureof the Euro Class.

On 27 August 2014 at an Extraordinary General Meeting and Euro Class meeting,97.98% of the voting shareholders voted in favour of the closure of the Euro Class. As a result the Euro Class shares will be redeemed on 1 October 2014 and the Euro Class shares will be cancelled from the London Stock Exchange effective 2 October 2014. The Euro Class shareholders will receive the redemption proceeds in the week commencing17 November 2014.

Discount Management Provisions

At all previous annual general meetings the Directors obtained shareholder approval to buy back up to 14.99% of each class of Shares in issue and they intend to seek annual renewal of this authority from shareholdersat each future general meeting held under section 199 of The Companies (Guernsey) Law, 2008 (the "Law").In accordance with the Law any share buy backs will be effected by the purchase of Shares in the market for cash at a price below theprevailing net assetvalue of the relevantclass of Shares where the Directors believe such a purchase will enhance shareholder value. Shares which are purchased may be held in treasury or cancelled.

As announced on 28 May 2012, the Company engageda buy-back agent to effect share buy-backs on behalf of the Company, this appointment was extended on 30 June 2014 and willcontinue until 26 November 2014.

As at 21 August 2014 the Company had bought back £123.47million through on market share repurchases of 71,743,336 SterlingShares at an average discount to the prevailing NAV of 5 per cent and $1.11 millionthrough on market share repurchases of 632,000 US DollarShares at an average discount to the prevailing NAV of 4.7 per cent. The Company currently holds 44,899,127 SterlingShares and 632,000 US Dollar Shares in treasury which areavailable for re-saleat prices above the then prevailing NAV per share.

BlueCrest AllBlue Fund Limited Share Class

Share Price Discount as at 31 December

2013*

Share Price Discount as at 30

June 2014*

Sterling Class

-3.41%

-3.87%

Euro Class

-4.86%

-4.04%

US Dollar Class

-4.89%

-5.84%

*Source:Bloomberg

Continuation Vote Mechanism

The Company's Articles incorporate a discount management provision(which applies to each class of Shareindividually) that will require a continuation vote to be proposed in respect of the particularclass of Shares at a class meeting of the relevant shareholders (by way of ordinary resolution) if, over the previous12 month rolling period,the relevant class of Shareshas traded, on average (calculated by averaging the closing mid-market share price on the dates which are 5 BusinessDays after the date on which each estimated NAV announcement is made for each NAV Calculation Date over the period) at a discount in excessof 5 per cent. to the average NAV 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 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 proposedfor that classfor a period of 12 monthsfrom the date on which the requirement for a continuation vote was triggered.

Portfolio Summary

The Company's investments (excluding cash, cash equivalents, receivables and prepayments) as at 30 June 2014 were:

Investment	Number of Shares	Valuation in Local Currency*	Valuation £	Total Net Assets %
Sterling Class
AllBlue Limited Sterling Shares	3,072,862	£626,521,903	£626,521,903	75.38

AllBlue Leveraged Feeder Limited Sterling Shares	488,780	£124,311,642	£124,311,642	14.96

Institutional Sterling Government Liquidity Fund - Core (Acc) Shares	11,654	£1,173,482	£1,173,482	0.14

Euro Class
AllBlue Limited Euro Shares	73,517	€14,852,144	£11,852,144	1.43

US Dollar Class
AllBlue Limited US$ Shares	370,340	$75,324,691	£44,034,076	5.30

The investment portfolio of AllBlue was allocated on the following basis amongst the Underlying Funds:

Underlying Fund

Allocation % as at 1 January 2014 *

Allocation % as at 30 June 2014 *

BlueCrest Capital International Limited

BlueCrest Emerging Markets Fund Limited

BlueCrest Multi-Strategy Credit Fund Limited

BlueCrest Mercantile Fund Limited

BlueCrest Equity Strategies Fund Limited

BlueTrend Fund Limited

BlueMatrix Limited

*Source BlueCrest Capital Management Limited, figures to nearest 1%.

Net Asset Value per Share for Financial Statements Purposes

As at 30 June 2014, the net asset valuesof the Shares were:

	Sterling Share Class £	Euro Share Class €	US Dollar Share Class $
Net asset value at 1 January 2014	1.8260	1.7618	1.7465
Net movement in unrealised appreciation on investments	0.0796	0.0768	0.0700
Operating expenses	(0.0009)	(0.0009)	(0.0009)
Effect of share issues and conversions	0.0033	0.0016	0.0071

Net asset value as at 30 June 2014	1.9080	1.8393	1.8227

REPORT BY THE MANAGER OF ALLBLUE LIMITED

On the invitation of the Directorsof the Company, this commentaryhas been providedby BlueCrest Limited as investment managerof AllBlue Limitedand is provided without any warranty as to its accuracy and without any liability incurred on the part of the Company, BlueCrest Limited or AllBlue Limited.The commentary is not intended to constitute, and should not be construed as, investment advice. Potentialinvestors in the Company should seek their own independent financialadvice and may not rely on this communication in evaluating the merits of investing in the Company. The commentary is provided as a source of information for shareholdersof the Company but is not attributable to the Company.

AllBlue H1 2014 Investment Manager Report

Investors entered2014 with a sense of optimism, althoughmixed economic data,unfolding geopolitical eventsand weakness in select emerging marketsmoderated the strengthin market performance duringthe first quarter.Concerns on mountingissues with Russia and Ukraine, and tensionsin the Middle East, were among the triggers for risk aversion,but as the situation stabilised and major centralbanks continued to promise support,equity market performance improvedin the second quarter. Bond markets were also stronger,as rate hike expectations were delayed and investordemand remained high. Commodities and currencies were mixed performers over the period but the GSCI index appreciated modestly over the first half of the year whereasthe US dollar index ended June broadly flat to the start ofthe year.

Global economic data varied through the first half of the year, demonstrating the continuing divergence between major economies. The US saw weak Q1 numbers for employment and industrial production, but these were considered exceptional, caused by extremely poor winter weather and, subsequently, secondquarter data generally painteda more positive picture. Europe remained weak with persistently low inflation and high unemployment rates, driving the ECB to make a further rate cut in June. Conversely, the UK continued to show improving data with falling unemployment and consistentGDP growth figures,resulting in earlier expectations of rate hikesfrom the Bank of England. The Bank of Japan continuedits massive stimulus throughthe asset purchaseprogram, whilstimplementing structural reforms including an increasein the sales tax to aim to improve the country's fiscalposition.

During the first half of the year AllBlue Limited(Class A, USD) delivered a net returnof

+4.06%. All seven of the underlying funds delivered a positive contribution to AllBlue,with BlueCrest Multi StrategyCredit providing the largest contribution. Further detailson the drivers of performance for each strategy are covered below.

In June, AllBlue made a new allocation to BlueCrest Equity Strategies, a discretionary equity long/short fund that operates a multi-portfoliomanager, multi-strategy approach.The fund, which launched in July 2013, is expectedto be highly complementary to the existing strategies and BlueCrestLimited believes it should enhance both returns and the risk profile of the portfolio, without raising correlation to equity markets.

Over the course of the first half of the year the allocations to BlueTrend, BlueCrestEmerging Markets and BlueCrestCapital Internationalwere decreased by approximately 7.1%, 5.9% and1.5% respectively. The allocation to BlueCrestMercantile remained unchangedover the period. BlueMatrix and BlueCrest MultiStrategy Credit saw their allocations increase by 5.5%and 4.0% respectively. BlueCrest Equity Strategies was introduced with an initial allocation of 5.0%.

AllBlue's VaR (95% confidence, 1 day VaR based on 3 year historical simulation) stood at 0.31% of assets at the end of June, having been 0.38% at the end of 2013. The most notable changes were the reduction in VaR contributed by BlueTrend, and increases coming from BlueMatrix and BlueCrest MultiStrategy Credit (reflective of the allocation changes detailed above). The volatilityof the strategy, measured on a rolling 12 month basis,has remained low with the fund delivering an annualised volatility of 2.5%.

Strategy Review by Fund

BlueCrest CapitalInternational was up 0.72%(Class F, USD) for the first half of 2014. By region, North America made the greatestcontribution to returns followed by Europe and Asia. North American profitswere generated by tacticalrates trading and from relative value mortgage strategies. Europeangains were generated from a long bias to European bonds asprices rose and from UK yield curve strategies, although long volatility positions in GBP rates detracted as volatility declined over the first half of the year. Asianprofits were made predominantly from relativevalue strategies in rates and currencies.

BlueCrest EmergingMarkets was up 5.27% (ClassA, USD) for the first half of 2014. Performance was modest in the first quarter,with the portfolio provingto be resilient to the deterioration in sentiment causedby growing geopolitical tensions, beforethe second quarter delivered stronger gains as trading conditions improved. CEMEA strategies outperformed other regions, as increased support from the ECB benefitted peripheral markets where the fund held a long bias in rates and in credit. Asia was also profitable, mainly from relative valuecurrency strategies and long biased credit positions. Latin America delivered more modest performance, as gains from rates and credit were largely offset by losses from currencies.

BlueCrest MultiStrategy Credit was up 8.62%(Class A, USD) for the first half of 2014. Performance was consistently positive every month with all strategies delivering gains over the period.The most successful strategy was Long/Short Credittrading, with more modest gains made by High Yield,ABS, Volatility and Convertible Arbitrage trading strategies. Long/Short Creditgained from issuer selectionin a number of industries as corporate actions resulted in profits from long positions and gains were made from short positions in deteriorating single names as well as index hedges which were tradedactively. ABS strategies in Europe also performed well as expectations of ECB purchaseslifted the asset class, benefitting the portfolio'spositions.

BlueCrest Mercantile was up 2.17% (ClassA, USD) for the firsthalf of 2014. All three sub- strategies made a positivecontribution over the period. The Bank Basel III strategies benefitted from positivecarry, although hedgesadded to protect against the increased volatility in Russia did detract partially, as after initial weakness Russiancredit staged a relief rally as the situationmoderated. Trade Credit Opportunities also generated a positive return from trading strategies including positions in Indonesiaand Kazakhstan. Commodities Finance also gained from appreciation in equity positions that benefitted from higher gold prices.

BlueCrest Equity Strategies was up 0.88% (Class B, USD) for June 2014 (whenthe fund was added to the AllBlue portfolio). Both the Event Driven and Long /Short strategies contributed positively to returns,with Event Driven the outperformer.The strategy benefited as announcements of corporate actions and quarter end flows led to significant opportunities in technicaltrading strategies. Within the Long/Short strategies, tradingprofits were

predominantly drivenby the US portfolios with more modest results deliveredby the European portfolios.

BlueTrend was up 6.16%(Class B, USD) for the first half of 2014. The strongest performance was generatedfrom the bond sector, as a long bias benefitted when fixed income markets rallied, and gains were also made in the short interestrate sector. The equity sector also provided a positive contribution, as many markets started to trend higher after a nervous start to the year, benefitting the net long bias held by the fund. The FX and commodity sectors detracted from returns over the period.The contribution from commodity markets was mixed, as crop positions performedwell although energy and metals were among the detractors.

BlueMatrix was up 3.01% (Class A, USD) for the first half of 2014. The first quartersaw steady performance, althoughthe second quarter's equity marketenvironment proved to be moretechnically driven, leadingto a partial reduction in the year to date return. The North American and European portfolios were the main contributors over the period,with slightly negative performance delivered by the Asia and Emerging Marketsportfolio. All signal families were positive, led by Traditional signals and gains were also made by the Alternative and Proprietary families. Within the Traditional signal family, the analyst revisions signal was among the better performers, although returns incurred some volatility throughthe period.

AllBlue Allocation History

[Not available through RNS]

AllBlue Performance and Attribution of Underlying Funds

	H1 2014 Performance*	H1 2014 Attribution**
BlueCrest Capital International	0.72%	0.14%
BlueCrest Emerging Markets	5.27%	0.72%
BlueCrest Multi Strategy Credit	8.62%	1.96%
BlueCrest Mercantile	2.17%	0.19%
BlueCrest Equity Strategies***	0.88%	0.04%
BlueTrend	6.16%	0.45%
BlueMatrix	3.01%	0.61%
AllBlue	4.06%	-

*The figuresshown are for the Class A USD share classes for each fund excludingBlueCrest CapitalInternational which is for ClassF USD, BlueCrest Equity Strategieswhich is for Class B USD and BlueTrend which is for Class B USD.

**Attribution is for AllBlueLimited (Class A, USD) net of manager's fees and expenses.

***BlueCrest Equity StrategiesFund performance and attribution is for June 2014 only.

AllBlueFunds

BlueCrest CapitalInternational

A globalmacro strategy, with a strong fixed income focus. Strategies include directional and curvetrading, driven by macro views around central bank activities,their likely actionsand market reactions that will impactthe level of rates and the shape of the yield curve. Also relative value which looks to identifyanomalies across the fixed income markets.

BlueCrest EmergingMarkets

A macrostrategy that looks to identify opportunities across currency, local interest rates, sovereign and quasi- sovereigncredit markets with a focus on liquidity. The strategytrades throughout Latin America,the Middle East, Central and Eastern Europe, Africaand Asia.

BlueCrest Multi Strategy Credit

Engages in opportunities across the full creditspectrum of corporateand sovereign debt markets, implementing strategies such as long / short credit, credit volatility and capital structure arbitrage.

BlueCrest Mercantile

Invests in bonds and loans associated with the production and trade of commercial goods and commodities and then hedgesout the associated risks. The creditsare purchased from commercial banks who are under pressureto remove them from their balancesheets in order to manage risk concentration and to adhere to regulatory requirements.

BlueCrest Equity Strategies

A multi-manager, multi-strategy approach covering globalequity markets. The largest element of the strategyis long/short equitytrading, primarily from a fundamental perspective, with this beingcomplemented by eventdriven and equityderivative strategies.

BlueTrend

A global systematic trend following strategythat trades in excess of 150 liquidmarkets covering asset classesincluding equities,fixed income, foreignexchange, energy, metals and agricultural commodities.

BlueMatrix

A global systematic equitymarket neutral strategy that draws upon a wide varietyof fundamental and technical inputs, as well as other sources. The portfolio construction process incorporates a sophisticated in-house risk model which seeks to maintain market

neutrality at the regionallevel, as well as limitingexposures to otherfactors such as size or

liquidity.

For BlueCrest Capital Management Limited,Investment Manager to AllBlueLimited.

INTERIM MANAGEMENT REPORT FOR THE PERIOD FROM 1 JANUARY TO 30

JUNE 2014

A description of important events that have occurred duringthe 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 financialyear is given in the Chairman's Statement above, and the notes to the financial statements below and are 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 6 to the financial statements.

This half-yearly financial reporthas not been auditedor reviewed by auditors pursuant to the Auditing Practices Board guidance on Reviewof Interim FinancialInformation.

Going Concern

The performance of the investments held by the Company over the reportingperiod 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'sfinancial risk management objectives and policies,details of its financialinstruments and its exposuresto price risk, credit risk, liquidity risk, interest rate risk and the risk of leverageby Underlying Funds are set out at note 15 to the financial statements.

The Company's Articles incorporate a discount management provision(which applies to each class of Share individually) that requires a continuation vote to be proposed in respect of the particular class of Shares at a class meeting of the relevantshareholders (by way of ordinary resolution) in the circumstances explained in note 10 to the financial statements .

As at 15 August 2014, being the latest practicable date prior to the publication of this document, the Sterling Shares were tradingat a discount of 3.83% to their net asset value, the Euro Shares at a discount of 1.41% to their netasset value and the US Dollar Shares at a discount of 4.10% to their net asset value.

After making enquiries, the Directors have a reasonableexpectation that the Company has adequate resources to continue in operational existencefor the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of this interim financial report.

Responsibility Statements for the periodfrom 1 January 2014 to 30 June 2014

We confirmthat to the best of our knowledge:

• the condensed set of financial statements has been preparedin accordance with International Accounting Standards 34 Interim FinancialReporting;

• the interimmanagement report includes a fair review of the information requiredby:

(a) DTR 4.2.7Rof the Disclosure and Transparency Rules, being an indication of important events that have occurredduring the first six months of the financial year andtheir impact on the condensedset of financial statements; and a description of the principalrisks and uncertainties for the remaining six months of the year; and

(b) DTR 4.2.8Rof the Disclosure and Transparency Rules, being relatedparty transactions that have taken placein the first six monthsof the current financialyear and that have materially affectedthe financial position or performanceof the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

Signed on behalf of the Board of directors on 27 August 2014

Richard Crowder Steve Le Page

Chairman Chairman of the Audit Committee

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2014

		Ordinary Shares
	Notes	Sterling Share Class	Euro Share Class	US$ Share Class	Total
		£	€	$	£
Net gain on non current financial assets at fair value through profit or loss	7	32,343,945	621,851	2,899,125	34,391,546

Net gain on current financial assets at fair value through profit or loss	7	995	-	-	995

Net gain on purchase of own shares	12	2,281,424	-	-	2,281,424

Bank interest received		43,151	806	4,101	46,270

Operating expenses	3	(415,861)	(7,765)	(39,524)	(445,917)

Other Comprehensive Income that will be reclassified to profit or loss in future periods Currency aggregation adjustment	1(h)	-	-	-	(1,724,603)

Increase in net assets attributable to shareholders after other comprehensive income		34,253,654	614,892	2,863,702	32,549,715


Gain per Share for the period		Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	5	8.18	7.07	7.06

In arriving at the results for the financial period, allamounts above relateto continuing operations. There is no Other Comprehensive Income for the period other than as disclosed above.

The notes below form an integral part of thesefinancial statements.

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2013 (restated)

		Ordinary Shares
	Notes	Sterling Share Class	Euro Share Class	US$ Share Class	Total
		£	€	$	£
Net gain on non current financial assets at fair value through profit or loss		(4,775,364)	(104,514)	(2,167,876)	(5,571,096)

Net gain on current financial assets at fair value through profit or loss		1,079	-	-	1,079

Net gain on purchase of own shares		1,142,737	-	-	1,142,737
	12
Bank interest received		17,510	333	4,559	20,747

Operating expenses	3	(401,090)	(5,320)	(117,146)	(481,513)

Other Comprehensive Income that will be reclassified to profit or loss in future periods Currency aggregation adjustment	1(h)	-	-	-	5,879,451

Decrease in net assets attributable to shareholders		(4,015,128)	(109,501)	(2,280,463)	991,404

Loss per share for the period		Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	5	(0.87)	(1.18)	(2.11)

In arriving at the results for the financial period, allamounts above relateto continuing operations. There is no Other Comprehensive Income for the period other than as disclosed above.

The notes below form an integral part of thesefinancial statements.

STATEMENT OF FINANCIAL POSITION

as at 30 June 2014

		Ordinary Shares
	Notes	Sterling Share Class	Euro Share Class	US$ Share Class	Total
		£	€	$	£
NON CURRENT ASSETS
Unquoted financial assets designated as at fair value through profit or loss	7	750,833,545	-	75,324,691	794,867,621

CURRENT ASSETS
Quoted financial assets designated as at fair value through profit or loss	7	1,175,482	-	-	1,175,482
Unquoted financial assets designated as at fair value through profit or loss	7	-	14,852,143	-	11,890,275
Cash and cash equivalents		23,183,625	33,971	150,306	23,298,688
Receivables & prepayments	8	57,734	4,329	23,061	61,907

		24,416,841	14,890,443	173,367	36,426,352

CURRENT LIABILITIES
Payables & accrued liabilities	9	125,880	2,166	11,016	121,280
		125,880	2,166	11,016	121,280

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		775,124,506	14,888,277	75,487,042	831,172,693



Due within one year		-	14,888,277	-	11,919,203

Due after more than one year		775,124,506	-	75,487,042	819,253,490

The notes below form an integral part of thesefinancial statements.

The Capital and Reserves disclosure below is intended to highlight the legal nature, under applicable Company Law, of theamounts attributable to shareholdersand also the existence and effectof the Treasury shares held by the Company. This is supplementaldisclosure and not required under International Financial ReportingStandards ("IFRS").

Ordinary Shares

	Notes	Sterling Share	Euro	US$
		Class	Share	Share
			Class	Class	Total
		£	€	$	£
Represented by:
CAPITAL AND
RESERVES
Share capital	10	-	-	-	-
Share premium	11	-	-	-	-
Treasury shares	12	(79,949,483)	-	-	(79,949,483)
Distributable reserves	13	855,073,989	14,888,277	75,487,042	911,122,176
		775,124,506	14,888,277	75,487,042	831,172,693
SHARES IN ISSUE	10	406,241,849	8,094,527	41,414,369
NAV PER SHARE		£1.9080	€1.8393	$1.8227

The NAV per share per the financial statements is equal to the published NAV per share. The published NAV per share represents the NAV per share attributable to shareholders in accordance with theProspectus.

The financial statements on pages 30 to 62 were approved and authorised for issueby the Board of Directors on 27 August 2014 and are signed on its behalf by:

RichardCrowder Steve Le Page

Chairman Chairman of the AuditCommittee

The notes below form an integral part of thesefinancial statements.

STATEMENT OF FINANCIAL POSITION

as at 31 December 2013 (restated)

Ordinary Shares

		Ordinary Shares
	Notes	Sterling Share Class	Euro Share Class	US$ Share Class	Total
NON CURRENT ASSETS		£	€	$	£
Unquoted financial assets designated as at fair value through profit or loss	7	760,471,610	15,415,471	67,032,384	813,759,921

CURRENT ASSETS
Quoted financial assets designated as at fair value through profit or loss	7	1,174,487	-	-	1,174,487
Cash and cash equivalents		26,637,325	5,477	54,382	26,674,719
Receivables and prepayments	8	47,225	36,125	333,950	50,435
		27,859,037	41,602	388,332	27,899,641
CURRENT LIABILITIES
Payables and accrued liabilities	9	337,150	2,125	9,279	106,761
		337,150	2,125	9,279	106,761

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		787,993,496	15,454,948	67,411,438	841,552,800

Due within one year		-	-	-	-

Due after more than one year		787,993,496	15,454,948	67,411,438	841,552,800

The notes below form an integral part of thesefinancial statements.

31 December 2013 (restated)	Notes	Sterling	Ordinary Shares Euro	US$
		Share Class	Share Class	Share Class	Total
Represented by:		£	€	$	£
CAPITAL AND RESERVES Share capital	10	-	-	-	-
Share premium	11	-	-	-	-
Treasury Shares	12	(82,314,408)	-	(7,364,937)	(86,762,640)
Distributable reserves	13	870,307,904	15,454,948	74,776,376	928,315,440
		787,993,496	15,454,948	67,411,438	841,552,800
SHARES IN ISSUE	10	431,526,962	8,772,064	38,596,617
NAV PER SHARE		£1.8260	€1.7618	$1.7465

The notes below form an integral part of thesefinancial statements.

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS

for the period ended 30 June 2014

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

Opening balance		787,993,496	15,454,948	67,411,438	841,552,800

Adjustment to allocation of reserves brought forward		143,067	(25,487)	(205,674)	-

Accretive gain transfer between share classes		(353,880)	79,103	464,394	-

Increase in net assets attributable to shareholders after other comprehensive income		34,253,654	614,892	2,863,702	34,549,723

On market purchases of Ordinary Shares	12	(44,929,822)	-	-	(44,929,822)

Share conversions	7	(1,982,010)	(1,235,179)	4,953,182	-

Closing balance		775,124,506	14,888,277	75,487,042	831,172,693

The notes below form an integral part of thesefinancial statements.

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS

for the year ended 31 December 2013 (restated)

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

Opening balance		859,456,257	17,825,583	137,112,821	958,305,726

Adjustment to allocation of reserves brought forward		(195,986)	24,122	274,722	-

Accretive gain transfer between share classes		(204,440)	37,323	272,459	-

Increase / (decrease) in net assets attributable to shareholders		15,398,029	210,499	(732,517)	10,821,433

Partial redemption of share class	10	-	-	(120,810,551)	(72,966,449)

On market purchases of Ordinary shares	12	(49,970,219)	-	(7,678,626)	(54,607,910)

Share conversions	7	(36,490,145)	(2,642,579)	58,973,129	-

Closing balance		787,993,496	15,454,948	67,411,438	841,552,800

The notes below form an integral part of thesefinancial statements.

STATEMENT OF CASH FLOWS

for the period ended 30 June 2014

Ordinary Shares

Sterling Share Class

Euro Share Class

€

US Dollar

Share Class

Total

Operating activities

Increase in net assets attributable to shareholders after other

34,253,654

614,892

2,863,702

34,549,715

comprehensive income

Increase in unrealised appreciation on financial assets at fair value through profit or loss

(23,149,109)

(339,386)

(2,764,952)

(24,892,139)

Realised gains on sales of financial

assets

(8,138,674)

Gain on purchase of own shares

(2,281,424)

Interest income

(43,151)

(806)

(4,101)

(46,270)

Interest expense

28,800

538

2,737

30,882

Currency aggregation adjustment

Adjustment to allocation of reserves brought forward

143,067

(25,487)

(205,674)

1,724,603

Accretive gain transfer between

share classes

(353,880)

79,103

464,394

(Decrease) / increase in payables

(Increase) / Decrease in receivables

(211,270)

(10,509)

31,796

1,738

310,889

14,519

(11,472)

Net cashflow from operating

activities

237,505

360,691

668,733

949,740

Investing activities

Interest received

43,151

806

4,101

46,270

Realised gains on conversions

(1,057,157)

(282,465)

(134,173)

(1,361,728)

Purchase of financial assets

Proceeds from sale of financial assets

40,000,000

(50,000)

(440,000)

(297,249)

40,000,000

Net cashflow from investing activities

38,985,994

(331,659)

(570,072)

38,387,293

The notes below form an integral part of thesefinancial statements.

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

Financing activities
Purchase of own shares	(42,648,398)	-	-	(42,648,398)
Interest paid	(28,800)	(538)	(2,737)	(30,882)

Net cashflow from financing activities	(42,677,198)	(538)	(2,737)	(42,679,280)

Cash and cash equivalents at beginning of period	26,637,325	5,477	54,382	26,674,719

Currency aggregation adjustment	-	-	-	(33,784)
(Decrease) / Increase in cash and cash equivalents	(3,453,699)	28,494	95,924	(3,342,247)

Cash and cash equivalents at end of period	23,183,625	33,971	150,306	23,298,688

The notes below form an integral part of thesefinancial statements.

STATEMENT OF CASH FLOWS

for the period ended 30 June 2013 (restated)

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

Operating activities
Decrease in net assets attributable to shareholders	(4,015,128)	(109,501)	(2,280,463)	991,404

Decrease in unrealised appreciation on financial assets at fair value through profit or loss	41,190,819	665,802	3,787,084	43,531,054
Realised gains on sales of financial assets	(23,789,965)	(73,406)	(644,138)	(24,276,201)
Interest income	(17,510)	(333)	(4,559)	20,747)
Gain on purchase of own shares	(1,142,737)	-	-	(1,142,737)
Interest expense	42,535	808	11,074	50,398
Currency aggregation adjustment	-	-	-	(5,879,451)
Adjustment to allocation of reserves brought forward	(177,023)	(546)	262,715	-
Accretive gain transfer between share classes	(132,426)	17,673	183,440	-
Increase / (decrease) in payables	63,134	(11,319)	(98,377)	(44,957)
Decrease in receivables	59,147	539,232	4,270,513	3,156,484

Net cashflow from operating activities	12,080,847	1,028,410	5,487,289	16,365,246

Investing activities

Interest received	17,510	333	4,559	20,747
Realised gains on conversions	(12,626,569)	(487,882)	(975,070)	(13,684,837)
Purchase of financial assets	(71,140,944)	(1,808,018)	(14,534,971)	(82,242,523)
Proceeds from sale of financial assets	110,186,148	1,272,058	10,121,418	117,927,884

Net cashflow from investing activities	26,436,145	(1,023,509)	(5,384,064)	22,021,271

The notes below form an integral part of thesefinancial statements.

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

Financing activities
Purchase of own shares	(20,671,002)	-	-	(20,671,002)
Interest paid	(42,535)	(808)	(11,074)	(50,398)

Net cashflow from financing activities	(20,713,537)	(808)	(11,074)	(20,721,400)


Cash and cash equivalents at beginning of period	1,018,915	1,782	20,591	1,033,040

Currency aggregation adjustment	-	-	-	203,353
Increase in cash and cash equivalents	17,803,455	4,093	92,151	17,665,118

Cash and cash equivalents at end of period	18,822,370	5,874	112,742	18,901,511

The notes below form an integral part of thesefinancial statements.

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2014

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 and quoted financial assets designated at fair value through profit orloss.

The Financial Statements are presented in Sterling because that is the currency of the primary economic environment in which the Company operates.

Changes in accounting policy and disclosures:

The following Standards orInterpretations have been adopted in the current period.

Their adoption has not had any impacton the amounts reported in these Financial Statements.

IAS 32 Financial Instruments: Presentation - amendments relating to the offsetting of assets and liabilities for annual periods beginning on or after 1 January 2014.

The following Standards or Interpretations that are expected to affect the Company have been issued but not yet adopted by the Company and are shown below. Other Standards or Interpretations issued by the IASB and IFRIC are not expectedto affect the Company. The Board has not yet assessed the impactof the standards below on the Company and will do so prior to the earliest period of adoption.

IFRS 7 Financial Instruments: Disclosures - amendments requiring disclosures about the initial application of IFRS 9 effective for annual periods beginning on or after 1 January 2017 (orotherwise when IFRS 9 is first applied).

IFRS 9 Financial Instruments - original issue (classification and measurement of financial assets) effective for annualperiods beginning on or after 1 January 2017.

IFRS 13 Fair Value Measurement - amendments resulting from Annual improvements for annual periods beginning on or after1 July 2014.

IFRS 39 Financial Instruments - original issue (classification and measurement of financial assets) effective for annualperiods beginning on or after 1 January 2017.

No formal analysis has been completed on the impact of the adoption of any of the above standards or interpretations on theFinancial Statements in the period ofinitial application.

(b) Going concern

As described in Note 10, should the average 12 month discount at which the shares of any class trade to their net asset value exceed 5% of NAV per share, the Company is obliged to

offer a continuation vote to classshareholders.

The Company has adequate financialresources and as a consequence, the Directors believe the Company is well placed to manage its business risks successfully. After making enquiries, the Directors have a reasonable expectationthat 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 thefinancial information.

The Company has been granted exemptionunder the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is chargedan annual fee of

£600.

(d) Expenses

All expenses are accounted for on an accruals basis. Expenses relating to the Company are allocated across the three share classes proportionally based on theirNAVs.

(e) Interest income

Interest income is accounted for on an accruals basis.

(f) 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 cashequivalents consist of cash and deposits at bank, togetherwith bank overdrafts.

(g) Investments

All investments are designated upon initial recognition as financial assets at "fair value through profit orloss". Investments areinitially 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. Investments are subsequentlyre-measured at fair

value at each reporting date. Unrealised gains andlosses on investments arising from change

in the fair value of investments from prior periods is recognised in the Statementof Comprehensive Income.

Realised gains or losses on the disposal of investmentsare determined by reference to average purchase cost. These are recognised in theStatement of Comprehensive Income.

In order to assess the fair value of the unquotednon-current and current investments, the NAVof the underlying investment in AllBlue, AllBlueLeveraged and the ICS Funds is taken into consideration. The Company's holdings are realisable at their NAV on quarterlydealing days facilitated by the administrators of these funds. Having taken account of the Company's history of successfully realising its holdings at NAV, the Directors are satisfied that the reported NAV is a fair estimationof fair value of the Company's currentholdings.

The Company redeemed a portion of its investment in each share class of AllBlue (on a pro- rata basis) on 1 April 2012 in order to generate a cash reserve (the "Cash Reserve") for the purposes of managing day-to-day cash flows, for meeting expenses of the Company and for funding any repurchases of the Company's shares.

During the period, part of the Cash Reserve was placed in funds of the Institutional Cash Series plc ("ICS Funds") (an umbrella investment company with variable capital and having segregated liability between its funds) namely the Institutional Sterling Government Liquidity Fund - Core (Acc). This asset is classified as current as it is expected to be used for funding the purchase of the Company's own shares.

The Company's NAV is based on valuations of unquoted investments. As described above, in calculating the NAV and the NAV per share of the Company, the Administrator relies on the NAVs of the shares supplied by the Administrator of AllBlue,AllBlue Leveraged and ICS Funds. Those NAVs are themselves based on the NAV of the various investments held by AllBlue,AllBlue Leveraged and theICS Funds.

(h) Foreign currency translation

The Financial Statements are presented in Sterling, which is the Company's functional and presentation currency. Operating expenses 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 rulingat the reporting date. Investments in US Dollars and Euro share classes are initially recorded in their respective currencies and translated into the Company's functional currency at the reporting date. All differences on these foreign currency translations are taken to the Statement ofComprehensiveIncome.

(i) Segment information

For management purposes, the Company is organised into one business unit, and hence no separate segment information hasbeen 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.

(j) Shares

Sterling, Euro and US Dollar Ordinary Shares have been classified as liabilities in accordance with IAS 32 because of the provisions contained in the Company's Articles of Association as described in Note 10. 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.

The Shares are initially recognised on the date of issue at the net of issue proceeds and share issue costs. The carrying value of the shares is subsequently re-measured as equal andopposite to the other net assets of the Company. In prior periods, the Company did not recognise any gain on the purchase of its own shares as the total discount to NAV on purchase of own shares was considered immaterial. The Directors now consider this gain to beworthy of highlighting to Shareholders because of its impact on the growth in NAV per share, although in absolute amountin remains immaterial, and so goingforward the Company will recognise any gain on the purchase of its own shares within the Statement of Comprehensive Income and the Treasury shares will then be held at their NAV at the date of purchase, see Note 12. The prior period figures have also been restated to reflect this change intreatment.

2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the applicationof the Company's accounting policies, which are described in Note 1, the Directors are required to make judgements,estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to berelevant. Actual resultsmay differ from theseestimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the periodof the revision and future periods if the revision affects both current and futureperiods.

Critical judgements in applying the Company's accounting policies

The following are the critical judgements and estimates that the Directors have made in the process of applying the Company's accounting policies and that have the most significant

effect on the amounts recognised in the Financial Statements.

Valuation of investments

The Directors consider that the confirmed NAV of AllBlueand AllBlue Leveraged, as produced by the administrator of those funds, represents the fair value of the investments in

the Company. Fair value can be confirmed through redemptions, which can occur on a quarterly basis. These can only be suspended at the discretion of the board of AllBlueor

AllBlue Leveraged as appropriate. To further satisfy themselves as to the fair value of the investments, the Directors attendsite visits and scrutinise independent reports prepared by

reputable Audit firms relating to the existence of assets and their valuation as well as checks

and procedures in place withinthe underlying funds and administrator of AllBlue.Different assumptions regarding the valuation techniques of AllBlue and AllBlue Leveraged could lead to different valuations of the investments being produced by differentparties.

3 OPERATINGEXPENSES

	Ordinary Shares
1 Jan 2014 to 30 Jun 2014	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£

Administration fees	85,553	1,597	8,131	91,736
Directors' remuneration	72,892	1,361	6,928	78,160
Registration fees	38,930	727	3,700	41,744
Directors and Officers insurance	23,158	432	2,201	24,831
Broker fees	23,231	434	2,208	24,910
Audit fees	11,979	224	1,139	12,845
Annual and Regulatory fees	36,584	683	3,477	39,228
Legal and Professional fees	88,540	1,653	8,415	94,939
Printing of reports	8,402	157	799	9,010
Bank interest on loan facility	-	-	-	-
Bank facility fee and charges	28,800	538	2,737	30,882
(Profit) / Loss on exchange	(10,294)	(192)	(979)	(11,038)
Other operating expenses	8,086	151	768	8,670

Total expenses for the period	415,861	7,765	39,524	445,917

	Ordinary Shares
1 Jan 2013 to 30 Jun 2013	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£

Administration fees	80,829	1,536	21,045	95,771
Directors' remuneration	70,568	1,341	18,373	83,612
Registration fees	42,398	806	11,039	50,236
Directors and Officers insurance	16,091	306	4,189	19,065
Broker fees	10,599	201	2,760	12,558
Audit fees	8,788	167	2,288	10,412
Annual and Regulatory fees	39,149	744	10,193	46,386
Legal and Professional fees	65,205	1,239	16,977	77,258
Printing of reports	5,090	96	1,326	6,031
Bank interest on loan facility	42,535	808	11,074	50,398
Bank facility fee and charges	16,639	54	649	17,105
(Profit) / loss on exchange	(7,504)	(2,181)	14,446	-
Other operating expenses	10,703	203	2,787	12,681

Total expenses for the period	401,090	5,320	117,146	481,513

4 DIRECTORS REMUNERATION

	Annual fee	Annual fee
	2014	2013
	£	£
Richard Crowder, Chairman	60,000	50,000
Steve Le Page, Chairman Audit Committee	50,000	40,000
Paul Meader, Senior Independent Director	48,000	40,000
John Le Prevost	42,000	35,000
Andrew Dodd	Waived	Waived

	200,000	165,000

The above annual fees for the calendar year 2014 were approved by a meeting of the Board of Directors held on 18 August 2014.

During the period, Paul Meader undertook additional duties involvingliaison with the Company's principal individualshareholders, drafting a report on the Alternative Investment Fund Managers Directive ("AIFMD") and drafting a Treasury Policy. Mr Meader received an additional fee of £11,120 (30 June 2013: £23,320) for these duties which is included within Legal andProfessionalfees.

5 EARNINGSPER SHARE

The earnings per each class of shares is based on the net gain for the period of £34,253,654 (June 2013: loss of £4,015,128)and 418,374,365 (June 2013: 457,705,509) shares in the Sterling Ordinary share class, €614,892 (June 2013: loss of €109,501) and 8,686,543 (June 2013: 9,202,989) shares in the Euro Ordinary share class, $2,863,702(June 2013: loss of

$2,280,463) and 40,523,598 (June2013: 107,940,646) shares in the US$ Ordinary share class, being the weighted average number of shares in issueduring theperiod.

6 RELATED PARTY TRANSACTIONS

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

Anson Registrars Limited is the Company's registrar, transfer and paying agent. John R Le Prevost is a director and controller of Anson Registrars Limited. £41,744 (June 2013:

£50,236) of costs were incurred by the Company with this related party in the period, of which

£6,800 (Dec 2013: £0) was payable at 30 June 2014.

John R Le Prevost is a director and controllerof Anson Custody Limited. Anson Custody Limited acts as nominee for a proportion of the GBP shares (265,000 shares) as security for the HSBCloan drawn and repaidduring 2013(2014: nil).

7 INVESTMENTS DESIGNATED AT FAIRVALUE THROUGH PROFITOR LOSS

As at 30 June 2014
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	611,184,594	13,635,470	62,297,403	660,134,815
Unrealised appreciation on valuation brought forward	149,287,016	1,780,001	4,734,981	153,625,105

Valuation brought forward	760,471,610	15,415,471	67,032,384	813,759,920

Movements in the period:

Gross share conversions in the period	(1,982,010)	(1,235,179)	4,953,182	-
Adjustment for realised gain on share conversions	1,057,157	282,465	134,173	1,361,728
Purchases at fair value	-	50,000	440,000	297,249
Sales	(31,861,326)	-	-	(31,861,326)
Exchange losses on currency balances	-	-	-	(1,690,819)

Portfolio cost carried forward	578,398,415	12,732,756	67,824,758	628,241,647

Unrealised appreciation on valuation carried forward	172,435,130	2,119,387	7,499,933	178,516,249

Valuation carried forward	750,833,545	14,852,143	75,324,691	806,757,896

Realised gains on sales	9,195,831	282,465	134,173	9,500,402
Increase in unrealised appreciation	23,148,114	339,386	2,764,952	24,891,144

Net gain on financial assets at fair value through profit or loss	32,343,945	621,851	2,899,125	34,391,546

As at 31 December 2013
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	668,703,360	15,138,381	117,875,452	753,532,739
Unrealised appreciation on valuation brought forward	187,498,544	2,160,466	14,879,068	198,408,946

Valuation brought forward	856,201,904	17,298,847	132,754,520	951,941,685

Movements in the year:

Gross share conversions in the year	(36,490,145)	(2,642,579)	58,973,129	-
Adjustments for realised gains on share conversions	12,757,236	530,302	1,461,736	14,080,500
Purchases at fair value	121,140,944	1,808,018	20,699,971	135,144,743
Sales	(154,926,801)	(1,198,652)	(136,712,887)	(238,493,326)
Exchange gains on currency balances	-	-	-	(4,129,841)

Portfolio cost carried forward	611,184,594	13,635,470	62,297,403	660,134,815

Unrealised appreciation on valuation carried forward	149,287,016	1,780,001	4,734,981	153,625,105

Valuation carried forward	760,471,610	15,415,471	67,032,384	813,759,921

Realised gains on sales	52,120,798	603,707	9,470,268	58,341,971
Decrease in unrealised appreciation	(38,211,528)	(380,465)	(10,144,087)	(44,783,841)

Net gains / (losses) on financial assets at fair value through profit or loss	13,909,270	223,242	(673,819)	13,558,130

As at 30 June 2014
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£
QUOTED FINANCIAL ASSETS
Portfolio cost brought forward	1,170,881	-	-	1,170,881
Unrealised appreciation on valuation brought forward	3,606	-	-	3,606

Valuation brought forward	1,174,487	-	-	1,174,487

Movements in the year:

Purchases at fair value	-	-	-	-
Sales	-	-	-	-

Portfolio cost carried forward	1,170,881	-	-	1,170,881

Unrealised appreciation on quoted investment valuation carried forward	4,601	-	-	4,601

Valuation carried forward	1,175,482	-	-	1,175,482

Realised gains on sales	-	-	-	-
Increase in unrealised appreciation	995	-	-	995

Net gains on financial assets at fair value through profit or loss	995	-	-	995

As at 31 December 2013
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Total
	£	€	$	£
QUOTED FINANCIAL ASSETS
Portfolio cost brought forward	2,219,610	-	-	2,219,610
Unrealised appreciation on valuation brought forward	2,671	-	-	2,671

Valuation brought forward	2,222,281	-	-	2,222,281

Movements in the year:

Purchases at fair value	-	-	-	-
Sales	(1,048,729)	-	-	(1,048,729)

Portfolio cost carried forward	1,170,881	-	-	1,170,881

Unrealised appreciation on quoted investment valuation carried forward	3,606	-	-	3,606

Valuation carried forward	1,174,487	-	-	1,174,487

Realised gains on sales	1,271	-	-	1,271
Increase in unrealised appreciation	935	-	-	935

Net gains on financial assets at fair value through profit or loss	2,206	-	-	2,206

IFRS 13 requires fair valueto be disclosed by the source of inputs, using a three-levelhierarchy:

· Quotedprices (unadjusted) in active markets foridentical assets or liabilities (Level 1);

· Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, eitherdirectly (as prices)or indirectly (derivedfrom prices) (Level 2);and

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

The fair value of the investments held by the Company are based on the published NAV of the underlying investments in AllBlue Limited, AllBlue Leveraged Feeder Limited and the ICS Funds. On the basis thatthe significant input to the fair value is observableand no unobservable adjustments are made to the valuations, the Company categorises allthese investments as Level 2.

Details of the value of the classifications are listed in the table below. Values are based on the market value of the investments as at the report date:

Financial assets at fair value through profit or loss	Fair Value as at 30 June 2014	Fair Value as at 31 December 2013
	GBP	GBP

Level 1	-	1,174,487
Level 2	807,933,378	813,759,921

The ICS Fund investments have been transferred to Level 2 of the fair value hierarchy during the period, as the Directors noted they are capable of redemption in a primary market with the issuer and so believe that since the investments are NAV based funds their fair value should be based on inputs other thanthe quoted prices that areobservable directly.

8 RECEIVABLES

30 June 2014
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	£
Prepayments	57,734	1,106	5,623	-	61,907
Inter class loan accounts	-	3,223	17,438	(12,774)	-

	57,734	4,329	23,061	(12,774)	61,907

31 December 2013
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	£
Prepayments	47,225	926	4,041	-	50,435
Inter class loan accounts	-	35,199	329,909	(228,489)	-

	47,225	36,125	333,950	(228,489)	50,435

9 PAYABLES (AMOUNTS FALLING DUE WITHIN ONE YEAR)

30 June 2014
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	£

Accrued administration fees	15,456	296	1,505	-	16,573
Accrued broker fees	12,958	248	1,262	-	13,894
Accrued registration fees	6,342	121	618	-	6,800
Accrued audit fees	11,792	226	1,148	-	12,644
Accrued printing costs	9,216	177	898	-	9,883
Inter class loan accounts	12,774	-	-	(12,774)	-
Other sundry accruals	57,342	1,098	5,585	-	61,486

	125,880	2,166	11,016	(12,774)	121,280

31 December 2013
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US Dollar Share Class	Elimination	Total
	£	€	$	£	£

Accrued administration fees	16,116	310	1,360	-	17,195
Accrued broker fees	17,809	349	1,524	-	19,019
Accrued registration fees	8,679	170	743	-	-
Accrued audit fees	23,753	466	2,032	-	25,367
Accrued printing costs	10,364	203	887	-	11,068
Inter class loan accounts	228,489	-	-	(228,489)	-
Other sundry accruals	31,940	627	2,733	-	34,111

	337,150	2,125	9,279	(228,489)	106,761

10 SHARE CAPITAL

Authorised

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

Issued

Sterling Share Class

Ordinary Shares

Euro Share Class

US Dollar

Class Total

Number of shares inissue at 30

June 2014 406,241,849 8,094,527 41,414,369 455,750,745

The movement inshares took place as follows:

Date of movement

Number of Sterling Share Class

Ordinary Shares Number of Euro Share

Class

Number of

US $ ShareClass

Sub-totalbrought forward as at 1

January 2013 479,354,793 10,304,993 80,041,527

Conversion 1 January 2013 (664,956) (1,148,538) 2,661,147

Conversion 1 February 2013 (14,935) 194,925 (242,450)

Conversion 1 March 2013 (21,239,294) (129,625) 33,910,998

Purchase / cancellation of treasury shares in the quarter ended 31

March 2013 (10,023,943) - -

Conversion 1 April 2013 (3,480,521) 153,631 5,339,216

Conversion 1 May 2013 (1,407,608) 36,710 2,238,869

Conversion 1 June 2013 3,616,627 (724,570) (4,797,613)

Purchase of treasury shares in the

quarter ended 30 June 2013 (2,041,925) - -

Conversion 1 July 2013 2,067,906 - 1,200,508

Redemption 1 July 2013 - - (75,413,387)

Conversion 1 August 2013 103,378 (90,000) (43,767)

Conversion 1 September 2013 983,478 (1,028) (1,769,650)

Purchase / cancellation of treasury shares in the quarter ended 30

September 2013 (3,725,000) - (4,489,504)

Conversion 1 October 2013 8,473 - (15,944)

Conversion 1 November 2013 (271,115) 215,380 159,556

Conversion 1 December 2013 243,143 (39,814) (361,448)

Purchase / cancellation of treasury shares in the quarter ended 31

December 2013 (11,981,539) - 178,559

As at 31 December 2013 431,526,962 8,772,064 38,596,617

The movement in shares took place as follows:

Date of movement

Number of Sterling Share Class

Ordinary Shares

Number of Euro Share Class

Number of USDollar Share Class

Sub-totalbrought forward as at 1

January 2014 431,526,962 8,772,064 38,596,617

Conversion 1 January 2014 (96,737) 262,271 (196,248)

Conversion 1 February 2014 (888,267) (7,207) 1,536,886

Conversion 1 March 2014 (178,470) (91,260) 439,933

Purchase / cancellation of treasury

shares in the quarter ended 31 March 2014

(11,366,000) - -

Conversion 1 April 2014 (338,491) (399,570) 1,145,489

Conversion 1 May 2014 43,769 (55,246) -

Conversion 1 June 2014 365,067 (386,525) (108,308)

Purchase / cancellation of treasury

of shares in the quarter ended 30 June 2014

(12,825,984) - -

As at 30 June 2014 406,241,849 8,094,527 41,414,369

As explained in Note 1(j) above the share classes have been recognised as liabilities.

In the event of a return of capital on a winding-up or otherwise, Shareholders are entitledto participate in the distribution of capital after paying all the debts and satisfying all the liabilities attributable to the relevantshare 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 OrdinaryShares individually) that will require a continuation vote to be proposed in respect of the particularclass 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 PublishedNAV announcement is made foreach NAV Calculation date over the period) at a discountin excess of 5 per cent to the average NAV per Ordinary Share of that class (calculated by averaging the NAV per Ordinary Share ofthat class as atthe NAV Calculation Date at the end of each monthduring 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 beingproposed for that class for a further12 months from the date of the passing of the continuation resolution.

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 atthe relevant published NAV 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 latestcontinuation resolution being defeated,the Directors may first (at their discretion) put forward alternativeproposals to all shareholders to offer to repurchase their Sharesor to reorganise, reconstructor 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 listingof 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 three months of such determination at a redemption price equal to the NAV of the Ordinary Shares of that class on the NAV Calculation Date selected by the Directors for such purpose (less the costs of such redemption).

11 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 obtainedfrom 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 permittedby the 1994 Law,including thebuy back of sharesand the paymentof dividends.

On 1 July 2008, the 1994 Law was replacedby 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, providedthat 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, December 2009 and June 2010 the entire amount of share premium received on the issue of such C Shares was immediately transferred to distributable reserves.

12 TREASURY SHARES

30 June 2014

Sterling Share Class

Ordinary Shares

Euro Share Class

US Dollar

Class Total

£ € $

Balance as at 1 January 2014 82,314,408 - 7,364,937 86,762,640 Acquired during the period 44,929,822 - - 44,929,822 Cancelled during the period (47,294,746) - (7,364,937) (51,742,978)

Balanceas at 30 June 2014 79,949,483 - - 79,949,483

31 Dec 2013 (restated)

Sterling Share Class

Ordinary Shares

Euro Share Class

US Dollar

Class Total

£ € $

Balanceas at 1 January 2013 32,344,190 - - 32,344,190

Acquired during the year 49,970,219 - 7,678,626 54,607,910 Cancelled during the period - - (313,689) (189,460)

Balance as at 31 December 2013 82,314,408 - 7,364,937 86,762,640

The treasury shares reserve represents 45,090,789 (2013: 46,276,336) Sterling Shares and nil (2013: 4,310,945) Dollar Shares purchased in the market at various prices per share ranging from £1.752 to

£1.8277 for Sterling Shares and held by the Company in treasury. Cancellation of 25,377,547 (2013: nil) Sterling Shares and 4,310,945 Dollar Shares (2013: 183,422) took place in the period.

During the period, the Company bought back 24,192,000 (2013: 27,772,407) Sterling Shares with an average price of £1.7899(2013: £1.7231) and discount of 5.0% (2013:5.6%) to NAV. During the period, the Company did not buy back any Dollar Shares (2013: 4,494,367 Shares at an average price of $1.7035 and discount of 0.29%to NAV).

13 DISTRIBUTABLE RESERVES

30 Jun 2014

Sterling Share Class

Ordinary Shares

Euro Share Class

US Dollar

Share Class

Total

£ € $ £

Balance as at 1 January 2014 870,307,904 15,454,948 74,776,375 928,315,440

Increase in net assets attributable to shareholders afterother

comprehensive income 34,253,654 614,892 2,863,702 34,549,715 Adjustment to allocation of

reserves brought forward 143,067 (25,487) (205,674) -

Treasury shares cancelled during

the period (47,294,746) - (7,364,937) (51,742,978)

Accretive gain transfer between

share classes (353,880) 79,103 464,394 - Share conversions (1,982,009) (1,235,179) 4,953,182 -

Balance as at 30 June 2014 855,073,989 14,888,277 75,487,042 911,122,176

31 Dec 2013 (restated)

Sterling Share Class

Ordinary Shares

Euro Share Class

US Dollar

Share Class

Total

£ € $ £

Balance as at 1 January 2013 891,800,439 17,825,583 137,112,821 990,649,916

Increase / (decrease) in net assets attributable to shareholders after

other comprehensiveincome 15,398,037 210,499 (732,517) 10,821,434 Adjustment to allocation of

reserves brought forward (195,986) 24,122 274,722 -

Treasury shares cancelled during

the period - - (313,689) (189,460)

Accretive gain transfer between

share classes (204,440) 37,323 272,459 - Partial redemption of share class - - (120,810,551) (72,966,450) Share conversions (36,490,145) (2,642,579) 58,973,129 -

Balance as at 31 December 2013 870,307,904 15,454,948 74,776,376 928,615,440

14 FINANCIAL INSTRUMENTS

The Company's main financial instruments comprise:

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

(b) Shares held in AllBlueand AllBlue Leveraged; and

(a)

15 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The main risks arising from the Company's financial instruments concern its holding of shares in AllBlue and AllBlue Leveraged 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 directly to material foreign exchange risk as each class of Shares in the Company is directly invested in shares of AllBlueand AllBlue Leveraged denominated in the same corresponding currency.

So far as the Company is concerned, the only risk over which the Board can exercise direct control is the liquidity risk attaching to its ability to realise shares in AllBlue, AllBlue Leveraged and ICS for the purpose of meeting share buybacks and ongoing expenses of the Company. For this purpose the Board have created the Cash Reserve (explained in 1(g)) to provide funds to enable the Company to settle share buy backs and meet its expenses in the ordinary course of business. Thereafter the Board recognises that the Company has via its holding of shares in AllBlue, AllBlueLeveraged and ICS an indirect exposure to the risks summarised below.

For the shares held in the ICS Funds the Board notes that such shares may be realised on short notice on any business day with proceeds in respect thereof usuallybeing transmitted by telegraphic transfer on the business day following receipt of the redemption notice by the ICSFund subject to cut-off times depending on the specific ICS Fund in which shares are beingredeemed.

It must also be noted that there is little or nothing which the Board can do to manage each of theother risks withinAllBlue, AllBlue Leveraged or the Underlying Funds in whichAllBlue and AllBlue Leveraged invest (the "Underlying Fund(s)"), under the current investment objective of theCompany.

(a) Price Risk

The success of the Company's activities will be affected by general economic and market conditions, such as interest rates, availabilityof credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controlsand 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 resultin losses.

Details of theCompany's Investment Objectivesand Policy aregiven above.

Price sensitivity

The Company invests substantially all its assets in AllBlue, AllBlue Leveraged and ICS and does not undertakeany structural borrowing or hedging activity at the Company level. Its performance is thereforedirectly linked to the NAV of AllBlue,which itself is driven by the NAVs of the Underlying Funds, each of which hold a large number of positions in listed and unlisted securities.

At 30 June 2014, (31 December 2013 for comparative) if the NAV of AllBlue, AllBlue Leveraged and ICS had been 10% higher/lower with all the other variables held constant, the net assets attributable to Shareholders for the period would have increased/decreased as stated below, arising due to the increase in the fair value of financial assets at fair value through profit or loss.

Increase in net assets attributable toshareholders

Decrease in net assets attributable toshareholders

30 Jun 2014 31 Dec 2013 30 Jun 2014 31 Dec 2013

Sterling Shareholders	75,200,903	76,164,709	(75,200,903)	(76,164,709)
Euro Shareholders	1,485,214	1,541,547	(1,485,214)	(1,541,547)
US Dollar	7,532,469	6,703,238	(7,532,469)	(6,703,238)
Shareholders

Total 84,218,586 84,409,495 (84,218,586) (84,409,495)

The sensitivityis higher in 2014 than in 2013 because of the increase in the net financial assets andliabilities at fairvalue through profitor loss at thereporting date.

(a) 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, AllBlue Leveraged or any of the Underlying Funds, the effects of such a default may have negative effectson other prime brokers with whom AllBlue, AllBlue Leveraged or such UnderlyingFund deals. The Underlying Funds and, byextension, AllBlue, AllBlue Leveraged and the Company may, therefore, be exposed to systemic risk when AllBlue and AllBlueLeveraged or an Underlying Fund deals with prime brokers and custodians whose creditworthiness may be interlinked.

The assets of Underlying Funds or AllBlue Leveraged 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 ofthese prime brokers, banks or counterparties, AllBlue, AllBlue Leveraged and

ICS 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 period end was £819,341,799 (Dec 2013: £841,609,127). The main concentration of risk for the Company relates to the investments in AllBlue, AllBlueLeveraged and ICS.

(b) Liquidity Risk

In some circumstances, investments held by the Underlying Funds of AllBlueand AllBlue Leveraged 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 movementsmay 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 AllBlueand AllBlue Leveraged and hence the Company's investment in AllBlue and AllBlue Leveraged. Settlement of transactions may be subject to delay and administrativeformalities.

There can be no assurance that the liquidity of the investments of AllBlue, AllBlue Leveraged and ICS and the Underlying Funds will always be sufficientto meet redemption requests as, and when, made. Any such lackof liquidity may affect the ability of the Company to realise its shares in AllBlue, AllBlue Leveraged and ICS and the value of Shares in the Company. For such reasons AllBlue's, AllBlue Leveraged's and ICS's treatmentof redemption requests may be deferred in exceptional circumstances including if a lack of liquidity may result in difficulties in determiningthe NAV andthe NAV pershare in AllBlue. This in turnwould limit theability of

the Directors to realisethe Company's investments in AllBlueand AllBlue Leveraged should they consider it appropriate to do so and may result in difficulties in determining the NAV of a Share in the Company. There was no gating or suspension of AllBlue or AllBlueLeveraged during the period under review or in the previous year.

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 sizeof the Underlying Funds' positions may magnify the effectof 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 marketparticipants of the same or similar positions, mayalso adverselyaffect the Underlying Funds' portfolios.

The sale of restricted and illiquidsecurities often requires more time and results in higher brokerage charges or dealer discounts and other sellingexpenses 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 illiquidinvestments 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 arenot 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 a liquidationof 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 2014 1-3

months

3-6

Months

Over 1 year Total

£ £ £ £

Net assets at the end of the period attributable to

- 11,919,203 819,253,498 831,172,701

As at 31 December2013 1-3

months

3-6

Months

Over 1 year Total

£ £ £ £

Net assets at the end of the period attributable to

- - 841,552,800 841,552,800

shareholders
Accrued expenses	106,761 - -	106,761
Total	106,761 841,552,800	841,659,561

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. Generally, an increase in interest rates will increasethe carrying costs of investments. However,the Company's investments designated as at fair value throughprofit or loss are non interest bearing, and therefore are not directly exposed to interest rate risk.

The Company's own cash balances are not materially exposedto interest rate risk as cash and cash equivalents are held on floating interest rate deposits with banks and the Company does notrely on incomefrom bank interest tomeet day to dayexpenses.

(d) Leverage by Underlying Funds

Certain Underlying Funds in which the Company may have an economic interest operate with a substantial degreeof 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 NAV of AllBlueand AllBlue Leveraged. This leverage presents the potential for a higher rate of total return but will also increase the volatility of AllBlue, AllBlue Leveraged and, as a consequence, the Company, including the risk of a totalloss of theamount invested.

(e) Leverage by AllBlue Leveraged

AllBlue Leveraged operates with a substantial degree of leverage for the purposes of making investments and is not limitedin the extent to which they either may borrow or engage in margin transactions (although it is expected to be an amount equal to approximately 50 per cent of AllBlue Leveraged's NAV). This leverage presents the potential for a greater rate of total returnbut will also increase exposure tocapital risk andinterest costs.

(f) Capital management

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

As the Company's Ordinary Shares are traded on the LSE, the OrdinaryShares may trade at a discount to their NAV per share. However, in structuring the Company, the Directors have given detailed consideration to thediscount risk and howthis may be managed.

At the last Annual General Meetingheld pursuant to section 199 of 2008 Law, the Directors were granted authority to buy back up to 14.99 per cent of the OrdinaryShares in issue. The Company's authorityto 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 2008 Law and renewal of such authority will be sought at the next general meeting. The timing of anypurchases 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 prevailingNAV per Share where the directors reasonably believesuch purchases will be of material benefitto 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 replacedby the 2008 Law. The 2008 Law does not require share premium to be held in a separate account andany premium at which shares are issued can be used for all purposes, including the buy backof Shares and the paymentof dividends, provided that the Company would after any distribution still meet the statutory Solvency Test as such is definedin the 2008 Law. Accordingly, upon the issue of C Shares in August 2008, December 2009 and June 2010 the entireamount of sharepremium 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 waiver of pre-emption rights. 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 OrdinaryShares held in treasurywill rank pari passu with Ordinary Shares in issue.

There are no provisions of the Companies Laws 2008 which confer rights of pre-emption in respect of the allotment of Shares. There are, however, pre-emption rights contained in the Articles, but theDirectors have beengranted the powerto issue 45million further Shareson a non pre-emptive basis for a period concluding on 31 December 2015 unless such power is revoked by the Company's shareholders in a general meeting pursuant to section 199 of the 2008 Law. The Directors intend to request that the authority to allot Shares on a non pre- emptive basis is renewed at each subsequent general meetingof 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 NAV per Shareunless they are first offered pro rata toexisting shareholders.

The Company monitorscapital on the basis of the carrying amount of reserves as presented on the face of the Statement of Financial Position. Capitalfor the reporting periods under review is summarised as follows:

	30 Jun 2014	31 Dec 2013
	GBP	GBP
		(restated)
Purchase of own shares	(79,949,483)	(86,762,640)
Distributable reserves	911,122,184	928,315,440

Total 831,172,701 841,552,800

15 SUBSEQUENT EVENTS

The Company issued a Circular dated 4 August 2014 to its shareholders, inviting them to vote onthe proposed closure of the Euro Class.

On 27 August 2014 at an Extraordinary General Meeting and Euro Class meeting, 97.98% of the voting shareholders voted in favour of the closure of the Euro Class. As a result the Euro Class shares will be redeemed on 1 October 2014 and the Euro Class shares will be cancelled from the officiallist of the UK Listing Authority and the London Stock Exchange effective 2 October 2014. The Euro Class shareholders will receive the redemption proceeds in the week commencing 17 November 2014.

SCHEDULE OF INVESTMENTS

30 June 2014 SECURITIES PORTFOLIO

NOMINAL HOLDINGS

VALUATION SOURCE CURRENCY

VALUATION

GBP

TOTAL NET ASSETS %

AllBlueLimited Sterling

Shares 3,072,862 £626,521,903 £626,521,903 75.38%

AllBlue Leveraged Feeder

LimitedSterling Shares 488,780 £124,311,642 £124,311,642 14.96%

Institutional Sterling Government LiquidityFund -

Core (Acc) Shares 11,654 £1,175,482 £1,175,482 0.14%

AllBlue LimitedEuro Shares 73,517 €14,852,144 £11,890,275 1.43% AllBlueLimited US Dollar

Shares 370,340 $75,324,691 £44,034,076 5.30%

£807,933,378 97.21%

31 December 2013 SECURITIES PORTFOLIO

NOMINAL HOLDINGS

VALUATION SOURCE CURRENCY

VALUATION

GBP

TOTAL NET ASSETS %

AllBlueLimited Sterling Shares 3,256,846 £637,112,281 £637,112,281 75.71%

AllBlue Leveraged Feeder

LimitedSterling Shares 512,852 123,359,329 £123,359,329 14.66%

Institutional Sterling Government LiquidityFund -

Core (Acc) Shares 11,654 1,174,486 £1,174,487 0.14%

AllBlue LimitedEuro Shares 79,426 €15,415,470 £12,802,484 1.52% AllBlueLimited US Dollar

Shares 342,943 $67,032,383 £40,485,828 4.81%

£814,934,408 96.84%

SHAREHOLDER INFORMATION

The Company's Sterling Shares,Euro Shares and US Dollar Shares are capableof being traded on the London StockExchange's main marketfor listed securities. All Shares may be dealt in directly through a stockbroker or professional adviser acting on an investor'sbehalf. The buying and selling of Shares may be settledthrough 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 serviceprovider of the London Stock Exchange. In addition, on a weekly basis the Company announces in the same manner the estimatednet asset valuefor 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 betweenShare Classes

The Company currently offers a monthly conversion between share classes. Conversion forms can be foundon the Company's website at www.bluecrestallblue.com.

Shareholder Enquiries

The Company's CREST compliantregistrar is Anson Registrars Limited in Guernseywhich maintains the Company's registers of shareholders. They may be contactedby email at registrars@anson-group.com or by telephone on (44) 01481711301.

Further information regarding the Company can be found on its website at

www.bluecrestallblue.com.

CONTACT INFORMATION AND ADVISORS

Directors

Richard Crowder

*Andrew Dodd Steven Le Page Paul Meader

John R Le Prevost

*Robert Heaselgrave as alternate director for Andrew Dodd

Registered Officeof the Company

JTC (Guernsey) Limited

PO Box 156, FrancesHouse Sir WilliamPlace

St Peter Port Guernsey GY1 4EU

Telephone +44 (0)1481 702400

Administrator and Company Secretary JTC (Guernsey) Limitedformerly JTC Fund Managers (Guernsey) Limited

PO Box 156, FrancesHouse Sir WilliamPlace

St Peter Port Guernsey GY1 4EU

Telephone +44 (0)1481 702400

Registrar, Paying Agent and Transfer Agent

Anson Registrars Limited

PO Box 426

Anson House, Havilland Street, St Peter Port,

Guernsey GY1 3WX

UK Transfer Agent

Anson Registrars (UK) Limited 3500 Parkway

Whiteley Hampshire

England PO15 7AL

Auditor

Ernst & Young LLP 14New Street

St Peter Port Guernsey GY1 4AF

Corporate Broker Jefferies Hoare Govett Vintners Place

68 Upper Thames Street London

England EC4V 3BJ

Corporate Broker Dexion Capital plc 1 Tudor Street London

England EC4Y 0AH

Advocates to the Company as to Guernsey Law

Mourant Ozannes POBox 186

1 Le Marchant Street StPeter Port Guernsey GY1 4HP

Solicitors to the Company as to English Law

Herbert Smith LLP Exchange House

Primrose Street London

England EC2A 2HS

Carey Olsen

P.O. Box 98

Carey House Les Banques St Peter Port

Guernsey GY1 4BZ

Enquiries:

For further information contact:

JTC (Guernsey) Limited

Secretary

Tel: 44 (0) 1481 702 400

END OF ANNOUNCEMENT

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Half Yearly Report

BLUECREST ALLBLUEFUND LIMITED (THE "COMPANY")

CONTENTS

BlueCrest Emerging Markets

BlueCrest

BlueCrest Mercantile

BlueCrestEquity Strategies

BlueTrend

BlueMatrix

DISCOUNT MANAGEMENT

Continuation Vote Mechanism

Net Asset Value per Share for Financial Statements Purposes

AllBlueFunds

STATEMENT OF FINANCIAL POSITION

Ordinary Shares

Ordinary Shares

Ordinary Shares

1 ACCOUNTING POLICIES

Changes in accounting policy and disclosures:

(b) Going concern

(d) Expenses

(e) Interest income

(f) Cash and cash equivalents

(g) Investments

(h) Foreign currency translation

(i) Segment information

(j) Shares

2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

3 OPERATINGEXPENSES

4 DIRECTORS REMUNERATION

5 EARNINGSPER SHARE

6 RELATED PARTY TRANSACTIONS

7 INVESTMENTS DESIGNATED AT FAIRVALUE THROUGH PROFITOR LOSS

8 RECEIVABLES

10 SHARE CAPITAL

Issued

The movement inshares took place as follows:

11 SHARE PREMIUM

30 June 2014

31 Dec 2013 (restated)

13 DISTRIBUTABLE RESERVES

31 Dec 2013 (restated)

14 FINANCIAL INSTRUMENTS

15 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

(a) Price Risk

(a) Credit Risk

(b) Liquidity Risk

As at 30 June 2014 1-3

Months

As at 31 December2013 1-3

(d) Leverage by Underlying Funds

(e) Leverage by AllBlue Leveraged

(f) Capital management

15 SUBSEQUENT EVENTS

30 June 2014 SECURITIES PORTFOLIO

31 December 2013 SECURITIES PORTFOLIO

SHAREHOLDER INFORMATION

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