REG - BlueCrest AllBlueFdBlueCrest AllBlueFdEBlueCrest AllBlueUS - Half Yearly Report <Origin Href="QuoteRef">BABS.L</Origin> <Origin Href="QuoteRef">BABSu.L</Origin> <Origin Href="QuoteRef">BABSx.L</Origin> - Part 1

Highbridge Tactical Credit FundAnnouncement

29/10/2014 15:53

RNS Number : 1736Q
BlueCrest AllBlue Fund Ltd
28 August 2014
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1736Q_1-2014-8-27.pdf
BlueCrest AllBlue Fund Limited (LSE: BABS, BABU, BABE) is pleased to announce its unaudited FinancialReport forthesixmonthsended
30June2014

BLUECRESTALLBLUEFUNDLIMITED(THE"COMPANY")
CONTENTS
Glossary  
Company&InvestmentOverview  
Halfyearto30June2014innumbers  
Chairman'sStatement  
AbouttheCompany  
ReportbytheManagerofAllBlueLimited  
InterimManagementReport  
StatementofComprehensiveIncome  
StatementofFinancialPosition  
StatementofChangesinNetAssetsAttributabletoShareholders  
StatementofCashFlows  
NotestotheFinancialStatements  
ScheduleofInvestments  
ShareholderInformation  
ContactInformationandAdvisors  

GLOSSARY
Unlessthecontextsuggestsotherwise,referenceswithinthisreportto:
"AICCode"meanstheAICCodeofCorporateGovernance.
"AIC"meanstheAssociationofInvestmentCompanies,ofwhichtheCompanyisamember. "AllBlueLeveraged"meansAllBlueLeveragedFeederLimited.
"AllBlue"meansAllBlueLimited.
"Articles"meantheArticlesofAssociationoftheCompany. The"Company"meansBlueCrestAllBlueFundLimited. "BlueCrestLLP"meansBlueCrestCapitalManagementLLP.
"BlueCrestLimited"meansBlueCrestCapitalManagementLimited. "Board"meanstheBoardofDirectorsoftheCompany.
"BusinessDay"meansanydayonwhichbanksareopenforbusinessintheCayman Islands,UnitedKingdomand/orGuernseyand/orsuchotherplaceorplacesastheDirectors mayfromtimetotimedetermine.
"GFSCCode"meanstheGuernseyFinancialServicesCommissionFinancialSectorCode ofCorporateGovernance.
"ICS"meanstheInstitutionalCashSeriesplc("ICS")(anumbrellainvestmentcompanywith variablecapitalandhavingsegregatedliabilitybetweenitsfunds).
"IFRS"meanstheInternationalFinancialReportingStandardsasadoptedbytheEuropean UnionandapplicableGuernseylaw.
"JTC"orthe"Administrator"meansJTC(Guernsey)Limited. "Law"meanstheCompanies(Guernsey)Law2008.
"Period"meanstheperiodfrom1January2014to30June2014.
"Shares"meanstheSterlingShares,EuroSharesandUSDollarSharesoftheCompanyin issue.
"UnderlyingFunds"meansthesevenunderlyingfundsofAllBluecomprisingBlueCrest CapitalInternationalLimited, BlueTrendFundLimited,BlueCrest MultiStrategyCreditFund Limited,BlueCrestEmergingMarketsFundLimited,BlueCrestMercantileFundLimited, BlueCrestEquityStrategiesFund LimitedandBlueMatrixLimited(together,includingthemaster fundsintowhichsuchfundsinvest).
"UKLA"meansUnitedKingdomListingAuthority. "VaR"meansValueatRisk.

COMPANY & INVESTMENT OVERVIEW
TheCompanyisaGuernseyinvestmentcompanylistedandtradedonthePremium SegmentoftheLondonStockExchangewithassetsofapproximately831m*.Itsobjective istoinvestsubstantiallyallofitsassetsinAllBlueLimited.
AllBlueisamulti-strategyfundofhedgefundsinvestinginBlueCrestfundsacrossitstwo corespecialisations:discretionaryandsystematictrading.Thesetwocomplementary strategiesareblendedusing7underlyingBlueCrestfunds.
Usingrobustriskmanagement,AllBlueblendsthese7non-correlatedfundstoproduce attractivereturnswithlowvolatility.AllBluehasfulltransparencyintothe7fundsaidingthe sterlingshareclassreturnof8.93%**perannumsinceinceptionin2006,combinedwithlow volatility.Asummaryoneachunderlyingfundisprovidedattheendofthissection.
AllBlueandthe7underlyingfundsaremanagedbyBlueCrestCapitalManagement,oneof theworld'spremierhedgefundmanagerswithofficesintheUK,Europe,theUSandAsia.
Foundedin2000,BlueCrestmanagesapproximately$27.9bn***andhasaproven trackrecordofgeneratingstronglevelsofcapitalgrowthwhilstensuringcapitalpreservation. Ithasanaward-winningreputationforexcellenceinbothdiscretionaryandsystematic trading.TheprincipalsofBlueCresthaveasignificantleveloftheirownwealthinvested alongsidetheirclients,aligningtheirinterestswiththoseoftheirinvestors.
TheCompanyhasthreeshareclasses,Sterling,DollarandEuroandseekstoprovide shareholderswiththefollowingkeybenefits:
 Attractivereturnswhicharenotbeholdentothedirectionofassetmarkets,createdby skilledportfoliomanagementandanon-correlated,multi-strategyapproach.
 

 Strongcapital preservation characteristics reflecting robust riskmanagement and expert blendingofvariousassetsacrossdiscretionaryandsystematicfunds.
 GoodliquidityasthesharesintheCompanycanbeboughtandsoldwheneverthe LondonStockExchangeisopenforbusiness
MoreinformationontheCompany,itsperformanceandcurrentallocationscanbefoundon thewebsite,www.bluecrestallblue.com
*Asat31July2014.
**NetperformanceofAllBlueLimited(ClassAGBP)to30June2014.
***Asat1July2014.

Thesevenunderlyingfunds
BlueCrest
Capital International
A global macro strategy, witha strong fixed incomefocus.Strategies includedirectionaland curvetrading,drivenbymacroviewsaroundcentralbankactivities,their likely actions and market reactions that willimpact the level ofrates and the shape of the yield curve. Also relativevaluewhichlookstoidentifyanomaliesacrossthefixedincomemarkets.

BlueCrest Emerging Markets

A macro strategythat looks toidentify opportunitiesacrosscurrency, local interest rates, sovereignand quasi-sovereign creditmarketswithafocusonliquidity.Thestrategytrades throughoutLatinAmerica, the MiddleEast,Central and EasternEurope, AfricaandAsia.


BlueCrest
Multi StrategyCredit

Engagesinopportunitiesacrossthefullcreditspectrumofcorporateandsovereigndebt markets,implementingstrategiessuchas long/ shortcredit, creditvolatility and capital structurearbitrage.


BlueCrest Mercantile

Investsinbondsandloans associatedwiththeproductionandtradeofcommercialgoods andcommoditiesandthenhedgesouttheassociatedrisks.Thecreditsarepurchasedfrom commercialbankswhoareunderpressuretoremove them fromtheir balance sheetsin ordertomanageriskconcentrationandtoadheretoregulatoryrequirements.


BlueCrestEquity Strategies

Engagesinlong/shortandeventdrivenstrategies across globalequity marketsby takinga multi-trader,multi strategyapproach.Primarily non-directional.


BlueTrend

A global systematictrend followingstrategythattradesinexcessof150liquidmarkets coveringassetclasses includingequities, fixedincome, foreign exchange, energy,metals and agricultural commodities.


BlueMatrix

A global systematicequity market neutralstrategy thatdraws upona widevariety of fundamentalandtechnicalinputs,aswellasothersources.Theportfolioconstruction processincorporates asophisticatedin-houseriskmodelwhichseekstomaintainmarket neutrality at the regional level, aswellas limitingexposurestootherfactorssuchassizeor liquidity.

HALFYEARTO30JUNE2014INNUMBERS
+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
IampleasedtobeabletoreportaperiodofgoodperformancefortheCompanyduringthe firsthalfof 2014.Thenetassetvalueper Shareroseby4.5%(Sterling Class)withallofthe underlying fundscontributingpositively.This is averyencouragingperformancegivenwhat were,periodically,difficultmarketconditions;conditionswhichsawanumberofthe Company's peers struggle tomaintain capital values.For reference, theSterling Class NAV hasrisenby7.1%overthepast12months.
Thesharepriceperformedlargelyinlinewiththenetassetvalue,withatotalshareholder returnof4.7%forthesixmonths(SterlingShares).Justasimportantly,thevolatilityof AllBlueLimited("AllBlue")hasremainedlowandthevolatilityofthesharepricehasalso beenlowerthaninpriorperiods.
Beforeturningtoamoredetailedanalysisoftheperiod,Ibelievethatitisworthdwellingon alongtermperspective.Sincelaunchinthespringof2006,theSterlingClasshasdelivered areturnof8.6%perannum,areturnwellinexcessofthatavailablefromequitiesorbonds duringthesameperiod.Moreimportantly,perhaps,ithasdonesowithverylowvolatility andwithoutbeingbeholdentothedirectionofassetmarketstogeneratethesereturns. ManyofourshareholderstellusthattheyholdtheCompanyasmuchforitsdiversification benefitsintheirportfoliosasforitsattractivelongtermreturns.Onoccasions,ofcourse, returns will betempered overshortperiodsby therestrictionof opportunitiesavailable.This happenedinearly2013,althoughAllBluehasalwaysmaintaineditsrecordofgenerating positiveperformanceoverallrolling12monthperiods.However,evenintimesofmore mutedperformancethediversificationbenefitshaveprevailedandthepatientshareholder hasseenexcellentlongtermreturnswithouteverhavingshorttermworries.Assistedbythe Company'sgooddailyliquidityontheLondonStockExchangeand,Iwouldliketothink, robustgovernanceandoversightfromyourboard,theCompanyhasearneditsplaceina widerangeofinvestors'portfolios.Thebenefitsofpotentialperformance,diversificationand liquidityarearguablyascompellingandrelevanttodayasattheCompany'slaunchover eightyearsago.

TheCompany'slongtermperformanceisshowninthechartbelow:
BlueCrestAllBlueFund Performance
[Not available through RNS] 
PORTFOLIOMANAGEMENT
Turningtotheeventsofthefirsthalfoftheyear,marketstendedtobedominatedbycentral bankpolicymovesandgeo-politicalevents.BlueCrestCapitalManagementLimited ("BlueCrestLimited")providesadetailedanalysisintheirreportlaterinthesefinancial statementsbut,insummary,therewasnotabledivergenceinthepolicycoming from differentglobalcentralbanks.Aftermonthsofspeculation,theEuropeanCentralBank finallycutinterestratesandintroducedmeasurestostimulatebanklendingwhereastheUS FederalReservecontinuedwithitsmeasuredwithdrawalofstimuluswiththeresultthat speculationbegantomountoverthelikelytimingofthefirstinterestrateincrease.Yetitis theBankofEnglandwhichappearslikelytobethefirstcentralbanktoacttotightenpolicy, perhapsasearlyasthebeginningofnextyear.ThecurrentbuoyancyoftheUKeconomyis instarkcontrasttoitsapparentlydismalprospects12monthsago.
Theseevents,alongsidegeo-politicalworriessuchastheUkraineandtheMiddleEast togetherwithuncertaintyovertherobustnessofemergingmarketeconomies,Chinain

particular,madeforadifficultmarketbackdropforinvestors.Equitieswereoccasionally volatileyethavecontinuedinagenerallypositiveveinbutitisthefixedincomemarketsthat havesurprisedmostinvestors.Despitewidespreadpredictionsforrisingyields,thebond marketsperformedstronglyandconsistentlywith10yearUSTreasuryyieldsfallingby around50b.p.andGerman10yearyieldsrecentlytouchingarecordlowofbelow1%. Investorswerealmostuniversallywrong-footedbythesemovesandmarketsprovedtoo challengingformanytobeabletomakemoney,letalonematchmarketindexperformances.
ForAllBlue,alltheunderlyingfundsgeneratedpositivereturnsduringthefirsthalfwith BlueTrend,BlueCrestEmergingMarketsandBlueCrestMultiStrategyCredit beingthemost notableperformers.Ithasbeenencouragingtoseeareturntostrongperformancefor BlueTrendafteraprotractedperiodofdifficultconditions.BlueTrendwasthemajor contributortosecondquarterperformanceasitgainedover10%inthethreemonthperiod.
BlueCrestEmergingMarketsperformedwelldespitedifficultconditionsacrossmost emergingmarkets,especiallyinthefirstquarter.Togenerategainswhilst emerging markets'bonds,equitiesandcurrenciesallfellsharplywasanotableachievementandis testamenttothestrengthoftheriskmanagementprocesseswithinBlueCrestLLP.The gainsfromBlueCrestMultiStrategyCredit,upover8%duringthefirsthalf,camenotfrom theongoingstrengthofcreditmarketsbutfromopportunistictradingbothlongandshort.It thereforeachievedreturnswithgreatconsistency.WeareencouragedthatBlueCrest Limitedcontinuestoseearichopportunitysetforcreditwithouttheneedfordirectional positioning.
AtthestartofJune,AllBluemadeanallocationtoanewfund,BlueCrestEquityStrategies Fund.BlueCrestEquityStrategiesFundisadiscretionary,equitylong/shortfundandwas launchedinJuly2013,sincewhenitishasgeneratedstrongreturns,despiteoccasionally difficultequitymarketconditions.Itoperatesamulti-manager,multi-strategyapproach, coveringglobalequitymarkets,andisledbyChristianDalbanandJonathanLarkin. ChristianandJonathan,basedinBlueCrestLimited'sLondonandNewYorkoffices respectively,bothhaveextensiveexperiencegainedatJ.P.Morgan,Millenniumand Nomura.Since joiningBlueCrestLimited they havebuilt a broad,strongteam ofspecialists, typicallyhavinganindustryorgeographicalfocus,whocollectivelyproduceadiversified portfolioforthefund.
The largest element of the strategy islong/short equity trading,primarily from afundamental perspective,withthisbeingcomplementedbyeventdrivenandequityderivativestrategies. Thefundrunsagrossexposurethatistypicallyaround500%,withtheflexibilitytovarythis

levelaccordingtoopportunityset,butnetexposureistypicallywithin+/-20%.Thetarget volatilityofthefundis4-7%withtargetreturnsof10-15%perannum.Thefundimplements thesameriskframeworkusedbyBlueCrestLimited'sotherdiscretionaryfunds,includingthe twostagestoplossprocess(inthiscasetheapplicablelevelsare4.5%and4.5%).In addition,furtherportfolioandriskconstraintsareappliedatboththeindividualportfolio managerandaggregatefundlevel.
BlueCrestEquityStrategiesFundisverydifferenttoBlueMatrix,thesystematicequity marketneutralfundalreadyincludedinAllBlue,anddemonstratesverydifferentreturn characteristics.TheadditionofBlueCrestEquityStrategiesFundishighlycomplementaryto theexisting6 fundsandBlueCrest Limited believethat it shouldbe return enhancingwithout notablychangingtheriskprofileoftheportfolioorraisingcorrelationtoequitymarkets.
The allocation to BlueCrest Equity Strategies Fund was increased to 9% of AllBlue on 1 July 2014andBlueCrestLimitedwasactiveinshiftingtheallocationswithinAllBlueduringthe firsthalfbasedbothonitsinclusionandotherchangestoopportunitiesinthemarkets.The chartsbelowshowthepositionthroughouttheperiod.
AllBlueAllocationfortheperiod
[Not available through RNS] 
Capitalallocationsare for AllBlueLimited. Allfigures rounded to the nearest whole number. Information is for BlueCrest AllBlueFundLimited as at 30 June 2014.
DISCOUNTMANAGEMENT
AsInotedinmyreporttoyouinApril,theBoardisveryawareoftheimpactupon shareholdersofanyvariabilityinthesharepriceagainstthenetassetvalue.Asaresult,we havecontinuedtobeactivewhennecessaryinrepurchasingsharesatadiscounttonet

assetvalue,althoughthisactivitysubsidedinmorerecentmonthsasunderlyinginvestor demandforshareshasincreased.
During the first sixmonths of 2014,the Company repurchased44,929,822 worth ofShares atanaveragediscountof5.0%,bringingtheamountpurchasedsincetheinceptionofthe buy-backprograminMay2012toover120m.Inpriorperiods,thesepurchaseswere undertakensolelyintheSterlingSharesbut,morerecently,purchaseshavealsotaken placeintheUSDollarShares.ThesepurchasesofUSDollarShareshavebeenmade whenconditionshavebeenappropriateandtheyhavetradedatawiderdiscountthanthe SterlingShares.Insodoing,theBoardaimstoreinforcetheconvergencebetweenthe currencyclassesthatpreviouslyhadbeeneffectedsolelythroughthemonthlyconversion facility.Asinpriorperiods,theeffectofthesharerepurchasesatadiscountwasan increaseinthenetassetvaluepershare.
Wearepleasedthatthediscounthasimprovedandweexpecttocontinuetobepro-active whennecessary.
PROPOSEDRETURNOFCAPITALTOEUROSHARECLASSHOLDERS
SincethelaunchoftheCompanyin2006,therehasbeenaEuroShareclasswhichhas alwaysbeenthesmallestClassbysomemargin.Givenitssmallsizeandverylimited liquidity,inlateJunetheBoardproposedtoprovideEuroshareholderswithafinal opportunitytoconvertintoSterlingorUSDollarSharesorredeematnetassetvalueless costswiththeEuroClassbeingclosedthereafter.EuroClassshareholdersvotedto approvetheseproposalsatanExtraordinaryGeneralMeetingheldon27August2014. TherewillbenoimpactonSterlingorUSDollarClassshareholders.
APPOINTMENTOFSTEVELEPAGEASADIRECTOR
AsIreportedtoyouinApril,JonathanHooleyresignedasaDirectoroftheCompanyand as ChairmanoftheAuditCommitteeattheendofApril2014.SincethattimetheNominations Committeehasundertakenawide-rangingandthoroughsearchusingobjectiveandrobust selectioncriteria,cognisantoftheCompany'spoliciesondiversity.Iampleasedtoreport thatasaresultofthisprocesswehavebeenfortunatetobeabletoappointStevelePage asaDirectorandChairmanoftheAuditCommitteewitheffectfrom3June2014.Steve (aged58)bringsadeepknowledgeandwealthofpracticalexperienceoffinancialand governancereporting,auditing,internalcontrolandinvestmentfundstructurescombined withastrongawarenessoftaxandregulatoryissues.

He retired from partnership with PwC in the Channel Islands in September 2013.His career therespannedthirtythreeyears,duringwhichtimehewaspartnerinchargeoftheir AssuranceandAdvisorybusinessesfortenyearsandSeniorPartnerforfiveyears.Inthese executivepositionsheledconsiderablechangeandgrowthinthatfirmandhelpedfund boardsdealwithregulatoryandreportingissues.Hisexperiencespansinitiallistings, ongoinggovernanceandreporting,continuationandgoingconcernandevenwindingupof Listed andunlistedentities.He is aChartered Accountant and a Chartered Tax Advisor and hehasanumberofnon-executiveroles.HeisresidentinGuernsey.Iwouldlikeformallyto welcome Steve to the Company,where he hasalready had a meaningful impact, and I hope thatImaygetthechancetointroducehimpersonallytomanyofyouinduecourse.
REGULATION&GOVERNANCE
ThemostnotableenhancementintherecentperiodhasbeentheformationofaRisk Committee,chairedbyPaulMeader,andtheapprovalofitsconstitution,compositionand framework.Assomeofyouwillknow,Paulisaveryexperiencedinvestmentmanagerand isbringing that experienceto bear withadditional focus as Chairmanof the RiskCommittee. TheRiskCommitteeexiststocomplementandbroadentheworkalreadyundertakenbythe AuditCommitteeandwelookforwardtobeingabletoreportinsomedetailontheworkof theRiskCommitteeintheannualreportearlynextyear.
SHAREHOLDERCOMMUNICATION
IampleasedtobeabletoreportthattheCompanyhasrecentlyappointedanindependent thirdparty,BrokerProfile,toassistwithandbuildupontheenhancementstoshareholder communicationofthelasttwoyears.BrokerProfilewillbeknowntomanyofyouandhas anexcellentreputationwithbothinvestmentcompaniesandinvestorsalike.
ItisexcellenttohaveBrokerProfileworkingalongsideBlueCrestLimited,PaulMeaderandI tocontinuetowidenthescopeofourengagementwithshareholdersand,Ibelieve,to improvefurtherthequality,breadthandtimelinessofmaterialthatweprovidetoyou.
Asalways,theBoardwelcomefeedbackfromshareholdersandarealwaysdelightedtohold meetingswithyou.Pleasefeelfreetocontactmeormycolleaguesatinfo@bluecrestallblue.com.Inaddition,ifyouwouldliketoreceiveregularupdatesfromthe Companybyemail,pleasesendarequesttothesameaddress.
LOOKINGFORWARD
Theoutlookformarketsisrarelyobviousand,ifitappearsso,itisusuallymisleading.Soit isnosurprisethattheglobaleconomyandinvestmentmarketscontinuetofaceuncertainty. Whileselfsustainingeconomicgrowthseemstobeappearinginsomeregionsoftheworld,

theconsequentpotentialwithdrawalofmonetarystimulusintroducestheriskofmaterial volatility.Afterall,wecontinuetolivethroughoneofthegreatestmonetaryandfiscal experimentsinthehistoryoffinance;andexperimentssometimeshaveatendencyof blowingup.Weallneedtobeprepared.
Insuchanenvironmentthecharacteristicsofgoodperformanceandgooddiversification evidencedbyAllBlueareasvaluableasever.Ilookforwardtoreportingtoyouagaininthe springof2015.
Yoursfaithfully
RichardCrowder Chairman

ABOUT THE COMPANY
TheCompanyisaself-managedclosed-endedinvestmentcompanyincorporatedwithan unlimitedlifeon21April2006inGuernseywithregisterednumber44704.TheCompany hasthreeclassesofshareinissue,beingSterlingShares,EuroSharesandUSDollar Shares(togetherthe"Shares").
AllSharesinissuehavebeenadmittedtotheOfficialListoftheUnitedKingdomListing AuthorityandtotradingontheLondonStockExchange'smainmarketforlistedsecurities.
Asat21August2014,thelastpracticabledatepriortothepublicationofthisreport,the Company'stotalissuedsharecapitalconsistedof453,393,578OrdinaryShares,ofwhich 404,516,639weredesignatedasSterlingShares(excluding44,899,127SterlingSharesand 632,000USDollarShareswhichwereheldintreasury),8,094,527asEuroSharesand 40,782,412asUSDollarShares.Asat31July2013,thelatestconfirmedmonthlyNAV priortothepublicationofthisreport,theconfirmedunauditedaggregatenetassetsofthe Company(inSterlingterms)wereapproximately830,945,355withanunauditedNAVper SterlingShareof1.9152,perEuroShareof1.8461andperUSDollarShareof US$1.8294.
InvestmentObjectiveandPolicy
TheinvestmentobjectiveoftheCompanyistoseektoprovideconsistentlong-termcapital growththroughaninvestmentpolicyofinvestingsubstantiallyallofitsassetsinAllBlueor anysuccessorvehicleofAllBlue. Accordingly, theCompany'spublishedinvestmentpolicyis consistentwiththatofAllBlue.IntheeventthatAllBluechangesitsinvestmentpolicywithout shareholderapproval,thedirectorswillconsiderremovingtheCompany'sassetsfrom AllBlueortakingotherappropriateactionsothattheCompanyisnotinbreachofany applicableregulation.
AllBlueLimited
AllBlue isa fund incorporatedinthe Cayman Islandswithaninvestment objectivetoprovide consistentlong-term appreciation ofits assets throughinvestment in a diversified portfolio of underlyingfunds.InvestorsintheCompanyarethereforeofferedanopportunityto participateindirectlyinthesameinvestmentportfolioasthatofAllBlue.
AllBlueseekstoachieveitsinvestmentobjectivethroughinvestmentinunderlyingfunds, eachofwhichonitsownhasadistinctinvestmentobjectiveandapproachandwhich,as

partofaportfolioofassets,formadiversifiedbasketofhedgefundinvestments.Asat30 June2014,AllBluewasinvestedinsevenunderlyingfundscomprisingBlueCrestCapital InternationalLimited,BlueCrestEmergingMarketsFundLimited,BlueCrestMultiStrategy CreditFundLimited,BlueCrestMercantileFundLimited,BlueCrestEquityStrategiesFund Limited,BlueTrendFundLimitedandBlueMatrixLimited(together,includingthemaster fundsintowhichsuchfundsinvest,the"UnderlyingFunds"),allofwhicharemanagedby BlueCrestLimited.AllBluemayinthefutureexcludeanyorallofthesefundsorfromtimeto timeincludeanyotherinvestmentfundestablishedbyBlueCrestLimitedorbymanagers withcloselinkstoBlueCrestLimited.
BlueCrestLimitedistheappointedinvestmentmanagerofAllBlue.BlueCrestLimitedhas appointedonbehalfofAllBlue,actingasitsagent,certainmembersofitsgroup("AllBlue Sub-InvestmentManagers")assub-investmentmanagerstomanagetheassetsofAllBlue, asagentsofAllBlue.TheAllBlueSub-InvestmentManagersseektoconstructaportfolioof investmentsforAllBlue,comprisingtheUnderlyingFunds,byutilising proprietary optimisationtechniquesaswellasanin-depthunderstandingofunderlyingpositions, correlationsandrisks.Bothallocationsandrisksarecloselymonitoredonamonthlybasis bytheAllBlueSub-InvestmentManagers'AllBluecommittee,comprisingateamofsenior investmentprofessionalsofBlueCrestLimited.OnamonthlybasistheAllBlueSub- InvestmentManagers'AllBlueCommitteealsoreviewstheallocationofAllBlue'sassets amongsttheUnderlyingFundsandmakessuchadjustmentsasitdeemsappropriate.
ItisthepolicyoftheAllBlueSub-InvestmentManagersthattheassetsofAllBluewillbe predominantlyfullyinvested.However,AllBluemayfromtimetotimeholdcertainassetsin cash or cash equivalents,shouldit consider that thisisrequiredforefficient portfolio managementorotherwiseinthebestinterestsofAllBlue.
AllBlueLeveragedFeederLimited
On26March2012theCompanyannouncedthaton1April2012,theCompanyredeemeda portionofitsinvestment inAllBlueinordertogenerateacashreserve(the"CashReserve") forthepurposesofmanagingday-to-daycashflows,formeetingexpensesoftheCompany andforfundinganyrepurchasesofShares.
InordertomaintainasubstantiallysimilareconomicexposuretoAllBlue,theCompany invested an appropriate amount of the redemption proceeds into shares in AllBlue

Leveraged.AllBlueLeveragedinvestsallofitsassetsintheordinarysharesofAllBluebut withtheadditionofleverageofapproximately50percent.ofitsnetassetvalue,giving investmentexposurewhichisapproximately1.5timesthatofAllBlue(excludingallfeesand expensesattributabletosuchinvestments).
TheeffectofthesearrangementsisthattheCompany'saggregateinvestmentexposureto AllBlueremainsbroadly100%whilstprovidingaccesstomoreimmediateliquidity.
TheCashReserveandAllBlueLeveragedinvestmentareheldsolelywithintheSterling class,butsothattheCashReserveremainsavailableforusebytheUSDollarclassaswell, ifneeded.TheBoardreviewstheCashReserveonaquarterlybasistoensurea substantiallysimilareconomicexposuretoAllBlueismaintained.
BorrowingandLeverage
AlthoughtheCompanyhaspowerunderitsArticlesofIncorporationtoborrowuptoan amountequalto10percent. ofitsnetassets atthetimeof thedrawing,theDirectorsdonot intendthattheCompanyshouldengagedirectlyinanystructuralborrowingandany borrowingwouldonlybeforthepurposeofmanagingday-to-daycashflow,formeeting expensesoftheCompanyandforfundingrepurchasesofShares.
AllBluedoesnot employany leverage butmaybe exposed toit inthe Underlying Fundsand mayengageinshorttermborrowing,asisdeemednecessaryfromtimetotime,pendingthe availabilityofsubscriptionmonies,tofundnewallocationstotheUnderlyingFunds,orin ordertofundredemptionsaheadofredemptionproceedsbeingmadeavailable.
AllBlueLeveragedemploysleverageforthepurposeofmakinginvestments.Whilstthereis nolimitontheextentofborrowingsorleveragethatAllBlueLeveragedmayemployitis expectedtobeinanamountequaltoapproximately50percent.ofAllBlueLeveragednet assetvalue,butmayvaryfromtimetotime.
NoneoftheUnderlyingFundsissubjecttoanylimitsontheextenttowhichborrowingsor leveragemaybeemployedandtheymayleveragethroughtheuseofborrowings,options, futures,optionsonfutures,swapsandothersyntheticorderivativefinancialinstruments.

BlueCrestCapitalManagementLimited("BlueCrestLimited")
On1July2014,BlueCrestCapitalManagementLLPnovateditsinvestmentmanagement rightsandobligations,asoriginallyagreedwiththeCompany,toBlueCrest Limited(actinginits capacityasgeneralpartnerofBlueCrestCapitalManagementLP).
BlueCrestLimited(actinginitscapacityasgeneralpartnerofBlueCrestCapital ManagementLP)wasappointedastheinvestmentmanagerofAllBlueandAllBlue LeveragedandtheUnderlyingFunds.BlueCrestLimitedhasthepower(exercisableonly withtheconsentofAllBlue)toappoint,onbehalfofAllBlue,actingasitsagent,oneormore thirdpartiestoperforminitsplaceandasagentoragentsofAllBlue,anyofitsfunctions, powersanddutiesasinvestmentmanager.BlueCrestLimitedhasappointedonbehalfof AllBlue,actingasitsagent,certainmembersofitsgroup(the"AllBlueSub-Investment Managers")assub-investmentmanagerstomanagetheassetsofAllBlue,asagentsof AllBlue.BlueCrestLimitedhasasimilarpowerinrespectofAllBlueLeveragedandeachof theUnderlyingFunds.
BlueCrestLimitedisalimitedliabilitycompanyregisteredinGuernseyundercompany number58114andhavingitsregisteredofficeatBlueCrestHouse,GlategnyEsplanade,St PeterPort,Guernsey,GY11WR(tel+44(0)1481733800).
BlueCrestLimitedislicensedandregulatedbytheGuernseyFinancialServicesCommission (no.1036021)andregisteredasaninvestmentadviserwiththeUnitedStatesSecuritiesand ExchangeCommissionundertheUnitedStatesInvestmentAdvisersActof1940andwith theU.S.CommodityFuturesTradingCommissionasacommoditypooloperatorandisa memberoftheNationalFuturesAssociationinsuchcapacity.
CurrencyRiskManagement
AsAllBlue'sbasecurrencyistheUSDollar,BlueCrestLimitedmayfromtimetotimeenter intoforwardexchangecontractsinordertohedgetheUSDollarexposureoftheassets attributabletoAllBlue'sSterlingsharesandEurosharesinordertoneutralise,asfaras possible,theimpactoffluctuationsintheexchangeratesbetweenSterlingorEuro,asthe casemaybe,andtheUSDollar.Foraslongashedgingofcurrencyexposuremayoccur withinAllBlue,theDirectorsdonotintendthattheCompanywillcarryoutanyadditional hedgingarrangements.

FurtherIssueofShares
SubjecttothetermsoftheCompaniesLaws,theListingRulesandtheArticles,inorderto manage any Share price premium tonet asset value if the Directors believe there is investor demandthatcannotbesatisfiedthroughthesecondarymarketortoraiseadditionalcapital forinvestment,theCompanymayseektoissueadditionalShareseitherthroughtheissueof sharesheldintreasuryortheissueofnewshares.FurtherissuesofsuchShareswillonly bemadeiftheDirectorsdeterminesuchissuestobeinthebestinterestsofshareholders andtheCompanyasawholeand,pursuanttotheListingRules,canonlybeissuedforcash atapriceabovethenetassetvalueofthesharesunlessfirstofferedproratatoexisting shareholders.
TheDirectorscurrentlyhaveauthoritytoallottheauthorisedbutunissuedsharecapitalof theCompanyandsuchauthorityshallonlybeexercisedatpriceswhicharenotlessthan theprevailingnetassetvalueoftherelevantshareclassatthetime.TheCompanyhelda General Meeting of Shareholderson 12 August 2014 atwhichthepre-emption rights grantedtoShareholdersweredis-appliedinrelationtoupto45millionNewSharesfora periodconcludingon31December2015,unlesssuchresolutionspreviouslyextended, renewedor revokedbytheCompany'sShareholdersingeneralmeeting.Inaccordancewith theListingRules,suchNewSharescouldonlybeissuedatorabovenetassetvalueper share(unlessofferedproratatoexistingshareholdersorpursuanttofurtherauthorisationby shareholders).
ConversionFacility
TheCompanyoffersaconversionfacilityasatthefirstbusinessdayofeachcalendarmonth ("ConversionDay").TheDirectorshavediscretionnottooperatetheconversionfacility withrespecttoanyshareclassfromtimetotime.Wheretheconversionfacilityismade available,shareholdersareentitledtoconverttheirOrdinarySharesinanycurrencyclassfor OrdinarySharesinanothercurrencyclassasattheConversionDay.TheBoardprocures thatnewSharescreatedpursuanttotheconversionareadmittedtotheOfficialListofthe UnitedKingdomListingAuthorityandtotradingontheLondonStockExchangefollowingthe relevantconversion.
TheProposedClosureoftheEuroClass
On27June2014theCompanyannouncedtheproposedclosureoftheEuroClass.The BoardadvisedthatgiventhesmallsizeandlackofliquidityoftheEuroClassitwouldbe

seekingshareholderofferingEuroClassshareholderstheopportunitytoconvertintoUS DollarorSterlingSharesandthenseekingconsenttocancelthelistingontheLondonStock ExchangeoftheEuroClassandtoredeemalloftheEuroClasssharestheninissue.
TheCompanyissuedaCirculardated4August2014toitsshareholders,invitingthemto voteontheproposedclosureoftheEuroClass.
On27August2014atanExtraordinaryGeneralMeetingandEuroClassmeeting,97.98% ofthevotingshareholdersvotedinfavouroftheclosureoftheEuroClass.Asaresultthe EuroClassshareswillberedeemedon1October2014andtheEuroClassshareswillbe cancelledfromtheLondonStockExchangeeffective2October2014.TheEuroClass shareholderswillreceivetheredemptionproceedsintheweekcommencing17November 2014.
Discount ManagementProvisions
AtallpreviousannualgeneralmeetingstheDirectorsobtainedshareholderapprovaltobuy backupto14.99%ofeachclassofSharesinissueandtheyintendtoseekannualrenewal ofthisauthorityfromshareholdersateachfuturegeneralmeetingheldundersection199of TheCompanies(Guernsey)Law,2008(the"Law").InaccordancewiththeLawanyshare buybackswillbeeffectedbythepurchaseofSharesinthemarketforcashatapricebelow theprevailingnetassetvalueoftherelevantclassofShareswheretheDirectorsbelieve suchapurchasewillenhanceshareholdervalue.Shareswhicharepurchasedmaybeheld intreasuryorcancelled.
Asannouncedon28May2012,theCompanyengagedabuy-backagenttoeffectshare buy-backsonbehalfoftheCompany,thisappointmentwasextendedon30June2014and willcontinueuntil26November2014.
Asat21August2014theCompanyhadboughtback123.47millionthroughonmarket sharerepurchasesof71,743,336SterlingSharesatanaveragediscounttotheprevailing NAVof5percentand$1.11millionthroughonmarketsharerepurchasesof632,000US DollarSharesatanaveragediscounttotheprevailingNAVof4.7percent.TheCompany currentlyholds44,899,127SterlingSharesand632,000USDollarSharesintreasurywhich areavailableforre-saleatpricesabovethethenprevailingNAVpershare.

BlueCrestAllBlueFundLimitedShareClass
SharePriceDiscount asat31December
2013*
Share Price Discountasat30
June2014*
SterlingClass
-3.41%
-3.87%
EuroClass
-4.86%
-4.04%
USDollarClass
-4.89%
-5.84%
*Source:Bloomberg
ContinuationVoteMechanism
TheCompany'sArticlesincorporateadiscountmanagementprovision(whichappliesto eachclassofShareindividually)thatwillrequireacontinuationvotetobeproposedin respectoftheparticularclassofSharesataclassmeetingoftherelevantshareholders(by wayofordinaryresolution)if,overtheprevious12monthrollingperiod,therelevantclassof Shareshastraded,onaverage(calculatedbyaveragingtheclosingmid-marketshareprice onthedateswhichare5BusinessDaysafterthedateonwhicheachestimatedNAV announcementismadeforeachNAVCalculationDateovertheperiod)atadiscountin excessof5percent.totheaverageNAVperShareofthatclass(calculatedbyaveraging theNAVperShareofthatclassasattheNAVCalculationDateattheendofeachmonth duringtheperiod).
IntheeventthatavotetocontinueisproposedandpassedforanyclassofOrdinary Shares,nofurthercontinuationvotewillbecapableofbeingproposedforthatclassfora periodof12monthsfromthedateonwhichtherequirementforacontinuationvotewas triggered.

PortfolioSummary
The Company's investments (excluding cash, cash equivalents, receivables and prepayments)asat30June2014were:
Investment
Numberof 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
AllBlueLeveragedFeeder
Limited Sterling Shares
488,780
124,311,642
124,311,642
14.96
Institutional Sterling
GovernmentLiquidity 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
USDollarClass
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 UnderlyingFunds:
UnderlyingFund
Allocation %asat1 January2014*
Allocation %asat30June 2014*
BlueCrest Capital International Limited
19
15
BlueCrestEmergingMarketsFundLimited
18
12
BlueCrest Multi-Strategy CreditFundLimited
21
25
BlueCrest Mercantile Fund Limited
9
9
BlueCrest Equity Strategies Fund Limited
-
9
BlueTrendFundLimited
15
8
BlueMatrix Limited
18
22
*Source BlueCrest Capital Management Limited, figures to nearest 1%.

NetAssetValueperShareforFinancialStatementsPurposes
Asat30June2014,thenetassetvaluesoftheShareswere:
Sterling
Share Class
Euro
Share Class
US Dollar Share
Class
$
Net asset value at1 January2014
1.8260
1.7618
1.7465
Net movement in unrealised
appreciationon investments
0.0796
0.0768
0.0700
Operatingexpenses
(0.0009)
(0.0009)
(0.0009)
Effect of share
issues and conversions
0.0033
0.0016
0.0071
Net asset value as
at30June2014
1.9080
1.8393
1.8227

REPORT BY THE MANAGER OF ALLBLUE LIMITED
OntheinvitationoftheDirectorsoftheCompany,thiscommentaryhasbeenprovidedby BlueCrestLimitedasinvestmentmanagerofAllBlueLimitedandisprovidedwithoutany warrantyastoitsaccuracyandwithoutanyliabilityincurredonthepartoftheCompany, BlueCrestLimitedorAllBlueLimited.Thecommentaryisnotintendedtoconstitute,and shouldnotbeconstruedas,investmentadvice.PotentialinvestorsintheCompanyshould seektheirownindependentfinancialadviceandmaynotrelyonthiscommunicationin evaluating themerits ofinvesting inthe Company.The commentary is provided as asource ofinformationforshareholdersoftheCompanybutisnotattributabletotheCompany.
AllBlueH12014InvestmentManagerReport
Investorsentered2014withasenseofoptimism,althoughmixedeconomicdata,unfolding geopoliticaleventsandweaknessinselectemergingmarketsmoderatedthestrengthin marketperformanceduringthefirstquarter.ConcernsonmountingissueswithRussiaand Ukraine,andtensionsintheMiddleEast,wereamongthetriggersforriskaversion,butas thesituationstabilisedandmajorcentralbankscontinuedtopromisesupport,equitymarket performanceimprovedinthesecondquarter.Bondmarketswerealsostronger,asratehike expectationsweredelayedandinvestordemandremainedhigh.Commoditiesand currenciesweremixedperformersovertheperiodbuttheGSCIindexappreciatedmodestly overthefirsthalfoftheyearwhereastheUSdollarindexendedJunebroadlyflattothestart oftheyear.
Globaleconomicdatavariedthroughthefirsthalfoftheyear,demonstratingthecontinuing divergencebetweenmajoreconomies.TheUSsawweakQ1numbersforemploymentand industrialproduction,butthesewereconsideredexceptional,causedbyextremelypoor winterweatherand,subsequently,secondquarterdatagenerallypaintedamorepositive picture.Europeremainedweakwithpersistentlylowinflationandhighunemploymentrates, drivingtheECBtomakeafurtherratecutinJune.Conversely,theUKcontinuedtoshow improvingdatawithfallingunemploymentandconsistentGDPgrowthfigures,resultingin earlierexpectationsofratehikesfromtheBankofEngland.TheBankofJapancontinuedits massivestimulusthroughtheassetpurchaseprogram,whilstimplementingstructural reformsincludinganincreaseinthesalestaxtoaimtoimprovethecountry'sfiscalposition.
DuringthefirsthalfoftheyearAllBlueLimited(ClassA,USD)deliveredanetreturnof
+4.06%.AllsevenoftheunderlyingfundsdeliveredapositivecontributiontoAllBlue,with BlueCrestMultiStrategyCreditprovidingthelargestcontribution.Furtherdetailsonthe driversofperformanceforeachstrategyarecoveredbelow.
InJune,AllBluemadeanewallocationtoBlueCrestEquityStrategies,adiscretionaryequity long/shortfundthatoperatesamulti-portfoliomanager,multi-strategyapproach.Thefund, whichlaunchedinJuly2013,isexpectedtobehighlycomplementarytotheexisting strategiesandBlueCrestLimitedbelievesitshouldenhancebothreturnsandtheriskprofile oftheportfolio,withoutraisingcorrelationtoequitymarkets.
OverthecourseofthefirsthalfoftheyeartheallocationstoBlueTrend,BlueCrestEmerging MarketsandBlueCrestCapitalInternationalweredecreasedbyapproximately7.1%,5.9% and1.5%respectively.TheallocationtoBlueCrestMercantileremainedunchangedoverthe period.BlueMatrixandBlueCrestMultiStrategyCreditsawtheirallocationsincreaseby 5.5%and4.0%respectively.BlueCrestEquityStrategieswasintroducedwithaninitial allocationof5.0%.

AllBlue'sVaR(95%confidence,1dayVaRbasedon3yearhistoricalsimulation)stoodat 0.31%ofassetsattheendofJune,havingbeen0.38%attheendof2013.Themost notablechangeswerethereductioninVaRcontributedbyBlueTrend,andincreasescoming fromBlueMatrixandBlueCrestMultiStrategyCredit(reflectiveoftheallocationchanges detailedabove).Thevolatilityofthestrategy,measuredonarolling12monthbasis,has remainedlowwiththefunddeliveringanannualisedvolatilityof2.5%.
StrategyReviewbyFund
BlueCrestCapitalInternationalwasup0.72%(ClassF,USD)forthefirsthalfof2014.By region,NorthAmericamadethegreatestcontributiontoreturnsfollowedbyEuropeand Asia.NorthAmericanprofitsweregeneratedbytacticalratestradingandfromrelativevalue mortgagestrategies.EuropeangainsweregeneratedfromalongbiastoEuropeanbonds aspricesroseandfromUKyieldcurvestrategies,althoughlongvolatilitypositionsinGBP ratesdetractedasvolatilitydeclinedoverthefirsthalfoftheyear.Asianprofitsweremade predominantlyfromrelativevaluestrategiesinratesandcurrencies.
BlueCrestEmergingMarketswasup5.27%(ClassA,USD)forthefirsthalfof2014. Performancewasmodestinthefirstquarter,withtheportfolioprovingtoberesilienttothe deteriorationinsentimentcausedbygrowinggeopoliticaltensions,beforethesecond quarterdeliveredstrongergainsastradingconditionsimproved.CEMEAstrategies outperformedotherregions,asincreasedsupportfromtheECBbenefittedperipheral marketswherethefundheldalongbiasinratesandincredit.Asiawasalsoprofitable, mainlyfromrelativevaluecurrencystrategiesandlongbiasedcreditpositions.LatinAmerica deliveredmoremodestperformance,asgainsfromratesandcreditwerelargelyoffsetby lossesfromcurrencies.
BlueCrestMultiStrategyCreditwasup8.62%(ClassA,USD)forthefirsthalfof2014. Performancewasconsistentlypositiveeverymonthwithallstrategiesdeliveringgainsover theperiod.ThemostsuccessfulstrategywasLong/ShortCredittrading,withmoremodest gainsmadebyHighYield,ABS,VolatilityandConvertibleArbitragetradingstrategies. Long/ShortCreditgainedfromissuerselectioninanumberofindustriesascorporate actionsresultedinprofitsfromlongpositionsandgainsweremadefromshortpositionsin deterioratingsinglenamesaswellasindexhedgeswhichweretradedactively.ABS strategiesinEuropealsoperformedwellasexpectationsofECBpurchasesliftedtheasset class,benefittingtheportfolio'spositions.
BlueCrestMercantilewasup2.17%(ClassA,USD)forthefirsthalfof2014.Allthreesub- strategiesmadeapositivecontributionovertheperiod.TheBankBaselIIIstrategies benefittedfrompositivecarry,althoughhedgesaddedtoprotectagainsttheincreased volatilityinRussiadiddetractpartially,asafterinitialweaknessRussiancreditstagedarelief rallyasthesituationmoderated.TradeCreditOpportunitiesalsogeneratedapositivereturn fromtradingstrategiesincludingpositionsinIndonesiaandKazakhstan.Commodities Financealsogainedfromappreciationinequitypositionsthatbenefittedfromhighergold prices.
BlueCrestEquityStrategieswasup0.88%(ClassB,USD)forJune2014(whenthefund wasaddedtotheAllBlueportfolio).BoththeEventDrivenandLong/Shortstrategies contributedpositivelytoreturns,withEventDriventheoutperformer.Thestrategybenefited asannouncementsofcorporateactionsandquarterendflowsledtosignificantopportunities intechnicaltradingstrategies.WithintheLong/Shortstrategies,tradingprofitswere

predominantlydrivenbytheUSportfolioswithmoremodestresultsdeliveredbythe Europeanportfolios.
BlueTrendwasup6.16%(ClassB,USD)forthefirsthalfof2014.Thestrongest performancewasgeneratedfromthebondsector,asalongbiasbenefittedwhenfixed incomemarketsrallied,andgainswerealsomadeintheshortinterestratesector.The equitysectoralsoprovidedapositivecontribution,asmanymarketsstartedtotrendhigher afteranervousstarttotheyear,benefittingthenetlongbiasheldbythefund.TheFXand commoditysectorsdetractedfromreturnsovertheperiod.Thecontributionfromcommodity marketswasmixed,ascroppositionsperformedwellalthoughenergyandmetalswere amongthedetractors.
BlueMatrixwasup3.01%(ClassA,USD)forthefirsthalfof2014.Thefirstquartersaw steadyperformance,althoughthesecondquarter'sequitymarketenvironmentprovedtobe moretechnicallydriven,leadingtoapartialreductionintheyeartodatereturn.TheNorth AmericanandEuropeanportfolioswerethemaincontributorsovertheperiod,withslightly negativeperformancedeliveredbytheAsiaandEmergingMarketsportfolio.Allsignal familieswerepositive,ledbyTraditionalsignalsandgainswerealsomadebytheAlternative andProprietaryfamilies.WithintheTraditionalsignalfamily,theanalystrevisionssignalwas amongthebetterperformers,althoughreturnsincurredsomevolatilitythroughtheperiod.
AllBlueAllocationHistory
[Not available through RNS] 

AllBluePerformanceandAttributionofUnderlyingFunds
H12014Performance*
H12014Attribution**
BlueCrestCapitalInternational
0.72%
0.14%
BlueCrest Emerging Markets
5.27%
0.72%
BlueCrest Multi Strategy Credit
8.62%
1.96%
BlueCrestMercantile
2.17%
0.19%
BlueCrest Equity Strategies***
0.88%
0.04%
BlueTrend
6.16%
0.45%
BlueMatrix
3.01%
0.61%
AllBlue
4.06%
-
*ThefiguresshownarefortheClassAUSDshareclassesforeachfundexcludingBlueCrestCapitalInternationalwhichisfor ClassFUSD,BlueCrestEquityStrategieswhichisforClassBUSDandBlueTrend whichisforClassBUSD.
**AttributionisforAllBlueLimited(ClassA,USD)netofmanager'sfeesandexpenses.
***BlueCrestEquityStrategiesFundperformanceandattributionisforJune2014only.
AllBlueFunds
BlueCrestCapitalInternational
Aglobalmacrostrategy,withastrongfixedincomefocus.Strategiesincludedirectionaland curvetrading,drivenbymacroviewsaroundcentralbankactivities,theirlikelyactionsand marketreactionsthatwillimpactthelevelofratesandtheshapeoftheyieldcurve.Also relativevaluewhichlookstoidentifyanomaliesacrossthefixedincomemarkets.
BlueCrestEmergingMarkets
Amacrostrategythatlookstoidentifyopportunitiesacrosscurrency,localinterestrates, sovereignandquasi-sovereigncreditmarketswithafocusonliquidity.Thestrategytrades throughoutLatinAmerica,theMiddleEast,CentralandEasternEurope,AfricaandAsia.
BlueCrestMultiStrategyCredit
Engagesinopportunitiesacrossthefullcreditspectrumofcorporateandsovereigndebt markets,implementingstrategiessuchaslong/shortcredit,creditvolatilityandcapital structurearbitrage.
BlueCrestMercantile
Investsinbondsandloansassociatedwiththeproductionandtradeofcommercialgoods andcommoditiesandthenhedgesouttheassociatedrisks.Thecreditsarepurchasedfrom commercialbankswhoareunderpressuretoremovethemfromtheirbalancesheetsin ordertomanageriskconcentrationandtoadheretoregulatoryrequirements.
BlueCrestEquityStrategies
Amulti-manager,multi-strategyapproachcoveringglobalequitymarkets.Thelargest elementofthestrategyislong/shortequitytrading,primarilyfromafundamentalperspective, withthisbeingcomplementedbyeventdrivenandequityderivativestrategies.
BlueTrend
Aglobalsystematictrendfollowingstrategythattradesinexcessof150liquidmarkets coveringassetclassesincludingequities,fixedincome,foreignexchange,energy,metals andagriculturalcommodities.

BlueMatrix
Aglobalsystematicequitymarketneutralstrategythatdrawsuponawidevarietyof fundamentalandtechnicalinputs,aswellasothersources.Theportfolioconstruction processincorporatesasophisticatedin-houseriskmodelwhichseekstomaintainmarket
neutralityattheregionallevel,aswellaslimitingexposurestootherfactorssuchassizeor
liquidity.
ForBlueCrestCapitalManagementLimited,InvestmentManagertoAllBlueLimited.

INTERIM MANAGEMENT REPORT FOR THE PERIOD FROM 1 JANUARY TO 30
JUNE 2014
Adescriptionofimportanteventsthathaveoccurredduringthefirstsixmonthsofthe financialyear,theirimpactontheperformanceoftheCompanyasshowninthefinancial statementsandadescriptionoftheprincipalrisksanduncertaintiesfortheremainingsix monthsoftheannualfinancialyearisgivenintheChairman'sStatementabove, andthenotestothefinancialstatementsbelowandareincorporatedhereby reference.
Therewerenomaterialrelatedpartytransactionswhichtookplaceinthefirstsixmonthsof thefinancialyear,otherthanthosedisclosedatnote6tothefinancialstatements.
Thishalf-yearlyfinancialreporthasnotbeenauditedorreviewedbyauditorspursuanttothe AuditingPracticesBoardguidanceonReviewofInterimFinancialInformation.
GoingConcern
TheperformanceoftheinvestmentsheldbytheCompanyoverthereportingperiodare describedintheStatementofOperationsandtheoutlookforthefutureisdescribedinthe Chairman'sStatement.TheCompany'sfinancialposition,itscashflowsand liquidity positionaresetoutinthefinancialstatementsandtheCompany'sfinancialrisk managementobjectivesandpolicies,detailsofitsfinancialinstrumentsanditsexposuresto pricerisk,creditrisk,liquidityrisk,interestrateriskandtheriskofleveragebyUnderlying Fundsaresetoutatnote15tothefinancialstatements.
TheCompany'sArticlesincorporateadiscountmanagementprovision(whichappliesto eachclassofShareindividually)thatrequiresacontinuationvotetobeproposedinrespect oftheparticularclassofSharesataclassmeetingoftherelevantshareholders(bywayof ordinaryresolution)inthecircumstancesexplainedin note 10 to the financial statements.
Asat15August2014,beingthelatestpracticabledatepriortothepublicationofthis document,theSterlingSharesweretradingatadiscountof3.83%totheirnetassetvalue, theEuroSharesatadiscountof1.41%totheir netassetvalueandtheUSDollarSharesat adiscountof4.10%totheirnetassetvalue.

Aftermakingenquiries,theDirectorshaveareasonableexpectationthattheCompanyhas adequateresourcestocontinueinoperationalexistencefortheforeseeablefuture. Accordingly,they continue toadopt the goingconcern basisin thepreparation of this interim financialreport.
ResponsibilityStatementsfortheperiodfrom1January2014to30June2014
Weconfirmthattothebestofourknowledge:
 thecondensedsetoffinancialstatementshasbeenpreparedinaccordancewith InternationalAccountingStandards34InterimFinancialReporting;
 theinterimmanagementreportincludesafairreviewoftheinformationrequiredby:
(a) DTR4.2.7RoftheDisclosureandTransparencyRules,beinganindicationof importanteventsthathaveoccurredduringthefirstsixmonthsofthefinancialyear andtheirimpactonthecondensedsetoffinancialstatements;andadescriptionof theprincipalrisksanduncertaintiesfortheremainingsixmonthsoftheyear;and
(b) DTR4.2.8RoftheDisclosureandTransparencyRules,beingrelatedparty transactionsthathavetakenplaceinthefirstsixmonthsofthecurrentfinancialyear andthathavemateriallyaffectedthefinancialpositionorperformanceoftheentity duringthatperiod;andanychangesintherelatedpartytransactionsdescribedinthe lastannualreportthatcoulddoso.
SignedonbehalfoftheBoardofdirectorson27August2014
RichardCrowder SteveLePage
Chairman ChairmanoftheAuditCommittee

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


Inarrivingattheresultsforthefinancialperiod, allamountsaboverelatetocontinuingoperations. ThereisnoOtherComprehensiveIncomefor theperiodotherthanasdisclosedabove.
Thenotes belowformanintegral 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)


Inarrivingattheresultsforthefinancialperiod, allamountsaboverelatetocontinuingoperations. ThereisnoOtherComprehensiveIncomefor theperiodotherthanasdisclosedabove.
Thenotes belowformanintegral 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










Thenotes belowformanintegral part of thesefinancial statements.

TheCapitalandReservesdisclosurebelowisintendedtohighlightthelegalnature,underapplicable Company Law, of theamounts attributable to shareholdersand also the existenceand effectof the TreasurysharesheldbytheCompany.Thisissupplementaldisclosureandnotrequiredunder International Financial ReportingStandards("IFRS").
OrdinaryShares
Notes
Sterling Share
Euro
US$
Class
Share
Share
Class
Class
Total
$
Representedby:
CAPITAL AND
RESERVES
Sharecapital
10
-
-
-
-
Sharepremium
11
-
-
-
-
Treasuryshares
12
(79,949,483)
-
-
(79,949,483)
Distributablereserves
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
TheNAVpershareperthefinancialstatementsis equaltothepublishedNAVpershare.The publishedNAVpersharerepresentstheNAVpershareattributabletoshareholdersinaccordance with theProspectus.
Thefinancialstatementsonpages30to62wereapproved andauthorised for issueby the Board of Directorson27August2014andaresignedonitsbehalfby:
RichardCrowder Steve Le Page
Chairman ChairmanoftheAuditCommittee
Thenotes belowformanintegral part of thesefinancial statements.

STATEMENT OF FINANCIALPOSITION
as at 31 December 2013 (restated)
OrdinaryShares



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
Thenotes belowformanintegral part of thesefinancial statements.

TheCapitalandReservesdisclosurebelowisintendedtohighlightthelegalnature,underapplicable Company Law, of theamounts attributable to shareholdersand also the existenceand effectof the TreasurysharesheldbytheCompany.Thisissupplementaldisclosureandnotrequiredunder International Financial ReportingStandards("IFRS").
31December2013(restated)
Notes
Sterling
OrdinaryShares
Euro
US$
Share
Class
Share
Class
Share
Class
Total
Representedby:
$
CAPITAL AND RESERVES
Sharecapital
10
-
-
-
-
Sharepremium
11
-
-
-
-
TreasuryShares
12
(82,314,408)
-
(7,364,937)
(86,762,640)
Distributablereserves
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
TheNAVpershareperthefinancialstatementsis equaltothepublishedNAVpershare.Thepublished NAVpersharerepresentstheNAVpershareattributabletoshareholdersinaccordancewiththe Prospectus.
Thenotes belowformanintegral 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


















Thenotes belowformanintegral 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









Thenotes belowformanintegral part of thesefinancial statements.

STATEMENT OF CASH FLOWS
for the period ended 30 June 2014
OrdinaryShares
Sterling Share Class
Euro Share Class
US Dollar
Share Class
$
Total
Operatingactivities
Increase in net assets attributable toshareholdersafterother
34,253,654
614,892
2,863,702
34,549,715
comprehensiveincome
Increaseinunrealisedappreciation on financialassets at fair value through profit or loss
(23,149,109)
(339,386)
(2,764,952)
(24,892,139)
Realisedgains onsalesoffinancial
assets
(8,138,674)
-
-
(8,138,674)
Gainonpurchaseofownshares
(2,281,424)
-
-
(2,281,424)
Interestincome
(43,151)
(806)
(4,101)
(46,270)
Interestexpense
28,800
538
2,737
30,882
Currencyaggregationadjustment
Adjustment to allocation of reserves brought forward
-
143,067
-
(25,487)
-
(205,674)
1,724,603
-
Accretivegaintransferbetween
share classes
(353,880)
79,103
464,394
-
(Decrease) /increaseinpayables
(Increase) / Decreasein receivables
(211,270)
 (10,509)  
41
 31,796 
1,738
 310,889 
14,519
 (11,472) 
Netcashflow fromoperating
activities
 237,505 
 360,691 
 668,733 
 949,740 
Investingactivities
Interestreceived
43,151
806
4,101
46,270
Realisedgains onconversions
(1,057,157)
(282,465)
(134,173)
(1,361,728)
Purchase of financialassets
Proceedsfromsaleoffinancial assets
-
 40,000,000  
(50,000)
 - 
(440,000)
 - 
(297,249)
 40,000,000 
Netcashflow from investing activities
 38,985,994  
 (331,659)  
 (570,072)  
 38,387,293 
Thenotes belowformanintegral 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
Thenotes belowformanintegral 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
Thenotes belowformanintegral 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
Thenotes belowformanintegral part of thesefinancial statements.

NOTES TO THE FINANCIAL STATEMENTS
for the period ended 30 June 2014
1 ACCOUNTING POLICIES
(a) Basisof preparation
TheFinancialStatementshavebeenpreparedinconformitywithInternationalFinancial ReportingStandards("IFRS")asadoptedbytheEuropeanUnionandapplicableGuernsey
law. TheFinancialStatementshavebeenpreparedonanhistoricalcostbasisexceptforthe
measurementatfairvalueofunquotedandquotedfinancialassetsdesignatedatfairvalue through profit orloss.
TheFinancialStatementsarepresentedinSterlingbecausethatisthecurrencyofthe primaryeconomicenvironmentinwhichtheCompanyoperates.
Changes in accountingpolicyand disclosures:
The followingStandards orInterpretations havebeenadopted in the current period.
TheiradoptionhasnothadanyimpactontheamountsreportedintheseFinancial Statements.
IAS32FinancialInstruments:Presentation-amendmentsrelatingtotheoffsettingofassets andliabilitiesforannualperiodsbeginningonorafter1January2014.
ThefollowingStandardsorInterpretationsthatareexpectedtoaffecttheCompanyhave beenissuedbutnotyetadoptedbytheCompanyandareshownbelow.OtherStandardsor InterpretationsissuedbytheIASBandIFRICarenotexpectedtoaffecttheCompany.The BoardhasnotyetassessedtheimpactofthestandardsbelowontheCompanyandwilldoso priortotheearliestperiodofadoption.
IFRS7FinancialInstruments:Disclosures-amendmentsrequiringdisclosuresaboutthe initialapplicationofIFRS9effectiveforannualperiodsbeginningonorafter1January2017 (orotherwise when IFRS9 is first applied).
IFRS9FinancialInstruments-originalissue(classificationandmeasurementoffinancial assets)effectiveforannualperiods beginningonorafter1January2017.
IFRS13FairValueMeasurement-amendmentsresultingfromAnnualimprovementsfor annualperiods beginning onorafter1July2014.
IFRS39FinancialInstruments-originalissue(classificationandmeasurementoffinancial assets)effectiveforannualperiods beginningonorafter1January2017.
Noformalanalysishasbeencompletedontheimpactoftheadoptionofanyoftheabove standards or interpretations on theFinancial Statements in the period ofinitial application.
(b) Going concern
AsdescribedinNote10,shouldtheaverage12monthdiscountatwhichthesharesofany classtradetotheirnetassetvalueexceed5%ofNAVpershare,theCompanyisobligedto
offeracontinuationvotetoclassshareholders.
TheCompanyhasadequatefinancialresourcesandasaconsequence,theDirectorsbelieve theCompanyiswellplacedtomanageitsbusinessriskssuccessfully.Aftermaking enquiries,theDirectorshaveareasonableexpectationthattheCompanyhasadequate resourcestocontinueinoperationalexistencefortheforeseeablefuture.Accordingly,the Directorshaveadoptedthegoingconcernbasisin preparing thefinancial information.

(c) Taxation
TheCompanyhasbeengrantedexemptionundertheIncomeTax(ExemptBodies) (Guernsey)Ordinance,1989fromGuernseyIncomeTax,andischargedanannualfeeof
600.
(d) Expenses
Allexpensesareaccountedforonanaccrualsbasis.ExpensesrelatingtotheCompanyare allocatedacrossthethreeshareclassesproportionallybasedontheirNAVs.
(e) Interest income
Interestincomeisaccountedforonanaccrualsbasis.
(f) Cashand cash equivalents
Cashandcashequivalentsaredefinedascalldepositsandshorttermdepositsreadily convertibletoknownamountsofcashandsubjecttoinsignificantriskofchangesinvalue,
togetherwithbankoverdrafts.ForthepurposesoftheStatementofCashFlows,cashand cashequivalentsconsistofcashanddeposits at bank,togetherwithbank overdrafts.
(g) Investments
Allinvestmentsaredesignatedupon initialrecognitionasfinancialassetsat"fair value through profit orloss".Investments areinitiallyrecognisedonthedateofpurchase(on'trade
date'basis)atcost,beingthefairvalueoftheconsiderationgiven,excludingtransaction costsassociatedwiththeinvestment. Investmentsaresubsequentlyre-measuredatfair
valueateachreportingdate.Unrealisedgains andlossesoninvestmentsarisingfromchange
inthefairvalueofinvestmentsfrompriorperiodsisrecognisedintheStatementof Comprehensive Income.
Realisedgainsorlossesonthedisposalofinvestmentsaredeterminedbyreferenceto averagepurchasecost.Thesearerecognised in theStatement of Comprehensive Income.
Inordertoassessthefairvalueoftheunquotednon-currentandcurrentinvestments,the NAVoftheunderlyinginvestmentinAllBlue,AllBlueLeveragedandtheICSFundsistaken intoconsideration.TheCompany'sholdingsarerealisableattheirNAVonquarterlydealing daysfacilitatedbytheadministratorsofthesefunds.HavingtakenaccountoftheCompany's historyofsuccessfullyrealisingitsholdingsatNAV,theDirectorsaresatisfiedthatthe reportedNAV isa fair estimationof fairvalue of the Company'scurrentholdings.
TheCompanyredeemedaportionofitsinvestmentineachshareclassofAllBlue(onapro- ratabasis)on1April2012inordertogenerateacashreserve(the"CashReserve")forthe purposesofmanagingday-to-daycashflows,formeetingexpensesoftheCompanyandfor fundinganyrepurchasesoftheCompany'sshares.
Duringtheperiod,partoftheCashReservewasplacedinfundsoftheInstitutionalCash Seriesplc("ICSFunds")(anumbrellainvestmentcompanywithvariablecapitalandhaving segregatedliabilitybetweenitsfunds)namelytheInstitutionalSterlingGovernmentLiquidity Fund-Core(Acc).Thisassetisclassifiedascurrentasitisexpectedtobeusedforfunding thepurchaseoftheCompany'sownshares.
TheCompany'sNAVisbasedonvaluationsofunquotedinvestments.Asdescribedabove,in calculatingtheNAVandtheNAVpershareoftheCompany,theAdministratorreliesonthe NAVsofthesharessuppliedbytheAdministratorofAllBlue,AllBlueLeveragedand ICSFunds.ThoseNAVsarethemselvesbasedontheNAVofthevariousinvestmentsheld by AllBlue,AllBlue Leveraged and theICS Funds.

(h) Foreign currencytranslation
TheFinancialStatementsarepresentedinSterling,whichistheCompany'sfunctionaland presentationcurrency. Operatingexpensesinforeigncurrenciesareinitiallyrecordedatthe
functionalcurrencyraterulingatthedateofthetransaction. Monetaryassetsandliabilities
denominatedinforeigncurrenciesaretranslatedatthefunctionalcurrencyrateofexchange rulingatthereportingdate.InvestmentsinUSDollarsandEuroshareclassesareinitially recordedintheirrespectivecurrenciesandtranslatedintotheCompany'sfunctionalcurrency atthereportingdate.Alldifferencesontheseforeigncurrencytranslationsaretakentothe Statement ofComprehensiveIncome.
(i) Segmentinformation
Formanagementpurposes,theCompanyisorganisedintoonebusinessunit,andhenceno separatesegment information hasbeen presented.TheCompany determines that this operating segment is the investment in three share classes of a fund of hedge funds
incorporatedintheCaymanIslands.
(j) Shares
Sterling,Euro andUSDollarOrdinaryShareshavebeenclassified asliabilitiesinaccordance withIAS32becauseoftheprovisionscontainedintheCompany'sArticlesofAssociationas describedinNote10. TheDirectorshavebeenadvisedthatthistreatmentdoesnotresultin
theSharesbeingtreatedasaliabilityforthepurposeofapplyingthesolvencytestsetoutin
Section527ofTheCompanies(Guernsey)Law,2008,asamended.
TheSharesareinitiallyrecognisedonthedateofissueatthenetofissueproceedsand shareissuecosts.Thecarryingvalueofthesharesissubsequentlyre-measuredasequal andoppositetotheothernetassetsoftheCompany.Inpriorperiods,theCompanydidnot recogniseanygainonthepurchaseofitsownsharesasthetotaldiscounttoNAVon purchaseofownshareswasconsideredimmaterial.TheDirectorsnowconsiderthisgainto beworthyofhighlightingtoShareholdersbecauseofitsimpactonthegrowthinNAVper share, although in absolute amountin remains immaterial, and so goingforwardthe Company willrecogniseanygainonthepurchaseofitsownshareswithintheStatementof ComprehensiveIncomeandtheTreasuryshareswillthenbeheldattheirNAVatthedateof purchase, seeNote12.Thepriorperiod figureshavealso been restatedto reflectthis change intreatment.
2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
IntheapplicationoftheCompany'saccountingpolicies,whicharedescribedinNote1,the Directorsarerequiredtomakejudgements,estimatesandassumptionsaboutthecarrying amountsofassetsandliabilitiesthatarenotreadilyapparentfromothersources.The estimatesandassociatedassumptionsarebasedonhistoricalexperienceandotherfactors that are considered to berelevant.Actualresultsmay differ from theseestimates.
Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionsto accountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisedifthe revisionaffectsonlythatperiod,orintheperiodoftherevisionandfutureperiodsifthe revisionaffectsbothcurrentandfutureperiods.
CriticaljudgementsinapplyingtheCompany'saccountingpolicies
ThefollowingarethecriticaljudgementsandestimatesthattheDirectorshavemadeinthe processofapplyingtheCompany'saccountingpoliciesandthathavethemostsignificant
effectontheamountsrecognised in theFinancial Statements.

Valuation ofinvestments
TheDirectorsconsiderthattheconfirmedNAVofAllBlueandAllBlueLeveraged,as producedbytheadministratorofthosefunds,representsthefairvalueoftheinvestmentsin
theCompany.Fairvaluecanbeconfirmedthroughredemptions,whichcanoccurona quarterlybasis. ThesecanonlybesuspendedatthediscretionoftheboardofAllBlueor
AllBlueLeveragedasappropriate.Tofurthersatisfythemselvesastothefairvalueofthe investments,theDirectorsattendsitevisitsandscrutiniseindependentreportspreparedby
reputableAuditfirmsrelatingtotheexistenceofassetsandtheirvaluationaswellaschecks
andproceduresinplacewithintheunderlyingfundsandadministratorofAllBlue.Different assumptionsregardingthevaluationtechniquesofAllBlueandAllBlueLeveragedcouldlead 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
Theaboveannualfeesforthecalendaryear2014wereapprovedbyameetingoftheBoard ofDirectorsheldon18August2014.
Duringtheperiod,PaulMeaderundertookadditionaldutiesinvolvingliaisonwiththe Company'sprincipalindividualshareholders,draftingareportontheAlternativeInvestment FundManagersDirective("AIFMD")anddraftingaTreasuryPolicy.MrMeaderreceivedan additionalfeeof11,120(30June2013:23,320)forthesedutieswhichisincludedwithin LegalandProfessionalfees.
5 EARNINGSPER SHARE
Theearningspereachclassofsharesisbasedonthenetgainfortheperiodof34,253,654 (June2013:lossof4,015,128)and418,374,365(June2013:457,705,509)sharesinthe SterlingOrdinaryshareclass,614,892(June2013:lossof109,501)and8,686,543(June 2013:9,202,989)sharesintheEuroOrdinaryshareclass, $2,863,702(June2013:lossof
$2,280,463)and40,523,598(June2013:107,940,646)sharesintheUS$Ordinaryshare class,beingtheweightedaveragenumberof sharesin issueduring theperiod.
6 RELATEDPARTYTRANSACTIONS
Transactionswithrelatedpartiesaremadeontermsequivalenttothosethatprevailinan arm'slengthtransaction.
AnsonRegistrarsLimitedistheCompany'sregistrar,transferandpayingagent.JohnRLe Prevost is a director and controller of Anson Registrars Limited. 41,744 (June 2013:
50,236)ofcostswereincurredbytheCompanywiththisrelatedpartyintheperiod,ofwhich
6,800(Dec2013:0)waspayableat30June2014.
JohnRLePrevostisadirectorandcontrollerofAnsonCustodyLimited.AnsonCustody LimitedactsasnomineeforaproportionoftheGBPshares(265,000shares)assecurityfor 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
IFRS13requiresfair valuetobedisclosedbythesourceofinputs,usingathree-levelhierarchy:
 Quotedprices (unadjusted) in active markets foridentical assets orliabilities (Level 1);
 InputsotherthanquotedpricesincludedinLevel1thatareobservablefortheassetor liability, eitherdirectly (as prices)or indirectly (derivedfrom prices)(Level 2);and
 Inputsfortheassetorliabilitythatarenotbasedonobservablemarketdata(unobservable inputs) (Level3).
ThefairvalueoftheinvestmentsheldbytheCompanyarebasedonthepublishedNAVofthe underlyinginvestmentsinAllBlueLimited,AllBlueLeveragedFeederLimitedandtheICSFunds.On the basis thatthesignificant input to thefairvalue isobservableand nounobservable adjustmentsare made to the valuations, theCompany categorises allthese investmentsas Level2.

Detailsofthevalueoftheclassificationsarelistedinthetablebelow. Valuesarebasedonthe market valueof the investmentsas 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
TheICSFundinvestmentshavebeentransferredtoLevel2ofthefairvaluehierarchyduringthe period,astheDirectorsnotedtheyarecapableofredemptioninaprimarymarketwiththeissuerand sobelievethatsincetheinvestmentsareNAVbasedfundstheirfairvalueshouldbebasedoninputs other thanthe quotedprices that areobservabledirectly.
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
AnunlimitednumberofUnclassifiedsharesofnoparvalueeach.

Issued

Sterling Share Class

OrdinaryShares
Euro Share Class

US Dollar
Share
Class Total

Number of shares inissueat 30
June2014  406,241,849  8,094,527 41,414,369  455,750,745 

The movement inshares took place as follows:
Date of movement

Numberof Sterling ShareClass

OrdinaryShares Numberof Euro Share
Class

Numberof
US$ ShareClass

Sub-totalbrought forward as at1
January2013 479,354,793 10,304,993 80,041,527
Conversion1January2013 (664,956) (1,148,538) 2,661,147
Conversion1February2013 (14,935) 194,925 (242,450)
Conversion1March2013 (21,239,294) (129,625) 33,910,998
Purchase/cancellationoftreasury shares inthequarterended31
March2013 (10,023,943) - -
Conversion1April2013 (3,480,521) 153,631 5,339,216
Conversion1May2013 (1,407,608) 36,710 2,238,869
Conversion1June2013 3,616,627 (724,570) (4,797,613)
Purchaseoftreasuryshares inthe
quarterended30June2013 (2,041,925) - -
Conversion1July2013 2,067,906 - 1,200,508
Redemption1 July 2013 - - (75,413,387)
Conversion1August2013 103,378 (90,000) (43,767)
Conversion1September2013 983,478 (1,028) (1,769,650)
Purchase/cancellationoftreasury shares inthequarterended30
September2013 (3,725,000) - (4,489,504)
Conversion1October2013 8,473 - (15,944)
Conversion1November 2013 (271,115) 215,380 159,556
Conversion1December 2013 243,143 (39,814) (361,448)
Purchase/cancellationoftreasury shares inthequarterended31
December2013  (11,981,539)  -  178,559 
Asat 31December2013  431,526,962  8,772,064  38,596,617 


The movement in shares took place as follows:
Date of movement

Number of Sterling ShareClass

OrdinaryShares
Number of Euro ShareClass

Number of USDollar ShareClass

Sub-totalbrought forward as at1
January2014 431,526,962 8,772,064 38,596,617
Conversion1January2014 (96,737) 262,271 (196,248)
Conversion1February2014 (888,267) (7,207) 1,536,886
Conversion1March2014 (178,470) (91,260) 439,933
Purchase/cancellationoftreasury

shares inthequarterended31 March2014

(11,366,000) - -

Conversion1April2014 (338,491) (399,570) 1,145,489
Conversion1May2014 43,769 (55,246) -
Conversion1June2014 365,067 (386,525) (108,308)
Purchase/cancellationoftreasury

ofsharesinthequarterended30 June2014

(12,825,984) - -

Asat30June2014  406,241,849  8,094,527  41,414,369 
AsexplainedinNote1(j) abovetheshareclasseshavebeenrecognisedasliabilities.
Intheeventofareturnofcapitalonawinding-uporotherwise,Shareholdersareentitledto participateinthedistributionofcapitalafterpayingallthedebtsandsatisfyingalltheliabilities attributabletotherelevantshareclass.
Theholdersofsharesoftherelevantshareclassshallbeentitledtoreceivebywayofcapital anysurplusassetsoftheshareclassin proportiontotheirholdings.Intheeventthattheshare classhasinsufficientfundsorassetstomeetallthedebtandliabilitiesattributabletothatshare class,anysuchshortfallshallbepaidoutoffundsorassetsattributabletotheothershare classesinproportiontothe respectivenetassetsoftherelevantshare classes asatthedate of winding-up.
TheCompany'sArticlesincorporateadiscountmanagementprovision(whichappliestoeach classofOrdinarySharesindividually)thatwillrequireacontinuationvotetobeproposedin respectoftheparticularclassofOrdinarySharesataclassmeetingoftherelevant shareholders(bywayofordinaryresolution)if,overtheprevious12monthrollingperiod commencingfrom1January2008,therelevantclassofOrdinaryShareshastraded,on average(calculatedbyaveragingtheclosingmid-marketsharepriceonthedateswhichare5 BusinessDaysafterthedateonwhicheachestimatedPublishedNAVannouncementismade foreachNAVCalculationdateovertheperiod)atadiscountinexcessof5percenttothe averageNAVperOrdinaryShareofthatclass(calculatedbyaveragingtheNAVperOrdinary Share ofthat classas atthe NAV CalculationDateattheendofeachmonthduringtheperiod).
Intheeventthatavotetocontinueisproposed and passed for any classofOrdinarySharesas aresultoftheoperationofsuchmechanism,nofurthercontinuationvotewillbecapableof beingproposedforthatclassforafurther12monthsfromthedateofthepassingofthe continuation resolution.

Ifsuchcontinuationvoteisnotpassed,theDirectorswillberequiredtoformulateredemption proposalstobeputtotheShareholdersofthatclassofferingtoredeemtheirOrdinaryShares atthe relevant publishedNAV on the NAV Calculation Dateimmediatelypreceding such redemption(lessthecostsofallsuchredemptions).However,whereoneormoresuch resolutionsinrespectofthesameperiodis/arenotpassedandtheclass(es)ofOrdinary Sharesinvolvedrepresent75percent,ormoreoftheCompany'snetassetsattributabletoall OrdinarySharesatthelastNAVCalculationDateonorimmediatelyprecedingthedateofthe latestcontinuationresolutionbeingdefeated,theDirectorsmayfirst(attheirdiscretion)put forwardalternativeproposalstoallshareholderstooffertorepurchasetheirSharesorto reorganise,reconstructorwinduptheCompany.If,however,suchalternativeproposalsare notpassedbythenecessarymajorityofshareholdersoftherelevantclass,theDirectorsmust proceedtooffertoredeemtherelevantclass(es)ofOrdinarySharesonthetermsdescribed above.
WherefollowingredemptionofanyclassofOrdinarySharesunderthediscountmanagement provision,thenumberofOrdinarySharesofthatclassremaininginissuerepresentlessthan 25percent,oftheOrdinarySharesofthatclassinissueimmediatelybeforesuchredemption orthelistingforsuchclassofOrdinarySharesontheOfficialListiswithdrawnorthreatenedto bewithdrawnortheDirectorsdeterminethattheconditionsforthecontinuedlistingofthat classarenot(ortheybelievewillnotbe)met,thentheCompanymayredeemtheremaining issuedOrdinarySharesofthatclasswithinthreemonthsofsuchdeterminationataredemption priceequaltotheNAVoftheOrdinarySharesofthatclassontheNAVCalculationDate selectedbytheDirectorsforsuchpurpose(lessthecostsofsuchredemption).
11 SHARE PREMIUM
InApril2006theShareholdersofthecompanypassedaresolutiontocanceltheamount standingtothecreditoftheCompany'ssharepremiumaccount(lessanyformationexpenses setoffagainstthesharepremiumaccount)andtheDirectorsobtainedfromtheCourtin Guernseyanorderconfirmingsuchcancellationofthesharepremiumaccountinaccordance withtheCompanies(Guernsey)Law,1994(asamended)(the"1994Law").Thereserve createdwasthereafteravailableasdistributableprofitstobeusedforallpurposespermittedby the 1994Law,including thebuy back ofsharesand the paymentof dividends.
On1July2008,the1994LawwasreplacedbyTheCompanies(Guernsey)Law,2008(as amended)(the"2008Law").The2008Lawdoesnotrequiresharepremiumtobeheldina separateaccountandanypremiumatwhichsharesareissuedcanbeusedforallpurposes, includingthebuybackofSharesandthepaymentofdividends,providedthattheCompany wouldafteranydistributionstillmeetthestatutorySolvencyTestassuchisdefinedinthe2008 Law.Accordingly,upontheissueofCSharesinAugust2008,December2009andJune2010 theentireamountofsharepremiumreceivedontheissueofsuchCShareswasimmediately transferred todistributablereserves.

12 TREASURY SHARES
30June2014
Sterling Share Class

OrdinaryShares
Euro Share Class

US Dollar
Share
Class Total

  $
Balanceasat1January2014 82,314,408 - 7,364,937 86,762,640 Acquiredduringtheperiod 44,929,822 - - 44,929,822 Cancelledduringtheperiod  (47,294,746)  - (7,364,937) (51,742,978) 
Balanceas at30 June 2014  79,949,483  -  -  79,949,483 

31Dec2013(restated)

Sterling Share Class

OrdinaryShares
Euro Share Class

US Dollar
Share
Class Total

  $
Balanceas at1 January 2013 32,344,190 - - 32,344,190
Acquiredduringtheyear 49,970,219 - 7,678,626 54,607,910 Cancelledduringtheperiod  -  -  (313,689)  (189,460) 
Balanceasat31December 2013  82,314,408  -  7,364,937  86,762,640
Thetreasurysharesreserverepresents 45,090,789(2013:46,276,336)SterlingSharesandnil(2013: 4,310,945)DollarSharespurchasedinthemarketatvariouspricespersharerangingfrom1.752to
1.8277forSterlingSharesandheldbytheCompanyintreasury.Cancellationof25,377,547(2013: nil) SterlingShares and 4,310,945Dollar Shares (2013:183,422)tookplaceintheperiod.
Duringtheperiod,theCompanyboughtback24,192,000(2013:27,772,407)SterlingShareswithan averagepriceof1.7899(2013:1.7231)anddiscountof5.0%(2013:5.6%)toNAV.Duringthe period,theCompanydidnotbuybackanyDollarShares(2013:4,494,367Sharesatanaverage price of $1.7035 and discount of 0.29%to NAV).

13 DISTRIBUTABLE RESERVES

30 Jun2014

Sterling Share Class

OrdinaryShares
Euro Share Class

US Dollar
Share Class

Total

  $ 
Balanceasat1January2014 870,307,904 15,454,948 74,776,375 928,315,440
Increase in net assets attributable toshareholdersafterother
comprehensiveincome 34,253,654 614,892 2,863,702 34,549,715 Adjustment to allocation of
reserves brought forward 143,067 (25,487) (205,674) -
Treasurysharescancelledduring
theperiod (47,294,746) - (7,364,937) (51,742,978)
Accretivegaintransferbetween
shareclasses (353,880) 79,103 464,394 - Shareconversions  (1,982,009) (1,235,179)  4,953,182  -
Balanceasat30June2014 855,073,989 14,888,277 75,487,042 911,122,176

31 Dec2013(restated)

Sterling Share Class

OrdinaryShares
Euro Share Class

US Dollar
Share Class

Total

  $ 
Balanceasat1January2013 891,800,439 17,825,583 137,112,821 990,649,916
Increase/ (decrease) in net assets attributable toshareholders 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 -
Treasurysharescancelledduring
theperiod - - (313,689) (189,460)
Accretivegaintransferbetween
share classes (204,440) 37,323 272,459 - Partialredemptionofshareclass - - (120,810,551) (72,966,450) Shareconversions  (36,490,145) (2,642,579)  58,973,129  -  
Balanceasat31December 2013  870,307,904  15,454,948  74,776,376 928,615,440 
14 FINANCIALINSTRUMENTS
TheCompany'smainfinancialinstrumentscomprise:
(a) CashandcashequivalentsthatarisedirectlyfromtheCompany'soperations;
(b)Shares held in AllBlueand AllBlue Leveraged; and
(c)Shares held in ICS
(a)

15 FINANCIALRISK MANAGEMENT OBJECTIVES AND POLICIES
ThemainrisksarisingfromtheCompany'sfinancialinstrumentsconcernitsholdingofshares inAllBlueandAllBlueLeveragedandtherisksattachingtothoseshares whicharemarketpricerisk,creditrisk,liquidityrisk,interestrateriskandincreasedvolatility duetoleverageemployedbytheUnderlyingFundsas explainedbelow.
TheCompanyisnotexposeddirectlytomaterialforeignexchangeriskaseachclassof SharesintheCompanyisdirectlyinvestedinsharesofAllBlueandAllBlueLeveraged denominatedinthesamecorrespondingcurrency.
SofarastheCompanyisconcerned,theonlyriskoverwhichtheBoardcanexercisedirect controlisthe liquidityriskattachingtoitsabilityto realise sharesin AllBlue,AllBlueLeveraged andICSforthepurposeofmeetingsharebuybacksandongoingexpensesoftheCompany. ForthispurposetheBoardhavecreatedtheCashReserve(explainedin1(g))toprovide fundstoenabletheCompanytosettlesharebuybacksandmeetitsexpensesintheordinary courseofbusiness.ThereaftertheBoardrecognisesthattheCompanyhasviaitsholdingof sharesinAllBlue,AllBlueLeveragedandICSanindirectexposuretotheriskssummarised below.
ForthesharesheldintheICSFundstheBoardnotesthatsuchsharesmayberealisedon shortnoticeonanybusinessdaywithproceedsinrespectthereofusuallybeingtransmitted bytelegraphictransferonthebusinessdayfollowingreceiptoftheredemptionnoticebythe ICSFundsubjecttocut-offtimesdependingonthespecificICSFundinwhichsharesare beingredeemed.
ItmustalsobenotedthatthereislittleornothingwhichtheBoardcandotomanageeachof theother risks withinAllBlue, AllBlue Leveragedor theUnderlyingFundsinwhichAllBlueand AllBlueLeveragedinvest(the"UnderlyingFund(s)"),underthecurrentinvestmentobjectiveof theCompany.
(a) Price Risk
ThesuccessoftheCompany'sactivitieswillbeaffectedbygeneraleconomicandmarket conditions,suchasinterestrates,availabilityofcredit,inflationrates,economicuncertainty, changesinlaws,tradebarriers,currencyexchangecontrolsandnationalandinternational politicalcircumstances.Thesefactorsmayaffectthelevelandvolatilityofsecurities'prices andtheliquidityoftheUnderlyingFunds'investments.Volatilityorilliquiditycouldimpairthe UnderlyingFunds'profitability or resultin losses.
Details of theCompany's Investment Objectivesand Policy aregiven above.
Pricesensitivity
TheCompanyinvestssubstantiallyallitsassetsinAllBlue,AllBlueLeveragedandICSand doesnotundertakeanystructuralborrowingorhedgingactivityattheCompanylevel.Its performanceisthereforedirectlylinkedtotheNAVofAllBlue,whichitselfisdrivenbythe NAVsoftheUnderlyingFunds,eachofwhichholdalargenumberofpositionsinlistedand unlistedsecurities.
At30June2014,(31December2013forcomparative)iftheNAVofAllBlue,AllBlue LeveragedandICShadbeen10%higher/lowerwithalltheothervariablesheldconstant,the netassetsattributabletoShareholdersfortheperiodwouldhaveincreased/decreasedas statedbelow,arisingduetotheincreaseinthefairvalueoffinancialassetsatfairvalue through profit or loss.


Increaseinnetassets attributable toshareholders

Decreaseinnetassets attributable toshareholders

30Jun2014 31Dec2013 30Jun2014 31Dec2013
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)
USDollar
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) 
Thesensitivityishigherin2014thanin2013becauseoftheincreaseinthenetfinancial assets andliabilities at fairvalue through profitor lossat thereporting date.
(a) CreditRisk
Thenatureofcommercialarrangementsmadeinthenormalcourseofbusinessbetween manyprimebrokersandcustodiansmeansthatinthecaseofanyoneprimebrokeror custodiandefaultingonitsobligationstoAllBlue,AllBlueLeveragedoranyoftheUnderlying Funds,theeffectsofsuchadefaultmayhavenegativeeffectsonotherprimebrokerswith whom AllBlue, AllBlue LeveragedorsuchUnderlyingFunddeals.TheUnderlying Fundsand, byextension,AllBlue,AllBlueLeveragedandtheCompanymay,therefore,beexposedto systemicriskwhenAllBlueandAllBlueLeveragedoranUnderlyingFunddealswithprime brokersandcustodianswhosecreditworthinessmaybeinterlinked.
TheassetsofUnderlyingFundsorAllBlueLeveragedmaybepledgedasmarginwithprime brokersorothercounterpartiesorheldwithprimebrokersorbanks.Intheeventofthe default of any ofthese prime brokers, banks orcounterparties, AllBlue, AllBlue Leveraged and
ICSortheUnderlyingFundsmaynotreceivebackalloranyoftheassetspledgedorheld withthedefaultingparty.ThemaximumcreditrisktowhichtheCompanywasexposedatthe periodendwas819,341,799(Dec2013:841,609,127).Themainconcentrationofriskfor theCompanyrelatestotheinvestments in AllBlue, AllBlueLeveraged and ICS.
(b) LiquidityRisk
Insomecircumstances,investmentsheldbytheUnderlyingFundsofAllBlueandAllBlue Leveragedmayberelativelyilliquidmakingitdifficulttoacquireordisposeofthematthe pricesquotedonthevariousexchanges.Accordingly,an Underlying Fund's ability to respond tomarketmovementsmaybeimpairedand,consequently,theUnderlyingFundmay experienceadversepricemovementsuponliquidationofitsinvestmentswhichmayinturn affectthevalueofAllBlueandAllBlueLeveragedandhencetheCompany'sinvestmentin AllBlueandAllBlueLeveraged.Settlementoftransactionsmaybesubjecttodelayand administrativeformalities.
TherecanbenoassurancethattheliquidityoftheinvestmentsofAllBlue,AllBlueLeveraged andICSandtheUnderlyingFundswillalwaysbesufficienttomeetredemptionrequestsas, andwhen, made.Anysuch lackof liquidity mayaffect the ability of the Company to realise its sharesinAllBlue,AllBlueLeveragedandICSandthevalueofSharesintheCompany.For suchreasonsAllBlue's,AllBlueLeveraged'sandICS'streatmentofredemptionrequestsmay bedeferredinexceptional circumstancesincluding if alackofliquiditymayresultindifficulties in determiningthe NAV andthe NAV pershare in AllBlue.This in turnwould limit theability of

theDirectorstorealisetheCompany'sinvestmentsinAllBlueandAllBlueLeveragedshould theyconsideritappropriatetodosoandmayresultindifficultiesindeterminingtheNAVofa ShareintheCompany. TherewasnogatingorsuspensionofAllBlueorAllBlueLeveraged duringtheperiodunderrevieworintheprevious year.
Themarketprices,ifany,forsuchilliquidinvestmentstendtobevolatileandmaynotbe readilyascertainableandtherelevantUnderlyingFundmaynotbeabletosellthemwhenit desirestodosoortorealisewhatitperceivestobe their fair value in the event of a sale.The sizeoftheUnderlyingFunds'positionsmaymagnifytheeffectofadecreaseinmarket liquidityforsuchinstruments.Changesinoverallmarketleverage,deleveragingasa consequenceofadecisionbythecounterpartieswithwhichtheUnderlyingFundsenterinto repurchase/reverserepurchaseagreementsorderivativetransactions,toreducethelevelof leveraging,ortheliquidationbyothermarketparticipantsofthesameorsimilarpositions, mayalsoadverselyaffecttheUnderlyingFunds'portfolios.
Thesaleofrestrictedandilliquidsecuritiesoftenrequiresmoretimeandresultsinhigher brokeragechargesordealerdiscountsandothersellingexpensesthandoesthesaleof securitieseligiblefortradingonnationalsecuritiesexchangesorintheover-the-counter markets.
TheUnderlyingFundsmaynotbeablereadilytodisposeofsuchilliquidinvestmentsand,in somecases,maybecontractuallyprohibitedfromdisposingofsuchinvestmentsfora specifiedperiodoftime.Restrictedsecuritiesmaysellatapricelowerthansimilarsecurities that arenot subject to restrictions on resale.
TheCompany'ssharesinissuearetradedontheLondonStockExchange'sMainMarketfor ListedSecurities(the"LSE").However,incertaincircumstancestheremaybealimited marketforthesharesanditmaynotbepossibleforinvestorstoachievealiquidationoftheir holdingwithinashorttimeperiodorfortheinvestortorealisethefullanticipatedvalueofthe Shares.
Thetablebelowdetails theresidualcontractualmaturitiesoffinancialliabilities:

Asat30June2014 1-3
months

3-6
Months

Over1year Total

   

Netassetsattheendofthe period attributable to

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

Asat31December2013 1-3
months

3-6
Months

Over1year Total

   

Netassetsattheendofthe period attributable to

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

shareholders
Accruedexpenses
 106,761 - -  
 106,761 
Total
106,761 841,552,800
841,659,561 

(c) Interest RateRisk
Thepricesofsecuritiestendtobesensitivetointerestratefluctuations.Unexpected fluctuationsininterestratescouldcausethecorrespondingpricesoflongpositionsandshort positionsadoptedtomoveindirectionswhichwerenotoriginallyanticipated.Generally,an increaseininterestrateswillincreasethecarryingcostsofinvestments.However,the Company'sinvestmentsdesignatedasatfairvaluethroughprofitorlossarenoninterest bearing,andthereforearenotdirectly exposed to interest rate risk.
TheCompany'sowncashbalancesarenotmateriallyexposedtointerestrateriskascash andcashequivalentsareheldonfloatinginterestratedepositswithbanksandtheCompany does notrely on incomefrom bank interest tomeet day to dayexpenses.
(d) LeveragebyUnderlyingFunds
CertainUnderlyingFundsinwhichtheCompanymayhaveaneconomicinterestoperatewith asubstantialdegreeofleverageandarenotlimitedintheextenttowhichtheyeithermay borroworengageinmargintransactions.ThepositionsmaintainedbysuchUnderlying FundsmayinaggregatevaluebeinexcessoftheNAVofAllBlueandAllBlueLeveraged. Thisleveragepresentsthepotentialforahigherrateoftotalreturnbutwillalsoincreasethe volatilityofAllBlue,AllBlueLeveragedand,asaconsequence,theCompany,includingthe risk ofa totalloss of theamount invested.
(e) LeveragebyAllBlue Leveraged
AllBlueLeveragedoperateswithasubstantialdegreeofleverageforthepurposesofmaking investmentsandisnotlimitedintheextenttowhichtheyeithermayborroworengagein margintransactions(althoughitisexpectedtobeanamountequaltoapproximately50per centofAllBlueLeveraged'sNAV).Thisleveragepresentsthepotentialforagreaterrateof total returnbut will also increase exposure tocapital risk andinterest costs.
(f) Capital management
TheinvestmentobjectiveoftheCompanyistoprovideShareholderswithconsistentlong- termcapitalgrowththroughaninvestmentpolicyofinvestingsubstantiallyallofitsassetsin AllBlue or any successorvehicle toAllBlue.
AstheCompany'sOrdinarySharesaretradedontheLSE,theOrdinarySharesmaytradeat adiscounttotheirNAVpershare.However,instructuringtheCompany,theDirectorshave given detailed consideration to thediscount risk and howthis may be managed.
AtthelastAnnualGeneralMeetingheldpursuanttosection199of2008Law,theDirectors weregrantedauthoritytobuybackupto14.99percentoftheOrdinarySharesinissue.The Company'sauthoritytomakepurchasesofitsownissuedOrdinaryShareswillexpireatthe conclusionofthenextgeneralmeetingoftheCompanytobeheldpursuanttosection199of the2008Lawandrenewalofsuchauthoritywillbesoughtatthenextgeneralmeeting.The timing of anypurchases will be decidedby the Board.
TheDirectorsintendthatpurchaseswillonlybemadepursuanttothisauthoritythroughthe market,forcash,atpricesbelowtheprevailingNAVperSharewherethedirectors reasonablybelievesuchpurchaseswillbeofmaterialbenefittotheCompany.
FollowingapprovaloftheCourtinGuernsey,theCompanyresolvedtocanceltheamount standingtothecreditofitssharepremiumaccountfollowingAdmission.The amount releasedoncancellationhasbeencreditedasadistributablereserveinthebooksofaccount andmaybeusedbytheCompanyforthepurposeoffundingpurchasesofitsOrdinary Shares as describedaboveandthepaymentofdividends.

On1July2008TheCompanies(Guernsey)Law,1994(asamended)wasreplacedbythe 2008Law.The2008Lawdoesnotrequiresharepremiumtobeheldinaseparateaccount andanypremiumatwhichsharesareissuedcanbeusedforallpurposes,includingthebuy backofSharesandthepaymentofdividends,providedthattheCompanywouldafterany distributionstillmeetthestatutorySolvencyTestassuchisdefinedinthe2008Law. Accordingly,upontheissueofCSharesinAugust2008,December2009andJune2010the entireamountofsharepremiumreceivedontheissueofsuchCShareswasimmediately transferred todistributablereserves.
TheCompany'sauthorisedsharecapitalissuchthatfurtherissuesofnewOrdinaryShares couldbemade,subjecttowaiverofpre-emptionrights.Subjecttoprevailingmarket conditions,theBoardmaydecidetomakeoneormorefurthersuchissuesorreissuesof OrdinarySharesforcashfromtimetotime.AnyfurtherissuesofnewOrdinarySharesor reissuesofOrdinarySharesheldintreasurywillrankparipassuwithOrdinarySharesin issue.
TherearenoprovisionsoftheCompaniesLaws2008whichconferrightsofpre-emptionin respectoftheallotmentofShares.Thereare,however,pre-emptionrightscontainedinthe Articles, but theDirectors have beengranted the powerto issue 45million further Sharesona nonpre-emptivebasisforaperiodconcludingon31December2015unlesssuchpoweris revokedbytheCompany'sshareholdersinageneralmeetingpursuanttosection199ofthe 2008Law. TheDirectorsintendtorequestthattheauthoritytoallotSharesonanonpre- emptivebasisisrenewedateachsubsequent generalmeetingof the Company.
UnlessauthorisedbyShareholders,theCompanywillnotissuefurtherOrdinarySharesor reissueOrdinarySharesoutoftreasuryforcashatapricebelowtheprevailingNAVper Shareunlesstheyarefirstoffered proratatoexistingshareholders.
TheCompanymonitorscapitalonthebasisofthecarryingamountofreservesaspresented onthefaceoftheStatementofFinancialPosition.Capitalforthereportingperiodsunder reviewis summarisedas follows:
30Jun2014
31Dec2013
GBP
GBP
(restated)
Purchaseofownshares
(79,949,483)
(86,762,640)
Distributablereserves
 911,122,184  
 928,315,440  
Total  831,172,701  841,552,800 
15 SUBSEQUENT EVENTS
The Companyissued a Circulardated 4 August 2014 toits shareholders,inviting themtovote ontheproposedclosureoftheEuroClass.
On27August2014atanExtraordinaryGeneralMeetingandEuroClassmeeting,97.98%of thevotingshareholdersvotedinfavouroftheclosureoftheEuroClass.AsaresulttheEuro Classshareswill be redeemed on 1October 2014 and theEuro Classshareswillbe cancelledfromtheofficiallistoftheUKListingAuthorityandtheLondonStockExchange effective2October2014.TheEuroClassshareholderswillreceivetheredemptionproceeds intheweek commencing17November2014.

SCHEDULE OF INVESTMENTS

30 June2014 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%
AllBlueLeveragedFeeder
LimitedSterling Shares 488,780 124,311,642 124,311,642 14.96%
Institutional Sterling GovernmentLiquidityFund-
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 December2013 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%
AllBlueLeveragedFeeder
LimitedSterling Shares 512,852 123,359,329 123,359,329 14.66%
Institutional Sterling GovernmentLiquidityFund-
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
TheCompany'sSterlingShares,EuroSharesandUSDollarSharesarecapableofbeing tradedontheLondonStockExchange'smainmarketforlistedsecurities.AllSharesmaybe dealtindirectlythroughastockbrokerorprofessionaladviseractingonaninvestor'sbehalf. ThebuyingandsellingofSharesmaybesettledthroughCREST.
Approximately20businessdaysaftertheendofeachmonththeconfirmednetassetvalue foreachclassofShareisannounced,togetherwithinformationontheCompany's investmentsandperformancereport,toaregulatoryinformationserviceproviderofthe LondonStockExchange.Inaddition,onaweeklybasistheCompanyannouncesinthe samemannertheestimatednetassetvalueforeachclassofShare.
TheISIN,SEDOLandtheLondonStockExchangemnemonicofeachshareclassis:
ISIN
SEDOL
LSEmnemonic
Sterlingshareclass
GB00B13YVW48
B13YVW4
BABS
Euroshareclass
GB00B13YXC81
B13YXC8
BABE
USDollarshareclass
GB00B13YXH37
B13YXH3
BABU
ConversionbetweenShareClasses
TheCompanycurrentlyoffersamonthlyconversionbetweenshareclasses.Conversion formscanbefoundontheCompany'swebsiteatwww.bluecrestallblue.com.
ShareholderEnquiries
TheCompany'sCRESTcompliantregistrarisAnsonRegistrarsLimitedinGuernseywhich maintainstheCompany'sregistersofshareholders.Theymaybecontactedbyemailat registrars@anson-group.comorbytelephoneon(44)01481711301.
Further information regarding the Company can be found on its website at
www.bluecrestallblue.com.

CONTACT INFORMATION AND ADVISORS

Directors
RichardCrowder
*AndrewDodd StevenLePage PaulMeader
JohnRLePrevost
*RobertHeaselgraveasalternatedirectorfor AndrewDodd

RegisteredOfficeoftheCompany
JTC(Guernsey)Limited
POBox156,FrancesHouse SirWilliamPlace
StPeterPort GuernseyGY14EU
Telephone+44(0)1481702400


AdministratorandCompanySecretary JTC(Guernsey)LimitedformerlyJTCFund Managers(Guernsey)Limited
POBox156,FrancesHouse SirWilliamPlace
StPeterPort GuernseyGY14EU
Telephone+44(0)1481702400

Registrar,PayingAgentandTransfer Agent
AnsonRegistrarsLimited
POBox426
AnsonHouse, HavillandStreet, StPeterPort,
GuernseyGY13WX


UKTransferAgent
AnsonRegistrars(UK)Limited 3500Parkway
Whiteley Hampshire
EnglandPO157AL

Auditor
Ernst&YoungLLP 14NewStreet
StPeterPort GuernseyGY14AF


CorporateBroker JefferiesHoareGovett VintnersPlace
68UpperThamesStreet London
EnglandEC4V3BJ

CorporateBroker DexionCapitalplc 1TudorStreet London
EnglandEC4Y0AH


AdvocatestotheCompanyastoGuernsey Law
MourantOzannes POBox186
1LeMarchantStreet StPeterPort GuernseyGY14HP

SolicitorstotheCompanyastoEnglish Law
HerbertSmithLLP ExchangeHouse
PrimroseStreet London
EnglandEC2A2HS

CareyOlsen
P.O.Box98
CareyHouse LesBanques StPeterPort
GuernseyGY14BZ  

Enquiries: 
For further information contact: 
JTC (Guernsey) Limited
Secretary
Tel: 44 (0) 1481 702 400
END OF ANNOUNCEMENT
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The company news service from the London Stock Exchange
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