Fund: Date: Highbridge Financial Trust Co. 9/30/2006 PORTFOLIO APPRAISAL Highbridge Capital Management As of 9/30/2006 Date: Page: User: 10/16/2006 1 of 2 asantos 4:41:16PM Quantity Symbol Symbol Description Highbridge - Financial Trust Co. Credit-suisse First Boston Long Bond 2,000 AFG 1.486 6/33 3,000 CBRL_0_4/32 625 CELG_1.75_6/08 700 CMS 3.375 7/23 2,250 CNP_3.75_5/23 1,000 CSX_0_10/21 1,052 EDO 4 11/25 1,600 HCC_- 2_- 9/21 125 LNG_2.25_8/12_144A 4,000 MAS 0 7/31 3,000 PPL_- 2.- 625_5/23 3,830 RPM 1.389 5/33 4,000 SVU:0_11/gl 500 UNS_4.5_3/35_144A 789 VCI_1.0843_5/33 Long Bond Total Long Future 28 FVZ6 Long Future Total Long Preferred Stock 75,000 GPM.N Long Preferred Stock Total Short Future -56 FVZ6 Short Future Total Short Stock -21,490 AFG.N -12,174 CBRL.O -51,000 CELG.O -59,867 CMS.N -169,249 CNP.N EFTA01592294