Volume I, Issue IV "EURO" & "AARP"

The [EURO] Fund

 The European Fund has been on a growth tear over the last month. The fund has grown by 19.08 (46.22%) over the last month. The fund does not have any Star Bonds inside it's top 10 investments, which consist of a variety of Movie Stocks. The fund's top 10 investments account for at least 55% of the firm's assets (Because the fund holds stocks short, the exact value of investments is unknown.)

                                                            
| Movie Stocks                                             |
| Name  |   Price  |     #Shares   |   Value   | % of Fund |
| GODZL | $  65.72 | 100,000 Long  |$6,572,000 |  10.89%   |
| MUPE2 | $  55.27 | 100,000 Long  |$5,527,000 |   9.16%   |
| CNSLR | $  39.92 | 100,000 Long  |$3,992,000 |   6.61%   |
| IDAY2 | $  35.09 | 100,000 Short |$3,509,000 |   5.81%   |
| RESE6 | $  26.83 | 100,000 Short |$2,683,000 |   4.44%   |

| ASCRD | $  25.98 | 100,000 Short |$2,598,000 |   4.30%   |
| RIPD  | $  48.65 |  50,000 Short |$2,432,500 |   4.03%   |
| RUSH  | $  23.30 | 100,000 Long  |$2,330,000 |   3.86%   |
| CONA2 | $  19.69 | 100,000 Short |$1,969,000 |   3.26%   |
| PGUNM | $  16.61 | 100,000 Short |$1,661,000 |   2.75%   |

                                                                   
|                         Fund Allocations                        |
| Sm. Cap| Mid Cap | Lg. Cap | Movie | Bonds |DVLP|PROD|WRAP|RLSE |
| 10.4%  |  55.6%  |  0.0%   | 60.9% | 5.0%  |31.4|43.9|20.4| 4.3 |



This fund is mostly invested in mid-priced movie stocks. The fund seems to be using two strategies that are readily apparent from this chart. The first is the shorting of movie stocks that do not have release dates but are priced fairly high any way. Films like IDAY2 are a good example of this. Then, the fund has a nice mix of medium sized movie stocks releasing in the relative future that is has taken positions on. GODZL, MUPE2, CNSLR, RIPD, and RUSH all open before next summer, and have the opportunity to increase in value between now and their releases. 

The fund appears to have a large Cash reserve at the time of this writing. The investments tracked (any investment with more than 1,000 Shares) only represented 66% of the fund worth. There are a couple mitigating factors, however. First, this fund holds many movie shares short. There is a good chance that excess capital is tied up in Movie Stocks purchased at a higher price point. Second, due to the enourmous growth experienced over the past month, there is a strong likelyhood that the manager of this fund actively day-trades in order to maximize growth.

Overall, I like the way this fund has mixed it's assets between some upcoming films, and the slow constant growth that shorting the other movie stocks will provide.

The [AARP] Fund

 The AARP Fund is another solid performer. Outpacing even the growth rate of the [EURO] Fund. Over the past 30 days the AARP fund has gained H$23.03 (62.84%). Not surprisingly, the fund's top ten assets are largely represented by Star Bonds, with only 1 movie joining 9 bonds. The fund's top 10 assets account for only 31% of it's worth. Due to the restrictive nature of this fund, it's assets are likely to be distributed across a large variety of bonds at any given time.

                                                            
| Movie Stocks                                             |
| Name  |   Price  |     #Shares   |   Value   | % of Fund |
| QUTET | $  14.78 | 100,000 Long  |$1,478,000 |   2.48%   |

                                                                   
| Star Bonds                                                      |
| Name  |   Price  | # Shares   | Value    | % of Fund | Next Adj |
| SRAIM | $ 181.78 |20,000 Long |$3,635,600|   6.09%   |  4/2/13  |
| BCAMP | $ 144.57 |20,000 Long |$2,891,400|   4.84%   |  4/2/13  |
| MSMTH | $  97.90 |20,000 Short|$1,958,000|   3.28%   |  3/26/13 |
| JMALK | $  92.77 |20,000 Long |$1,885,400|   3.11%   |  8/13/13 |
| WFICH | $  78.84 |20,000 Short|$1,576,800|   2.64%   |  3/26/13 |
| SCARE | $  68.05 |20,000 Short|$1,361,000|   2.28%   |  4/9/13  |
| RHOWA | $  67.15 |20,000 Short|$1,343,000|   2.25%   |  6/4/13  |
| TSPAL | $  64.94 |20,000 Short|$1,298,800|   2.18%   |  6/4/13  |
| RGERV | $  63.24 |20,000 Long |$1,264,800|   2.12%   |  4/15/14 |

                                                                   
|                         Fund Allocations                        |
| Sm. Cap| Mid Cap | Lg. Cap | Movie | Bonds |DVLP|PROD|WRAP|RLSE |
|  3.7%  |  27.2%  |  10.9%  |  2.9% | 39.0% | 0  | 0  |14.7| 85.3|

The AARP is heavily invested in Mid-Cap Bonds, probably even more so than the data shows. Due to Star Bonds fluctuations in price and the prevalence of shorting bonds, there is likely large amounts of capital being 'hidden' in the shorted star bonds. The fund manager appears to have taken a very aggressive bond-heavy strategy with this fund, choosing to focus on guaranteed returns from bonds over speculative betting on developing projects. This fund should continue to grow at break-neck speed for the foreseeable future. Based on past performance. and the performance of the similar [BONDS] fund, 1.5% - 2.0% DROI is not out of the question.