Volume I, Issue XIV "IN3D" & "AFRAM"

The [IN3D] Fund

The 3D Fund has grown from H$69.94 to H$83.88 (H$13.94, 19.93%, 0.66%dROI) over the last 30 days. The fund is currently only 49.5% invested, without accounting for profits tied up in shorted securities. The fund holds shares in [CROOD] and [GIJO2], and held shares in [OZTGP] until it delisted. The fund is radaring [IRNM3], [EPIC], [TREK2] and [GATSB], which gives the investor a reasonable idea where the loose funds may end up being invested. A little over 20% of the fund is invested in Star Bonds, many of which are attached to [IRNM3] and should adjust up significantly in the next couple of months. The fund only holds 2 Small-Cap securities, both Star Bonds, and a majority of the fund's positions are Mid-Cap securities (80%). The fund holds only three Movie Stocks with signifcant shares, ([CROOD], [GIJO2] and [JP3D) and after [JP3D] adjusts, it may be slow going until May. Because Star Bonds only make up 20% of the fund's investments, even at 1.00% dROI, they would only grow the fund at 0.20% dROI. Because of the size of the fund, finding large volumes of Star Bonds with better dROI than 1.00% will be difficult. Below is the current investment chart. (Not pictured are the two Derivatives the Fund holds, [JP3D.PU] Short) & [OZTGP.BW] (Long))

The Fund's top 10 investments consist of 3 Movie Stocks (metioned above) and 7 Star Bonds. In aggregate the investments make up 41.9% of the fund's value, and so account for nearly all invested funds. Interestingly, the fund only hold 75k shares of [CROOD], which makes me suspect the fund may be holding a certain volume of H$ free for investment in day-trading or positions on some of the extremely expensive summer block busters. A survey of the Star Bonds they are all being held correctly for their next adjust. The average dROI on the starbonds works out to 0.32%, with the first adjust being in late May. The top 10 investments are listed below.

If the fund continues to grow at its current pace (0.66% dROI), it would delist on 4/27/13. If the fund grows at its rate since IPO (1.75% dROI) it would delist in just 10 days on 4/11/13. If the fund struggles to gain traction after [JP3D], and only maintains a 0.40% dROI, it would delist on 5/13/13.

The [AFRAM] Fund

The African American Fund 2 has grown from H$41.85 to H$48.65 (H$6.80, 16.25%, 0.54%dROI) over the past 30 days. The fund is 70.8% invested, not counting profits tied up in shorted securities.The fund was able to play [GIJO2] and [TMRGC] this past weekend and grew significantly based on the decisions made by the fund manager. Because the fund manager does not radar stocks (and to a lesser extent because I'm too lazy to really, really dig into it), it is difficult to know exactly where the fund will go next, but I've got some ideas. I expect the fund to take positions on [42] (Historical), [SCAR5] ([SDOGG] [BWOW]), [OBLVN] ([MFREE]), [IRNM3] ([DCHEA]), and [WEPEP] ([TPERR] [CROBI]) in the coming month. Any wany you slice it, that is a lot of investment opprotunity for this fund, and the growth outlook is great. The fund's investments are concentrated in Mid-Cap securities, the account for 38.8% of the fund's value (54% of invested assets). Movie Stocks account for 56.1% of the fund's value, and Star Bonds make up 14.7%. The fund's current investment chart is shown below. (Not pictured are 2 derivaties, [IDTHF.BW] (Long) & [HANIBL] (Long))

The fund's top 10 investments account for 55.0% of its value, and almost half of that is [GIJO2]. The top 10 investments consist of 5 Movie Stock and 5 Star Bonds. Two of the Movie Stocks are currently in release, and may or may not be held until Delist. I imagine the fund manger will 'Cover' their shares of [GIJO2] in order to invest in some of the securities coming up later in the month. The five Star Bonds average 0.37% dROI, with the next adjust coming 4/23. All five of the Star Bonds are being held the correct direction. The top 10 investment chart is below.

If the fund contiunes to grow at 0.54% dROI, it would delist on 9/10/13. If it manages to maintin its dROI since IPO (0.97%) it would delist on 7/1/13. If the fund struggles and only achies a 0.24% dROI, its delist date would be 3/16/14. I would expect that with the plethera of movies coming out the fund can invest in, something inbetween 0.60% and 0.80% is most likely.

Volume I, Issue XIII "SCIFI" & "SONYX"

THE [SCIFI] Fund

Over the past 30 days the Science Fiction Fund has grown from H$19.92 to H$21.94 (H$2.02, 10.14%, 0.34% dROI). The fund holds a large number of securities for its size (52), with the vast majority of them being Movie Stocks in the 'Development' phase. The fund has Positions on two Movie Stocks in Release, as well as significant investment in [JP3D]. The fund manager has allocated more than 25% of the fund into the Movie Stock and its associated derivatives and the fund's short term outlook will largely depend on how well that movie performs over the coming weeks. The fund's heavy investment in Small-Cap securities is unsurprising given the amount of capital the fund has to work with, and I think the avoidance of any Large-Cap securities at this point is a wise choice. I would expect the fund to move it's assets from [JP3D] into the Large-Cap [OBLVN] after the weekend ,or at some point before April 19th. The fund's holding are shown below. (Not shown are the Derivatives, which account for H$1.7m in holdings) 

Note: The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.

The Fund is 90.3% invested not counting cash tied up in shorted shares. Most of the fund's assests are tied up in the top ten positions; they account for 71.3% of the fund's value. The top 10 investments consist of 4 Star Bonds, 5 Movie Stocks, and 1 Derivative. As mentioned previously, the heavy investment in [JP3D] is a gamble, but looking at BTC and MTC and RS projections for this weekend, the stock seem likely to appreciate in value. I like the choice to continue to hold the [HOST1] shares short, as the Movie Stock has little chance of appreciating much in value. I'm less certain about the decision to hold [SW23D] 'Short' at this point in thime. The film in 6 months away from release, and is priced relatively cheap (H$17.44), I wonder if the film really has a chance to open at less than 6.5 million over it's opening weekend, and worry that this stock might start to grow in value as the film approaches. **EDIT: After revewing the stock's tagged news here, it appears this film will not be released this fall after all. Holding this secuirty short now makes much more sense. Thanks srrichardson** A quick survey of the Star Bonds being held shows health dROI's for all of them. The top ten holdings are detailed below...

If the fund continues to grow at 0.34% dROI, it would delist on 6/16/14. I expect, however, with the large number of high-profile Science Fiction movie being release this year, the fund to achieve at least at 0.50% dROI, which would delist the fund on 1/26/14. A 1.0% dROI would delist the fund on 8/30/13. I would expect the fund to delist sometime in the 4th quarter of this year.

The [SONYX] Fund

The Sony Studio Fund has fallen from H$34.48 to H$34.40 (-H$0.08, -0.23%, -.01%dROI) over the last 30 days. The Fund grew pretty well over the first two weeks of the peroid, but struggle in the middle of March, losing the ground it had made. The fund holds a significant (more than 1,000 shares) stake in an extremely large amount of securiteis (99), with the vast majority being films in the 'Development' phase (77). Most of the fund, in terms of positions and shares, is invested in Small-Cap securities, with The fund seems to be shorting a lot of the 'Development' projects it is invested in, with 9 of the Top ten investments being held Short. The exception, [EVILD], is being held Long. This strategy is a two-edged sword, as missing news on one of the Movie Stocks being held can result in quick losses, but over time, the 'bleeding out' of these projects will provide substantial profits. One concern is that the fund has 98% of it's cash invested, but only owns 40k shares of [EVILD], and hasn't taken a position on the .OW derivative yet.I wonder what investments the fund will choose to abandon to take advantage of the money making opprotunities this weekend. The fund's holding are detailed below...





Note: The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.





The fund is currently 98% invested, and 41.5% of that is represented in the fund's ten most expensive investments. The investment represent and interesting range of securities. Movie Stocks such as [GBUMP] and [EQLIZ] have had news recently, and I wonder if some of the fund's trouble over the middle of march related to the huge jumps in these securities. Most of the other securities seem like projects that the HSX community may be over-valuing considering the lack of news regarding them. Only 1 picture other than [EVILD] has a release date, [ABLNT], but it is eleven months away. The fund's top 10 holdings are detailed below...

While the past couple of week have been rocky for [SONYX], overall the fund has performed very well since IPO, maintaining a 1.23%dROI. If the fund were to maintain this pace, it's delist price would be H$266.73! While that seems like a really, really optimistic outlook, here are a couple of other options. a 1.00% dROI would delist at H$183.59, and a 0.75%dROI would delist at H$121.37. My hope is that the fund ends up over H$100, which would require greater than 0.63% dROI.

Volume I, Issue XII "PARAX" & "CHOIC"

The [PARAX] Fund

The Paramount Studio Fund grew form H$ 16.17 to H$19.50 (H$3.33, 20.59%, 0.69%dROI) over the past 30 days. The fund’s investments are highly concentrated, only holding significant positions in four securities. The fund seems to have quite a bit of capital ready to invest, likely in taking a position on GIJO2 sometime over the next 24 hours. The fund did not play the .OW derivative. The fund holds 35% of its capital in Large-Cap stocks, 30.4% in Mid-Cap securities, and just 1.87% in Small-Cap. Shares in securities are more evenly spread at 20.3% for Large-Cap, 39.8% for Mid-Cap and Small-Cap. The fund’s assets are almost evenly divided between securities in Release (49.4%) and in Development (50.6%), which no funds invested in any securities in Production or Wrap.



Note: The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.

 The fund is 68% invested, although that will likely change sometime in the next 24 hours with an investment in GIJO2. The fund’s four current investments are as follows.







If the fund continues to grow at 0.69%dROI, the delist price on 9/15/13 would be H$63.54. If it grows at 0.50%, its rate since IPO, it would delist at H$46.09. My best guess is somewhere in between, but closer to H$50.00.

The [CHOIC] Fund

The Player’s Choice Fund has grown from H$27.86 to H$35.45 (H$7.59, 27.24%, .91%dROI) over the last 30 days. The fund’s investments are almost evenly split between Movie Stocks  (6) and Star Bonds (7), however the value of the investments and the number of shares invested both heavily favor Movie Stocks. The Movie Stocks make up 53% of the fund’s value and 62.5% of its invested shares, compared to just 28.4% and 18.1% respectively for Star Bonds.

A little more than half of the fund’s invested shares are in Small-Cap stocks (51.2%), while 26.4% are in Mid-Cap and the remaining 19.4% are in Large Cap. The fund holds (6) Small Cap Stocks, (6) Mid-Cap Stocks and (4) Large Cap stocks. Of the six movie stocks the fund holds, 3 are in the release phase ([OZTGP] [GIJO2] [FUOPH]). The large investment in released projects means the fund will have more capital available soon to re-invest in other ventures. The following table shows the full breakdowns of the fund’s investments. (Not shown are the Derivatives the fund is invested in, totaling 3 investments. They account for 12.8% of the value, 19.4% of the shares, and 18.9% of the Positions.)







Note: The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.

  The fund is 94.2% invested, not counting the profits tied up in shorted shares. The fund’s top 10 investments consist of 3 Movie Stocks, 6 Star Bonds, and 1 Derivative, and account for 88.9% of the fund’s value.

If the fund continues to grow at .91% dROI, it would delist on 7/21/13, if the fund grows at 1.04% dROI, its rate since IPO, it would delist on 7/7/13. I am going to project a more conservative .60%dROI, because the fund is quite limited in what it can invest in, and I feel it may have trouble continuing this rate of growth. At .60%dROI, the fund would delist on 9/18/13.

Volume I, Issue XI "NYNY" & "SNL"

The [NYNY] Fund

The NYNY fund has grown from H$67.51 to H$78.16 (H$10.65, 15.78%, 0.52%dROI) over the past 30 days. The NYNY fund is heavily invested in Star Bonds as they account for 61.6% of the funds value; movie Stocks account for 34.1% of the value. The fund has a majority of its assets in Mid-Cap stocks, accounting for 79.7% of the fund’s value. However, when looking at the number of individual positions held, the fund has 83.2% of invested shares in Small-Cap securities. The following table illustrates the fund’s holdings.

                                                                                

|       |        SECURITIES        |             MOVIES                | BONDS |

|       | Sm-Cap | Md-Cap | Lg-Cap | TOTAL | DVLP | PROD | WRAP | RLSE |       |

| Value | 10.78m | 63.38m |  2.00m | 27.2m | 25.9m| 0.7m | 0.3m | 0.1m | 49.0m |

| Count |   99   |     61 |      1 |    80 |   68 |    2 |    8 |    2 |    81 |

| Shares| 7.297m | 1.455m | 20,000 | 6.75m | 6.0m |  58k | 463k | 200k | 2.02m |

|%Value | 13.56% | 79.69% |  2.52% | 34.1% | 95.7 |  2.8 |  1.2 |  0.3 | 61.6% |

|%Count | 61.49% | 37.89% |  0.62% | 49.7% | 85.0 |  2.5 | 10.0 |  2.5 | 50.3% |

|%Shares| 83.19% | 16.58% |  0.23% | 77.0% | 89.3 |  0.9 |  6.9 |  3.0 | 23.3% |

Note:

The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.

The fund holds 95.8% of its funds invested, discounting profits tied up in shorted shares and positions with fewer than 1,000 shares invested. The fund’s top 10 holdings account for 34.8% of the fund’s value, and consist of 6 Star Bonds and 4 Movie Stocks. The following table show the top 10 securities by value.

                                                            

| Name  | Price    | Shares Held   | Value        |    %   |

| NMUS3 | $  94.33 | 100,000 Long  | $  9,433,000 | 11.86% |

| EQLIZ | $  31.78 |  97,000 Long  | $  3,082,660 |  3.88% |

| IDAY2 | $  58.86 |  50,000 Long  | $  2,943,000 |  3.70% |

| BCRYS | $ 100.12 |  20,000 Long  | $  2,002,400 |  2.52% |

| DOMON | $  94.73 |  20,000 Short | $  1,894,600 |  2.38% |

| SKANG | $  92.44 |  20,000 Long  | $  1,848,800 |  2.32% |

| NHOUL | $  89.75 |  20,000 Long  | $  1,795,000 |  2.26% |

| JFAVR | $  85.23 |  20,000 Long  | $  1,704,600 |  2.14% |

| EBANA | $  77.22 |  20,000 Short | $  1,544,400 |  1.94% |

| HEMAN | $  14.48 | 100,000 Long  | $  1,448,000 |  1.82% |

The fund seems well positioned to take advantage of upcoming news and development projects, which is good because there don’t appear to be many eligible movies being released soon. The fund holds 20,000 shares in all of the eligible Star Bonds, so I expect the fund manager to keep investing the profits made off of the Star Bonds into more and more of the development movie projects. One of them has to get released eventually, right?

If the fund keeps returning a 0.52% dROI, it would delist on 5/12/13. However, if the fund maintains a 1.1% dROI (it’s growth rate since IPO), it would delist on 4/18/13. I expect it to delist somewhere between those two dates. If the fund struggles, and only maintains a 0.25% dROI, it would delist on 6/28/13.

The [SNL] Fund

The Not Ready for Prime Time Fund has grown from H$54.93 to H$57.51 (H$2.58, 4.7%, 0.16%dROI) over the past 30 days. The fund’s current split between Movie Stocks and Star Bonds sits at 55.5/36.7, accounting for 92.2% of the fund’s value.  Most of the fund’s value is tied up in Mid-Cap stocks, accounting for 56.5% of the fund’s value, but only 20.0% of the shares it has invested.  74.9% of the fund’s invested shares, and 52.5% of its positions, are in Small-Cap securities. The following table illustrates the fund’s holdings.

                                                                                

|       |        SECURITIES        |             MOVIES                | BONDS |

|       | Sm-Cap | Md-Cap | Lg-Cap | TOTAL | DVLP | PROD | WRAP | RLSE |       |

| Value |  8.07m | 32.57m | 12.48m | 32.0m | 7.4m | 20.5m|  4.1m|  600 | 21.1m |

| Count |     31 |     26 |      2 |    44 |   26 |    7 |   10 |    1 |    15 |

| Shares|  2.08m | 583.0k | 112.5k | 2.47m | 1.7m | 358k | 398k |  10k |  300k |

|%Value | 14.00% | 56.53% | 21.66% | 55.5% | 23.1 | 64.1 | 12.8 |  0.0 | 36.7% |

|%Count | 52.54% | 44.07% |  3.39% | 74.6% | 59.1 | 15.9 | 22.7 |  2.3 | 25.4% |

|%Shares| 74.91% | 21.03% |  4.06% | 89.2% | 69.0 | 14.5 | 16.1 |  0.4 | 10.8% |

Note:

The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.

The SNL Fund’s top ten investments are made up of 8 Star Bonds and 2 Movie Stocks. These high-value investments are safe, but are slow growing. The average dROI on these 8 Star Bonds is only 0.07%, and in aggregate, at their current dROIs, would yield only H$10,200/day. The complete top 10 investments are listed below.

                                                            

| Name  | Price    | Shares Held   | Value        |    %   |

| ANCH2 | $ 113.25 |  92,500 Long  | $ 10,475,625 | 18.18% |

| MUPE2 | $  54.48 | 100,000 Long  | $  5,448,000 |  9.46% |

| BCRYS | $ 100.12 |  20,000 Long  | $  2,002,400 |  3.48% |

| DSPAD | $  98.86 |  20,000 Long  | $  1,997,200 |  3.43% |

| BHADE | $  98.22 |  20,000 Short | $  1,964,400 |  3.41% |

| MRUDO | $  94.53 |  20,000 Short | $  1,890,600 |  3.28% |

| CROCK | $  92.04 |  20,000 Long  | $  1,840,800 |  3.20% |

| BSTIL | $  91.33 |  20,000 Long  | $  1,826,600 |  3.17% |

| KWIIG | $  90.29 |  20,000 Short | $  1,805,800 |  3.13% |

| RSCHN | $  88.75 |  20,000 Long  | $  1,775,000 |  3.08% |

While the fund’s investments lean heavily towards Movie Stocks, it worries me to see so much of the fund’s assets ( those 8 Star Bonds account for 26% of the fund) tied up in such low return assets. Perhaps the fund manager can look at re-allocating some of the money invested in the high-price star bonds, and move it Star Bonds with a better dROI, or Movie Stocks that have a promising outlook.

If the fund continues it’s current pace of 0.16% dROI, it would delist on 3/8/14. If the fund maintains the 0.56% dROI it has managed since IPO, it would delist on 7/5/13. I’d estimate a dROI of around 0.3%, which would put the delist date at 10/2/13.

Volume I, Issue X "LAFSF & LGFX"

The [LAFSF] Fund

The L.A. Film Schooled Fund has been around for quite a while, it’s IPO was 10/7/2009. Since that time it has climbed to H$96.30 (H$76.30, 381.5%, 0.30%DROI). Over the past 30 days, the fund has grown from H$94.58 to H$96.30 (H$1.72, 1.82%, 0.06%DORI). The fund is currently 84.1% invested, not counting any assets tied up in the profits from shorting stocks. The fund’s assets are largely tied up in Movie Stocks (67.9%), although there is significant investment in Star Bonds as well (16.2%). A majority of the fund’s assets are invested in Large-Cap stocks, accounting for 56% of the fund’s total. The fund’s top 10 investments account for 67.2% of the worth of the fund and include 6 Movie Stocks and 4 Star Bonds.

The fund has positions on [GIJO2] and [CROOD], as well as [LONER] and [HNOV3], showing a large investment in movies that are either in Release, or being released in the coming months. Movies in ‘Release’ or ‘Production’ make up 82% of the assets the fund has invested in Movie Stocks. Combined with the investments in [TERM5] and [MALEF], the fund seems well positioned to propel past H$100 in the near future. The fund’s investments in development projects (H$6.15 million) should help the fund take advantage of any news on projects that have news announced.


                                                           
| Movie Stocks                                            |
| Name  |  Price  | Shares Held   |   Value   | % of Fund |
| LONER | $ 148.34| 100,000 Long  |$14,831,000|   15.36%  |
| GIJO2 | $ 125.21| 100,000 Short |$12,521,000|   12.96%  |
| CROOD | $ 124.49| 100,000 Long  |$12,449,000|   12.89%  |
| MALEF | $  73.64| 100,000 Long  |$ 7,364,000|    7.62%  |
| TERM5 | $  34.33| 100,000 Long  |$ 3,433,000|    3.55%  |
| HNOV3 | $ 160.10|  20,000 Long  |$ 3,202,000|    3.32%  |

                                                                       
| Star Bonds                                                          |
| Name  |  Price  | Shares Held  |   Value   | % of Fund | Next Adjust|
| GVERB | $ 172.17| 20,000 Short |$ 3,443,400|    3.56%  |   7/30/13  |
| BBIRD | $ 160.10| 20,000 Long  |$ 3,216,400|    3.33%  |   1/13/15  |
| JLIN  | $ 110.41| 20,000 Long  |$ 2,208,200|    2.29%  |   6/18/13  |
| TBRUT | $ 109.99| 20,000 Short |$ 2,199,800|    2.28%  |     N/A    |

                                                                   
|                         Fund Allocations                        |
| Sm. Cap| Mid Cap | Lg. Cap | Movie | Bonds |DVLP|PROD|WRAP|RLSE |
|  5.13% | 23.03%  | 55.98%  | 67.9% | 16.2% | 9.4|10.5|61.2| 19.0|


                     
| DROI  | Dlst Date |
| 0.06% |   5/27/13 |
| 0.10% |   5/02/13 |
| 0.15% |   4/20/13 |
| 0.20% |   4/13/13 |
| 0.25% |   4/10/13 |
| 0.30% |   4/07/13 |
| 0.40% |   4/04/13 |
| 0.50% |   4/02/13 |

The [LGFX] Fund

The Lionsgate Studio Fund has fallen slightly over the past 30 days, shriking from H$18.89 to H$18.69 (-H$0.20, -0.27%, -0.04%dROI). The fund only has 60.0% of its available assets invested in stocks, not accounting for any profits tied up in shorted movie stocks. The fund’s top 10 investments account for 50.5% of the fund’s assets. The fund has an unusually large amount of capital tied up in Small-Cap investments, they account for 32.4% of the funds worth. All told, 94% of the shares the fund has invested are invested in Small-Cap Movie Stocks.
 The Lionsgate Fund’s top 10 movie stocks show a strategy that involves shorting a lot of development projects. 57.1% of the value of the Movie Stocks held by the fund is in development projects, and those funds account for 65.5% of the shares invested in Movie Stocks. All of the remaining invested assets are in ‘Wrap’ stocks, accounting for 42.8% of invested funds. So far, this strategy has not paid large dividends, but it will be interesting to see what happens if Lionsgate starts announcing 2014 release dates, perhaps boosting many of the stock’s values.

The single largest investment the fund has currently is the 40,000 shares it holds in [DVRGN], which has had a lot of casting new lately. I would expect that as news on this project dies down, the fund might invest some of that money into projects releasing this summer, such as [NYSME] and [RED2]. I think the fund may be planning on using some of its assets to invest in [TMRGC] this weekend, but may be waiting to hear more news on the expected opening.


                                                           
| Movie Stocks                                            |
| Name  |  Price  | Shares Held   |   Value   | % of Fund |
| DVRGN | $ 59.98 |  40,000 Long  |$ 2,399,200|   12.77%  |
| DRAFT | $ 18.29 | 100,000 Long  |$ 1,829,000|    9.73%  |
| JESAB | $ 13.64 | 100,000 Long  |$ 1,364,000|    7.26%  |
| ALOST | $ 11.31 | 100,000 Short |$ 1,131,000|    6.02%  |
| ADCTD | $  9.33 | 100,000 Short |$   933,000|    4.97%  |
| LNLA2 | $  8.72 | 100,000 Short |$   872,000|    4.64%  |
| GAYDU | $  2.58 | 100,000 Short |$   258,000|    1.37%  |
| ISTAY | $  2.54 | 100,000 Long  |$   254,000|    1.35%  |
| YOURH | $  2.41 | 100,000 Short |$   241,000|    1.28%  |
| OSTER | $  2.21 | 100,000 Short |$   221,000|    1.18%  |

                                                                   
|                         Fund Allocations                        |
| Sm. Cap| Mid Cap | Lg. Cap | Movie | Bonds |DVLP|PROD|WRAP|RLSE |
| 32.43% |  23.65% |   0.00% | 56.1% |  N/A  |57.1|0.00|42.8| 00.0|

                   
| DROI  | Dlst $  |
| 0.04% | $ 20.16 |
| 0.10% | $ 22.58 |
| 0.20% | $ 27.27 |
| 0.35% | $ 36.17 |
| 0.50% | $ 47.97 |
| 0.65% | $ 63.59 |
| 0.80% | $ 84.27 |
| 1.00% | $122.56 |

Volume I, Issue IX "WBROX" & "YOUNG"

The [WBROX] Fund

The Warner Brothers Studio Fund has not been able to make any significant gains in the last month, growing from H$11.02 to H$11.06 (H$0.04, 0.36%, 0.01%DROI). This fund has not been able to gain any real traction since it's IPO (H$1.06, 10.6%, 0.05%DROI). The fund currently has 97.6% of its fund invested, not counting excess profits tied up in shorted positions. The fund's top 10 investments represent 67.9% of the fund's value, and include only movies.

The top 10 investments for the fund demonstrate an investment strategy that leans heavily on movies in development. Only 1 of the 10 films (PRSNS) has a release date this year, and only one other (GODZL) has a release date next year. The other 8 films are all in development, although some of them have better odds than others. Warner Brothers has had a rough ride for the beginning of the year, films like [BURTW], [JACGK], [HDSHT], [TFGSQ] and [BTCRT] failing to meet analyst expectations. It is disappointing to see the the [WBROX] fund has not been able to take advantage of any of the fluctuations in price over the past few months.

                                                           
| Movie Stocks                                            |
| Name  |  Price  | Shares Held   |   Value   | % of Fund |
| RTECH | $ 17.24 |  75,000 Long  |$ 1,293,000|   11.69&  |
| CRMSP | $ 27.79 |  45,000 Long  |$ 1,250,550|   11.31%  |
| BLEND | $ 25.67 |  40,000 Long  |$ 1,026,800|    9.28%  |
| JURN3 | $ 30.33 |  25,000 Long  |$   758,250|    6.86%  |
| GODZL | $ 74.21 |  10,000 Long  |$   742,100|    6.71%  |
| TARZN | $ 18.86 |  35,000 Long  |$   660,100|    5.97%  |
| WARCF | $ 27.69 |  20,000 Long  |$   553,800|    5.01%  |
| LSOFH | $ 19.92 |  25,000 Long  |$   498,000|    4.50%  |
| PRSNS | $ 24.71 |  15,000 Long  |$   370,650|    3.35%  |
| JLEAG | $140.31 |   2,500 Long  |$   350,775|    3.17%  |

                                                                   
|                         Fund Allocations                        |
| Sm. Cap| Mid Cap | Lg. Cap | Movie | Bonds |DVLP|PROD|WRAP|RLSE |
| 19.46% | 74.96%  |   3.17% | 97.6% |  N/A  |86.4|11.6| 0.0|  0.0|

Hopefully, [WBROX] will find a way to take advantage of a strong Spring/Summer release schedule  including [42], [GATSB], [HNVR3], [SUPR2] and [PACRM], although it will be challenging with so little capital to work with. One strategy may be to go 'All-in' (Long or Short) on [[42], knowing it will take about 1/2 of the fund to do so, hoping to see a significant ROI over the next couple weeks. Below is a chart showing the Delist price of the Fund with varying DROI, assuming a September 15th delist date. Right now I would estimate the delist price will be between H$14.00 and H$ 16.00.

                       
| DROI | Delist Price |
| .05% |   $ 12.07    |
| .10% |   $ 13.17    |
| .20% |   $ 15.69    |
| .30% |   $ 18.68    |
| .40% |   $ 22.24    |
| .50% |   $ 26.47    |
| .75% |   $ 40.89    |
|1.00% |   $ 63.10    |

The [YOUNG] Fund

The Young Hollywood Fund has grown from H$65.31 to H$70.58 (H$5.27, 8.07%, 0.27%DROI) over the past 30 days. The fund currently only has 22.1% of it's funds invested, holding just 7 positions with more than 1 share. That leaves approimately H50 million un-invested at the moment, possibly to take a position on [HOST1] later this week. Looking at the growth of the fund since IPO (H$50.58, 252.9%, .89%DROI) it's clear the fund manager does not usually let this much capital sit idle, so I believe its safe to assume the manager is waiting for more information about the opening of the host before investing the remaining capital of the fund (or at least a large chunk of it) into [HOST1] this weekend.

The fund's current investments consist of 4 Movie Stocks and 3 Star Bonds. One Star Bond, [CBRIG], does not have any upcoming movies listed, but will drop [XMEN3] for whatever is announced, so it remains a safe bet he will fall in value. 1 Movie is in 'Release' currently ([GROSA]), and two are in 'Wrap' ([LVNHN], [HANTR]), and the fund is holding all three short. The other movie stock, [DVRGN], is in development and has a set release date for next year.

                                                           
| Movie Stocks                                            |
| Name  |  Price  | Shares Held   |   Value   | % of Fund |
| DVRGN |$ 59.98  | 100,000 Long  |$ 5,998,000|    8.48%  |
| HANTR |$  5.85  | 100,000 Short |$   585,000|    0.83%  |
| GROSA |$  2.93  | 100,000 Short |$   293,000|    0.41%  |
| LVNHN |$  0.15  | 100,000 Short |$    15,000|    0.02%  |

                                                                       
| Star Bonds                                                          |
| Name  |  Price  | Shares Held  |   Value   | % of Fund | Next Adjust|
| CBRIG |$ 189.60 | 20,000 Short |$ 3,792,000|    5.36%  |    N/A     |
| EMWAT |$ 153.34 | 20,000 Short |$ 3,066,800|    4.34%  |   7/09/13  |
| JHUTC |$  94.09 | 20,000 Long  |$ 1,881,800|    2.66%  |   6/18/13  |

                                                                   
|                         Fund Allocations                        |
| Sm. Cap| Mid Cap | Lg. Cap | Movie | Bonds |DVLP|PROD|WRAP|RLSE |
|  1.26% | 11.15%  |   9.70% |  9.8% | 12.4% |87.0|0.00| 8.7|  4.3|

I recommend waiting until later in the week to see how the fund is invested in order to get a better picture of what the funds short term outlook is. Below is a chart showing when the fund would delist based on certain DROI. I would be surprised if the fund had not delisted before June.

                     
| DROI | Delist Date|
| .25% |   8/11/13  |
| .40% |   6/20/13  |
| .50% |   6/02/13  |
| .60% |   5/22/13  |
| .75% |   5/10/13  |
| .89% |   5/03/13  |
|1.00% |   4/29/13  |