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To: Trader X who wrote (10044)	12/3/1997 10:47:00 AM
From: Andrew Vance	Respond to of 17305

AV--There is only one client and we are calling it a "mini-mutual fund" but it has no real name to it. Also, all the shares are owned by the one client. This has nothing to do with what I have spoken about in the past and what we collectively would like to do down the road. Simply, this is a person who I have conversed with over the past few years whoi has asked me to set up a special type of investment vehicle for him and to control it for him. I am getting paid no salary and will be paid a performance bonus if I beat certain criteria. The reason for the "mini-mutual" fund naming is his desire to actually make it a mutual fund down the road. Most funds start out small and then grow. The long term goal is to add to this portfolio as it performs well. This is the seed money for future expansion. If it performs well, he has the intention of bringing on board a matching value of the fund next year via a limited liability partnership or a family partnership (depends on where the next capital infusion comes from). So, if I do well, the "NAV" will be doubled next year with matching funds. From there its "Blue Sky" as to what happens next. 1. More investors or a larger investment by the principals. 2. Selling the "fund" (which is just the portfolio list, balance, and percent mix of stocks) to a real mutual fund company like Oppenheimer to add more assets to and to be managed by me. Yeah, I go along with the deal or no deal. One of my performance bonuses. 3. Convert this instrument into something similar to Berkshire Hathaway (only this would be realistically affordable) by going public with an IPO. 4. Coverting it to an independent mutual fund as either a private fund or the basis for a privately managed investment vehicle. You might say that this is the lead sled dog for what I wanted to do with our community in mind. I am doing it on a 1:1 basis for now and working the bugs out as we go. There may be licenses, certifications, courses, etal that I may be required acquire in order to be "perfectly legal" and legally endemnified. Right now, I am covered since I am under a personal contract. As I move along on this, I hope to obtain all the necessary credentials required. Finally, with my own portfolio and now managing a second portfolio, I may be able to gain additional visibility within the financial community and build a name for myself. Admittedly this is a small step but it is a necessary one for future growth. In other words, its a start where I can freely drive over the potholes and not adversely affect anyone, yet. Andrew BTW-my comment about my Mom was not made in jest. She has a decent portfolio but doesn't feel comfortable with me controlling it. Therefore, this situation provides her with an unbiased view of my capabilities. Family and friends could be the next expansion of my plan. Possibly another "investment group" that mirrors this first venture but is seperate from this present venture.

To: Trader X who wrote (10044)	12/3/1997 10:14:00 PM
From: Investor2	Read Replies (1) \| Respond to of 17305

RE: <And on the talk of putting together a "fund" from this group, wouldn't there be more merit in the idea of an "investment club" instead, which doesn't sell shares based on a NAV price and doesn't have expenses to pass along to shareholders.> I've been in an "investment club" before (I was President of the club). It's great fun and a good mechanism for learning and exchanging investment ideas. Especially, for the people who aren't stuck with the paperwork. However, the one(s) who end up having to draw up the partnership papers, complete IRS filings, manage the books, track down everyone's investment dollars, prepare the meeting minutes, etc., etc., etc., it can be a pain in the $%&^@+! Best wishes, I2