You are a sissy-ponygirl, locked into pony tack, tethered in your stall in a large barn with scores of other ponygirls. You are happier than most of them, because you did not even start-out as a girl.  You used to be male, though you were never a man.  You never felt right as a man, you were too much of a sissy.  In the back of your head, you always wished that you were a girl.  You always wanted big tits, long hair, and soft skin.  You always wanted to be pretty.  Now, after a year of hormones, and other treatments, you are almost as female, and more submissive and feminine, than most of ponygirls who were born female.

This is a variation of the ponygirl-fantasy for sissies.  The speaker uses a deep and commanding male voice and the same induction as the Deep Male Voice Induction.  The file ends with an awakener.

The file is a little clicky at the beginning, but after the first few minutes, the recording is clean.