Photo to Movie allows you to place key frames on your photos which represent the portion of the photo to display in the slide show.
By default, Photo to Movie uses the aspect ratio of the movie itself for the shape of the key frames (see Changing the aspect ratio for your movie).
You can set the aspect ratio of the key frames to a different shape such as the intrinsic shape of the photo or a custom aspect ratio.
To set the aspect ratio of the key frames for a photo
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Select the photos in the timeline for which you want to change the aspect ratio of the key frames.
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Switch to the Photo tab in the inspector.
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Set the Aspect Ratio to Inherit to use the aspect ratio of the slide show.
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Set the Aspect Ratio to Intrinsic to use the aspect ratio of the photo.
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Set the Aspect Ratio to Fixed and then click the button to use a custom aspect ratio.