SRSPF REPORT OF GENERAL AND ADMINISTRATIVE EXPENSES - NINE MONTHS ENDED JANUARY 31, 2005

Dear Musicians, In an effort to keep musicians abreast of new developments at the SRSPF and to provide them with information that impacts on their annual distributions, the SRSPF will periodically post its actual financial results (audited and unaudited) to the website. Our first such report will be the unaudited general and administrative expenses for the nine months ended January 31, 2005, as noted below. Total expenses during this period totalled $2,778,956, which was within 1% of the amount budgeted for this period. The next report of financial results is expected to be posted to the website this summer for the audited financial statements for the year ended April 30, 2005. Sincerely, V.Robert DiPaola Fund Administrator General & Administrative Expenses for the Nine Months Ended January 31, 2005       ACTUAL   Salaries $825,689 Occupancy & Storage 351,665 Employee Fringe Benefits 249,456 Insurance 85,366 Travel 4,653 Temporary Help 8,429 Payroll Taxes 63,424 Computer Hardware/Software Maintenance & Supplies 101,404 Office Supplies & Expenses 21,280 Postage & Delivery 17,711 Employee Training 1,073 Communications 34,418 Publications, Subscriptions & Research 662 Repairs & Building Maintenance 11,202 Printing 7,145 Payroll & 401(K) Processing Fees 7,551 Computer Lease Expense 43,967 Interest Expense 1,019 Professional Fees 912,750 Bank Charges 26,467 Loss on disposal of assets 3,625 $2,778,956

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