Dear Musicians,

As noted in my message to you last March 21, 2005, to keep the participants abreast of information that impacts on their annual distributions, the SRSPF will periodically post its financial results to the website. Accordingly, below is the schedule of General and Administrative expenses, as reported in the SRSPF's audited financial statements for the year ended April 30, 2005. General and Administrative expenses for the year totaled $3,524,580, which was 3.3% below the amount budgeted for the year, excluding depreciation and amortization which is a non-cash item that does not effect the annual distribution.

Also reported below are the unaudited General and Administrative expenses for the four months ended August 31, 2005. During this period expenses totaled $990,996, excluding depreciation, as compared to the $1,185,800 that was budgeted. While this is a 16.4% savings compared to the budget, ten percent of this savings is attributed to the timing of certain vendor payments, which if paid during the period would effectively reduce the savings to 6.4%.

The next report of General and Administrative expenses is expected to be posted to the website in early spring 2006 and will cover the eight months ended December 31, 2005.

Sincerely,

V. Robert DiPaola
Fund Administrator

(Audited) Schedule of General and Administrative Expenses For the Year Ended April 30, 2005
Salaries	$1,079,666
Compliance audit expenses	693,854
Rent	470,420
Employee fringe benefits	343,888
Consulting	2,755
Computer software, supplies and maintenance	213,487
Professional fees	391,113
Travel	11,804
Temporary help	8,428
Payroll taxes	90,589
Insurance	85,366
Office supplies and expenses	26,990
Publications, subscriptions and research	1,276
Postage and delivery	25,202
Communications	24,840
AFM convention	1,350
Employee seminars and training	1,073
Printing	5,183
Building maintenance	15,029
Interest expense	1,019
Loss on disposal of assets	4,126
Payroll and 401(k) processing fees	9,041
Depreciation and amortization	404,145
Bank charges	18,081
	$3,928,725

(Unaudited) Schedule of General and Administrative Expenses For the Four Months Ended August 31, 2005
Salaries	$377,573
Compliance audit expenses	118,290
Rent	158,414
Employee fringe benefits	99,003
Computer software maintenance and supplies	37,137
Professional fees	105,986
Travel	1,100
Payroll taxes	29,704
Insurance	7,789
Office supplies and expense	3,776
Publications, subscriptions and research	217
Postage and delivery	7,621
Communications	10,915
AFM convention	3,317
Printing	5,270
Building maintenance	6,564
Interest expense	3,150
Payroll and 401(K) processing fees	3,380
Bank charges	2,787
NYS sales and use tax	9,003
	$990,996