May 16, 2005

TO UNIT HOLDERS OF SECURED INVESTMENT RESOURCES FUND, L.P.

         Re:      Supplemental Information Regarding
                  Offer to Purchase Units for $4 Per Unit

Dear Unit Holder:

     We are writing to provide you with  updated  and  supplemental  information
regarding  our  Offer to  Purchase  up to 8,000  Units  of  limited  partnership
interests in Secured Investment Resources Fund, L.P. (the "Partnership"),  dated
April 15, 2005.

     Hidden  Valley.  The  foreclosure  of the Hidden Valley  Exchange  Shopping
Center was  postponed  and is currently  scheduled for May 25, 2005. It does not
appear at this time that an acceptable agreement can be reached with the lender,
so the Partnership is attempting to sell the property quickly to a buyer who has
made an  offer.  A binding  contract  has not yet been  signed.  If that sale is
consummated,  the effective sale price would be approximately $1,360,000. If the
Partnership is unable to complete that sale,  then the  Partnership  will either
file  litigation  to try to  prevent  the  foreclosure,  or will  try  again  to
negotiate  with the lender in order to convey the  property to the lender with a
deed in lieu of foreclosure on acceptable terms. Even if the Partnership is able
to sell the property,  the Partnership does not expect to make any distributions
to limited  partners  because the amount of net proceeds,  after debt repayment,
would be small and would be needed by the  Partnership  for the operation of its
other property.

     Additional  Property  Data.  Hidden  Valley  Exchange  Shopping  Center  in
Independence,  Missouri,  has 27,200 Sq. Ft. As of the date of this letter,  the
property had 9 tenants, occupying approximately 62% of the rentable square feet,
with an average rent of $9.44 per Sq. Ft. The  property has no anchor  tenant or
single tenant that occupies more than 10% of the rentable  square feet.  Cascade
Apartments in Topeka,  Kansas,  has 86 units and, as of the date of this letter,
the property was 92% occupied.

     Please note that the Offer is $4 per Unit in cash. Also, you may be able to
obtain a tax  benefit if you have  accumulated  passive  losses that you can use
once you have disposed of your investment in the Partnership; you should consult
your tax advisor about this possibility.

     We urge you to read the Offer to  Purchase  completely  and to return  your
completed  Agreement of Transfer and Letter of Transmittal  promptly (blue form)
in the envelope provided.

     The Offer is now  scheduled to expire on May 26,  2005.  For answers to any
questions you might have regarding  these  materials or our Offer, or assistance
in the  procedures  for  accepting our Offer and  tendering  your Units,  please
contact us at (800) 611-4613 (toll free).

                            Very truly yours,

                            MILLENIUM MANAGEMENT, LLC