According to Rachmaninoff's commentary, it is a "Funeral March." Indeed, the dotted rhythm figure, repeated in various keys from the outset, is characteristic of a solemn funeral march. Although lengthy, Rachmaninoff himself seemed aware of the difficulty in interpreting this piece, and he provided a detailed explanation to Respighi. It is somewhat long, but let us quote it. He stated: "The main theme is a march, and the other theme is a choral song. The passage beginning with sixteenth notes in C minor, and then in E-flat minor, reminded me of an incessant, helpless drizzle. This movement develops and reaches a climax in C minor, which is the sound of bells. The final section is the first theme, or the march." Applying this commentary directly to the music, the parallel chords (from measure 26 onwards) that appear as a secondary theme, interspersed with triplets, would represent the funeral chorus. The "rain" passage begins from measure 39, where the sempre staccato sixteenth notes dominate the sonic space. This sound of rain gradually increases in volume, transforming with modulations into the solemn and brilliant sound of bells. And then, along with the rain, the opening march returns and concludes the piece.

Expanding on such programmatic elements, the critic Max Harrison put forth an interesting theory (regardless of its credibility) that the "rain" scene in this piece was inspired by the memory of Scriabin's funeral in 1915. Indeed, cold rain mixed with snow fell during Scriabin's funeral, which took place on April 16.