Exhibit 99.0



DiVall Insured Income Properties 2, L.P.



|                                       |  |                   
|-------------------------------------- |  | ------------------
|QUARTERLY NEWS                        
|                                       | 
|A publication of The Provo Group, Inc. |  | THIRD QUARTER 2004



ONE YEAR AGO
TODAY . . .



One year ago our Newsletters
headline read Solid, Stable and Predictable Performance Seen for 2004.



Indeed the first three quarters of 2004 have been without any significant negative variations from our cash flow plan. We planned to distribute $1,275,000
($28 per unit) for the First, Second and Third Quarters of 2004, and we actually distributed $1,980,000 ($43 per unit), which included a $611,000 ($13 per unit) return of capital primarily from the sale of one investment property. We anticipate the
Fourth Quarter 2004 distribution, which is scheduled to be mailed in February 2005, to be slightly lower than the planned $425,000 due primarily to decreased rental income as a result of the sale of the Miami Subs property which was sold in the
Second Quarter.



We are again confident in forecasting stable
performance for 2005 and fully expect our rate of return on net asset values to dwarf the yields in either the government or corporate bond markets.



|                        |  |                                                                                                                                                                                                      |  |   |  |                                                                                                                                                                                                                                                                         
|----------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|DISTRIBUTION HIGHLIGHTS
|                        |  |                                                                                                                                                                                                      | 
|                       |  | $480,000 total amount distributed for the Third Quarter 2004, which is $55,000 higher than originally projected, primarily due to the reimbursement of the past due Real Estate taxes from
Popeyes. |  |  |  | $1,267 to $1,118 range of distributions per unit from the first unit sold to the last unit sold before the offering closed (2/90) respectively. (Distributions are from both
cash flow from operations and net cash activity from financing and investing activities).
|                        |  |                                                                                                                                                                                                      | 
|                       |  | $10.37 per unit (approx.) for the Third Quarter 2004. The approximate annualized operating return is 9.7%.                                                                                         |  |   |  |                                                                                                                                                                                                                                                                         



SEE
INSIDE



|                                             |  |  
|-------------------------------------------- |  | -
|Property Highlights                          |  | 2
|Questions & Answers                          |  | 3
|Contact Information                          |  | 3
|Monthly Updates of Secondary Market Activity |  | 3



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|       |  |          |  |       
|------ |  | -------- |  | ------
|PAGE 2 |  | DIVALL 2 |  | 3 Q 04



PROPERTY HIGHLIGHTS



Litigation Issues



Popeyes
(Park Forest, IL)As we reported in last quarters Newsletter, Popeyes failed to pay prior years property taxes and percentage rents. The Partnership paid the taxes to avoid legal action by the taxing authorities and
sought reimbursement from the tenant. In February we obtained a court order allowing us to remove Popeyes and gain possession of the property. The tenant then verbally agreed to make certain payments to the Partnership, and we deferred action
on removing the tenant.



Popeyes subsequently reimbursed
the Partnership for the delinquent property taxes and made escrow payments towards a property tax which is due in the fourth quarter of this year.



We are currently in negotiations with Popeyes to set up a monthly tax escrow to assure the future taxes are paid on a timely basis. If the tax
issues can be work out satisfactorily, we will re-evaluate the percentage rent issues relative to appropriate and sustainable occupancy costs and continue to allow the tenant to occupy the property.



| | Palm Beach, FL (formerly operated as a Miami Subs restaurant).This property was sold June 18, 2004. The net sales proceeds of approximately $606,000 were part of the
August 13, 2004 distribution.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Miami Subs was
delinquent at September 30, 2004 in the amount of $33,000. The delinquent amount represents past due rents and real estate taxes, as well as late fees charged to the tenant before the sale of the property.



We have filed suit against Miami Subs and they were served papers on June
11, 2004. Our next court date to hear our Motion for Summary Judgment will be on November 2, 2004. We have chosen to continue suit against this former tenant because they personally guaranteed the lease and we have obtained efficient and
cost effective local legal representation.



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|       |  |          |  |       
|------ |  | -------- |  | ------
|PAGE 3 |  | DIVALL 2 |  | 3 Q 04



QUESTIONS & ANSWERS



| | When can I expect my next distribution mailing?
|- | -----------------------------------------------



Your distribution correspondence for the Fourth Quarter of 2004 is scheduled to be mailed on February 15, 2005.



| | When will the December 31, 2004 net asset value be calculated?
|- | --------------------------------------------------------------



The revised net asset valuation will be ready in mid-February 2005.



| | When can I expect to receive my 2004 Schedule K-1?
|- | --------------------------------------------------



According to IRS regulations we are not required to mail K-1s until April 15th. The 2004 K-1s are scheduled to be mailed out in late February or early March.



| | Ive moved how do I update my account registration?
|- | ---------------------------------------------------



Please mail or fax to us a signed letter stating your new address and telephone number. Updates cannot be accepted over the telephone or via voicemail
messages.



| | If I have questions or comments, how can I reach your office?
|- | -------------------------------------------------------------



You can reach us at our new address, listed below, effective March 1, 2004.



|        |  |                                             
|------- |  | --------------------------------------------
|MAIL:   |  | DiVall Investor Relations                   
|        |  | c/o The Provo Group, Inc.                   
|        |  | 1100 Main Street, Suite 1830                
|        |  | Kansas City, MO 64105                       
|PHONE:  |  | 800-547-7686 OR (816) 421-7444 EXTENSION 224
|FAX:    |  | (816) 221-2130                              
|E-MAIL: |  | mevans@theprovogroup.com                    



To receive monthly
updates of Secondary Market pricing for

the

DiVall Insured Income Properties 2, L.P. please

email your email address to Investor Relations at

mevans@theprovogroup.com and you will be

emailed with the most updated prices for

sales of the DiVall 2 units as they happen.



---

PROJECTIONS FOR

DISCUSSION
PURPOSES



DIVALL INSURED INCOME PROPERTIES 2
LP

2004 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT PROPERTIES

AS OF SEPTEMBER 30, 2004



|                              |  |                |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |           |  |                |  |        |  
|----------------------------- |  | -------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- | - |  | --------- |  | -------------- |  | ------ | -
|PORTFOLIO                     |  | (Note 1)       |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |           |  |                |  |        |  
|                              |  |                |  | REAL ESTATE |  |                | EQUIPMENT |        |   | TOTALS |                    
|CONCEPT                       |  | LOCATION       |  | COST        |  | ANNUALBASERENT |           | %YIELD |   |        | LEASEEXPIRATIONDATE |  | COST    |  | PRINCIPALRETURNEDAS OF 1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |   |  | COST      |  | ANNUALRECEIPTS |  | RETURN |  
|APPLEBEES                    |  | COLUMBUS, OH   |  | 1,059,465   |  | 135,780        |           | 12.82  | % |        |                     |  | 84,500  |  | 29,849                        |  | 0                   |  | 0.00    | % |  | 1,143,965 |  | 135,780        |  | 11.87  | %
|BLOCKBUSTER                   |  | OGDEN, UT      |  | 646,425     |  | 107,750        |           | 16.67  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 646,425   |  | 107,750        |  | 16.67  | %
|DENNYS                       |  | PHOENIX, AZ    |  | 972,726     |  | 65,000         |           | 6.68   | % |        |                     |  | 183,239 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,155,965 |  | 65,000         |  | 5.62   | %
|CHINESE SUPER BUFFET          |  | PHOENIX, AZ    |  | 865,900     |  | 66,000         |           | 7.62   | % |        |                     |  | 221,237 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,087,137 |  | 66,000         |  | 6.07   | %
|HOOTERS                      |  | R. HILLS, TX   |  | 1,246,719   |  | 95,000         |           | 7.62   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 1,246,719 |  | 95,000         |  | 7.62   | %
|DAYTONAS All SPORTS CAFÉ (2) |  | DES MOINES, IA |  | 845,000     |  | 60,000         |           | 7.10   | % |        |                     |  | 52,813  |  | 0                             |  | 0                   |  | 0.00    | % |  | 897,813   |  | 60,000         |  | 6.68   | %
|KFC                           |  | SANTA FE, NM   |  | 451,230     |  | 60,000         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 451,230   |  | 60,000         |  | 13.30  | %
|MIAMI SUBS (3)                |  | PALM BEACH, FL |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |           |  |                |  |        |  

---

Note:

|1: | This property summary includes only property and equipment held by the Partnership during 2004.
|-- | -----------------------------------------------------------------------------------------------

|2: | Hickory Parks lease on the property expired on December 31, 2002; however, Management accepted a two month hold over lease with subtenant, Daytonas, until a 5 year lease
was directly executed with them. The new lease was effective March 2003.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3: | Management executed a contract to sell the property in January 2004 for $650,000. The closing date was in June 2004. Rental income in 2004 for the property through the date of sale
totaled $28,000.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4: | The property was leased to a new tenant, Panda Buffet, in February 2003 and rent commenced in July 2003.
|-- | --------------------------------------------------------------------------------------------------------



Page 1 of 2



---

PROJECTIONS FOR

DISCUSSION
PURPOSES



DIVALL INSURED INCOME PROPERTIES 2
LP

2004 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT PROPERTIES

AS OF SEPTEMBER 30, 2004



|                   |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  
|------------------ |  | ---------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- | - |  | ---------- |  | ------------- |  | ------ | -
|PORTFOLIO (Note 1) |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               | 
|                   |  |                  |  | REAL ESTATE |  |                | EQUIPMENT |        |   | TOTALS |                    
|CONCEPT            |  | LOCATION         |  | COST        |  | ANNUALBASERENT |           | %YIELD |   |        | LEASEEXPIRATIONDATE |  | COST    |  | PRINCIPALRETURNEDAS OF 1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |   |  | COST       |  | TOTALRECEIPTS |  | RETURN |  
|POPEYES           |  | PARK FOREST, IL  |  | 580,938     |  | 77,280         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 580,938    |  | 77,280        |  | 13.30  | %
|SUNRISE PRESCHOOL  |  | PHOENIX, AZ      |  | 1,084,503   |  | 123,318        |           | 11.37  | % |        |                     |  | 79,219  |  | 33,047                        |  | 0                   |  | 0.00    | % |  | 1,182,735  |  | 123,318       |  | 10.43  | %
|                   |  |                  |  |             |  |                |           |        |   |        |                     |  | 19,013  |  | 6,710                         |  | 0                   |  | 0.00    | % |  |            |  |               |  |        |  
|PANDA BUFFET (4)   |  | GRAND FORKS, ND  |  | 739,375     |  | 33,000         |           | 4.46   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 739,375    |  | 33,000        |  | 4.46   | %
|WENDYS            |  | AIKEN, SC        |  | 633,750     |  | 90,480         |           | 14.28  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 633,750    |  | 90,480        |  | 14.28  | %
|WENDYS            |  | CHARLESTION, SC  |  | 580,938     |  | 77,280         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 580,938    |  | 77,280        |  | 13.30  | %
|WENDYS            |  | N. AUGUSTA, SC   |  | 660,156     |  | 87,780         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 660,156    |  | 87,780        |  | 13.30  | %
|WENDYS            |  | AUGUSTA, GA      |  | 728,813     |  | 96,780         |           | 13.28  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 728,813    |  | 96,780        |  | 13.28  | %
|WENDYS            |  | CHARLESTON, SC   |  | 596,781     |  | 76,920         |           | 12.89  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 596,781    |  | 76,920        |  | 12.89  | %
|WENDYS            |  | AIKEN, SC        |  | 776,344     |  | 96,780         |           | 12.47  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 776,344    |  | 96,780        |  | 12.47  | %
|WENDYS            |  | AUGUSTA, GA      |  | 649,594     |  | 86,160         |           | 13.26  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 649,594    |  | 86,160        |  | 13.26  | %
|WENDYS            |  | CHARLESTON, SC   |  | 528,125     |  | 70,200         |           | 13.29  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 528,125    |  | 70,200        |  | 13.29  | %
|WENDYS            |  | MT. PLEASANT, SC |  | 580,938     |  | 77,280         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 580,938    |  | 77,280        |  | 13.30  | %
|WENDYS            |  | MARTINEZ, GA     |  | 633,750     |  | 84,120         |           | 13.27  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 633,750    |  | 84,120        |  | 13.27  | %
|PORTFOLIO TOTALS   |  |                  |  | 14,861,470  |  | 1,666,908      |           | 11.22  | % |        |                     |  | 640,021 |  | 69,606                        |  | 0                   |  | 0.00    | % |  | 15,501,491 |  | 1,666,908     |  | 10.75  | %

---

Note:

|1: | This property summary includes only property and equipment held by the Partnership during 2004.
|-- | -----------------------------------------------------------------------------------------------

|2: | Hickory Parks lease on the property expired on December 31, 2002; however, Management accepted a two month hold over lease with subtenant, Daytonas, until a 5 year lease
was directly executed with them. The new lease was effective March 2003.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3: | Management executed a contract to sell the property in January 2004 for $650,000. The closing date was in June 2004. Rental income in 2004 for the property through the date of sale
totaled $28,000.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4: | The property was leased to a new tenant, Panda Buffet, in February 2003 and rent commenced in July 2003.
|-- | --------------------------------------------------------------------------------------------------------



Page 2 of 2



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DIVALL INSURED INCOME PROPERTIES 2 L.P.

STATEMENTS OF INCOME AND CASH FLOW CHANGES

FOR THE THREE MONTH PERIOD ENDED
SEPTEMBER 30, 2004



|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|-------------------------------------------------------------------- |  | -------------------- | ---------- | - | -------------------- | - | ---------- | ------------- |  | - | -------- | -
|                                                                     |  | PROJECTED            |            |   | ACTUAL               |   |            | VARIANCE      | 
|                                                                     |  | 3RDQUARTER09/30/2004 |            |   | 3RDQUARTER09/30/2004 |   |            | BETTER(WORSE) | 
|OPERATING REVENUES                                                   |  |                      |            |   |                      |   |            |               |  |   |          |  
|Rental income                                                        |  | $                    | 659,451    |   |                      | $ | 641,434    |               |  | $ | (18,017  | )
|Interest income                                                      |  |                      | 2,500      |   |                      |   | 3,229      |               |  |   | 729      |  
|Net gain on sale of property                                         |  |                      | 0          |   |                      |   | 5,000      |               |  |   | 5,000    |  
|Property taxes reimbursement                                         |  |                      | 0          |   |                      |   | 31,890     |               |  |   | 31,890   |  
|Property tax expense recoveries                                      |  |                      | 0          |   |                      |   | 16,795     |               |  |   | 16,795   |  
|Other income                                                         |  |                      | 0          |   |                      |   | 3,662      |               |  |   | 3,662    |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|TOTAL OPERATING REVENUES                                             |  | $                    | 661,951    |   |                      | $ | 702,010    |               |  | $ | 40,059   |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|OPERATING EXPENSES                                                   |  |                      |            |   |                      |   |            |               |  |   |          |  
|Insurance                                                            |  | $                    | 9,690      |   |                      | $ | 9,580      |               |  | $ | 110      |  
|Management fees                                                      |  |                      | 51,723     |   |                      |   | 51,730     |               |  |   | (7       | )
|Overhead allowance                                                   |  |                      | 4,173      |   |                      |   | 4,184      |               |  |   | (11      | )
|Advisory Board                                                       |  |                      | 2,625      |   |                      |   | 3,500      |               |  |   | (875     | )
|Administrative                                                       |  |                      | 10,920     |   |                      |   | 6,305      |               |  |   | 4,615    |  
|Professional services                                                |  |                      | 11,300     |   |                      |   | 14,752     |               |  |   | (3,452   | )
|Auditing                                                             |  |                      | 22,500     |   |                      |   | 23,910     |               |  |   | (1,410   | )
|Legal                                                                |  |                      | 12,000     |   |                      |   | 7,309      |               |  |   | 4,691    |  
|Property Expenses                                                    |  |                      | 18,453     |   |                      |   | 11,725     |               |  |   | 6,728    |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|TOTAL OPERATING EXPENSES                                             |  | $                    | 143,384    |   |                      | $ | 132,994    |               |  | $ | 10,390   |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|INVESTIGATION AND RESTORATION EXPENSES                               |  | $                    | 0          |   |                      | $ | 134        |               |  | $ | (134     | )
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|NON-OPERATING EXPENSES                                               |  |                      |            |   |                      |   |            |               |  |   |          |  
|Depreciation                                                         |  |                      | 66,144     |   |                      |   | 65,357     |               |  |   | 787      |  
|Amortization                                                         |  |                      | 3,198      |   |                      |   | 3,198      |               |  |   | (0       | )
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|TOTAL NON-OPERATING EXPENSES                                         |  | $                    | 69,342     |   |                      | $ | 68,555     |               |  | $ | 787      |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|TOTAL EXPENSES                                                       |  | $                    | 212,726    |   |                      | $ | 201,683    |               |  | $ | 11,043   |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|NET INCOME                                                           |  | $                    | 449,225    |   |                      | $ | 500,326    |               |  | $ | 51,101   |  
|                                                                     |  |                      |           
|                                                                     |  |                      |            |   |                      |   |            | VARIANCE      | 
|OPERATING CASH RECONCILIATION:                                       |  |                      |            |   |                      |   |            |               |  |   |          |  
|Depreciation and amortization                                        |  |                      | 69,342     |   |                      |   | 68,555     |               |  |   | (787     | )
|Recovery of amounts previously written off                           |  |                      | 0          |   |                      |   | (3,357     | )             |  |   | (3,357   | )
|Net gain on sale of property                                         |  |                      | 0          |   |                      |   | (5,000     | )             |  |   | (5,000   | )
|(Increase) Decrease in current assets                                |  |                      | (203,720   | ) |                      |   | (195,684   | )             |  |   | 8,036    |  
|Increase (Decrease) in current liabilities                           |  |                      | 23,373     |   |                      |   | 13,515     |               |  |   | (9,858   | )
|(Increase) Decrease in cash reserved for payables                    |  |                      | (40,170    | ) |                      |   | (15,516    | )             |  |   | 24,654   |  
|Current cash flows advanced from (reserved for) future distributions |  |                      | 130,000    |   |                      |   | 112,271    |               |  |   | (17,729  | )
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|Net Cash Provided From Operating Activities                          |  | $                    | 428,050    |   |                      | $ | 475,110    |               |  | $ | 47,060   |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|CASH FLOWS (USED IN) FROM INVESTING AND FINANCING ACTIVITIES         |  |                      |            |   |                      |   |            |               |  |   |          |  
|Indemnification Trust (Interest earnings reinvested)                 |  |                      | (1,000     | ) |                      |   | (1,526     | )             |  |   | (526     | )
|Recovery of amounts previously written off                           |  |                      | 0          |   |                      |   | 3,357      |               |  |   | 3,357    |  
|Net cash proceeds from sale of property                              |  |                      | 0          |   |                      |   | 5,000      |               |  |   | 5,000    |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|Net Cash (Used In) From Investing And Financing Activities           |  | $                    | (1,000     | ) |                      | $ | 6,832      |               |  | $ | 7,832    |  
|Total Cash Flow For Quarter                                          |  | $                    | 427,050    |   |                      | $ | 481,941    |               |  | $ | 54,891   |  
|                                                                     |  |                      |           
|Cash Balance Beginning of Period                                     |  |                      | 847,763    |   |                      |   | 1,532,864  |               |  |   | 685,101  |  
|Less 2nd quarter distributions paid 8/04                             |  |                      | (425,000   | ) |                      |   | (1,085,000 | )             |  |   | (660,000 | )
|Change in cash reserved for payables or future distributions         |  |                      | (89,830    | ) |                      |   | (96,755    | )             |  |   | (6,925   | )
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|Cash Balance End of Period                                           |  | $                    | 759,983    |   |                      | $ | 833,050    |               |  | $ | 73,067   |  
|                                                                     |  |                      |           
|Cash reserved for 3rd quarter 2004 L.P. distributions                |  |                      | (425,000   | ) |                      |   | (480,000   | )             |  |   | (55,000  | )
|Cash reserved for payment of accrued expenses                        |  |                      | (140,577   | ) |                      |   | (139,041   | )             |  |   | 1,536    |  
|Cash advanced from (reserved for) future distributions               |  |                      | (140,500   | ) |                      |   | (158,229   | )             |  |   | (17,729  | )
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|Unrestricted Cash Balance End of Period                              |  | $                    | 53,906     |   |                      | $ | 55,780     |               |  | $ | 1,874    |  
|                                                                     |  |                      |            |   |                      |   |            |               |  |   |          |  
|                                                                     |  |                      |           
|                                                                     |  | PROJECTED            |            |   | ACTUAL               |   |            | VARIANCE      | 
|*  Quarterly Distribution                                            |  | $                    | 425,000    |   |                      | $ | 480,000    |               |  | $ | 55,000   |  
|Mailing Date                                                         |  |                      | 11/15/2004 |   |                      |   | (enclosed  | )             |  |   |         |  

---

|* | Refer to distribution letter for detail of quarterly distribution.
|- | ------------------------------------------------------------------