UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

_______________________

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934



|For the quarterly period ended June 30, 2004 | Commission file number 2-89185
|-------------------------------------------- | ------------------------------

GULLEDGE REALTY INVESTORS II, L.P.

|State of Organization:
VIRGINIA | I.R.S. Employer Identification No. 54-1191237
|------------------------------- | ---------------------------------------------

One North Jefferson AvenueSt. Louis, Missouri  63103



Registrant's telephone number, including area code:  (314) 955-4188



Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or of such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes
XNo

Indicate by check mark whether the registrant is an accelerated
  filer (as defined in Rule 12b-2 of the Act). Yes
No
X





GULLEDGE REALTY INVESTORS II, L.P.

(A Limited Partnership)

INDEX

|         |                                                                            | PAGE
|-------- | -------------------------------------------------------------------------- | ----
|PART I.  | FINANCIAL INFORMATION                                                      |     
|         |                                                                            |     
|         | Item 1. Financial Statements                                               |     
|         |                                                                            |     
|         | Balance
        Sheets                                                     | 1   
|         |                                                                            |     
|         | Statements
        of Operations                                           | 2   
|         |                                                                            |     
|         | Statements
        of Changes in Partners' Deficit                         | 3   
|         |                                                                            |     
|         | Statements
        of Cash Flows                                           | 4   
|         |                                                                            |     
|         | Notes
        to Financial Statements                                      | 5-8 
|         |                                                                            |     
|         | Item 2. Management's Financial Discussion                                  | 9-10
|         |                                                                            |     
|         | Item 3. Quantitative and Qualitative Disclosures
        About Market Risk | 10  
|         |                                                                            |     
|         | Item 4. Disclosure Controls and Procedures                                 | 10  
|         |                                                                            |     
|PART II. | OTHER INFORMATION                                                          |     
|         |                                                                            |     
|         | Item 6. Exhibits and Reports on Form 8-K                                   | 11  
|         |                                                                            |     
|         | SIGNATURES                                                                 | 12  







GULLEDGE REALTY INVESTORS II, L.P.
  (A Limited Partnership)

Balance Sheets(Unaudited)

|                                                   | June 30,          | December 31,     
|-------------------------------------------------- | ----------------- | -----------------
|ASSETS                                             | 2004              | 2003             
|                                                   |                   |                  
|Cash and cash equivalents                          | $   133,108       | $     57,640     
|                                                   |                   |                  
|Advances to Project Partnerships                   |           --  | 7,539            
|                                                   |                   |                  
|Total Assets                                       | **$    133,108**  | **$     65,179** 
|                                                   |                   |                  
|                                                   |                   |                  
|                                                   |                   |                  
|LIABILITIES AND PARTNERS' DEFICIT                  |                   |                  
|                                                   |                   |                  
|Accounts payable                                   | $     9,816       | $     40,000     
|                                                   |                   |                  
|Payable to General Partner                         | 1,063,443         | 997,040          
|                                                   |                   |                  
|Note payable and accrued interest payable (Note B) | --                | 3,940,854        
|                                                   |                   |                  
|Total
      Liabilities                            | 1,073,259         | 4,977,894        
|                                                   |                   |                  
|Partners' Deficit                                  | (940,151)         | (4,912,715)      
|                                                   |                   |                  
|Total
      Liabilities and Partners' Deficit      | **$     133,108** | **$      65,179**
|                                                   |                   |                  
|See Notes to Financial Statements.                 |                   |                  





GULLEDGE REALTY INVESTORS II, L.P.
  (A Limited Partnership)

Statements of Operations(Unaudited)

|                                   | Three Months Ended | Six Months Ended  
|---------------------------------- | ------------------ | ------------------
|                                   | June
      30,     | June
      30,    
|                                   | 2004               | 2003              
|                                   |                    |                   
|Revenue:                           |                    |                   
|                                   |                    |                   
|Interest income                    | $       164        | $       222       
|                                   |                    |                   
|Distributions                     
|from zero-basis                   
|Project Partnerships               | --                 | --                
|                                   |                    |                   
|Gain on Sale of                   
|Project Partnerships               | --                 | --                
|                                   |                    |                   
|Gain on Debt                      
|Forgiveness                        | --                 | --                
|                                   |                    |                   
|                                   | 164                | 222               
|Expenses:                          |                    |                   
|                                   |                    |                   
|Asset management                   |                    |                   
|fee                                | 28,645             | 28,645            
|                                   |                    |                   
|Professional fees                  | 4,250              | 2,550             
|                                   |                    |                   
|Consulting fees                    | --                 | 11,000            
|                                   |                    |                   
|Operating expenses                 | (912)              | 11,700            
|                                   |                    |                   
|Interest expense                   |                    |                   
|(Note B)                           | --                 | 95,362            
|                                   |                    |                   
|                                   | 31,983             | 149,257           
|                                   |                    |                   
|Net (loss)/income                  | **$ (31,819)**     | **$(149,035)**    
|                                   |                    |                   
|Net (loss)/income per             
|partnership unit                   | **$          (3)** | **$         (13)**
|                                   |                    |                   
|Number of total                   
|units outstanding                  | **11,814**         | **11,814**        
|                                   |                    |                   
|See Notes to Financial Statements.





GULLEDGE REALTY INVESTORS II, L.P.
  (A Limited Partnership)

Statements of Changes in Partners' Deficit(Unaudited)
  Six Months Ended June 30, 2004 and 2003

|                                   |                   |                  | Special           |                  
|---------------------------------- | ----------------- | ---------------- | ----------------- | -----------------
|                                   | Total             | General          | Limited           | Limited          
|                                   |                   |                  |                   |                  
|Balances at January 1, 2003        | $(4,642,211)      | $   (59,686)     | $   (104,371)     | $(4,478,154)     
|                                   |                   |                  |                   |                  
|Net loss for six months            |                   |                  |                   |                  
|ended June
      30, 2003          | (49,031)          | (539)            | (932)             | (47,560)         
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|Balances at June 30, 2003          | **$(4,691,242)**  | **$   (60,225)** | **$   (105,303)** | **$(4,525,714)** 
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|Balances at January 1, 2004        | $(4,912,715)      | $   (62,661)     | $   (109,511)     | $(4,740,543)     
|                                   |                   |                  |                   |                  
|Net income for six months          |                   |                  |                   |                  
|ended June
      30, 2004          | 3,972,564         | 43,698           | 75,479            | 3,853,387    
|                                   |                   |                  |                   |                  
|Balances at June 30, 2004          | **$   (940,151)** | **$   (18,963)** | **$    (34,032)** | **$   (887,156)**
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|                                   |                   |                  |                   |                  
|See Notes to Financial Statements. |                   |                  |                   |                  





GULLEDGE REALTY INVESTORS II, L.P.
  (A Limited Partnership)

Statements of Cash Flows(Unaudited)

|                                                                                            | Six Months Ended
|------------------------------------------------------------------------------------------- | ----------------
|                                                                                            | June
      30,  
|                                                                                            | 2004            
|Cash Flows From Operating Activities:                                                       |                 
|Net income/(loss)                                                                           | $3,972,564      
|Adjustments to reconcile net loss
             to net cash
      from operating activities: |                 
|Distributions from zero-basis                                                               |                 
|Project Partnerships                                                                        | (107,317)       
|Gain from sale of Project Partnerships                                                      | (3,401,551)     
|Gain from debt forgiveness                                                                  | (600,088)       
|Change in assets and liabilities:                                                           |                 
|Advances to Project Partnerships                                                            | 7,539           
|Accounts payable                                                                            | (30,184)        
|Payable to general partner                                                                  | 66,403          
|Accrued interest on note payable                                                            | 24,102          
|Net Cash From Operating Activities                                                          | (68,532)        
|                                                                                            |                 
|Cash Flows From Investing Activities -                                                      |                 
|Proceeds from sale of Project
      Partnerships                                            | 3,401,551       
|Distributions from Project
      Partnerships                                               | 107,317         
|                                                                                            | 3,508,868       
|                                                                                            |                 
|Cash Flows From Financing Activities -                                                      |                 
|Payment on Note and Interest
      Payable                                                  | (3,364,868)     
|                                                                                            |                 
|Net Change in Cash and Cash Equivalents                                                     | 75,468          
|                                                                                            |                 
|Cash and Cash Equivalents Beginning of Period                                               | 57,640          
|                                                                                            |                 
|Cash and Cash Equivalents End of Period                                                     | **$  133,108**  
|                                                                                            |                 
|Additional cash flow information:                                                           |                 
|Interest payments                                                                           | $  63,317       
|                                                                                            |                 
|See Notes to Financial Statements.                                                          |                 

|NOTES TO FINANCIAL STATEMENTS
      Six Months Ended June 30, 2004 and 2003
      (Unaudited)
|---------------------------------------------------------------------------------------------
|Note A                                                                                       
|                                                                                             
|Note B                                                                                       
|                                                                                             



|                                                                                                                                                                                                                            | For the Six Months Ended June 30, 2004 and 2003PART I Financial Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|**Item 2.**                                                                                                                                                                                                                 | **MANAGEMENT'S FINANCIAL DISCUSSION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                            | The Gulledge Realty Investors II, L.P. (the “Partnership”)
        is a limited partnership formed to acquire limited partner interests in
        real estate limited partnerships (Project Partnerships). Part of the original
        objective of the Partnership was to generate tax losses for investors.
        However, due to changes in the tax regulations, there are some restrictions
        on the use of these losses. The Partnership is in the process of selling
        the remaining Project Partnership in order to liquidate its assets and
        dissolve. The Partnership’s investments in the Project Partnerships
        are recorded using the equity method of accounting (see Note A to Financial
        Statements).
      Revenues were $164 for the three months ended June 30, 2004 compared
        to $222 for the same period a year ago. Expenses decreased to $31,983
        compared to $149,257 in 2003. Revenues were $4,109,176 for the six months
        ended June 30, 2004 compared to $237,485 for the same period a year ago.
        Expenses were $136,612 for the six months ended June 30, 2004 compared
        to $286,516 for the same period a year ago. The increase in revenue was
        primarily due to a gain on sale of Project Partnerships of $3,401,551
        and a gain on debt forgiveness of $600,088 from the sale of Hawthorn.
        The decrease in expense was due to a decrease in interest expense on the
        note payable combined with a decrease in consulting fees as a result of
        the sale of Hawthorn and an offsetting increase in operating expenses
        related to state taxes for three Project Partnerships.
      The Partnership was liable for a promissory note that bore simple interest
        at a rate of 11 percent and was collateralized by the Partnership’s
        ownership interest in Hawthorn. Principal and interest payable totaled
        $3,964,956 at January 23, 2004. A principal payment of $3,301,551 was
        made on the note from the Hawthorn sale proceeds. The remaining balance
        of the note payable, including accrued interest to the date of the sale,
        of $600,088 was forgiven as part of the terms of a negotiated reduced
        payoff entered into prior to the sale. Also, an interest payment of $63,317
        was paid out of the Hawthorn surplus cash. Principal and interest were
        only payable from surplus cash received by the Partnership from Hawthorn.
        The Partnership was not required to use distributions from any other Project
        Partnership to make payments on this promissory note.
      The Partnership’s ownership interest in another Project Partnership
        (Colony) is pledged as collateral in connection with a promissory note
        issued by Colony.
      The Colony promissory note was due June 30, 1997 and had been extended
        to November 30, 1999, while the General Partner attempted to locate a
        buyer for the project. A buyer was not located before November 30, 1999.
        This note is currently in default. Therefore, the Colony noteholder may
        demand payment and Colony may revert to its noteholder. In 2003, the Partnership
        entered into an agreement, subject to HUD approval, with the third-party
        purchaser to sell the limited partner interest in Colony. Under the terms
        of the agreement, the purchaser will acquire all of the assets as well
        as assume all of the liabilities of Colony, including the primary mortgage
        and operating liabilities, except for the secondary note. At the time
        of the sale, $225,000 of proceeds will be used to make a negotiated reduced
        payoff on the secondary note, and approximately $10,000 will be used to
        pay expenses of the sale. At June 30, 2004, the promissory note balance
        was $980,807. The difference between the note balance and the negotiated
        reduced payoff will be treated as ordinary income for tax purposes and
        thus be taxable to the partners as ordinary income.
      
      
      



GULLEDGE REALTY INVESTORS II, L.P.
  (A Limited Partnership)
        For the Six Months Ended June 30, 2004 and 2003

PART I-FINANCIAL INFORMATION
|Item 3.                                                                                                                                                                                                                     | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                            | No material changes have occurred related to the Partnership's policies, procedures,
        controls or risk profile.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Item 4.                                                                                                                                                                                                                     | DISCLOSURE CONTROLS AND PROCEDURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                            | The management of the Registrant including Mr. Douglas L. Kelly
      as President and Mr. Joseph G. Porter as Vice President have evaluated the
      Registrant's disclosure controls and procedures. Under rules promulgated
      by the SEC, disclosure controls and procedures are defined as those "controls
      or other procedures of an issuer that are designed to ensure that information
      required to be disclosed by the issuer in the reports filed or submitted
      by it under the Exchange Act is recorded, processed, summarized and reported,
      within the time periods specified in the Commission's rules and forms."
      Based on the evaluation of the Registrant's disclosure controls and procedures,
      it was determined that such controls and procedures were effective as of
      June 30, 2004.
Further, there were no significant changes in the internal controls over
        financial reporting or in other factors that could significantly affect
        these controls after June 30, 2004.
      
      



GULLEDGE REALTY INVESTORS II, L.P.
  (A Limited Partnership)
        For the Six Months Ended June 30, 2004 and 2003

PART II-OTHER INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 6.                                                                                                                                                                                                                     | EXHIBITS AND REPORTS ON FORM 8-K                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(a)                                                                                                                                                                                                                         | Exhibits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            | 99(i)     President, Secretary, Treasurer and Director
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
  Section 906 of the Sarbanes-Oxley Act of 2002.
99(ii)     Vice President
  and Assistant Treasurer Certification Pursuant to 18 U.S.C. Section 1350,
  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99(iii)     President, Secretary, Treasurer and Director
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
  Section 302 of the Sarbanes-Oxley Act of 2002..
99(iv)     Vice President and Assistant Treasurer Certification
  Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302
  of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(b)                                                                                                                                                                                                                         | Reports on Form 8-K - There were no reports filed on Form 8-K for the
      quarter ended June 30, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|                     | GULLEDGE REALTY INVESTORS II, L.P.         
|-------------------- | -------------------------------------------
|                     |                                            
|                     | By:
			     GULL-AGE Properties, Inc.      
|                     | Managing General Partner                   
|                     |                                            
|                     |                                            
|                     |                                            
|                     |                                            
|Date: August 5, 2004 | By:
		     

/s/ Douglas L. Kelly			_______
|                     | Douglas L. Kelly                           
|                     | President, Secretary, Treasurer,           
|                     | and Director