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 September 30, 2003 | 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                                    | 5-9  
|         |                                                                        |      
|         | Item 2. Management's Discussion and Analaysis of Financial            
|         | Condition
      and Results of Operations                              | 10-12
|         |                                                                        |      
|         | Item 3. Quantitative and Qualitative Disclosures About Market
    Risk | 13   
|         |                                                                        |      
|         | Item 4. Controls and Procedures                                        | 13-14
|         |                                                                        |      
|PART II. | OTHER INFORMATION                                                      |      
|         |                                                                        |      
|         | Item 6. Exhibits and Reports on Form 8-K                               | 15   
|         |                                                                        |      
|         | SIGNATURES                                                             | 16   









Balance Sheets(Unaudited)

|                                                   | September 30,  | December 31, 
|-------------------------------------------------- | -------------- | -------------
|ASSETS                                             | 2003           | 2002         
|                                                   |                |              
|Cash and cash equivalents                          | $     90,271   | $     71,610 
|                                                   |                |              
|Advances to Project Partnerships                   | 4,792          | 20,203       
|                                                   |                |              
|Total Assets                                       | $     95,063   | $     91,813 
|                                                   |                |              
|                                                   |                |              
|                                                   |                |              
|LIABILITIES AND PARTNERS' DEFICIT                  |                |              
|                                                   |                |              
|Accounts payable                                   | $     28,650   | $     35,200 
|                                                   |                |              
|Payable to General Partner                         | 1,007,118      | 908,460      
|                                                   |                |              
|Note payable and accrued interest payable (Note C) | 3,844,444      | 3,740,364    
|                                                   |                |              
|Capital contributions payable                      | 50,000         | 50,000       
|                                                   |                |              
|Total
      Liabilities                            | 4,930,212      | 4,734,024    
|                                                   |                |              
|Partners' Deficit                                  | (4,835,149)    | (4,642,211)  
|                                                   |                |              
|Total
      Liabilities and Partners' Deficit      | $       95,063 | $      91,813
|                                                   |                |              
|See Notes to Financial Statements.                 |                |              





Statements of Operations(Unaudited)

|                                       | Three Months
      Ended | Nine Months Ended
|-------------------------------------- | ------------------------ | -----------------
|                                       | September 30,            | September 30,    
|                                       | 2003                     | 2002             
|                                       |                          |                  
|Revenue:                               |                          |                  
|                                       |                          |                  
|Interest income                        | $       193              | $       279      
|                                       |                          |                  
|Distributions from
    zero-basis     
|Project
      Partnerships             | --                       | --               
|                                       |                          |                  
|                                       |                          |                  
|Miscellaneous income                   | --                       | --               
|                                       |                          |                  
|                                       | 193                      | 279              
|Expenses:                              |                          |                  
|                                       |                          |                  
|Asset management fee                   | 28,645                   | 28,645           
|                                       |                          |                  
|Professional fees                      | 2,550                    | 2,550            
|                                       |                          |                  
|Consulting fees                        | 11,000                   | 11,000           
|                                       |                          |                  
|Operating expenses                     | 5,042                    | 830              
|                                       |                          |                  
|Interest expense (Note C)              | 96,410                   | 96,410           
|                                       |                          |                  
|                                       | 143,647                  | 139,435          
|                                       |                          |                  
|Net (loss)/income                      | $ (143,454)              | $ (139,156)      
|                                       |                          |                  
|Net (loss)/income per partnership unit | $          (12)          | $          (12)  
|                                       |                          |                  
|                                       |                          |                  
|See Notes to Financial Statements.     |                          |                  





Statements of Changes in Partners'
Deficit(Unaudited)
    Nine Months Ended September 30, 2003 and 2002

|                                   |              |              | Special       |             
|---------------------------------- | ------------ | ------------ | ------------- | ------------
|                                   | Total        | General      | Limited       | Limited     
|                                   |              |              |               |             
|Balances at January 1, 2002        | $(4,521,726) | $   (58,360) | $   (102,082) | $(4,361,284)
|                                   |              |              |               |             
|Net income for nine months         |              |              |               |             
|ended
          September 30, 2002 | 19,353       | 213          | 368           | 18,772      
|                                   |              |              |               |             
|                                   |              |              |               |             
|Balances at September 30, 2002     | $(4,502,373) | $   (58,147) | $   (101,714) | $(4,342,512)
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|Balances at January 1, 2003        | $(4,642,211) | $   (59,686) | $   (104,371) | $(4,478,154)
|                                   |              |              |               |             
|Net loss for nine months           |              |              |               |             
|ended
          September 30, 2003 | (192,938)    | (2,122)      | (3,666)       | (187,150)   
|                                   |              |              |               |             
|Balances at September 30, 2003     | $(4,835,149) | $   (61,808) | $  (108,037)  | $(4,665,304)
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|See Notes to Financial Statements. |              |              |               |             





Statements of Cash Flows(Unaudited)

|                                                                                             | Nine Months Ended      
|-------------------------------------------------------------------------------------------- | -----------------------
|                                                                                             | September
          30,
|                                                                                             | 2003                   
|Cash Flows From Operating Activities:                                                        |                        
|Net (loss)/income                                                                            | $(192,938)             
|Adjustments to reconcile net
      loss         to
      net cash from operating activities: |                        
|Distributions from zero-basis Project Partnerships                                           | (237,076)              
|Changes in assets and liabilities:                                                           |                        
|Advances to Project Partnerships                                                             | 15,411                 
|Accounts payable                                                                             | (6,550)                
|Escrow deposit                                                                               | --                     
|Payable to general partner                                                                   | 98,658                 
|
|Accrued interest on note payable                                                             | 104,080                
|                                                                                             |                        
|Net Cash From Operating Activities                                                           | (218,415)              
|                                                                                             |                        
|Cash Flows From Investing Activities -                                                       |                        
|Distributions from Project
      Partnerships                                                | 237,076                
|                                                                                             |                        
|Cash Flows From Financing Activities -                                                       |                        
|Payment on Note Payable                                                                      | --                     
|                                                                                             |                        
|Net Change in Cash and Cash Equivalents                                                      | 18,661                 
|                                                                                             |                        
|Cash and Cash Equivalents Beginning of Period                                                | 71,610                 
|                                                                                             |                        
|Cash and Cash Equivalents End of Period                                                      | $   90,271             
|                                                                                             |                        
|Additional cash flow information:                                                            |                        
|Interest payments                                                                            | $  182,006             
|                                                                                             |                        
|See Notes to Financial Statements.                                                           |                        

|NOTES TO FINANCIAL
      STATEMENTS
          Nine Months Ended September 30, 2003 and 2002
          (Unaudited)
|-----------------------------------------------------------------------------------------------------------------
|Note A                                                                                                           
|                                                                                                                 
|Note B                                                                                                           
|                                                                                                                 
|Note C                                                                                                           
|                                                                                                                 



|Item 2.                                                                                                                                                                                                                                             | MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL
      CONDITION AND RESULTS OF OPERATIONS
            For the NineMonths Ended September 30, 2003 and 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 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|                                                                                                                                                                                                                                                    | 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 restrictions on
      the use of these losses. The Partnership is in the process of selling the
      remaining Project Partnerships 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).
      Net loss for the three months ended September 30, 2003, was $143,454,
      compared to net loss of $139,156 for the same period a year ago. The
      increase in net loss was mainly due to an increase  in operating expense. The
      increase in operating expense was due to an increase in legal expenses associated with liquidating the Project Partnerships.
      Net loss for the nine months ended September 30, 2003, was $192,938, compared
      to net income of $19,353 for the same period a year ago. Revenues of
      $237,679 in 2003 compared to $410,201 in 2002 were lower due to decreases
      in distributions from zero-basis Project Partnerships and miscellaneous
      income. Expenses increased to $430,617 in 2003 compared to $390,848 in 2002 mainly
      due to an increase in interest expense.
      Distributions from zero-basis Project Partnerships for the nine months ended September 30, 2003 were lower due to a
      $166,178 decrease in distributions from Hawthorn, partially offset by a
      $3,940 increase in distributions from Country Oaks. Distributions from
      Hawthorn were lower mainly due to an increase in vacancies at the project.
      The decrease in miscellaneous income was the result of a prospective buyer
      for Colony terminating the sale contract and forfeiting a deposit to the
      Partnership during 2002. The increase in interest expense on the note
      payable was a result of a two percent increase in the interest rate
      beginning on July 1, 2002.
          In April 2003, the Partnership sold the assets of Olympic and as
            part of the terms of the sale, the purchaser assumed the primary mortgage
            and all of the operating liabilities. A reduced payoff was negotiated
            on a secondary note which was collateralized by the Partnership's
            ownership interest in Olympic. The Partnership did not receive a distribution
            from the sale as all proceeds were used to pay expenses related to
            the sale. As a result of the sale, partners of the Partnership will
            realize tax consequences including capital gains and ordinary income
            to the extent of the reduced payoff on the secondary note in the approximate
            amount of $8,600,000.
      The Partnership is liable for a promissory note that bears simple
      interest at a rate of 11 percent and is collateralized by the
      Partnership's ownership interest in Hawthorn. Principal and interest
      payable totaled $3,844,444 at September 30, 2003. Principal and interest are
      only payable from distributions received from Hawthorn. The Partnership is
      not required to use distributions from other Project Partnerships to make
      payments on this promissory note. The promissory note and accrued interest
      was due on June 30, 2002 and is currently in default. As a result, the
      Partnership's ownership interest in Hawthorn may revert to the noteholder
      (see Note C to Financial Statements). The noteholder has not notified
      the Partnership of a demand for payment or a claim on the collateral.
          In the second quarter of 2003, the Partnership entered into an agreement,
            subject to HUD approval, with a third-party purchaser to sell the
            assets of Hawthorn. Under the terms of the agreement, the purchaser
            will assume the primary mortgage and all of the operating liabilities
            of Hawthorn. The Partnership, as part of the agreement, negotiated
            a reduced payoff of the note payable and accrued interest, which is
            collateralized by the Partnership's interest in Hawthorn. Proceeds
            from the sale will be used to pay expenses of the sale and approximately
            $3,300,000 of the note payable. The limited partners of the Partnership
            will realize debt forgiveness to the extent of the unpaid portion
            of the note payable and the related accrued interest. The Partnership
            does not anticipate the sale to generate sufficient proceeds to make
            a distribution to its partners. The Partnership is expecting the sale
            to close in 2003, but due to the necessity of HUD approval, the timing
            and ultimate close cannot be determined with certainty. As a result
            of the sale, partners of the Partnership will realize tax consequences
            including capital gains.
          The Partnership's ownership interest in 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. This note is currently in default. Therefore,
            the Colony noteholder may demand payment and Colony may revert to
            its noteholder. The Colony noteholder has not notified the Partnership
            of a demand for payment or a claim on the collateral.
          The Partnership is under negotiations with a third-party to sell
            Colony . The ability to sell the Partnership's assets, i.e. the Project
            Partnership, is limited by the overall market conditions in the geographic
            area where the Project operates and, potentially, the ability of the
            Project to qualify for Low Income Housing Tax Credits. The Partnership's
            ownership interest is pledged as collateral in connection with a promissory
            note. Therefore, the Partnership must also consider the outstanding
            balance of the note and may have to negotiate a reduced payoff on
            the note.
          The Partnership intends to sell its partnership interests in Country
            Oaks to GARA or GAP. The purchase price of the interests will be based
            on the expected future cash distributions from Country Oaks. The Partnership
            believes the anticipated sale price is comparable to an amount that
            would be obtained in a sale to an unrelated third party. The proceeds
            from the sale will be used to make a payment on the amount owed to
            the General Partner. The Partnership is expecting the sale to close
            in the fourth quarter of 2003.
      
      
      
      GULLEDGE REALTY INVESTORS II, L.P.(A Limited
      Partnership)
      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.                                                                                                                                                                                                                                             | CONTROLS AND PROCEDURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                    | As of the end of the period covered by this Quarterly Report on Form
      10-Q, the Partnership evaluated the effectiveness of the design and
      operation of its "disclosure controls and procedures" (Disclosure
      Controls). This evaluation (the Controls Evaluation) was performed under
      the supervision and with the participation of management, including the
      President of the General Partner of the Partnership ("President") and the
      Vice President of the General Partner of the Partnership ("Vice
      President").
      Disclosure Controls are procedures designed to ensure that information
      required to be disclosed in the Partnership's reports filed under the
      Exchange Act, such as this Quarterly Report, is recorded, processed,
      summarized and reported within the time periods specified in the U.S.
      Securities and Exchange Commission's (the SEC) rules and forms. Disclosure
      Controls are also designed to ensure that such information is accumulated
      and communicated to management, including the President and the Vice
      President, as appropriate to allow timely decisions regarding required
      disclosure. Internal Controls are procedures designed to provide
      reasonable assurance that (1) transactions are properly authorized; (2)
      assets are safeguarded against unauthorized or improper use; and (3)
      transactions are properly recorded and reported, all to permit the
      preparation of financial statements in conformity with generally accepted
      accounting principles.
      The Partnership's management, including the President and the Vice
      President, does not expect that the Disclosure Controls or other internal
      controls will prevent all error and all fraud. A control system, no matter
      how well designed and operated, can provide only reasonable, not absolute,
      assurance that the control system's objectives will be met. Further, the
      design of a control system must reflect the fact that there are resource
      constraints, and the benefits of controls must be considered relative to
      their costs. Because of the inherent limitations in all control systems,
      no evaluation of controls can provide absolute assurance that all control
      issues and instances of fraud, if any, within the Partnership have been
      detected. These inherent limitations include the realities that judgments
      in decision-making can be faulty, and that breakdowns can occur because of
      simple error or mistake. Controls can also be circumvented by the
      individual acts of some persons, by collusion of two or more people, or by
      management override of the controls. The design of any system of controls
      is based in part upon certain assumptions about the likelihood of future
      events, and there can be no assurance that any design will succeed in
      achieving its stated goals under all potential future conditions. Over
      time, controls may become inadequate because of changes in conditions or
      deterioration in the degree of compliance with its policies or procedures.
      Because of the inherent limitations in a cost-effective control system,
      misstatements due to error or fraud may occur and not be detected.
      The evaluation of the Partnership's Disclosure Controls included a
      review of the controls' objectives and design, the Partnership's
      implementation of the controls and the effect of the controls on the
      information generated for use in this Quarterly Report. In the course of
      the Controls Evaluation, management sought to identify data errors,
      controls problems or acts of fraud and confirm that appropriate corrective
      actions, including process improvements, were being undertaken. This type
      of evaluation is performed on a quarterly basis so that the conclusions of
      management, including the President and the Vice President, concerning
      controls effectiveness can be reported in the Partnership's Quarterly
      Reports on Form 10-Q and Annual Report on Form 10-K. The Partnership's
      internal controls are also evaluated by the independent auditors who
      evaluate them in connection with determining their auditing procedures
      related to their report on the annual financial statements and not to
      provide assurance on internal controls. The overall goals of these various
      evaluation activities are to monitor Disclosure Controls and internal
      controls, and to modify them as necessary. The Partnership intends to
      maintain the Disclosure Controls and the internal controls as dynamic
      systems that change as conditions warrant.
      There were no changes during the period covered by this report in the Partnership's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Partnership's internal control over financial reporting.
      Based upon the Controls Evaluation, the President and the Vice
      President have concluded that, subject to the limitations noted above, the
      Disclosure Controls were effective as of the end of the period covered by this report.
      
      
      GULLEDGE REALTY INVESTORS II, L.P.(A Limited
      Partnership)
      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 September 30, 2003.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|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: November13,
      2003 | By:
            /s/ Douglas L. Kelly_______
|                             | Douglas L. Kelly                           
|                             | President, Secretary, Treasurer,           
|                             | and Director