UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

_______________________

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934



|For the quarterly period ended June 30, 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                       | 10-11
|         |                                                                     |      
|         | Item 3.  Quantitative and Qualitative Disclosures About Market Risk | 12   
|         |                                                                     |      
|         | Item 4. Controls and Procedures                                     | 12-13
|         |                                                                     |      
|PART II. | OTHER INFORMATION                                                   |      
|         |                                                                     |      
|         | Item 6.  Exhibits and Reports on Form 8-K                           | 14   
|         |                                                                     |      
|         | SIGNATURES                                                          | 15   







Balance Sheets(Unaudited)

|                                                   | June 30,       | December 31, 
|-------------------------------------------------- | -------------- | -------------
|ASSETS                                             | 2003           | 2002         
|                                                   |                |              
|Cash and cash equivalents                          | $     90,077   | $     71,610 
|                                                   |                |              
|Advances to Project Partnerships                   | 909            | 20,203       
|                                                   |                |              
|Total Assets                                       | $     90,986   | $     91,813 
|                                                   |                |              
|                                                   |                |              
|                                                   |                |              
|LIABILITIES AND PARTNERS' DEFICIT                  |                |              
|                                                   |                |              
|Accounts payable                                   | $     19,859   | $     35,200 
|                                                   |                |              
|Payable to General Partner                         | 964,335        | 908,460      
|                                                   |                |              
|Note payable and accrued interest payable (Note C) | 3,748,034      | 3,740,364    
|                                                   |                |              
|Capital contributions payable                      | 50,000         | 50,000       
|                                                   |                |              
|Total Liabilities                                  | 4,782,228      | 4,734,024    
|                                                   |                |              
|Partners' Deficit                                  | (4,691,242)    | (4,642,211)  
|                                                   |                |              
|Total Liabilities and Partners' Deficit            | $       90,986 | $      91,813
|                                                   |                |              
|See Notes to Financial Statements.                 |                |              





Statements of Operations(Unaudited)

|                                       | Three Months Ended | Six Months Ended
|-------------------------------------- | ------------------ | ----------------
|                                       | June
      30,     | June
      30,  
|                                       | 2003               | 2002            
|                                       |                    |                 
|Revenue:                               |                    |                 
|                                       |                    |                 
|Interest income                        | $       222        | $       389     
|                                       |                    |                 
|Distributions from zero-basis         
|Project Partnerships                   | --                 | 399,314         
|                                       |                    |                 
|                                       |                    |                 
|Miscellaneous income                   | --                 | --              
|                                       |                    |                 
|                                       | 222                | 399,703         
|Expenses:                              |                    |                 
|                                       |                    |                 
|Asset management fee                   | 28,645             | 28,645          
|                                       |                    |                 
|Professional fees                      | 2,550              | 2,550           
|                                       |                    |                 
|Consulting fees                        | 11,000             | 11,000          
|                                       |                    |                 
|Operating expenses                     | 11,700             | 10,684          
|                                       |                    |                 
|Interest expense (Note C)              | 95,362             | 78,060          
|                                       |                    |                 
|                                       | 149,257            | 130,939         
|                                       |                    |                 
|Net (loss)/income                      | $ (149,035)        | $  268,764      
|                                       |                    |                 
|Net (loss)/income per partnership unit | $          (13)    | $           23  
|                                       |                    |                 
|                                       |                    |                 
|See Notes to Financial Statements.     |                    |                 





Statements of Changes in Partners' Deficit(Unaudited)
  Six Months Ended June 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 six months          |              |              |               |             
|ended June
      30, 2002          | 158,510      | 1,744        | 3,012         | 153,754     
|                                   |              |              |               |             
|                                   |              |              |               |             
|Balances at June 30, 2002          | $(4,363,216) | $   (56,616) | $   (99,070)  | $(4,207,530)
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|Balances at January 1, 2003        | $(4,642,211) | $   (59,686) | $   (104,371) | $(4,478,154)
|                                   |              |              |               |             
|Net loss for six months            |              |              |               |             
|ended June
      30, 2003          | (49,031)     | (539)        | (932)         | (47,560)    
|                                   |              |              |               |             
|Balances at June 30, 2003          | $(4,691,242) | $   (60,225) | $  (105,303)  | $(4,525,714)
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|                                   |              |              |               |             
|See Notes to Financial Statements. |              |              |               |             





Statements of Cash Flows(Unaudited)

|                                                                                      | Six Months Ended
|------------------------------------------------------------------------------------- | ----------------
|                                                                                      | June
      30,  
|                                                                                      | 2003            
|Cash Flows From Operating Activities:                                                 |                 
|Net (loss)/income                                                                     | $(49,031)       
|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                                                      | 19,294          
|Accounts
      payable                                                                | (15,341)        
|Escrow deposit                                                                        | --              
|Payable to general partner                                                            | 55,875          
|
|Accrued interest on note payable                                                      | 7,670           
|Net Cash From Operating Activities                                                    | (218,609)       
|                                                                                      |                 
|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                                               | 18,467          
|                                                                                      |                 
|Cash and Cash Equivalents Beginning of Period                                         | 71,610          
|                                                                                      |                 
|Cash and Cash Equivalents End of Period                                               | $   90,077      
|                                                                                      |                 
|Additional cash flow information:                                                     |                 
|Interest payments                                                                     | $  182,006      
|                                                                                      |                 
|See Notes to Financial Statements.                                                    |                 

|NOTES TO FINANCIAL STATEMENTSSix Months Ended June 30, 2003 and 2002(Unaudited)
|-------------------------------------------------------------------------------
|Note A                                                                         
|                                                                               
|Note B                                                                         
|                                                                               
|                                                                               



|MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONSFor the Six Months Ended June 30, 2003 and 2002                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                           
|Item 3.                                                                                                                                                                                                                    
|                                                                                                                                                                                                                           
|Item 4.                                                                                                                                                                                                                    
|                                                                                                                                                                                                                           
|Item 6.                                                                                                                                                                                                                    
|                                                                                                                                                                                                                           
|(a)                                                                                                                                                                                                                        
|                                                                                                                                                                                                                           
|(b)                                                                                                                                                                                                                        
|SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|                      | GULLEDGE REALTY INVESTORS II, L.P.         
|--------------------- | -------------------------------------------
|                      |                                            
|                      | By:
			     GULL-AGE Properties, Inc.      
|                      | Managing General Partner                   
|                      |                                            
|                      |                                            
|                      |                                            
|                      |                                            
|Date:
August 13, 2003 | By:
		     

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