GTWY2
                     SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC  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, 2000

Commission File Number                       0-19022

                           Gateway Tax Credit Fund II Ltd.
              (Exact name of Registrant as specified in its charter)

            Florida                                65-0142704
(State or other jurisdiction of              ( I.R.S. Employer No.)
incorporation or organization)

     880 Carillon Parkway,   St. Petersburg,   Florida       33716
    (Address of principal executive offices)              (Zip Code)

Registrant's Telephone Number, Including Area Code:      (727)573-3800

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 for 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     X              NO

                                              Number of Units
      Title of Each Class                   September 30, 2000
Beneficial Assignee Certificates:
$1,000 per certificate                              37,228

                     DOCUMENTS INCORPORATED BY REFERENCE
               Parts I and II, 1998 Form 10-K, filed with the
             Securities and Exchange Commission on July 13, 1999
             Parts III and IV - Form S-11 Registration Statement
                 and all amendments and supplements thereto
                              File No. 33-31821


PART I - Financial Information
 Item 1.  Financial Statements
                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                               BALANCE SHEETS
SERIES 2                                      September 30,      March 31,
                                                   2000             2000
                                               ---------        ----------
                                               (Unaudited)       (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                      $   206,509     $   188,570
 Investments in Securities                           51,932          51,800
                                               ------------    ------------
    Total Current Assets                            258,441         240,370

 Investments in Securities                          233,284         274,482
 Investments in Project Partnerships, Net            90,403         208,215
                                              -------------   -------------
    Total Assets                                $   582,128     $   723,067
                                              =============   =============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                    $    43,798     $    45,773
                                              -------------   -------------
    Total Current Liabilities                        43,798          45,773
                                              -------------   -------------
Long-Term Liabilities:
 Payable to General Partners                        363,609         361,953
                                              -------------   -------------
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at September 30, 2000 and
March 31,2000 have been issued to the
assignees
Assignees
 Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $1,000 stated
value per BAC, 37,228 at September 30,
2000 and March 31, 2000, issued and
outstanding                                         226,773         365,987
General Partners                                    (52,052)        (50,646)
                                              -------------   -------------
  Total Partners' Equity                            174,721         315,341
                                              -------------   -------------
    Total Liabilities and Partners' Equity      $   582,128     $   723,067
                                              =============   =============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                               BALANCE SHEETS

SERIES 3                                       September 30,     March 31,
                                                   2000            2000
                                                 ---------      ----------
                                                (Unaudited)      (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                      $   170,032     $   155,487
 Investments in Securities                           46,192          46,075
                                               ------------    ------------
  Total Current Assets                              216,224         201,562

 Investments in Securities                          207,501         244,145
 Investments in Project Partnerships, Net            65,905         100,190
                                              -------------   -------------
    Total Assets                                $   489,630     $   545,897
                                              =============   =============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                    $    48,091     $    49,763
 Payable to Other Series                                  0               0
                                              -------------   -------------
  Total Current Liabilities                          48,091          49,763
                                              -------------   -------------
Long-Term Liabilities:
 Payable to General Partners                        263,851         269,872
                                              -------------   -------------
Partners' Equity (Deficit):
 Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at September 30, 2000 and
March 31, 2000 have been issued to the
assignees
Assignees
 Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $1,000 stated
value per BAC, 37,228 at September 30,
2000 and  March 31, 2000, issued and
outstanding                                         223,727         271,815
General Partners                                    (46,039)        (45,553)
                                              -------------   -------------
  Total Partners' Equity                            177,688         226,262
                                              -------------   -------------
    Total Liabilities and Partners' Equity      $   489,630     $   545,897
                                              =============   =============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                               BALANCE SHEETS

SERIES 4                                       September 30,     March 31,
                                                   2000            2000
                                                 ---------      ----------
                                                (Unaudited)      (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                      $   246,710     $   226,648
 Investments in Securities                           58,521          58,372
                                               ------------    ------------
  Total Current Assets                              305,231         285,020

 Investments in Securities                          262,882         309,308
 Investments in Project Partnerships, Net           352,733         487,692
                                              -------------   -------------
    Total Assets                                $   920,846     $ 1,082,020
                                              =============   =============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                    $    52,948     $    54,952
                                              -------------   -------------
  Total Current Liabilities                          52,948          54,952
                                              -------------   -------------
Long-Term Liabilities:
 Payable to General Partners                        346,403         348,096
                                              -------------   -------------
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at September 30, 2000 and
March 31, 2000 have been issued to the
assignees
Assignees
 Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $1,000 stated
value per BAC, 37,228 at September 30,
2000 and March 31, 2000, issued and
outstanding                                         576,934         732,836
General Partners                                    (55,439)        (53,864)
                                              -------------   -------------
  Total Partners' Equity                            521,495         678,972
                                              -------------   -------------
    Total Liabilities and Partners' Equity      $   920,846     $ 1,082,020
                                              =============   =============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                               BALANCE SHEETS

SERIES 5                                      September 30,      March 31,
                                                   2000             2000
                                                ---------        ----------
                                               (Unaudited)       (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                      $   330,968     $   318,707
 Investments in Securities                           72,939          72,753
                                               ------------    ------------
  Total Current Assets                              403,907         391,460

 Investments in Securities                          327,650         385,513
 Investments in Project Partnerships, Net           806,963         951,449
                                              -------------   -------------
    Total Assets                                $ 1,538,520     $ 1,728,422
                                              =============   =============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                    $    71,185     $    73,415
                                              -------------   -------------
  Total Current Liabilities                          71,185          73,415
                                              -------------   -------------
Long-Term Liabilities:
 Payable to General Partners                        337,236         345,734
                                              -------------   -------------
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at September 30, 2000 and
March 31, 2000 have been issued to the
assignees
Assignees
 Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $1,000 stated
value per BAC, 37,228 at September 30,
2000 and March 31, 2000, issued and
outstanding                                       1,194,422       1,371,804
General Partners                                    (64,323)        (62,531)
                                              -------------   -------------
  Total Partners' Equity                          1,130,099       1,309,273
                                              -------------   -------------
    Total Liabilities and Partners' Equity      $ 1,538,520     $ 1,728,422
                                              =============   =============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                               BALANCE SHEETS

SERIES 6                                       September 30,      March 31,
                                                    2000             2000
                                                 ---------        ----------
                                                (Unaudited)       (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                      $   366,558     $   422,800
 Investments in Securities                           56,952          55,114
                                               ------------    ------------
  Total Current Assets                              423,510         477,914

 Investments in Securities                          329,695         318,064
 Investments in Project Partnerships, Net         1,700,772       1,997,390
                                              -------------   -------------
    Total Assets                                $ 2,453,977     $ 2,793,368
                                              =============   =============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                    $    66,624     $    69,212
                                              -------------   -------------
  Total Current Liabilities                          66,624          69,212
                                              -------------   -------------
Long-Term Liabilities:
 Payable to General Partners                        437,879         438,798
                                              -------------   -------------
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at September 30, 2000 and
March 31, 2000 have been issued to the
assignees
Assignees
 Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $1,000 stated
value per BAC, 37,228 at September 30,
2000 and March 31, 2000, issued and
outstanding                                       2,018,705       2,351,230
General Partners                                    (69,231)        (65,872)
                                              -------------   -------------
  Total Partners' Equity                          1,949,474       2,285,358
                                              -------------   -------------
    Total Liabilities and Partners' Equity      $ 2,453,977     $ 2,793,368
                                              =============   =============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                               BALANCE SHEETS

TOTAL SERIES 2 - 6                             September 30,     March 31,
                                                   2000            2000
                                                 ---------      ----------
                                                (Unaudited)      (Audited)
ASSETS
Current Assets:
 Cash and Cash Equivalents                      $ 1,320,777     $ 1,312,212
 Investments in Securities                          286,536         284,114
                                               ------------    ------------
  Total Current Assets                            1,607,313       1,596,326

 Investments in Securities                        1,361,012       1,531,512
 Investments in Project Partnerships, Net         3,016,776       3,744,936
                                              -------------   -------------
    Total Assets                                $ 5,985,101     $ 6,872,774
                                              =============   =============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners                    $   282,646     $   293,115
                                              -------------   -------------
  Total Current Liabilities                         282,646         293,115
                                              -------------   -------------
Long-Term Liabilities:
 Payable to General Partners                      1,748,978       1,764,453
                                              -------------   -------------
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at September 30, 2000 and
March 31, 2000 have been issued to the
assignees
Assignees
 Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $1,000 stated
value per BAC, 37,228 at September 30,
2000 and March 31, 2000, issued and
outstanding                                       4,240,559       5,093,672
General Partners                                   (287,082)       (278,466)
                                              -------------   -------------
  Total Partners' Equity                          3,953,477       4,815,206
                                              -------------   -------------
    Total Liabilities and Partners' Equity      $ 5,985,101     $ 6,872,774
                                              =============   =============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                  FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 2                                           2000            1999
                                                   ----            ----
Revenues:
 Interest Income                                $     8,761   $     8,235
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                17,128        17,162
 General and Administrative:
  General Partner                                     3,255         2,681
  Other                                               4,087         5,627
 Amortization                                           816         1,212
                                               ------------  ------------
  Total Expenses                                     25,286        26,682
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (16,525)      (18,447)
Equity in Losses of Project Partnerships            (56,543)      (75,793)
                                               ------------  ------------
Net Loss                                        $   (73,068)  $   (94,240)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $   (72,338)  $   (93,297)
 General Partners                                      (730)         (943)
                                               ------------  ------------
                                                $   (73,068)  $   (94,240)
                                               ============  ============
Net Loss Per Beneficial
 Assignee Certificate                           $    (11.79)  $    (15.21)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                             6,136         6,136
                                               ============  ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                  FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 3                                           2000            1999
                                                   ----            ----
Revenues:
 Interest Income                                $     7,682   $     7,141
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                15,825        15,870
 General and Administrative:
  General Partner                                     3,402         2,803
  Other                                               4,396         4,966
 Amortization                                           280           760
                                               ------------  ------------
  Total Expenses                                     23,903        24,399
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (16,221)      (17,258)
Equity in Losses of Project Partnerships             (8,355)      (12,099)
                                               ------------  ------------
Net Loss                                        $   (24,576)  $   (29,357)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $   (24,330)  $   (29,064)
 General Partners                                      (246)         (293)
                                               ------------  ------------
                                                $   (24,576)  $   (29,357)
                                               ============  ============
Net Loss Per Beneficial
 Assignee Certificate                           $     (4.46)  $     (5.32)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                             5,456         5,456
                                               ============  ============

               See accompanying notes to financial statements.


                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                  FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 4                                            2000             1999
                                                    ----             ----
Revenues:
 Interest Income                                $    10,110    $     9,424
                                               ------------   ------------
Expenses:
 Asset Management Fee-General Partner                19,458         19,497
 General and Administrative:
  General Partner                                     4,289          3,530
  Other                                               5,454          6,116
 Amortization                                         1,664          1,932
                                               ------------   ------------
  Total Expenses                                     30,865         31,075
                                               ------------   ------------
Loss Before Equity in Losses of
 Project Partnerships                               (20,755)       (21,651)
Equity in Losses of Project Partnerships            (57,942)       (48,440)
                                               ------------   ------------
Net Loss                                        $   (78,697)   $   (70,091)
                                               ============   ============
Allocation of Net Loss:
 Assignees                                      $   (77,910)   $   (69,390)
 General Partners                                      (787)          (701)
                                               ------------   ------------
                                                $   (78,697)   $   (70,091)
                                               ============   ============
Net Loss Per Beneficial Assignee
 Certificate                                    $    (11.27)   $    (10.04)
Number of Beneficial Assignee                  ============   ============
 Certificates Outstanding                             6,915          6,915
                                               ============   ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                  FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 5                                            2000            1999
                                                    ----            ----
Revenues:
 Interest Income                                $    13,042   $    12,055
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                24,060        24,115
 General and Administrative:
  General Partner                                     5,325         4,387
  Other                                               6,692         7,501
 Amortization                                         1,540         1,632
                                               ------------  ------------
  Total Expenses                                     37,617        37,635
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (24,575)      (25,580)
Equity in Losses of Project Partnerships            (69,923)      (91,579)
                                               ------------  ------------
Net Loss                                        $   (94,498) $   (117,159)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $   (93,553) $   (115,988)
 General Partners                                      (945)       (1,171)
                                               ------------  ------------
                                                $   (94,498)  $  (117,159)
                                               ============  ============
Net Loss Per Beneficial Assignee
 Certificate                                    $    (10.86)  $    (13.46)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                             8,616         8,616
                                               ============  ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                  FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 6                                            2000            1999
                                                    ----            ----
Revenues:
 Interest Income                                $    12,759   $    11,485
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                26,222        26,704
 General and Administrative:
  General Partner                                     5,621         4,631
  Other                                               7,347         8,074
 Amortization                                         3,745         4,014
                                               ------------  ------------
  Total Expenses                                     42,935        43,423
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (30,176)      (31,938)
Equity in Losses of Project Partnerships           (154,483)     (262,361)
                                               ------------  ------------
Net Loss                                        $  (184,659)  $  (294,299)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $  (182,812)  $  (291,356)
 General Partners                                    (1,847)       (2,943)
                                               ------------  ------------
                                                $  (184,659)  $  (294,299)
                                               ============  ============
Net Loss Per Beneficial Assignee
 Certificate                                    $    (18.09)  $    (28.83)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                            10,105        10,105
                                               ============  ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                  FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
TOTAL SERIES 2 - 6                                  2000            1999
                                                    ----            ----
Revenues:
 Interest Income                                $    52,354   $    48,340
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner               102,693       103,348
 General and Administrative:
  General Partner                                    21,892        18,032
  Other                                              27,976        32,284
 Amortization                                         8,045         9,550
                                               ------------  ------------
  Total Expenses                                    160,606       163,214
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                              (108,252)     (114,874)
Equity in Losses of Project Partnerships           (347,246)     (490,272)
                                               ------------  ------------
Net Loss                                        $  (455,498)  $  (605,146)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $  (450,943)  $  (599,094)
 General Partners                                    (4,555)       (6,052)
                                               ------------  ------------
                                                $  (455,498)  $  (605,146)
                                               ============  ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 2                                           2000            1999
                                                   ----            ----
Revenues:
 Interest Income                                $    17,462   $    16,217
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                34,256        34,324
 General and Administrative:
  General Partner                                     5,092         4,478
  Other                                               6,299         7,343
 Amortization                                         1,632         2,424
                                               ------------  ------------
  Total Expenses                                     47,279        48,569
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (29,817)      (32,352)
Equity in Losses of Project Partnerships           (110,803)     (121,407)
                                               ------------  ------------
Net Loss                                        $  (140,620)  $  (153,759)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $  (139,214)  $  (152,221)
 General Partners                                    (1,406)       (1,538)
                                               ------------  ------------
                                                $  (140,620)  $  (153,759)
                                               ============  ============
Net Loss Per Beneficial
 Assignee Certificate                           $    (22.69)  $    (24.81)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                             6,136         6,136
                                               ============  ============

               See accompanying notes to financial statements.


                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 3                                            2000            1999
                                                    ----            ----
Revenues:
 Interest Income                                $    15,050   $    14,135
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                31,650        31,740
 General and Administrative:
  General Partner                                     5,323         4,681
  Other                                               6,256         6,939
 Amortization                                           560         1,520
                                               ------------  ------------
  Total Expenses                                     43,789        44,880
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (28,739)      (30,745)
Equity in Losses of Project Partnerships            (19,835)      (50,563)
                                               ------------  ------------
Net Loss                                        $   (48,574)  $   (81,308)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $   (48,088)  $   (80,495)
 General Partners                                      (486)         (813)
                                               ------------  ------------
                                                $   (48,574)  $   (81,308)
                                               ============  ============
Net Loss Per Beneficial
 Assignee Certificate                           $     (8.81)  $    (14.75)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                             5,456         5,456
                                               ============  ============

               See accompanying notes to financial statements.


                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 4                                            2000             1999
                                                    ----             ----
Revenues:
 Interest Income                                $    19,834    $    18,609
                                               ------------   ------------
Expenses:
 Asset Management Fee-General Partner                38,916         38,994
 General and Administrative:
  General Partner                                     6,711          5,898
  Other                                               7,764          8,296
 Amortization                                         3,328          3,864
                                               ------------   ------------
  Total Expenses                                     56,719         57,052
                                               ------------   ------------
Loss Before Equity in Losses of
 Project Partnerships                               (36,885)       (38,443)
Equity in Losses of Project Partnerships           (120,592)      (126,996)
                                               ------------   ------------
Net Loss                                        $  (157,477)   $  (165,439)
                                               ============   ============
Allocation of Net Loss:
 Assignees                                      $  (155,902)   $  (163,785)
 General Partners                                    (1,575)        (1,654)
                                               ------------   ------------
                                                $  (157,477)   $  (165,439)
                                               ============   ============
Net Loss Per Beneficial Assignee
 Certificate                                    $    (22.55)   $    (23.69)
Number of Beneficial Assignee                  ============   ============
 Certificates Outstanding                             6,915          6,915
                                               ============   ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 5                                             2000            1999
                                                     ----            ----
Revenues:
 Interest Income                                $    25,651   $    23,846
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                48,120        48,230
 General and Administrative:
  General Partner                                     8,332         7,327
  Other                                               9,677        10,339
 Amortization                                         3,080         3,264
                                               ------------  ------------
  Total Expenses                                     69,209        69,160
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (43,558)      (45,314)
Equity in Losses of Project Partnerships           (135,616)     (112,020)
                                               ------------  ------------
Net Loss                                        $  (179,174)  $  (157,334)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $  (177,382)  $  (155,761)
 General Partners                                    (1,792)       (1,573)
                                               ------------  ------------
                                                $  (179,174)  $  (157,334)
                                               ============  ============
Net Loss Per Beneficial Assignee
 Certificate                                    $    (20.59)  $    (18.08)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                             8,616         8,616
                                               ============  ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
SERIES 6                                             2000            1999
                                                     ----            ----
Revenues:
 Interest Income                                $    25,259   $    22,760
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner                52,844        53,408
 General and Administrative:
  General Partner                                     8,795         7,734
  Other                                              10,302        10,975
 Amortization                                         7,490         8,028
                                               ------------  ------------
  Total Expenses                                     79,431        80,145
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                               (54,172)      (57,385)
Equity in Losses of Project Partnerships           (281,712)     (337,943)
                                               ------------  ------------
Net Loss                                        $  (335,884)  $  (395,328)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $  (332,525)  $  (391,375)
 General Partners                                    (3,359)       (3,953)
                                               ------------  ------------
                                                $  (335,884)  $  (395,328)
                                               ============  ============
Net Loss Per Beneficial Assignee
 Certificate                                    $    (32.91)  $    (38.73)
Number of Beneficial Assignee                  ============  ============
 Certificates Outstanding                            10,105        10,105
                                               ============  ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                          STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                 (Unaudited)
TOTAL SERIES 2 - 6                                   2000            1999
                                                     ----            ----
Revenues:
 Interest Income                                $   103,256   $    95,567
                                               ------------  ------------
Expenses:
 Asset Management Fee-General Partner               205,786       206,696
 General and Administrative:
  General Partner                                    34,253        30,118
  Other                                              40,298        43,892
 Amortization                                        16,090        19,100
                                               ------------  ------------
  Total Expenses                                    296,427       299,806
                                               ------------  ------------
Loss Before Equity in Losses of
 Project Partnerships                              (193,171)     (204,239)
Equity in Losses of Project Partnerships           (668,558)     (748,929)
                                               ------------  ------------
Net Loss                                        $  (861,729)  $  (953,168)
                                               ============  ============
Allocation of Net Loss:
 Assignees                                      $  (853,113)  $  (943,637)
 General Partners                                    (8,616)       (9,531)
                                               ------------  ------------
                                                $  (861,729)  $  (953,168)
                                               ============  ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                  STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)

                                                General
SERIES 2                       Assignees        Partners         Total
                               ---------        --------         -----


Balance at March 31, 1999      $    530,860     $   (48,981)   $    481,879

Net Loss                           (152,221)         (1,538)       (153,759)
                              -------------    ------------   -------------

Balance at September 30,1999   $    378,639     $   (50,519)   $    328,120
                              =============    ============   =============


Balance at March 31, 2000      $    365,987     $   (50,646)   $    315,341

Net Loss                           (139,214)         (1,406)       (140,620)
                              -------------    ------------   -------------

Balance at September 30,2000   $    226,773     $   (52,052)   $    174,721
                              =============    ============   =============

               See accompanying notes to financial statements.


                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                  STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)

                                                General
SERIES 3                       Assignees        Partners         Total
                               ---------        --------         -----

Balance at March 31, 1999      $    417,412     $   (44,082)   $    373,330

Net Loss                            (80,495)           (813)        (81,308)
                              -------------    ------------   -------------

Balance at September 30,1999   $    336,917     $   (44,895)   $    292,022
                              =============    ============   =============


Balance at March 31, 2000      $    271,815     $   (45,553)   $    226,262

Net Loss                            (48,088)           (486)        (48,574)
                              -------------    ------------   -------------

Balance at September 30,2000   $    223,727     $   (46,039)   $    177,688
                              =============    ============   =============

               See accompanying notes to financial statements.


                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                  STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)

                                                General
SERIES 4                       Assignees        Partners         Total
                               ---------        --------         -----

Balance at March 31, 1999      $    965,972     $   (51,509)   $    914,463

Net Loss                           (163,785)         (1,654)       (165,439)
                              -------------    ------------   -------------

Balance at September 30,1999   $    802,187     $   (53,163)   $    749,024
                              =============    ============   =============


Balance at March 31, 1999      $    732,836     $   (53,864)   $    678,972

Net Loss                           (155,902)         (1,575)       (157,477)
                              -------------    ------------   -------------

Balance at September 30,2000   $    576,934     $   (55,439)   $    521,495
                              =============    ============   =============

               See accompanying notes to financial statements.



                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                  STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)

                                                General
SERIES 5                       Assignees        Partners         Total
                               ---------        --------         -----

Balance at March 31, 1999      $  1,613,346     $   (60,091)   $  1,553,255

Net Loss                           (155,761)         (1,573)       (157,334)
                              -------------    ------------   -------------

Balance at September 30,1999   $  1,457,585     $   (61,664)   $  1,395,921
                              =============    ============   =============


Balance at March 31, 2000      $  1,371,804     $   (62,531)   $  1,309,273

Net Loss                           (177,382)         (1,792)       (179,174)
                              -------------    ------------   -------------

Balance at September 30,2000   $  1,194,422     $   (64,323)   $  1,130,099
                              =============    ============   =============

               See accompanying notes to financial statements.



                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                  STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)

                                                General
SERIES 6                       Assignees        Partners         Total
                               ---------        --------         -----

Balance at March 31, 1999      $  2,877,858     $   (60,553)   $  2,817,305

Net Loss                           (391,375)         (3,953)       (395,328)
                              -------------    ------------   -------------

Balance at September 30,1999   $  2,486,483     $   (64,506)   $  2,421,977
                              =============    ============   =============


Balance at March 31, 2000      $  2,351,230     $   (65,872)   $  2,285,358

Net Loss                           (332,525)         (3,359)       (335,884)
                              -------------    ------------   -------------

Balance at September 30,2000   $  2,018,705     $   (69,231)   $  1,949,474
                              =============    ============   =============

               See accompanying notes to financial statements.


                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)

                  STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)

                                                General
TOTAL SERIES 2 - 6             Assignees        Partners         Total
                               ---------        --------         -----

Balance at March 31, 1999      $  6,405,448     $  (265,216)   $  6,140,232

Net Loss                           (943,637)         (9,531)       (953,168)
                              -------------    ------------   -------------

Balance at September 30,1999   $  5,461,811     $  (274,747)   $  5,187,064
                              =============    ============   =============


Balance at March 31, 2000      $  5,093,672     $  (278,466)   $  4,815,206

Net Loss                           (853,113)         (8,616)       (861,729)
                              -------------    ------------   -------------

Balance at September 30,2000   $  4,240,559     $  (287,082)   $  3,953,477
                              =============    ============   =============

               See accompanying notes to financial statements.


                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                          STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)

SERIES 2                                          2000            1999
--------                                          ----            ----
Cash Flows from Operating Activities:
 Net Loss                                     $  (140,620)     $  (153,759)
 Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
   Amortization                                     1,632            2,424
   Accreted Interest Income on Investments
   in Securities                                  (10,734)         (11,741)
   Equity in Losses of Project
   Partnerships                                   110,803          121,407
   Interest Income from Redemption of
   Securities                                      23,536           20,241
   Changes in Operating Assets and
   Liabilities:
     Increase (Decrease) in Payable to
     General Partners                                (318)           3,156
                                             ------------     ------------
        Net Cash Used in Operating
        Activities                                (15,701)         (18,272)
                                             ------------     ------------
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships                                      5,377            4,156
  Redemption of Investment in Securities           28,263           29,297
                                             ------------     ------------
        Net Cash Provided by Investing
        Activities                                 33,640           33,453
                                             ------------     ------------
Increase in Cash and Cash Equivalents              17,939           15,181
Cash and Cash Equivalents at Beginning
of Year                                           188,570          169,513
                                             ------------     ------------
Cash and Cash Equivalents at End of Year      $   206,509      $   184,694
                                             ============     ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                          STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)
SERIES 3                                            2000            1999
--------                                            ----            ----
Cash Flows from Operating Activities:
 Net Loss                                      $   (48,574)    $   (81,308)
 Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
   Amortization                                        560           1,520
   Accreted Interest Income on Investments
   in Securities                                    (9,547)        (10,444)
   Equity in Losses of Project
   Partnerships                                     19,835          50,563
   Interest Income from Redemption of
   Securities                                       20,936          18,004
   Changes in Operating Assets and
   Liabilities:
     Decrease in Payable to General
     Partners                                       (7,694)         (8,231)
                                              ------------    ------------
       Net Cash Used in Operating
       Activities                                  (24,484)        (29,896)
                                              ------------    ------------
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships                                      13,890          13,944
  Redemption of Investment in Securities            25,139          26,059
                                              ------------    ------------
       Net Cash Provided by Investing
       Activities                                   39,029          40,003
                                              ------------    ------------
Increase in Cash and Cash Equivalents               14,545          10,107
Cash and Cash Equivalents at Beginning of
Year                                               155,487         137,981
                                              ------------    ------------
Cash and Cash Equivalents at End of Year       $   170,032     $   148,088
                                              ============    ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                          STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)
SERIES 4                                             2000            1999
--------                                             ----            ----
Cash Flows from Operating Activities:
 Net Loss                                      $  (157,477)    $  (165,439)
 Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
   Amortization                                      3,328           3,864
   Accreted Interest Income on Investments
   in Securities                                   (12,096)        (13,231)
   Equity in Losses of Project
   Partnerships                                    120,592         126,996
   Interest Income from Redemption of
   Securities                                       26,523          22,808
   Changes in Operating Assets and
   Liabilities:
     Decrease in Payable to General
     Partners                                       (3,696)         (1,477)
                                              ------------    ------------
       Net Cash Used in Operating
       Activities                                  (22,826)        (26,479)
                                              ------------    ------------
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships                                      11,039          10,998
  Redemption of Investment in Securities            31,849          33,015
                                              ------------    ------------
       Net Cash Provided by Investing
       Activities                                   42,888          44,013
                                              ------------    ------------
Increase in Cash and Cash Equivalents               20,062          17,534
Cash and Cash Equivalents at Beginning of
Year                                               226,648         207,632
                                              ------------    ------------
Cash and Cash Equivalents at End of Year       $   246,710     $   225,166
                                              ============    ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                          STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)
SERIES 5                                             2000            1999
--------                                             ----            ----
Cash Flows from Operating Activities:
 Net Loss                                     $   (179,174)    $  (157,334)
 Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
   Amortization                                      3,080           3,264
   Accreted Interest Income on Investments
   in Securities                                   (15,076)        (16,491)
   Equity in Losses of Project
   Partnerships                                    135,616         112,020
   Interest Income from Redemption of
   Securities                                       33,057          28,428
   Changes in Operating Assets and
   Liabilities:
     Decrease in Payable to General
     Partners                                      (10,728)         (7,878)
                                              ------------    ------------
       Net Cash Used in Operating
       Activities                                  (33,225)        (37,991)
                                              ------------    ------------
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships                                       5,790           9,155
  Redemption of Investment in Securities            39,696          41,148
                                              ------------    ------------
       Net Cash Provided by Investing
       Activities                                   45,486          50,303
                                              ------------    ------------
Increase in Cash and Cash Equivalents               12,261          12,312
Cash and Cash Equivalents at Beginning of
Year                                               318,707         292,994
                                              ------------    ------------
Cash and Cash Equivalents at End of Year       $   330,968     $   305,306
                                              ============    ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                          STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)
SERIES 6                                             2000            1999
--------                                             ----            ----
Cash Flows from Operating Activities:
 Net Loss                                      $  (335,884)    $  (395,328)
 Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
   Amortization                                      7,490           8,028
   Accreted Interest Income on Investments
   in Securities                                   (13,468)        (14,208)
   Equity in Losses of Project
   Partnerships                                    281,712         337,943
   Changes in Operating Assets and
   Liabilities:
     Increase (Decrease) in Payable to
     General Partners                               (3,508)              54
                                              ------------    ------------
       Net Cash Used in Operating
       Activities                                  (63,658)        (63,511)
                                              ------------    ------------
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships                                       7,416           9,466
  Redemption of Investment in Securities                 0               0
                                              ------------    ------------
       Net Cash Provided by Investing
  Activities                                         7,416           9,466
                                              ------------    ------------
Decrease in Cash and Cash Equivalents             (56,242)        (54,045)
Cash and Cash Equivalents at Beginning of
Year                                               422,800         408,672
                                              ------------    ------------
Cash and Cash Equivalents at End of Year       $   366,558     $   354,627
                                              ============    ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                          STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                 (Unaudited)
TOTAL SERIES 2 - 6                                   2000            1999
--------                                             ----            ----
Cash Flows from Operating Activities:
 Net Loss                                      $  (861,729)    $  (953,168)
 Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
   Amortization                                     16,090          19,100
   Accreted Interest Income on Investments
   in Securities                                   (60,921)        (66,115)
   Equity in Losses of Project
   Partnerships                                    668,558         748,929
   Interest Income from Redemption of
   Securities                                      104,052          89,481
   Changes in Operating Assets and
   Liabilities:
     Decrease in Payable to General
     Partners                                      (25,944)        (14,376)
                                              ------------    ------------
       Net Cash Used in Operating
       Activities                                 (159,894)       (176,149)
                                              ------------    ------------
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships                                      43,512          47,719
  Redemption of Investment in Securities           124,947         129,519
                                              ------------    ------------
       Net Cash Provided by Investing
       Activities                                  168,459         177,238
                                              ------------    ------------
Increase in Cash and Cash Equivalents                8,565           1,089
Cash and Cash Equivalents at Beginning of
Year                                             1,312,212       1,216,792
                                              ------------    ------------
Cash and Cash Equivalents at End of Year       $ 1,320,777     $ 1,217,881
                                              ============    ============

               See accompanying notes to financial statements.

                       GATEWAY TAX CREDIT FUND II LTD.
                       (A Florida Limited Partnership)
                        NOTES TO FINANCIAL STATEMENTS
                                 (Unaudited)
                             SEPTEMBER 30, 2000
NOTE 1 - ORGANIZATION:

  Gateway Tax Credit Fund II Ltd. ("Gateway"), a Florida Limited Partnership,
was  formed  September  12,  1989, under the  laws  of  Florida.   Operations
commenced  on September 14, 1990 for Series 2, September 28, 1990 for  Series
3,  February 1, 1991 for Series 4, July 1, 1991 for Series 5 and  January  1,
1992  for  Series  6.  Gateway has invested, as a limited partner,  in  other
limited partnerships ("Project Partnerships") each of which owns and operates
one  or  more apartment complexes expected to qualify for Low-Income  Housing
Tax  Credits.   Gateway will terminate on December 31, 2040,  or  sooner,  in
accordance  with  the  terms  of the Limited Partnership  Agreement.   As  of
September 30, 2000, Gateway had received capital contributions of $1,000 from
the  General  Partners  and $37,228,000 from Beneficial Assignee  Certificate
investors  (the  "Assignees").   The fiscal year  of  Gateway  for  reporting
purposes ends on March 31.

   Pursuant  to  the  Securities  Act of 1933,  Gateway  filed  a  Form  S-11
Registration Statement with the Securities and Exchange Commission, effective
September  12,  1989, which covered the offering (the "Public  Offering")  of
Gateway's  Beneficial Assignee Certificates ("BACs") representing assignments
of  units for the beneficial interest of the limited partnership interest  of
the  Assignor Limited Partner.  The Assignor Limited Partner was  formed  for
the  purpose of serving in that capacity for the Fund and will not engage  in
any other business.

   Raymond  James  Partners, Inc. and Raymond James Tax Credit  Funds,  Inc.,
wholly-owned subsidiaries of Raymond James Financial, Inc., are  the  General
Partner and the Managing General Partner, respectively.  The Managing General
Partner manages and controls the business of Gateway.

   Gateway  offered BACs in five series.  BACs in the amounts of  $6,136,000,
$5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5  and
6, respectively had been issued as of March 31, 1997.  Each Series is treated
as  a  separate  partnership, investing in a separate and  distinct  pool  of
Project  Partnerships.  Net proceeds from each Series  are  used  to  acquire
Project Partnerships which are specifically allocated to such Series.  Income
or  loss  and  all tax items from the Project Partnerships acquired  by  each
Series are specifically allocated among the Assignees of such Series.

   Operating profits and losses, cash distributions from operations  and  tax
credits  are  allocated 99% to the Assignees and 1% to the General  Partners.
Profit  or  loss  and  cash distributions from sales of  properties  will  be
allocated as formulated in the Limited Partnership Agreement.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Basis of Accounting

   Gateway  utilizes  the accrual basis of accounting  whereby  revenues  are
recognized  when  earned  and expenses are recognized  when  obligations  are
incurred.

  Gateway accounts for its investments as the sole limited partner in Project
Partnerships ("Investments in Project Partnerships") using the equity  method
of  accounting,  because management believes that Gateway  does  not  have  a
majority control of the major operating and financial policies of the Project
Partnerships  in which it invests, and reports the equity in  losses  of  the
Project Partnerships on a 3-month lag in the Statements of Operations.  Under
the equity method, the Investments in Project Partnerships initially include:

      1) Gateway's capital contribution,
      2) Acquisition  fees paid to the General Partner for  services  rendered
         in selecting properties for acquisition, and
      3) Acquisition   expenses  including  legal  fees,  travel   and   other
         miscellaneous costs relating to acquiring properties.

Quarterly  the Investments in Project Partnerships are increased or decreased
as follows:

      1) Increased for equity in income or decreased for equity in  losses  of
         the Project Partnerships,
      2) Decreased   for   cash  distributions  received  from   the   Project
         Partnerships, and
      3) Decreased for the amortization of the acquisition fees and expenses.

  Amortization is calculated on a straight-line basis over 35 years, as  this
is  the  average  estimated  useful  life  of  the  underlying  assets.   The
amortization   is  shown  as  amortization  expense  on  the  Statements   of
Operations.

 Pursuant to the limited partnership agreements for the Project Partnerships,
cash  losses  generated  by the Project Partnerships  are  allocated  to  the
general  partners of those partnerships.  In subsequent years, cash  profits,
if  any,  are  first allocated to the general partners to the extent  of  the
allocation of prior years' cash losses.

  Since  Gateway invests as a limited partner, and therefore is not obligated
to  fund  losses  or  make  additional capital  contributions,  it  does  not
recognize  losses  from individual Project Partnerships to  the  extent  that
these  losses would reduce the investment in those Project Partnerships below
zero.   The  suspended losses will be used to offset future income  from  the
individual Project Partnerships.

 Gateway recognizes a decline in the carrying value of its investment in the
Project Partnerships when there is evidence of a non-temporary decline in the
recoverable amount of the investment.  There is a possibility that the
estimates relating to reserves for non-temporary declines in carrying value
of the investments in Project Partnerships may be subject to material near
term adjustments.

 Gateway, as a limited partner in the Project Partnerships, is subject to
risks inherent in the ownership of property which are beyond its control,
such as fluctuations in occupancy rates and operating expenses, variations in
rental schedules, proper maintenance and continued eligibility of tax
credits.  If the cost of operating a property exceeds the rental income
earned thereon, Gateway may deem it in its best interest to voluntarily
provide funds in order to protect its investment.

Cash and Cash Equivalents

  It  is  Gateway's policy to include short-term investments with an original
maturity  of  three months or less in Cash and Cash Equivalents.   Short-term
investments are comprised of money market mutual funds.

Concentration of Credit Risk

 Financial instruments which potentially subject Gateway to concentrations of
credit risk consist of cash investments in a money market mutual fund that is
a wholly-owned subsidiary of Raymond James Financial, Inc.

Use of Estimates in the Preparation of Financial Statements

  The  preparation  of  financial statements  in  conformity  with  generally
accepted  accounting  principles requires the use of  estimates  that  affect
certain  reported  amounts and disclosures.  These  estimates  are  based  on
management's  knowledge and experience.  Accordingly,  actual  results  could
differ from these estimates.

Investment in Securities

  Effective  April 1, 1995, Gateway adopted Statement of Financial Accounting
Standards  No.  115, Accounting for Certain Investments in  Debt  and  Equity
Securities ("FAS 115").  Under FAS 115, Gateway is required to categorize its
debt   securities   as   held-to-maturity,  available-for-sale   or   trading
securities,  dependent  upon  Gateway's intent  in  holding  the  securities.
Gateway's  intent  is to hold all of its debt securities  (U.  S.  Government
Security  Strips) until maturity and to use these reserves to fund  Gateway's
ongoing  operations.   Interest income is recognized ratably  on  the  U.  S.
Government Strips using the effective yield to maturity.

Offering and Commission Costs

  Offering  and commission costs were charged against Assignees' Equity  upon
the admission of Limited Partners.

Income Taxes

  No  provision for income taxes has been made in these financial statements,
as income taxes are a liability of the partners rather than of Gateway.

Reclassifications

   For   comparability,  the  1999  figures  have  been  reclassified,  where
appropriate,  to  conform with the financial statement presentation  used  in
2000.

Basis of Preparation

  The  unaudited financial statements presented herein have been prepared  in
accordance with the instructions to Form 10-Q and do not include all  of  the
information  and  note disclosures required by generally accepted  accounting
principles.   These  statements  should  be  read  in  conjunction  with  the
financial  statements and notes thereto included with the Partnership's  Form
10-K  for the year ended March 31, 2000.  In the opinion of management  these
financial statements include adjustments, consisting only of normal recurring
adjustments,  necessary  to  fairly  summarize  the  Partnership's  financial
position  and  results  of operations.  The results  of  operations  for  the
periods may not be indicative of the results to be expected for the year.

NOTE 3 - INVESTMENT IN SECURITIES:

   The  September  30, 2000 Balance Sheet includes Investment  in  Securities
consisting  of U.S. Government Security Strips which represents  their  cost,
plus  accreted interest income of $139,844 for Series 2, $124,388 for  Series
3,  $157,588 for Series 4, $196,414 for Series 5 and $167,200 for  Series  6.
For  convenience,  the  Investment  in Securities  are  commonly  held  in  a
brokerage  account  with  Raymond  James and  Associates,  Inc.   A  separate
accounting is maintained for each series' share of the investments.
                                                            Gross Unrealized
                      Estimated Market       Cost Plus          Gains and
                            Value        Accreted Interest       (Losses)
                     -----------------  -----------------   ----------------
Series 2                 $   298,143        $   285,216         $    12,927
Series 3                     265,105            253,693              11,412
Series 4                     335,993            321,403              14,590
Series 5                     418,643            400,589              18,054
Series 6                     401,925            386,647              15,278

  As of September 30, 2000, the cost and accreted interest of debt securities
by contractual maturities is as follows:

                                    Series 2       Series 3       Series 4
                                    --------       --------       --------
Due within 1 year                  $   51,932     $   46,192     $   58,521
After 1 year through 5 years          190,147        169,132        214,274
After 5 years through 10 years         43,137         38,369         48,608
                                   ----------     ----------     ----------
  Total Amount Carried on
  Balance Sheet                    $  285,216     $  253,693     $  321,403
                                   ==========     ==========     ==========

                                    Series 5       Series 6        Total
                                    --------       --------       --------
Due within 1 year                  $   72,939     $   56,952     $  286,536
After 1 year through 5 years          267,064        224,010      1,064,627
After 5 years through 10 years         60,586        105,685        296,385
                                   ----------     ----------     ----------
  Total Amount Carried on
  Balance Sheet                    $  400,589     $  386,647     $1,647,548
                                   ==========     ==========     ==========

NOTE 4 - RELATED PARTY TRANSACTIONS:

  The  Payable to General Partners primarily represents the asset  management
fees owed to the General Partners at the end of the period.  It is unsecured,
due on demand and, in accordance with the limited partnership agreement, non-
interest  bearing.  Within the next 12 months, the Managing  General  Partner
does  not  intend  to demand payment on the portion of Asset Management  Fees
payable classified as long-term on the Balance Sheet.

  The Payable to Project Partnerships represents unpaid capital contributions
to  the  Project  Partnerships  and will be paid  after  certain  performance
criteria  are  met.  Such contributions are in turn payable  to  the  general
partner of the Project Partnerships.

  For the six months ended September 30, 2000 and 1999 the General Partners and
affiliates  are  entitled  to compensation and reimbursement  for  costs  and
expenses incurred by Gateway as follows:

  Asset Management Fee - The Managing General Partner is entitled to be  paid
an  annual  asset  management fee equal to 0.25% of  the  aggregate  cost  of
Gateway's  interest in the projects owned by the Project  Partnerships.   The
asset  management fee will be paid only after all other expenses  of  Gateway
have been paid.  These fees are included in the Statements of Operations.

                            2000            1999
                            ----          ------
 Series 2              $  34,256       $  34,324
 Series 3                 31,650          31,740
 Series 4                 38,916          38,994
 Series 5                 48,120          48,230
 Series 6                 52,844          53,408
                       ---------       ---------
 Total                 $ 205,786       $ 206,696
                       =========       =========

  General and Administrative Expenses - The Managing General Partner is  reim
bursed  for  general and administrative expenses of Gateway on an accountable
basis.  This expense is included in the Statements of Operations.

 Series 2              $   5,092        $  4,478
 Series 3                  5,323           4,681
 Series 4                  6,711           5,898
 Series 5                  8,332           7,327
 Series 6                  8,795           7,734
                       ---------        --------
 Total                 $  34,253        $ 30,118
                       =========        ========

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:

   As  of September 30, 2000, the Partnership had acquired a 99% interest  in
the  profits,  losses  and tax credits as a limited partner  in  148  Project
Partnerships for the Series which own and operate government assisted  multi-
family housing complexes(Series 2 - 22,Series 3 - 23, Series 4 - 29, Series 5
- 36 and Series 6 - 38).

   Cash  flows  from  operations are allocated according to each  partnership
agreement.  Upon dissolution proceeds will be distributed according  to  each
partnership agreement.

  The following is a summary of Investments in Project Partnerships as of:

SERIES 2                                      SEPTEMBER 30,     MARCH 31,
                                                  2000            2000
                                             --------------   ----------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships      $  4,524,678    $  4,524,678

Cumulative equity in losses of Project
Partnerships (1)                                 (4,664,029)     (4,553,226)

Cumulative distributions received from              (79,588)        (74,211)
Project Partnerships                           ------------   -------------

Investment in Project Partnerships before
Adjustment                                         (218,939)       (102,759)

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                      390,838         390,838
 Accumulated amortization of acquisition
 fees and expenses                                  (81,496)        (79,864)
                                                -----------    ------------

Investments in Project Partnerships            $     90,403    $    208,215
                                               ============    ============

  (1)  In  accordance with the Partnership's accounting policy to  not  carry
Investments  in Project Partnerships below zero, cumulative suspended  losses
of  $2,031,378  for  the  period  ended September  30,  2000  and  cumulative
suspended  losses  of $1,743,287 for the year ended March 31,  1999  are  not
included.

  The following is a summary of Investments in Project Partnerships as of:

SERIES 3                                      SEPTEMBER 30,     MARCH 31,
                                                   2000            2000
                                             --------------   ----------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships      $  3,888,713    $  3,888,713

Cumulative equity in losses of Project
Partnerships (1)                                 (4,062,136)     (4,042,301)

Cumulative distributions received from
Project Partnerships                               (172,566)       (158,676)
                                                 -----------   -------------
Investment in Project Partnerships before
Adjustment                                         (345,989)       (312,264)

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                      491,746         491,746
 Accumulated amortization of acquisition
 fees and expenses                                  (79,852)        (79,292)
                                                -----------    ------------

Investments in Project Partnerships            $     65,905    $    100,190
                                               ============    ============

  (1)  In  accordance with the Partnership's accounting policy to  not  carry
Investments  in Project Partnerships below zero, cumulative suspended  losses
of  $2,922,599  for  the  period  ended September  30,  2000  and  cumulative
suspended  losses  of $2,455,000 for the year ended March 31,  2000  are  not
included.

  The following is a summary of Investments in Project Partnerships as of:

SERIES 4                                       SEPTEMBER 30,     MARCH 31,
                                                   2000            2000
                                             --------------   ----------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships      $  4,952,519    $  4,952,519

Cumulative equity in losses of Project
Partnerships (1)                                 (4,930,601)     (4,810,009)

Cumulative distributions received from
Project Partnerships                               (118,206)       (107,167)
                                                -----------   -------------
Investment in Project Partnerships before
Adjustment                                          (96,288)          35,343

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                      562,967         562,967
 Accumulated amortization of acquisition
 fees and expenses                                 (113,946)       (110,618)
                                                -----------    ------------

Investments in Project Partnerships            $    352,733    $    487,692
                                               ============    ============

  (1)  In  accordance with the Partnership's accounting policy to  not  carry
Investments  in Project Partnerships below zero, cumulative suspended  losses
of  $1,800,186  for  the  period  ended September  30,  2000  and  cumulative
suspended  losses  of $1,531,158 for the year ended March 31,  2000  are  not
included.

  The following is a summary of Investments in Project Partnerships as of:

SERIES 5                                       SEPTEMBER 30,     MARCH 31,
                                                   2000            2000
                                             --------------   ----------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships      $  6,164,472    $  6,164,472

Cumulative equity in losses of Project
Partnerships (1)                                 (5,721,155)     (5,585,539)

Cumulative distributions received from
Project Partnerships                               (162,338)       (156,548)
                                                -----------   -------------
Investment in Project Partnerships before
Adjustment                                          280,979         422,385

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                      650,837         650,837
 Accumulated amortization of acquisition
 fees and expenses                                 (124,853)       (121,773)
                                               ------------    ------------

Investments in Project Partnerships             $   806,963    $    951,449
                                               ============    ============

  (1)  In  accordance with the Partnership's accounting policy to  not  carry
Investments  in Project Partnerships below zero, cumulative suspended  losses
of  $2,081,674  for  the  period  ended September  30,  2000  and  cumulative
suspended  losses  of $1,642,901 for the year ended March 31,  2000  are  not
included.

  The following is a summary of Investments in Project Partnerships as of:

SERIES 6                                       SEPTEMBER 30,     MARCH 31,
                                                   2000            2000
                                             --------------   ----------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships      $  7,462,215    $  7,462,215

Cumulative equity in losses of Project
Partnerships (1)                                 (6,211,533)     (5,929,821)

Cumulative distributions received from
Project Partnerships                               (171,189)       (163,773)
                                               ------------   -------------
Investment in Project Partnerships before
Adjustment                                        1,079,493       1,368,621

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                      785,179         785,179
 Accumulated amortization of acquisition
 fees and expenses                                 (163,900)       (156,410)
                                               ------------    ------------

Investments in Project Partnerships            $  1,700,772    $  1,997,390
                                               ============    ============

  (1)  In  accordance with the Partnership's accounting policy to  not  carry
Investments  in Project Partnerships below zero, cumulative suspended  losses
of  $1,316,110  for  the  period  ended September  30,  2000  and  cumulative
suspended  losses  of $1,029,135 for the year ended March 31,  2000  are  not
included.


  The following is a summary of Investments in Project Partnerships as of:

TOTAL SERIES 2 - 6                             SEPTEMBER 30,     MARCH 31,
                                                    2000            2000
                                              --------------   ----------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships      $  26,992,597   $ 26,992,597

Cumulative equity in losses of Project
Partnerships (1)                                (25,589,454)    (24,920,896)

Cumulative distributions received from
Project Partnerships                               (703,887)       (660,375)
                                                -----------   -------------
Investment in Project Partnerships before
Adjustment                                          699,256       1,411,326

Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses                    2,881,567       2,881,567
 Accumulated amortization of acquisition
 fees and expenses                                 (564,047)       (547,957)
                                                -----------    ------------

Investments in Project Partnerships            $  3,016,776    $  3,744,936
                                               ============    ============


   In  accordance with the Partnership's policy of presenting  the  financial
information  of the Project Partnerships on a three month lag, below  is  the
summarized financial information for the Series' Project Partnerships  as  of
June 30, of each year:
                                                        JUNE 30,
                                                  2000            1999
SERIES 2                                          ----            ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                              $ 2,003,116     $ 1,816,046
  Investment properties, net                   19,440,706      20,322,293
  Other assets                                      1,646          14,201
                                              -----------     -----------
    Total assets                              $21,445,468     $22,152,540
                                              ===========     ===========
Liabilities and Partners' Equity:
  Current liabilities                         $   574,758     $   568,789
  Long-term debt                               23,102,611      23,155,354
                                              -----------     -----------
    Total liabilities                          23,677,369      23,724,143
                                              -----------     -----------
Partners' equity
  Limited Partner                              (2,232,707)     (1,592,829)
  General Partners                                    806          21,226
                                              -----------     -----------
    Total Partners' equity                     (2,231,901)     (1,571,603)
                                              -----------     -----------
    Total liabilities and partners'
    equity                                    $21,445,468     $22,152,540
                                              ===========     ===========
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                       $ 1,416,685     $ 1,240,418
Expenses:                                     -----------     -----------
  Operating expenses                              917,289         942,468
  Interest expense                                453,713         330,924
  Depreciation and amortization                   448,606         458,920
                                              -----------     -----------
    Total expenses                              1,819,608       1,732,312
                                              -----------     -----------
      Net loss                                $  (402,923)    $  (491,894)
                                              ===========     ===========
Other partners' share of net loss             $    (4,029)    $    (4,919)
                                              ===========     ===========
Partnerships' share of net loss               $  (398,894)    $  (486,975)
Suspended losses                                  288,091         365,568
                                              -----------     -----------
Equity in Losses of Project Partnerships      $  (110,803)    $  (121,407)
                                              ===========     ===========

   In  accordance with the Partnership's policy of presenting  the  financial
information  of the Project Partnerships on a three month lag, below  is  the
summarized financial information for the Series' Project Partnerships  as  of
June 30, of each year:
                                                        JUNE 30,
                                                  2000            1999
SERIES 3                                          ----            ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                               $ 2,108,779    $ 2,215,363
  Investment properties, net                    16,463,288     17,622,467
  Other assets                                     198,473        212,916
                                               -----------    -----------
    Total assets                               $18,770,540    $20,050,746
                                               ===========    ===========
Liabilities and Partners' Equity:
  Current liabilities                          $   483,987    $   533,518
  Long-term debt                                21,628,968     21,693,402
                                               -----------    -----------
    Total liabilities                           22,112,955     22,226,920
                                               -----------    -----------
Partners' equity
  Limited Partner                               (3,555,582)    (2,429,165)
  General Partners                                 213,167        252,991
                                               -----------    -----------
    Total Partners' equity                      (3,342,415)    (2,176,174)
                                               -----------    -----------
    Total liabilities and partners'
    equity                                     $18,770,540    $20,050,746
                                               ===========    ===========
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                        $ 1,272,072    $ 1,218,434
Expenses:                                      -----------    -----------
  Operating expenses                               986,004        826,215
  Interest expense                                 316,561        314,660
  Depreciation and amortization                    463,544        452,925
                                               -----------    -----------
    Total expenses                               1,766,109      1,593,800
                                               -----------    -----------
      Net loss                                 $  (494,037)   $  (375,366)
                                               ===========    ===========
Other partners' share of net loss              $    (6,603)   $    (3,754)
                                               ===========    ===========
Partnerships' share of net loss                $  (487,434)   $  (371,612)
Suspended losses                                   467,599        321,049
                                               -----------    -----------
Equity in Losses of Project Partnerships       $   (19,835)   $   (50,563)
                                               ===========    ===========

   In  accordance with the Partnership's policy of presenting  the  financial
information  of the Project Partnerships on a three month lag, below  is  the
summarized financial information for the Series' Project Partnerships  as  of
June 30, of each year:
                                                         JUNE 30,
                                                   2000            1999
SERIES 4                                           ----            ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                               $ 2,492,590    $ 2,421,613
  Investment properties, net                    22,857,794     23,796,605
  Other assets                                      33,935         25,015
                                               -----------    -----------
    Total assets                               $25,384,319    $26,243,233
                                               ===========    ===========
Liabilities and Partners' Equity:
  Current liabilities                          $   772,440    $   849,130
  Long-term debt                                26,353,796     26,350,949
                                               -----------    -----------
    Total liabilities                           27,126,236     27,200,079
                                               -----------    -----------
Partners' equity
  Limited Partner                               (1,873,108)    (1,137,532)
  General Partners                                 131,191        180,686
                                               -----------    -----------
    Total Partners' equity                      (1,741,917)      (956,846)
                                               -----------    -----------
    Total liabilities and partners'
    equity                                     $25,384,319    $26,243,233
                                               ===========    ===========
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                        $ 1,647,276    $ 1,500,178
Expenses:                                      -----------    -----------
  Operating expenses                             1,092,497      1,030,493
  Interest expense                                 458,189        334,559
  Depreciation and amortization                    491,450        507,620
                                               -----------    -----------
    Total expenses                               2,042,136      1,872,672
                                               -----------    -----------
      Net loss                                 $  (394,860)   $  (372,494)
                                               ===========    ===========
Other partners' share of net loss              $    (5,240)   $    (3,725)
                                               ===========    ===========
Partnerships' share of net loss                $  (389,620)   $  (368,769)
Suspended losses                                   269,028        241,773
                                               -----------    -----------
Equity in Losses of Project Partnerships       $  (120,592)   $  (126,996)
                                               ===========    ===========

   In  accordance with the Partnership's policy of presenting  the  financial
information  of the Project Partnerships on a three month lag, below  is  the
summarized financial information for the Series' Project Partnerships  as  of
June 30, of each year:
                                                         JUNE 30,
                                                   2000            1999
SERIES 5                                           ----            ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                               $ 3,060,608    $ 2,943,437
  Investment properties, net                    28,592,878     29,808,118
  Other assets                                      22,285          5,756
                                               -----------    -----------
    Total assets                               $31,675,771    $32,757,311
                                               ===========    ===========
Liabilities and Partners' Equity:
  Current liabilities                          $   838,274    $ 1,026,137
  Long-term debt                                32,654,996     32,709,285
                                               -----------    -----------
    Total liabilities                           33,493,270     33,735,422
                                               -----------    -----------
Partners' equity
  Limited Partner                               (1,710,701)      (853,820)
  General Partners                                (106,798)      (124,291)
                                               -----------    -----------
    Total Partners' equity                      (1,817,499)      (978,111)
                                               -----------    -----------
    Total liabilities and partners'
    equity                                     $31,675,771    $32,757,311
                                               ===========    ===========
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                        $ 1,859,179    $ 1,806,888
Expenses:                                      -----------    -----------
  Operating expenses                             1,378,389      1,338,080
  Interest expense                                 417,828        448,287
  Depreciation and amortization                    643,153        656,570
                                               -----------    -----------
    Total expenses                               2,439,370      2,442,937
                                               -----------    -----------
      Net loss                                 $  (580,191)   $  (636,049)
                                               ===========    ===========
Other partners' share of net loss              $    (5,802)   $    (6,360)
                                               ===========    ===========
Partnerships' share of net loss                $  (574,389)   $  (629,689)
Suspended losses                                   438,773        517,669
                                               -----------    -----------
Equity in Losses of Project Partnerships       $  (135,616)   $  (112,020)
                                               ===========    ===========

   In  accordance with the Partnership's policy of presenting  the  financial
information  of the Project Partnerships on a three month lag, below  is  the
summarized financial information for the Series' Project Partnerships  as  of
June 30, of each year:
                                                         JUNE 30,
                                                   2000            1999
SERIES 6                                           ----            ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                               $ 3,179,341    $ 3,167,201
  Investment properties, net                    32,515,674     33,752,053
  Other assets                                      13,038         15,073
                                               -----------    -----------
    Total assets                               $35,708,053    $36,934,327
                                               ===========    ===========
Liabilities and Partners' Equity:
  Current liabilities                          $   724,555    $ 1,026,293
  Long-term debt                                35,459,556     35,485,020
                                               -----------    -----------
    Total liabilities                           36,184,111     36,511,313
                                               -----------    -----------
Partners' equity
  Limited Partner                                 (214,295)       639,094
  General Partners                                (261,763)      (216,080)
                                               -----------    -----------
    Total Partners' equity                        (476,058)       423,014
                                               -----------    -----------
    Total liabilities and partners'            $35,708,053    $36,934,327
    equity                                     ===========    ===========

SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                        $ 2,011,038   $ 1,875,629
Expenses:                                      -----------    -----------
  Operating expenses                             1,321,774      1,250,340
  Interest expense                                 579,199        527,298
  Depreciation and amortization                    685,915        707,458
                                               -----------    -----------
    Total expenses                               2,586,888      2,485,096
                                               -----------    -----------
      Net loss                                 $  (575,850)    $ (609,467)
                                               ===========    ===========
Other partners' share of net loss              $    (7,163)    $   (6,095)
                                               ===========    ===========
Partnerships' share of net loss                $  (568,687)    $ (603,372)
Suspended losses                                   286,975        265,429
                                               -----------    -----------
Equity in Losses of Project Partnerships       $  (281,712)    $ (337,943)
                                               ===========    ===========

   In  accordance with the Partnership's policy of presenting  the  financial
information  of the Project Partnerships on a three month lag, below  is  the
summarized financial information for the Series' Project Partnerships  as  of
June 30, of each year:
                                                       JUNE 30,
                                                2000               1999
TOTAL SERIES 2- 6                               ----               ----
SUMMARIZED BALANCE SHEETS
Assets:
  Current assets                            $ 12,844,434     $ 12,563,660
  Investment properties, net                 119,870,340      125,301,536
  Other assets                                   269,377          272,961
                                            ------------     ------------
    Total assets                            $132,984,151     $138,138,157
                                            ============     ============
Liabilities and Partners' Equity:
  Current liabilities                       $  3,394,014     $  4,003,867
  Long-term debt                             139,199,927      139,394,010
                                            ------------     ------------
    Total liabilities                        142,593,941      143,397,877
                                            ------------     ------------
Partners' equity
  Limited Partner                             (9,586,393)      (5,374,252)
  General Partners                               (23,397)         114,532
                                            ------------     ------------
    Total Partners' equity                    (9,609,790)      (5,259,720)
                                            ------------     ------------
    Total liabilities and partners'
    equity                                  $132,984,151     $138,138,157
                                            ============     ============
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income                     $  8,206,250     $  7,641,547
Expenses:                                   ------------     ------------
  Operating expenses                           5,695,953        5,387,596
  Interest expense                             2,225,490        1,955,728
  Depreciation and amortization                2,732,668        2,783,493
                                            ------------     ------------
    Total expenses                            10,654,111       10,126,817
                                            ------------     ------------
      Net loss                              $ (2,447,861)    $ (2,485,270)
                                            ============     ============
Other partners' share of net loss           $    (28,837)    $    (24,853)
                                            ============     ============
Partnerships' share of net loss             $ (2,419,024)    $ (2,460,417)
Suspended losses                               1,750,466        1,711,488
                                            ------------     ------------
Equity in Losses of Project
Partnerships                                $   (668,558)    $   (748,929)
                                            ============     ============

Item  7.   Management's  Discussion and Analysis of Financial  Condition  and
Results of Operations

Results of Operations, Liquidity and Capital Resources

   Operations  commenced on September 14, 1990, with the first  admission  of
Assignees  in  Series 2.  The proceeds from Assignees' capital  contributions
available   for  investment  were  used  to  acquire  interests  in   Project
Partnerships.

  As  disclosed  on  the statement of operations for each Series,  except  as
described  below, interest income is comparable for the six and three  months
ended   September  30,  2000  and  September  30,  1999.   The  General   and
Administrative  expenses  -  General Partner and General  and  Administrative
expenses  - Other for the six and three months ended September 30,  2000  are
comparable  for  the  same period ended September 30, 1999.   There  were  no
unusual variations in the operating results between these two periods.

  The  capital  resources  of  each  Series  are  used  to  pay  General  and
Administrative   operating   costs  including   personnel,   supplies,   data
processing,   travel   and   legal  and  accounting   associated   with   the
administration  and monitoring of Gateway and the Project Partnerships.   The
capital  resources  are  also used to pay the Asset Management  Fee  due  the
Managing  General  Partner, but only to the extent that  Gateway's  remaining
resources  are sufficient to fund Gateway's ongoing needs.  (Payment  of  any
Asset  Management Fee unpaid at the time Gateway sells its interests  in  the
Project Partnerships is subordinated to the return of the investors' original
capital contributions).

  The  sources of funds to pay the operating costs of each Series  are  short
term  investments and interest earned thereon, the maturity of U.S.  Treasury
Security  Strips ("Zero Coupon Treasuries") which were purchased  with  funds
set  aside  for  this purpose, and cash distributed to the  Series  from  the
operations of the Project Partnerships.

  From  inception, no Series has paid distributions and management  does  not
anticipate distributions in the future.

  Series 2 - Gateway closed this series on September 14, 1990 after receiving
$6,136,000 from 375 Assignees.  Equity in Losses of Project Partnerships  for
the  six  months ended September 30, 1999 were comparable for the six  months
ended  September  30,  2000.  In general, it is common  in  the  real  estate
industry  to  experience  losses for financial  and  tax  reporting  purposes
because  of  the  non-cash expenses of depreciation and  amortization.  As  a
result,  management  expects that this Series, as  well  as  those  described
below,  will report its equity in Project Partnerships as a loss for tax  and
financial  reporting  purposes.   Overall, management  believes  the  Project
Partnerships  are operating as expected and are generating tax credits  which
meet projections.

  At  September  30, 2000, the Series had $206,509 of short-term  investments
(Cash and Cash Equivalents).  It also had $285,216 in Zero Coupon Treasuries
with  annual  maturities providing $53,836 in fiscal year 2001 increasing  to
$66,285  in fiscal year 2007.  Management believes the sources of  funds  are
sufficent  to  meet current and ongoing operating costs for  the  foreseeable
future, and to pay part of the Asset Management Fee.

  As  disclosed on the statement of cash flows, the Series had a net loss  of
$140,620  for  the  six  months ended September  30,  2000.   However,  after
adjusting  for Equity in Losses of Project Partnerships of $110,803  and  the
changes  in  operating  assets and liabilities, net cash  used  in  operating
activities was $15,701.  Net cash provided by  investing  activities  totaled
$33,640,  consisting  of  $5,377  in  cash  distributions  from  the  Project
Partnerships and $28,263 from matured Zero Coupon Treasuries. There  were  no
unusual events or trends to describe.

  Series  3 - Gateway closed this series on December 13, 1990 after receiving
$5,456,000 from 398 Assignees.  Equity in Losses of Project Partnerships  for
the  six  months ended September 30, 2000 decreased from $50,563 for the  six
months  ended  September  30, 1999 to $19,835 as a result  of  not  including
losses  of $467,599 in 2000 as compared to $321,049 in 1999, as these  losses
would reduce the investment in certain Project Partnerships below zero.

  At September 30, 2000,  the Series had $170,032 of short-term  investments
(Cash  and Cash Equivalents).  It also had $253,693 in Zero Coupon Treasuries
with  annual  maturities providing $47,886 in fiscal year 2001 increasing  to
$58,940  in fiscal year 2007.  Management believes the sources of  funds  are
sufficient  to  meet current and ongoing operating costs for the  foreseeable
future, and to pay part of the Asset Management Fee.

  As  disclosed on the statement of cash flows, the Series had a net loss  of
$48,574  for  the  six  months  ended September  30,  2000.   However,  after
adjusting  for  Equity in Losses of Project Partnerships of $19,835  and  the
changes  in  operating  assets and liabilities, net cash  used  in  operating
activities was $24,484. Net cash  provided by  investing  activities  totaled
$39,029,  consisting  of  $13,890  in cash  distributions  from  the  Project
Partnerships and $25,139 from matured Zero Coupon Treasuries. There  were  no
unusual events or trends to describe.

  Series  4  -  Gateway  closed this series on May 31, 1991  after  receiving
$6,915,000 from 465 Assignees.  Equity in losses of Project Partnerships  for
the  six  months ended September 30, 1999 were comparable for the six  months
ended September 30, 2000.

  At  September  30, 2000, the Series had $246,710 of short-term  investments
(Cash  and Cash Equivalents).  It also had $321,403 in Zero Coupon Treasuries
with  annual  maturities providing $60,666 in fiscal year 2001 increasing  to
$74,700  in  fiscal year 2007. Management believes the sources of  funds  are
sufficient  to  meet current and ongoing operating costs for the  foreseeable
future, and to pay part of the Asset Management Fee.

As  disclosed on the statement of cash flows, the Series had a  net  loss  of
$157,477  for  the  six  months ended September  30,  2000.   However,  after
adjusting  for Equity in Losses of Project Partnerships of $120,592  and  the
changes in  operating  assets  and  liabilities, net  cash  used in operating
activities was $22,826.  Net cash provided by  investing  activities  totaled
$42,888,  consisting  of  $11,039  in cash  distributions  from  the  Project
Partnerships and $31,849 from matured Zero Coupon Treasuries. There  were  no
unusual events or trends to describe.

  Series  5  - Gateway closed this series on October 11, 1991 after receiving
$8,616,000  from  535  Assignees.  Gateway's  share  of  net  loss  prior  to
suspended  losses for the six months ended September 30, 1999 were comparable
for the six months ended September 30, 2000.

  At  September  30, 2000, the Series had $330,968 of short-term  investments
(Cash  and Cash Equivalents).  It also had $400,589 in Zero Coupon Treasuries
with  annual  maturities providing $75,613 in fiscal year 2001 increasing  to
$93,075  in fiscal year 2007.  Management believes the sources of  funds  are
sufficient  to  meet current and ongoing operating costs for the  foreseeable
future, and to pay part of the Asset Management Fee.

    As disclosed on the statement of cash flows, the Series had a net loss of
$179,174  for  the  six  months ended September  30,  2000.   However,  after
adjusting  for Equity in Losses of Project Partnerships of $135,616  and  the
changes  in  operating  assets and liabilities, net cash  used  in  operating
activities was $33,225.  Net cash  provided by investing  activities  totaled
$45,486,  consisting  of  $5,790  in  cash  distributions  from  the  Project
Partnerships and $39,696 from matured Zero Coupon Treasuries. There  were  no
unusual events or trends to describe.

  Series  6  -  Gateway closed this series on March 11, 1992 after  receiving
$10,105,000 from 625 Assignees.  Equity in Losses of Project Partnerships for
the  six months ended September 30, 2000 decreased from $337,943 for the  six
months  ended  September 30, 1999 to $281,712 as a result  of  not  including
losses  of $286,975 in 2000 as compared to $265,429 in 1999, as these  losses
would reduce the investment in certain Project Partnerships below zero.

  At  September  30, 2000, the Series had $366,558 of short-term  investments
(Cash  and Cash Equivalents).  It also had $386,647 in Zero Coupon Treasuries
with  annual  maturities providing $58,000 in fiscal year 2001 increasing  to
$83,000  in fiscal year 2007.  Management believes the sources of  funds  are
sufficient  to  meet current and ongoing operating costs for the  foreseeable
future, and to pay part of the Asset Management Fee.

    As disclosed on the statement of cash flows, the Series had a net loss of
$335,884  for  the  six  months ended September  30,  2000.   However,  after
adjusting  for Equity in Losses of Project Partnerships of $281,712  and  the
changes  in  operating  assets and liabilities, net cash  used  in  operating
activities was $63,658.  Net cash  provided by investing  activities  totaled
$7,416,  consisting  of  cash distributions from  the  Project  Partnerships.
There were no unusual events or trends to describe.


                           SIGNATURES


  Pursuant  to the requirements of the Securities Exchange Act of 1934,  this
report  has  been signed by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.


                           GATEWAY TAX CREDIT FUND II LTD.
                           (A Florida Limited Partnership)
                           By:  Raymond James Tax Credit Funds,Inc.






Date:  November 14, 2000   By:/s/ Ronald M. Diner

                           Ronald M. Diner
                           President



Date:  November 14, 2000   By:/s/ Sandra L. Furey

                           Sandra L. Furey
                           Secretary and Treasurer