UNITED STATES
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 December 31, 2004Commission File Number0-19022                        
                         Gateway Tax Credit Fund II Ltd.             (Exact name of Registrant as specified in its charter)Florida                                 65-0142704(State or other jurisdiction of                 (IRS 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)567-4830Indicate 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.
                                      YESX     NO
                                                             Number of UnitsTitle of Each Class                                        December 31, 2004Beneficial Assignee Certificates:
$1,000 per certificate                                            37,228

DOCUMENTS INCORPORATED BY REFERENCEParts I and II, 2004 Form 10-K, filed with the
Securities and Exchange Commission on July 13, 2004
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | December 31, 2004
----------
(Unaudited)                                                                                                                                                                                                     | March 31, 2004
---------
(Audited)                                                                                                                                                                                          
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
    Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners
    Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's,
of which 6,136 at December 31, 2004
and March 31, 2004 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, 6,136 at December
31, 2004 and March 31, 2004, issued and
outstanding
General Partners
  Total Partners' Deficit
    Total Liabilities and Partners' Deficit | $  238,004 
62,374 
---------- 
300,378 
60,129 
20,481 
----------- 
$  380,988 
=========== 
$   44,049 
----------- 
44,049 
----------- 
514,904 
----------- 
(122,386)
(55,579)
----------(177,965)
---------- 
$  380,988 
========== | $ 221,084 
61,300 
----------
282,384 
115,551 
47,597 
----------
$ 445,532 
==========
$  63,359 
----------
63,359 
----------
467,036 
----------
(30,215)
(54,648)
----------
(84,863)
----------
$ 445,532 
==========

See accompanying notes to financial statements.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | December 31, 2004
---------
(Unaudited)                                                                                                                                                                                           | March 31, 2004
----------
(Audited)                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's,
of which 5,456 at December 31, 2004 and
March 31, 2004 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, 5,456 at December 31, 2004
and March 31, 2004, issued and outstanding
General Partners
  Total Partners' Deficit
    Total Liabilities and Partners' Deficit | $  223,840 
55,480 
---------- 
279,320 
53,484 
0 
----------$  332,804 
========== 
$   48,160 
---------- 
48,160 
---------- 
414,991 
---------- 
(81,228)
(49,119)
---------- 
(130,347)
---------- 
$  332,804 
========== | $ 187,419 
54,525 
----------
241,944 
102,780 
0 
----------
$ 344,724 
==========
$  63,415 
----------
63,415 
----------
353,758 
----------
(23,909)
(48,540)
----------
(72,449)
----------
$ 344,724 
==========

See accompanying notes to financial statements.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | December 31, 2004
---------
(Unaudited)                                                                                                                                                                                             | March 31, 2004
----------
(Audited)                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's,
of which 6,915 at December 31, 2004 and
March 31, 2004 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, 6,915 at December 31, 2004
and March 31, 2004, issued and outstanding
General Partners
  Total Partners' Deficit
    Total Liabilities and Partners' Deficit | $  314,388 
70,288 
---------- 
384,676 
67,758 
0 
---------- 
$  452,434 
========== 
$   54,719 
---------- 
54,719 
---------- 
551,114 
---------- 
(91,210)
(62,189)
---------- 
(153,399)
---------- 
$  452,434 
========== | $ 273,485 
69,078 
----------
342,563 
130,212 
0 
----------
$ 472,775 
==========
$  66,784 
----------
66,784 
----------
482,520 
----------
(15,109)
(61,420)
----------
(76,529)
----------
$ 472,775 
==========

See accompanying notes to financial statements.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | December 31, 2004
---------
(Unaudited)                                                                                                                                                                                                                   | March 31, 2004
----------
(Audited)                                                                                                                                                                                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Restricted Cash
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's,
of which 8,616 at December 31, 2004 and
March 31, 2004 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, 8,616 at December 31, 2004
and March 31, 2004, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $  244,526 
157,126 
87,604 
---------- 
489,256 
84,452 
49,573 
---------- 
$   623,281 
=========== 
$   71,156 
----------- 
71,156 
----------- 
397,519 
----------- 
228,683 
(74,077)
----------- 
154,606 
----------- 
$   623,281 
=========== | $  349,174 
0 
86,098 
-----------
435,272 
162,292 
229,630 
-----------
$  827,194 
===========
$  96,999 
-----------
96,999 
-----------
464,362 
-----------
338,798 
(72,965)
-----------
265,833 
-----------
$  827,194 
===========

See accompanying notes to financial statements.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | December 31, 2004
---------
(Unaudited)                                                                                                                                                                                                            | March 31, 2004
----------
(Audited)                                                                                                                                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in SecuritiesTotal Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's,
of which 10,105 at December 31, 2004
and March 31, 2004 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, 10,105 at December 31, 2004
and March 31, 2004, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $  376,987 
74,893 
---------- 
451,880 
144,750 
802,631 
---------- 
$ 1,399,261 
=========== 
$   66,824 
----------- 
66,824 
----------- 
710,669 
----------- 
704,276 
(82,508)
----------- 
621,768 
----------- 
$ 1,399,261 
=========== | $  401,535 
70,976 
-----------
472,511 
136,979 
858,488 
-----------
$1,467,978 
===========
$   90,272 
-----------
90,272 
-----------
610,503 
-----------
848,257 
(81,054)
-----------
767,203 
-----------
$1,467,978 
===========

See accompanying notes to financial statements.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | December 31, 2004
---------
(Unaudited)                                                                                                                                                                                                                       | March 31, 2004
----------
(Audited)                                                                                                                                                                                                                     
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Restricted Cash
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (deficit):
Assignor Limited Partner
 Units of limited partnership interest
consisting of 40,000 authorized BAC's,
of which 37,228 at December 31, 2004 and
March 31, 2004 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 December 31, 2004
and March 31, 2004, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $ 1,397,745 
157,126 
350,639 
---------- 
1,905,510 
410,573 
872,685 
---------- 
$ 3,188,768 
========== 
$  284,908 
----------284,908 
---------- 
2,589,197 
---------- 
638,135 
(323,472)
----------- 
314,663 
----------- 
$ 3,188,768 
=========== | $1,432,697 
0 
341,977 
-----------
1,774,674 
647,814 
1,135,715 
-----------
$3,558,203 
===========
$  380,829 
-----------
380,829 
-----------
2,378,179 
-----------
1,117,822 
(318,627)
-----------
799,195 
-----------
$3,558,203 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31,(Unaudited)

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2004 
----                                                                                                                                                                                                                                                     | 2003 
----                                                                                                                                                                                                                                                    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of Project
Partnerships
Equity in Losses of Project
Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee
 Certificates Outstanding | $    3,156 
3,702 
---------- 
6,858 
-----------
16,956 
8,280 
1,550 
174 
---------- 
26,960 
---------- 
(20,102)
(8,631)
---------- 
$  (28,733)
========== 
(28,446)
(287)
---------- 
$  (28,733)
========== 
$    (4.64)
========== 
6,136 
========== | $    3,568 
3,793 
---------- 
7,361 
-----------
17,005 
7,036 
1,054 
174 
---------- 
25,269 
---------- 
(17,908)
(6,356)
---------- 
$  (24,264)
========== 
(24,021)
(243)
---------- 
$  (24,264)
========== 
$    (3.91)
========== 
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 DECEMBER 31,(Unaudited)

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2004 
----                                                                                                                                                                                                                                              | 2003 
----                                                                                                                                                                                                                                              
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee
 Certificates Outstanding | $    2,830 
5,380 
---------- 
8,210 
---------- 
15,756 
8,656 
1,458 
0 
---------- 
25,870 
---------- 
(17,660)
0 
---------- 
$  (17,660)
========== 
(17,483)
(177)
---------- 
$  (17,660)
========== 
$    (3.20)
========== 
5,456 
========== | $    3,171 
0 
---------- 
3,171 
---------- 
15,665 
7,355 
941 
129 
---------- 
24,090 
---------- 
(20,919)
(2,386)
---------- 
$  (23,305)
========== 
(23,072)
(233)
---------- 
$  (23,305)
========== 
$    (4.23)
========== 
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 DECEMBER 31,(Unaudited)

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2004 
----                                                                                                                                                                                                                                           | 2003 
----                                                                                                                                                                                                                                            
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee
 Certificates Outstanding | $   3,690 
1,884 
---------- 
5,574 
-----------
19,362 
10,915 
2,005 
0 
---------- 
32,282 
---------- 
(26,708)
0 
---------- 
$ (26,708)
========== 
(26,441)
(267)
---------- 
$ (26,708)
========== 
$   (3.82)
========== 
6,915 
========== | $   4,052 
0 
---------- 
4,052 
-----------
19,318 
9,274 
1,154 
309 
---------- 
30,055 
---------- 
(26,003)
(3,740)
---------- 
$ (29,743)
========== 
(29,446)
(297)
---------- 
$ (29,743)
========== 
$   (4.26)
========== 
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 DECEMBER 31,(Unaudited)

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2004 
----                                                                                                                                                                                                                                                    | 2003 
----                                                                                                                                                                                                                                                  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee
 Certificates Outstanding | $   4,254 
2,172 
---------- 
6,426 
-----------
23,795 
13,550 
1,970 
1,141 
---------- 
40,456 
---------- 
(34,030)
(2,970)
---------- 
$ (37,000)
========== 
(36,630)
(370)
---------- 
$ (37,000)
========== 
$   (4.25)
========== 
8,616 
========== | $   5,054 
750 
---------- 
5,804 
-----------
23,870 
11,513 
1,846 
1,202 
---------- 
38,431 
---------- 
(32,627)
(38,651)
---------- 
$ (71,278)
========== 
(70,565)
(713)
---------- 
$ (71,278)
========== 
$   (8.19)
========== 
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 DECEMBER 31,(Unaudited)

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2004 
----                                                                                                                                                                                                                                              | 2003 
----                                                                                                                                                                                                                                              
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee
 Certificates Outstanding | $   5,193 
10,174 
--------- 
15,367 
----------
26,238 
14,302 
2,475 
2,101 
--------- 
45,116 
--------- 
(29,749)
(19,247)
--------- 
$ (48,996)
========= 
(48,506)
(490)
--------- 
$ (48,996)
========= 
$   (4.80)
========= 
10,105 
========= | $   5,247 
1,000 
--------- 
6,247 
----------
26,344 
12,153 
1,955 
2,224 
--------- 
42,676 
--------- 
(36,429)
(80,244)
--------- 
$(116,673)
========= 
(115,506)
(1,167)
--------- 
$(116,673)
========= 
$  (11.43)
========= 
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 DECEMBER 31,(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                           | 2004 
----                                                                                                                                                                                                                    | 2003 
----                                                                                                                                                                                                                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners | $   19,123 
23,312 
---------- 
42,435 
-----------
102,107 
55,703 
9,458 
3,416 
---------- 
170,684 
---------- 
(128,249)
(30,848)
---------- 
$(159,097)
========== 
(157,506)
(1,591)
---------- 
$(159,097)
========== | $   21,092 
5,543 
---------- 
26,635 
-----------
102,202 
47,331 
6,950 
4,038 
---------- 
160,521 
---------- 
(133,886)
(131,377)
---------- 
$(265,263)
========== 
(262,610)
(2,653)
---------- 
$(265,263)
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED DECEMBER 31,(Unaudited)

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2004
----                                                                                                                                                                                                                                                          | 2003
----                                                                                                                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee Certificates Outstanding | $    8,458 
7,647 
---------- 
16,105 
-----------
50,868 
23,576 
9,246 
522 
---------- 
84,212 
---------- 
(68,107)
(24,995)
---------- 
$  (93,102)
========== 
(92,171)
(931)
---------- 
$  (93,102)
========== 
$   (15.02)
===========
6,136 
=========== | $   10,691 
5,750 
---------- 
16,441 
-----------
51,014 
25,206 
6,289 
522 
---------- 
83,031 
---------- 
(66,590)
(24,498)
---------- 
$  (91,088)
========== 
(90,177)
(911)
---------- 
$  (91,088)
========== 
$   (14.70)
===========
6,136 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED DECEMBER 31,(Unaudited)

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2004 
----                                                                                                                                                                                                                                   | 2003 
----                                                                                                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee Certificates Outstanding | $   7,553 
14,382 
--------- 
21,935 
----------
47,268 
24,648 
7,917 
0 
--------- 
79,833 
--------- 
(57,898)
0 
--------- 
$ (57,898)
========= 
(57,319)
(579)
--------- 
$ (57,898)
========= 
$  (10.51)
========= 
5,456 
========= | $   9,487 
16,317 
--------- 
25,804 
----------
46,994 
26,352 
6,570 
387 
--------- 
80,303 
--------- 
(54,499)
(4,682)
--------- 
$ (59,181)
========= 
(58,589)
(592)
--------- 
$ (59,181)
========= 
$  (10.74)
========= 
5,456 
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED DECEMBER 31,(Unaudited)

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2004 
----                                                                                                                                                                                                                                                 | 2003 
----                                                                                                                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee Certificates Outstanding | $    9,707 
12,521 
---------- 
22,228 
-----------
58,086 
31,078 
9,934 
0 
---------- 
99,098 
---------- 
(76,870)
0 
---------- 
$  (76,870)
========== 
(76,101)
(769)
---------- 
$  (76,870)
========== 
$   (11.01)
========== 
6,915 
========== | $   12,095 
26,141 
---------- 
38,236 
-----------
57,954 
33,225 
8,458 
927 
---------- 
100,564 
---------- 
(62,328)
(11,354)
---------- 
$  (73,682)
========== 
(72,945)
(737)
---------- 
$  (73,682)
========== 
$   (10.55)
========== 
6,915 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED DECEMBER 31,(Unaudited)

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2004 
----                                                                                                                                                                                                                                                                | 2003 
----                                                                                                                                                                                                                                                               
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee Certificates Outstanding | $   11,813 
18,732 
---------- 
30,545 
-----------
71,385 
38,580 
12,067 
3,423 
---------- 
125,455 
---------- 
(94,910)
(16,317)
---------- 
$ (111,227)
========== 
(110,115)
(1,112)
---------- 
$ (111,227)
========== 
$   (12.78)
========== 
8,616 
========== | $   15,216 
13,242 
---------- 
28,458 
-----------
71,610 
41,246 
10,550 
3,606 
---------- 
127,012 
---------- 
(98,554)
(96,938)
---------- 
$ (195,492)
========== 
(193,537)
(1,955)
---------- 
$ (195,492)
========== 
$   (22.46)
========== 
8,616 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED DECEMBER 31,(Unaudited)

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2004 
----                                                                                                                                                                                                                                                                 | 2003 
----                                                                                                                                                                                                                                                                  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee Certificates Outstanding | $   13,954 
27,127 
---------- 
41,081 
-----------
78,714 
40,723 
13,077 
6,303 
---------- 
138,817 
---------- 
(97,736)
(47,699)
---------- 
$ (145,435)
========== 
(143,981)
(1,454)
---------- 
$ (145,435)
========== 
$   (14.25)
========== 
10,105 
========== | $   15,779 
11,502 
---------- 
27,281 
-----------
79,032 
43,537 
12,466 
6,672 
---------- 
141,707 
---------- 
(114,426)
(155,495)
---------- 
$ (269,921)
========== 
(267,222)
(2,699)
---------- 
$ (269,921)
========== 
$   (26.44)
========== 
10,105 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED DECEMBER 31,(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                           | 2004 
----                                                                                                                                                                                                                             | 2003 
----                                                                                                                                                                                                                             
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
 Other Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships
Equity in Losses of Project Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners | $   51,485 
80,409 
---------- 
131,894 
-----------
306,321 
158,605 
52,241 
10,248 
---------- 
527,415 
---------- 
(395,521)
(89,011)
---------- 
$  (484,532)
========== 
(479,687)
(4,845)
---------- 
$  (484,532)
=========== | $   63,268 
72,952 
---------- 
136,220 
-----------
306,604 
169,566 
44,333 
12,114 
---------- 
532,617 
---------- 
(396,397)
(292,967)
---------- 
$  (689,364)
========== 
(682,470)
(6,894)
---------- 
$  (689,364)
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (Deficit)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 2                                                                                                                        | Assignees
---------                                                                                              | General
Partners
(Deficit)
--------                                                                     | Total
-----                                                                                                      
|------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2003
Net Loss
Balance at December 31, 2003
Balance at March 31, 2004
Net Loss
Balance at December 31, 2004 | $   61,063 
(90,177)
----------
$  (29,114)
===========
$  (30,215)
(92,171)
-----------
$ (122,386)
=========== | $  (53,726)
(911)
----------
$  (54,637)
==========
$  (54,648)
(931)
----------
$  (55,579)
========== | $    7,337 
(91,088)
-----------
$  (83,751)
===========
$  (84,863)
(93,102)
-----------
$ (177,965)
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (Deficit)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 3                                                                                                                        | Assignees
---------                                                                                               | General
Partners
(Deficit)
--------                                                                         | Total
-----                                                                                                      
|------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2003
Net Loss
Balance at December 31, 2003
Balance at March 31, 2004
Net Loss
Balance at December 31, 2004 | $   52,562 
(58,589)
-----------
$   (6,027)
===========
$  (23,909)
(57,319)
-----------
$  (81,228)
=========== | $  (47,768)
(592)
-----------
$  (48,360)
===========
$  (48,540)
(579)
-----------
$  (49,119)
=========== | $    4,794 
(59,181)
---------- 
$  (54,387)
===========
$  (72,449)
(57,898)
-----------
$ (130,347)
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (Deficit)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 4                                                                                                                        | Assignees
---------                                                                                               | General
Partners
(Deficit)
--------                                                                    | Total
-----                                                                                              
|------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------
|Balance at March 31, 2003
Net Loss
Balance at December 31, 2003
Balance at March 31, 2004
Net Loss
Balance at December 31, 2004 | $   82,068 
(72,945)
-----------
$    9,123 
===========
$  (15,109)
(76,101)
-----------
$  (91,210)
=========== | $ (60,438)
(737)
----------
$ (61,175)
==========
$  (61,420)
(769)
-----------
$ (62,189)
=========== | $  21,630 
(73,682)
----------
$ (52,052)
==========
$ (76,529)
(76,870)
----------
$(153,399)
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (Deficit)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 5                                                                                                                        | Assignees
---------                                                                                                         | General
Partners
(Deficit)
--------                                                                             | Total
-----                                                                                                                
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2003
Net Loss
Balance at December 31, 2003
Balance at March 31, 2004
Net Loss
Balance at December 31, 2004 | $   601,187 
(193,537)
------------
$   407,650 
============
$   338,798 
(110,115)
------------
$   228,683 
============ | $  (70,315)
(1,955)
-----------
$  (72,270)
===========
$  (72,965)
(1,112)
-----------
$  (74,077)
=========== | $   530,872 
(195,492)
------------
$   335,380 
============
$   265,833 
(111,227)
------------
$   154,606 
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (Deficit)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 6                                                                                                                        | Assignees
---------                                                                                                        | General
Partners
(Deficit)
--------                                                                            | Total
-----                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2003
Net Loss
Balance at December 31, 2003
Balance at March 31, 2004
Net Loss
Balance at December 31, 2004 | $ 1,140,076 
(267,222)
-----------
$   872,854 
============
$   848,257 
(143,981)
------------
$   704,276 
============ | $  (78,106)
(2,699)
----------
$  (80,805)
===========
$  (81,054)
(1,454)
-----------
$  (82,508)
=========== | $ 1,061,970 
(269,921)
-----------
$   792,049 
============
$   767,203 
(145,435)
------------
$   621,768 
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (Deficit)
FOR THE NINE MONTHS ENDED DECEMBER 30, 2004 AND 2003(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                              | Assignees
 ---------                                                                                                       | General
Partners
(Deficit)
--------                                                                            | Total
-----                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2003
Net Loss
Balance at December 31, 2003
Balance at March 31, 2004
Net Loss
Balance at December 31, 2004 | $ 1,936,956 
(682,470)
-----------
$ 1,254,486 
============
$ 1,117,822 
(479,687)
------------
$   638,135 
============ | $ (310,353)
(6,894)
----------
$ (317,247)
===========
$ (318,627)
(4,845)
-----------
$ (323,472)
=========== | $ 1,626,603 
(689,364)
-----------
$   937,239 
============
$   799,195 
(484,532)
------------
$   314,663 
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)STATEMENTS OF CASH FLOWSFOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(Unaudited)

|SERIES 2
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2004 
----                                                                                                                                                                                      | 2003 
----                                                                                                                                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
   Amortization
   Accreted Interest Income on Investments
   in Securities
   Equity in Losses of Project Partnerships
   Interest Income from Redemption of
   Securities
   Distributions Included in Other Income
   Changes in Operating Assets and Liabilities:
     Increase in Accounts Receivable
     Increase in Payable to General Partners
       Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
 Distributions Received from Project
 Partnerships
 Redemption of Investment in Securities
      Net Cash Provided by Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $  (93,102)
522 
(6,952)
24,995 
37,583 
(7,147)
0 
28,558 
---------- 
(15,543)
---------- 
8,748 
23,715 
---------- 
32,463 
---------- 
16,920 
221,084 
---------- 
$  238,004 
========== | $  (91,088)
522 
(9,824)
24,498 
33,934 
(5,750)
(1,957)
3,803 
---------- 
(45,862)
---------- 
7,350 
24,653 
---------- 
32,003 
---------- 
(13,859)
243,155 
---------- 
$  229,296 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 3
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2004 
----                                                                                                                                                                          | 2003 
----                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
   Amortization
   Accreted Interest Income on Investments
   in Securities
   Equity in Losses of Project Partnerships
   Interest Income from Redemption of Securities
   Distributions Included in Other Income
   Changes in Operating Assets and Liabilities:
     Increase in Payable to General Partners
     Net Cash Provided by (Used in) Operating      Activities
Cash Flows from Investing Activities:
 Distributions Received from Project
 Partnerships
 Redemption of Investment in Securities
     Net Cash Provided by Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $  (57,898)
0 
(6,184)
0 
33,432 
(14,382)
45,978 
---------- 
946 
---------- 
14,382 
21,093 
---------- 
35,475 
---------- 
36,421 
187,419 
---------- 
$  223,840 
========== | $  (59,181)
387 
(8,738)
4,682 
30,183 
(16,317)
9,178 
---------- 
(39,806)
---------- 
16,317 
21,928 
---------- 
38,245 
---------- 
(1,561)
201,450 
---------- 
$  199,889 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 4
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2004 
----                                                                                                                                                                            | 2003 
----                                                                                                                                                                                     
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
    Amortization
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project Partnerships
    Interest Income from Redemption of         
    Securities
    Distributions Included in Other Income
    Changes in Operating Assets and Liabilities:
      Increase in Payable to General Partners
     Net Cash Provided by (Used in) Operating      Activities
Cash Flows from Investing Activities:
 Distributions Received from Project
 Partnerships
 Redemption of Investment in Securities
     Net Cash Provided by Investing Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $  (76,870)
0 
(7,834)
0 
42,355 
(12,513)
56,529 
---------- 
1,667 
---------- 
12,513 
26,723 
---------- 
39,236 
---------- 
40,903 
273,485 
---------- 
$  314,388 
========== | $  (73,682)
927 
(11,070)
11,354 
38,238 
(26,141)
23,743 
---------- 
(36,631)
---------- 
26,140 
27,781 
---------- 
53,921 
---------- 
17,290 
273,896 
---------- 
$  291,186 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 5
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2004 
----                                                                                                                                                                                            | 2003 
----                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
    Amortization
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project Partnerships
    Interest Income from Redemption of     Securities
    Distributions Included in Other Income
    Changes in Operating Assets and Liabilities:
      (Decrease) Increase in Payable to General       Partners
      Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
 Distributions Received from Project
 Partnerships
 Redemption of Investment in Securities
      Net Cash Provided by Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $  (111,227)
3,423 
(9,764)
16,317 
52,790 
(18,732)
(92,686)
---------- 
(159,879)
---------- 
21,923 
33,308 
---------- 
55,231 
---------- 
(104,648)
349,174 
---------- 
$  224,526 
========== | $  (195,492)
3,606 
(13,797)
96,938 
47,658 
(13,242)
6,205 
---------- 
(68,124)
---------- 
17,505 
34,624 
---------- 
52,129 
---------- 
(15,995)
385,402 
---------- 
$  369,407 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|SERIES 6
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2004 
----                                                                                                                                                                         | 2003 
----                                                                                                                                                                           
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
    Amortization
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project Partnerships
    Distributions Included in Other Income
    Changes in Operating Assets and Liabilities:
      Increase in Payable to General Partners
      Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
 Distributions Received from Project
 Partnerships
      Net Cash Provided by Investing Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $ (145,435)
6,303 
(11,688)
47,699 
(27,127)
76,718 
---------- 
(53,530)
---------- 
28,982 
---------- 
28,982 
---------- 
(24,548)
401,535 
---------- 
$  376,987 
========== | $ (269,921)
6,672 
(14,444)
155,495 
(11,502)
16,660 
---------- 
(117,040)
---------- 
13,941 
---------- 
13,941 
---------- 
(103,099)
447,585 
---------- 
$  344,486 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003(Unaudited)

|TOTAL SERIES 2 - 6
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2004 
----                                                                                                                                                                                                      | 2003 
----                                                                                                                                                                                                           
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
    Amortization
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project Partnerships
    Interest Income from Redemption of     Securities
    Distributions Included in Other Income
    Changes in Operating Assets and Liabilities:
      Increase in Accounts Receivable
      Increase in Payable to General Partners
      Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
 Distributions Received from Project
 Partnerships
 Redemption of Investment in Securities
      Net Cash Provided by Investing Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $  (484,532)
10,248 
(42,422)
89,011 
166,160 
(79,901)
0 
115,097 
---------- 
(226,339)
---------- 
86,548 
104,839 
---------- 
191,387 
---------- 
(34,952)
1,432,697 
---------- 
$ 1,397,745 
========== | $  (689,364)
12,114 
(57,873)
292,967 
150,013 
(72,952)
(1,957)
59,589 
---------- 
(307,463)
---------- 
81,253 
108,986 
---------- 
190,239 
---------- 
(117,224)
1,551,488 
---------- 
$ 1,434,264 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)NOTES TO FINANCIAL STATEMENTS(Unaudited)DECEMBER 31, 2004

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 December 31, 2004, 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 December 31, 2004.  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 reviews its investment in the Project Partnerships to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the investment, Gateway recognizes an impairment loss.  No impairment loss has been recognized in the accompanying financial statements.
   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.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 2003 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 2004.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, 2004.  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.Recent Accounting Pronouncements
  In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN46"), "Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51." FIN46 requires certain variable interest entities to be consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.  FIN46 is effective for all new variable interest entities created or acquired after January 31, 2003. For variable interest entities created or acquired prior to February 1, 2003, the provisions of FIN46 must be applied for the first interim or annual period ending after December 15, 2004.  Gateway has evaluated the effect of the adoption of FIN46 and has determined that consolidation is not required.NOTE 3 - INVESTMENT IN SECURITIES:
   The December 31, 2004 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips which represents their cost, plus accreted interest income of $78,125 for Series 2, $69,491 for Series 3, $88,038 for Series 4, $109,728 for Series 5 and $130,705 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.

|         | Estimated Market
Value
----------------- | Cost Plus Accreted
Interest
----------------- | Gross Unrealized
Gains and (Losses)
----------------
|-------- | ---------------------------------------- | --------------------------------------------- | ----------------------------------------------------
|Series 2 | $  127,035                               | $  122,503                                    | $  4,532                                            
|Series 3 | 112,959                                  | 108,964                                       | 3,995                                               
|Series 4 | 143,164                                  | 138,046                                       | 5,118                                               
|Series 5 | 178,380                                  | 172,056                                       | 6,324                                               
|Series 6 | 229,259                                  | 219,643                                       | 9,616                                               

As of December 31, 2004, the cost and accreted interest of debt securities by contractual maturities is as follows:

|                                        | Series 2
--------               | Series 3
--------               | Series 4
--------              
|--------------------------------------- | ------------------------------- | ------------------------------- | -------------------------------
|Due within 1 year                       | $   62,374                      | $   55,480                      | $   70,288                     
|After 1 year through 5 years            | 60,129                          | 53,484                          | 67,758                         
|Total Amount Carried on
  Balance Sheet | ---------
$  122,503
========== | ---------
$  108,964
========== | ---------
$  138,046
==========



|                                        | Series 5
--------               | Series 6
--------               | Total
--------                 
|--------------------------------------- | ------------------------------- | ------------------------------- | -------------------------------
|Due within 1 year                       | $   87,604                      | $   74,893                      | $  350,639                     
|After 1 year through 5 years            | 84,452                          | 144,750                         | 410,573                        
|Total Amount Carried on
  Balance Sheet | ---------
$  172,056
========== | ---------
$  219,643
========== | ---------
$  761,212
==========

NOTE 4 - RELATED PARTY TRANSACTIONS:

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:   As of December 31, 2004, 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER 31, 2004
----------------                                                                               | MARCH 31, 2004
-------------                                                                                    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $  4,524,678 
(4,724,753)
(86,006)
-----------
(286,081)
390,838 
(84,276)
-----------
$    20,481 
============ | $  4,524,678 
(4,699,758)
(84,405)
-----------
(259,485)
390,838 
(83,756)
-----------
$    47,597 
============

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,742,022 for the period ended December 31, 2004 and cumulative suspended losses of $4,358,678,for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   The following is a summary of Investments in Project Partnerships as of:

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER 31, 2004
----------------                                                                          | MARCH 31, 2004
-------------                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 3,888,713 
(4,133,478)
(164,417)
---------
(409,182)
491,746 
(82,564)
----------
$        0 
=========== | $ 3,888,713 
(4,133,478)
(164,417)
----------
(409,182)
491,746 
(82,564)
----------
$        0 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,498,198 for the period ended December 31, 2004 and cumulative suspended losses of $5,123,116 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   The following is a summary of Investments in Project Partnerships as of:

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER 31, 2004
---------------                                                                               | MARCH 31, 2004
-------------                                                                                  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $  4,952,519 
(5,268,905)
(124,819)
-----------
(441,205)
562,967 
(121,762)
----------
$        0 
=========== | $  4,952,519 
(5,268,905)
(124,819)
----------
(441,205)
562,967 
(121,762)
----------
$        0 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,533,091 for the period ended December 31, 2004 and cumulative suspended losses of $4,113,695 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
   The following is a summary of Investments in Project Partnerships as of:

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER 31, 2004
----------------                                                                            | MARCH 31, 2004
-------------                                                                                 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 6,164,472 
(6,264,145)
(356,805)
----------
(456,478)
650,837 
(144,786)
----------
$   49,573 
=========== | $ 6,164,472 
(6,247,828)
(196,488)
----------
(279,844)
650,837 
(141,363)
----------
$  229,630 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,413,213 for the period ended December 31, 2004 and cumulative suspended losses of $4,928,362 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   The following is a summary of Investments in Project Partnerships as of:

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER 31, 2004
----------------                                                                            | MARCH 31, 2004
--------------                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 7,462,215 
(7,026,740)
(215,246)
----------
220,229 
785,179 
(202,777)
----------
$   802,631 
=========== | $ 7,462,215 
(6,979,041)
(213,391)
----------
269,783 
785,179 
(196,474)
----------
$   858,488 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $3,674,248 for the period ended December 31, 2004 and cumulative suspended losses of $3,303,141 for the year ended March 31, 2004 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   The following is a summary of Investments in Project Partnerships as of:

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | DECEMBER 31, 2004
----------------                                                                                   | MARCH 31, 2004
--------------                                                                                         
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the
underlying assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 26,992,597 
(27,418,021)
(947,293)
----------
(1,372,717)
2,881,567 
(636,165)
----------
$   872,685 
=========== | $ 26,992,597 
(27,329,010)
(783,520)
-----------
(1,119,933)
2,881,567 
(625,919)
-----------
$ 1,135,715 
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   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 September 30, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SEPTEMBER 30,                                                                                                                                                                                                                                                                                                                                                                                                                           
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                               
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 2,071,613 
15,943,321 
17,341 
----------- 
$18,032,275 
=========== 
$   374,070 
22,832,568 
----------- 
23,206,638 
----------- 
(5,068,800)
(105,563)
----------- 
(5,174,363)
----------- 
$18,032,275 
=========== 
$ 2,076,963 
----------- 
1,423,367 
417,308 
648,752 
----------- 
2,489,427 
----------- 
$  (412,464)
=========== 
$    (4,125)
=========== 
$  (408,339)
383,344 
----------- 
$   (24,995)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
   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 September 30, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SEPTEMBER 30,                                                                                                                                                                                                                                                                                                                                                                                                                       
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                           
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 2,520,385 
13,081,481 
157,742 
----------- 
$15,759,608 
=========== 
$   134,511 
21,535,458 
----------- 
21,669,969 
----------- 
(6,300,049)
389,688 
----------- 
(5,910,361)
----------- 
$15,759,608 
=========== 
$ 2,070,854 
----------- 
1,388,087 
359,686 
704,220 
----------- 
2,451,993 
----------- 
$ (381,139)
=========== 
$   (6,057)
=========== 
$ (375,082)
375,082 
----------- 
$        0)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
   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 September 30, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SEPTEMBER 30,                                                                                                                                                                                                                                                                                                                                                                                                                          
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                              
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 2,389,131 
20,288,918 
11,913 
----------- 
$22,689,962 
=========== 
$   681,132 
26,289,686 
----------- 
26,970,818 
----------- 
(5,024,227)
743,371 
----------- 
(4,280,856)
----------- 
$22,689,962 
=========== 
$ 2,489,062 
----------- 
1,721,791 
457,061 
734,759 
----------- 
2,913,611 
----------- 
$  (424,549)
=========== 
$    (5,153)
=========== 
$  (419,396)
419,396 
----------- 
$         0 
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
   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 September 30, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SEPTEMBER 30,                                                                                                                                                                                                                                                                                                                                                                                                                      
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                          
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 3,308,107 
23,522,107 
4,281 
----------- 
$26,834,495 
=========== 
$   595,127 
32,229,915 
----------- 
32,825,042 
----------- 
(5,698,981)
(291,566)
----------- 
(5,990,547)
----------- 
$26,834,495 
=========== 
$ 3,145,478 
----------- 
2,116,889 
564,232 
970,587 
----------- 
3,651,708 
----------- 
$ (506,230)
=========== 
$   (5,062)
=========== 
$ (501,168)
484,851 
----------- 
$  (16,317)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   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 September 30, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SEPTEMBER 30,                                                                                                                                                                                                                                                                                                                                                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                            
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 4,055,461 
27,304,203 
11,635 
----------- 
$31,371,299 
=========== 
$   447,698 
34,867,631 
----------- 
35,315,329 
----------- 
(3,504,591)
(439,439)
----------- 
(3,944,030)
----------- 
$31,371,299 
=========== 
$ 3,457,602 
----------- 
2,264,148 
606,771 
1,010,894 
----------- 
3,881,813 
-----------
$ (424,211)
=========== 
$   (5,405)
=========== 
$ (418,806)
371,107 
----------- 
$  (47,699)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
   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 September 30, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SEPTEMBER 30,                                                                                                                                                                                                                                                                                                                                                                                                                                            
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|TOTAL SERIES 2- 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                                                
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 14,344,697 
100,140,030 
202,912 
----------- 
$114,687,639 
=========== 
$  2,232,538 
137,755,258 
----------- 
139,987,796 
----------- 
(25,596,648)
296,491 
----------- 
(25,300,157)
----------- 
$114,687,639 
=========== 
$ 13,239,959 
----------- 
8,914,282 
2,405,058 
4,069,212 
----------- 
15,388,552 
----------- 
$(2,148,593)
=========== 
$   (25,802)
=========== 
$(2,122,791)
2,033,780 
----------- 
$   (89,011)
===========

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Item 4.  Controls and Procedures:
   Within 90 days prior to the filing of this report, under the supervision and with the participation of the Partnership's management, including the Partnership's chief executive and chief financial officers, an evaluation of the effectiveness of the Partnership's disclosure controls and procedures (as defined in Rule 13a-14(c) under the Securities Exchange Act of 1934) was performed.  Based on this evaluation, such officers have concluded that the Partnership's disclosure controls and procedures were effective as of the date of that evaluation in alerting them in a timely manner to material information relating to the Partnership required to be included in this report and the Partnership's other reports that it files or submits under the Securities Exchange Act of 1934.  There were no significant changes in the Partnership's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.
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, interest income is lower for the nine and three months ended December 31, 2004 and December 31, 2003, due to lower interest rates.  The General and Administrative expenses - General Partner for the nine months ended December 31, 2004 are lower for the same period ended December 31, 2003.  This decrease was due to a one-time adjustment in the prior period due to the change in the cost allocation methods.  There were no other 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 nine months ended December 31, 2004 increased slightly from $24,498 for the nine months ended December 31, 2003 to $24,995.  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 December 31, 2004, the Series had $238,004 of short-term investments (Cash and Cash Equivalents).  It also had $122,503 in Zero Coupon Treasuries with annual maturities providing $62,374 in fiscal year 2005 decreasing to $60,129 in fiscal year 2006.  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 $93,102 for the nine months ended December 31, 2004.  However, after adjusting for Equity in Losses of Project Partnerships of $24,995 and the changes in operating assets and liabilities, net cash used in operating activities was $15,543. Net cash provided by investing activities totaled $32,463, consisting of $8,748 in cash distributions from the Project Partnerships and $23,715 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 nine months ended December 31, 2004 decreased from $4,682 for the nine months ended December 31, 2003 to $0 as a result of the suspension of all income and loss in this Series so that the Investment in Project Partnerships does not fall below zero.
   At December 31, 2004, the Series had $223,840 of short-term investments (Cash and Cash Equivalents).  It also had $108,964 in Zero Coupon Treasuries with annual maturities providing $55,480 in fiscal year 2005 decreasing to $53,484 in fiscal year 2006.  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 $57,898 for the nine months ended December 31, 2004.  However, after adjusting for the changes in operating assets and liabilities, net cash provided by operating activities was $946.  Net cash provided by investing activities totaled $35,475, consisting of $14,382 in cash distributions from the Project Partnerships and $21,093 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 nine months ended December 31, 2004 decreased from $11,354 for the nine months ended December 31, 2003 to $0 as a result of the suspension of all income and loss in this Series so that the Investment in Project Partnerships does not fall below zero.
   At December 31, 2004, the Series had $314,388 of short-term investments (Cash and Cash Equivalents).  It also had $138,046 in Zero Coupon Treasuries with annual maturities providing $70,288 in fiscal year 2005 decreasing to $67,758 in fiscal year 2006.  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 $76,870 for the nine months ended December 31, 2004.  However, after adjusting for the changes in operating assets and liabilities, net cash provided by operating activities was $1,667.  Net cash provided by investing activities totaled $39,236, consisting of $12,513 in cash distributions from the Project Partnerships and $26,723 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.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2004 decreased from $96,938 for the nine months ended December 31, 2003 to $16,317 as a result of an increase in rental income.
   At December 31, 2004, the Series had $244,526 of short-term investments (Cash and Cash Equivalents).  It also had $172,056 in Zero Coupon Treasuries with annual maturities providing $87,604 in fiscal year 2005 decreasing to $84,452 in fiscal year 2006.  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 $111,227 for the nine months ended December 31, 2004.  However, after adjusting for Equity in Losses of Project Partnerships of $16,317 and the changes in operating assets and liabilities, net cash used in operating activities was $159,879.  Net cash provided by investing activities totaled $55,231, consisting of $21,923 in cash distributions from the Project Partnerships and $33,308 from matured Zero Coupon Treasuries.
   One of the Project Partnerships, Highland View, L.P., sold its property. The proceeds from this sale are in the amount of $157,126 and have been received by Gateway as of the quarter ended December 31, 2004. The proceeds are currently being held in an escrow account for the benefit of the Limited Partners.  The financial information of the Project Partnerships presented in these financial statements is on a three-month lag; thus, the gain associated with the sale of the Project Partnerships' assets will be reflected in the financial statements for the year ended March 31, 2005.
   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 nine months ended December 31, 2004 decreased from $155,495 for the nine months ended December 31, 2003 to $47,699 as a result of an increase in rental income. 
   At December 31, 2004, the Series had $376,987 of short-term investments (Cash and Cash Equivalents).  It also had $219,643 in Zero Coupon Treasuries with annual maturities providing $74,892 in fiscal year 2005 decreasing to $71,438 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 $145,435 for the nine months ended December 31, 2004.  However, after adjusting for Equity in Losses of Project Partnerships of $47,699 and the changes in operating assets and liabilities, net cash used in operating activities was $53,530.  Net cash provided by investing activities totaled $28,982, consisting of cash distributions from the Project Partnerships.  There were no unusual events or trends to describe.

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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: February 11, 2005           By:/s/ Ronald M. Diner                                  Ronald M. Diner
                                  President
Date: February 11, 2005           By:/s/ Sandra C. Humphreys                                  Sandra C. Humphreys
                                  Secretary and Treasurer
Date: February 11, 2005           By:/s/ Carol Georges
                                  Carol Georges
                                  Vice President and Director of Accounting

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CERTIFICATIONS*

I, Ron Diner, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Gateway Tax Credit Fund II, Ltd.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: February 11, 2005         By:/s/ Ronald M. Diner                                Ronald M. Diner
                                President

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I, Carol Georges, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Gateway Tax Credit Fund II, Ltd.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: February 11, 2005        By:/s/ Carol Georges                               Carol Georges
                               Vice President and Director of Accounting