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, 2001Commission 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        ( I.R.S. Employer No.)
 incorporation or organization)880 Carillon Parkway,  St. Petersburg,  Florida       33716(Address of principal executive offices)             (Zip Code)
Registrant's Telephone Number, Including Area Code:(727)573-3800Indicate 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 31,2001Beneficial Assignee Certificates:
$1,000 per certificate                               37,228

DOCUMENTS INCORPORATED BY REFERENCEParts I and II, 2001 Form 10-K, filed with the
Securities and Exchange Commission on July 31, 2001
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,
2001
---------
(Unaudited)                                                                                                                                                                                                       | March 31,
2001
----------
(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, 2001
and March 31, 2001 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, 2001 and March 31, 2001, issued and
outstanding
General Partners
  
    Total Partners' Equity
    Total Liabilities and     Partners' Equity | $  226,328 
55,108 
---------- 
281,436 
201,796 
112,365 
----------- 
$  595,597 
=========== 
$   45,613 
----------- 
45,613 
----------- 
413,428 
----------- 
188,990 
(52,434)
----------
136,556 
---------- 
$  595,597 
========== | $  213,928 
53,836 
---------- 
267,764 
242,459 
124,529 
---------- 
$  634,752 
========== 
$   46,941 
---------- 
46,941 
---------- 
396,046 
---------- 
 
243,647 
(51,882)
---------- 
191,765 
---------- 
$  634,752 
==========

See accompanying notes to financial statements.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | December 31,
2001
---------
(Unaudited)                                                                                                                                                                                                  | March 31,
2001
----------
(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, 2001 and
March 31, 2001 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, 2001
and March 31, 2001, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and     Partners' Equity | $  190,722 
49,017 
---------- 
239,739 
179,494 
51,316 
---------- 
$  470,549 
========== 
$   49,892 
---------- 
49,892 
---------- 
304,867 
---------- 
162,448 
(46,658)
---------- 
115,790 
---------- 
$  470,549 
========== | $  177,615 
47,886 
---------- 
225,501 
215,662 
71,138 
---------- 
$  512,301 
========== 
$  51,154 
---------- 
51,154 
---------- 
293,562 
---------- 
213,725 
(46,140)
---------- 
167,585 
---------- 
$  512,301 
===========

See accompanying notes to financial statements.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | December 31,
2001
---------
(Unaudited)                                                                                                                                                                                                   | March 31,
2001
----------
(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, 2001 and
March 31, 2001 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, 2001
and March 31, 2001, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and     Partners' Equity | $  267,632 
62,100 
---------- 
329,732 
227,399 
143,636 
---------- 
$  700,767 
========== 
$   55,288 
---------- 
55,288 
---------- 
397,884 
---------- 
305,773 
(58,178)
---------- 
247,595 
---------- 
$  700,767 
========== | $  249,491 
60,666 
---------- 
310,157 
273,223 
223,689 
---------- 
$  807,069 
========== 
$   56,807 
---------- 
56,807 
---------- 
382,953 
---------- 
424,290 
(56,981)
---------- 
367,309 
---------- 
$  807,069 
==========

See accompanying notes to financial statements.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | December 31,
2001
---------
(Unaudited)                                                                                                                                                                                                            | March 31,
2001
----------
(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 8,616 at December 31, 2001 and
March 31, 2001 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, 2001
and March 31, 2001, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and     Partners' Equity | $  366,057 
77,400 
---------- 
443,457 
283,425 
595,152 
---------- 
$ 1,322,034 
=========== 
$   73,932 
----------- 
73,932 
----------- 
395,674 
----------- 
919,527 
(67,099)
----------- 
852,428 
----------- 
$ 1,322,034 
=========== | $  350,854 
75,613 
---------- 
426,467 
340,537 
752,227 
---------- 
$ 1,519,231 
=========== 
$   75,689 
----------- 
75,689 
----------- 
382,400 
----------- 
1,126,154 
(65,012)
----------- 
1,061,142 
----------- 
$ 1,519,231 
===========

See accompanying notes to financial statements.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | December 31,
2001
---------
(Unaudited)                                                                                                                                                                                                                  | March 31,
2001
----------
(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, 2001
and March 31, 2001 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, 2001
and March 31, 2001, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and     Partners' Equity | $  376,483 
61,939 
---------- 
438,422 
298,764 
1,335,833 
---------- 
$ 2,073,019 
=========== 
$   69,610 
----------- 
69,610 
----------- 
511,524 
----------- 
1,565,691 
(73,806)
----------- 
1,491,885 
----------- 
$ 2,073,019 
=========== | $  437,636 
58,858 
---------- 
496,494 
282,893 
1,584,877 
---------- 
$ 2,364,264 
============ 
$   71,653 
----------- 
71,653 
----------- 
488,284 
----------- 
1,875,009 
(70,682)
----------- 
1,804,327 
----------- 
$ 2,364,264 
===========

See accompanying notes to financial statements.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | December 31,
2001
---------
(Unaudited)                                                                                                                                                                                                                       | March 31,
2001
----------
(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 37,228 at December 31, 2001 and
March 31, 2001 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, 2001
and March 31, 2001, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and     Partners' Equity | $ 1,427,222 
305,564 
---------- 
1,732,786 
1,190,878 
2,238,302 
---------- 
$ 5,161,966 
========== 
$  294,335 
----------
294,335 
---------- 
2,023,377 
---------- 
3,142,429 
(298,175)
----------- 
2,844,254 
----------- 
$ 5,161,966 
=========== | $ 1,429,524 
296,859 
----------- 
1,726,383 
1,354,774 
2,756,460 
----------- 
$ 5,837,617 
=========== 
$  302,244 
----------- 
302,244 
----------- 
1,943,245 
----------- 
3,882,825 
(290,697)
----------- 
3,592,128 
----------- 
$5,837,617 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2001 
----                                                                                                                                                                                                                           | 2000 
----                                                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 Gain or Losses of Project Partnerships
Net Gain or Loss
Allocation of Net Gain or Loss:
 Assignees
 General Partners
Net Gain or Loss Per Beneficial
 Assignee Certificate
Number of Beneficial Assignee
 Certificates Outstanding | $    6,024 
---------- 
17,090 
3,029 
1,014 
450 
---------- 
21,583 
---------- 
(15,559)
(6,181)
---------- 
$  (21,740)
========== 
(21,523)
(217)
---------- 
$  (21,740)
========== 
$    (3.51)
========== 
6,136 
========== | $    8,515 
---------- 
17,128 
1,482 
1,548 
816 
---------- 
20,974 
---------- 
(12,459)
29,114 
---------- 
$   16,655 
========== 
16,489 
166 
---------- 
$   16,655 
========== 
$     2.69 
========== 
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                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2001 
----                                                                                                                                                                                                                       | 2000 
----                                                                                                                                                                                                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
Interest Income
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 Gain or 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 | $    5,298 
---------- 
15,776 
3,168 
1,077 
280 
---------- 
20,301 
---------- 
(15,003)
860 
---------- 
$  (14,143)
========== 
(14,002)
(141)
----------
$  (14,143)
========== 
$    (2.57)
========== 
5,456 
========== | $    7,395 
---------- 
15,825 
1,550 
1,830 
280 
---------- 
19,485 
---------- 
(12,090)
(1,311)
---------- 
$  (13,401)
========== 
(13,267)
(134)
----------
$  (13,401)
========== 
$    (2.44)
========== 
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                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2001 
----                                                                                                                                                                                                                          | 2000 
----                                                                                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 Gain or 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 | $   6,852 
---------- 
19,415 
3,994 
1,258 
1,322 
---------- 
25,989 
---------- 
(19,137)
(21,267)
---------- 
$ (40,404)
========== 
(40,000)
(404)
---------- 
$ (40,404)
========== 
$   (5.78)
========== 
6,915 
========== | $   9,814 
---------- 
19,458 
1,955 
2,205 
1,664 
---------- 
25,282 
---------- 
(15,468)
(40,919)
---------- 
$ (56,387)
========== 
(55,823)
(564)
---------- 
$ (56,387)
========== 
$   (8.07)
========== 
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                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2001 
----                                                                                                                                                                                                                          | 2000 
----                                                                                                                                                                                                                        
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 Gain or 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 | $   8,697 
---------- 
24,002 
4,958 
1,493 
1,278 
---------- 
31,731 
---------- 
(23,034)
(72,495)
---------- 
$ (95,529)
========== 
(94,574)
(955)
---------- 
$ (95,529)
========== 
$  (10.98)
========== 
8,616 
========== | $  12,642 
---------- 
24,060 
2,426 
2,448 
1,540 
---------- 
30,474 
---------- 
(17,832)
(9,053)
---------- 
$ (26,885)
========== 
(26,616)
(269)
---------- 
$ (26,885)
========== 
$   (3.09)
========== 
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                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2001 
----                                                                                                                                                                                                                     | 2000 
----                                                                                                                                                                                                                   
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 Gain or 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 | $   8,310 
--------- 
26,351 
5,234 
1,690 
3,329 
--------- 
36,604 
--------- 
(28,294)
(98,089)
--------- 
$(126,383)
========= 
(125,119)
(1,264)
--------- 
$(126,383)
========= 
$  (12.38)
========= 
10,105 
========= | $  12,276 
--------- 
26,622 
2,561 
3,007 
3,745 
--------- 
35,935 
--------- 
(23,659)
(76,621)
--------- 
$(100,280)
========= 
(99,277)
(1,003)
--------- 
$(100,280)
========= 
$   (9.82)
========= 
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                                                                                                                                                                                                                                                                                                                      | 2001 
----                                                                                                                                                                                         | 2000 
----                                                                                                                                                                                      
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 Gain or Losses of Project
 Partnerships
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners | $   35,181 
---------- 
102,634 
20,383 
6,532 
6,659 
---------- 
136,208 
---------- 
(101,027)
(197,172)
---------- 
$(298,199)
========== 
(295,218)
(2,981)
---------- 
$(298,199)
========== | $   50,642 
---------- 
103,093 
9,974 
11,038 
8,045 
---------- 
132,150 
---------- 
(81,508)
(98,790)
---------- 
$(180,298)
========== 
(178,495)
(1,803)
---------- 
$(180,298)
==========

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                                                                                                                                                                                                                                                                                                                                                                                                                              | 2001
----                                                                                                                                                                                                                                               | 2000
----                                                                                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 | $   20,152 
------------ 
51,270 
9,089 
6,538 
1,350 
------------ 
68,247 
------------ 
(48,095)
(7,114)
------------ 
$  (55,209)
============ 
(54,657)
(552)
------------ 
$  (55,209)
============ 
$    (8.91)
============
6,136 
============ | $   25,977 
------------ 
51,384 
6,574 
7,847 
2,448 
------------ 
68,253 
------------ 
(42,276)
(81,689)
------------ 
$ (123,965)
============
(122,725)
(1,240)
------------ 
$ (123,965)
============ 
$   (20.00)
============ 
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                                                                                                                                                                                                                                                                                                                                                                                                                              | 2001 
----                                                                                                                                                                                                                       | 2000 
----                                                                                                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 | $  17,540 
---------- 
47,328 
9,504 
6,948 
840 
---------- 
64,620 
---------- 
(47,080)
(4,715)
---------- 
$ (51,795)
========== 
(51,277)
(518)
---------- 
$ (51,795)
========== 
$   (9.40)
========== 
5,456 
========== | $  22,445 
---------- 
47,475 
6,873 
8,086 
840 
---------- 
63,274 
---------- 
(40,829)
(21,146)
---------- 
$ (61,975)
========== 
(61,355)
(620)
---------- 
$ (61,975)
========== 
$  (11.25)
========== 
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                                                                                                                                                                                                                                                                                                                                                                                                                               | 2001 
----                                                                                                                                                                                                                                  | 2000 
----                                                                                                                                                                                                                                 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 | $   22,824 
---------- 
58,245 
11,982 
8,438 
3,966 
---------- 
82,631 
---------- 
(59,807)
(59,907)
---------- 
$ (119,714)
========== 
(118,517)
(1,197)
---------- 
$ (119,714)
========== 
$   (17.14)
========== 
6,915 
========== | $   29,648 
---------- 
58,374 
8,666 
9,969 
4,992 
---------- 
82,001 
---------- 
(52,353)
(161,511)
---------- 
$ (213,864)
========== 
(211,725)
(2,139)
---------- 
$ (213,864)
========== 
$   (30.62)
========== 
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                                                                                                                                                                                                                                                                                                                                                                                                                              | 2001 
----                                                                                                                                                                                                                                     | 2000 
----                                                                                                                                                                                                                                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 | $   29,246 
---------- 
72,006 
14,875 
10,017 
3,834 
---------- 
100,732 
---------- 
(71,486)
(137,228)
---------- 
$ (208,714)
========== 
(206,627)
(2,087)
---------- 
$ (208,714)
========== 
$   (23.98)
========== 
8,616 
========== | $   38,293 
---------- 
72,180 
10,758 
12,125 
4,620 
---------- 
99,683 
---------- 
(61,390)
(144,669)
---------- 
$ (206,059)
========== 
(203,998)
(2,061)
---------- 
$ (206,059)
========== 
$   (23.68)
========== 
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                                                                                                                                                                                                                                                                                                                                                                                                                               | 2001 
----                                                                                                                                                                                                                                      | 2000 
----                                                                                                                                                                                                                                      
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 | $   28,353 
---------- 
79,233 
15,702 
11,205 
9,987 
---------- 
116,127 
---------- 
(87,774)
(224,668)
---------- 
$ (312,442)
========== 
(309,318)
(3,124)
---------- 
$ (312,442)
========== 
$   (30.61)
========== 
10,105 
========== | $   37,535 
---------- 
79,466 
11,356 
13,309 
11,235 
---------- 
115,366 
---------- 
(77,831)
(358,333)
---------- 
$ (436,164)
========== 
(431,802)
(4,362)
---------- 
$ (436,164)
========== 
$   (42.73)
========== 
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                                                                                                                                                                                                                                                                                                               | 2001 
----                                                                                                                                                                                                | 2000 
----                                                                                                                                                                                                  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Interest Income
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 | $  118,115 
---------- 
308,082 
61,152 
43,146 
19,977 
---------- 
432,357 
---------- 
(314,242)
(433,632)
---------- 
$  (747,874)
========== 
(740,396)
(7,478)
---------- 
$  (747,874)
=========== | $  153,898 
---------- 
308,879 
44,227 
51,336 
24,135 
---------- 
428,577 
---------- 
(274,679)
(767,348)
---------- 
$(1,042,027)
========== 
(1,031,605)
(10,422)
---------- 
$(1,042,027)
===========

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, 2001 AND 2000(Unaudited)

|SERIES 2                                                                                                                        | Assignees
---------                                                                                                | General
Partners
(Deficit)
--------                                                                       | Total
-----                                                                                                      
|------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at December 31, 2000
Balance at March 31, 2001
Net Loss
Balance at December 31, 2001 | $  365,987 
(122,725)
---------- 
$  243,262 
=========== 
$  243,647 
(54,657)
----------
$  188,990 
=========== | $  (50,646)
(1,240)
---------
$  (51,886)
========== 
$  (51,882)
(552)
----------
$  (52,434)
========== | $  315,341
(123,965)
-----------
$  191,376
=========== 
$  191,765 
(55,209)
-----------
$  136,556 
===========

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, 2001 AND 2000(Unaudited)

|SERIES 3                                                                                                                        | Assignees
---------                                                                                                   | General
Partners
(Deficit)
--------                                                                            | Total
-----                                                                                                         
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at December 31, 2000
Balance at March 31, 2001
Net Loss
Balance at December 31, 2001 | $  271,815 
(61,355)
----------- 
$  210,460 
============
$  213,725 
(51,277)
----------- 
$  162,448 
============ | $  (45,553)
(620)
----------- 
$  (46,173)
=========== 
$  (46,140)
(518)
----------- 
$  (46,658)
=========== | $  226,262 
(61,975)
----------- 
$  164,287 
=========== 
$  167,585 
(51,795)
----------- 
$  115,790 
===========

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, 2001 AND 2000(Unaudited)

|SERIES 4                                                                                                                        | Assignees
---------                                                                                                 | General
Partners
(Deficit)
--------                                                                        | Total
-----                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at December 31, 2000
Balance at March 31, 2001
Net Loss
Balance at December 31, 2001 | $  732,836 
(211,725)
---------- 
$  521,111 
========== 
$  424,290 
(118,517)
---------- 
$  305,773 
=========== | $ (53,864)
(2,139)
---------- 
$ (56,003)
========== 
$ (56,981)
(1,197)
---------- 
$ (58,178)
========== | $ 678,972 
(213,864)
---------- 
$ 465,108 
========== 
$ 367,309 
(119,714)
--------- 
$ 247,595 
==========

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, 2001 AND 2000(Unaudited)

|SERIES 5                                                                                                                        | Assignees
---------                                                                                                           | General
Partners
(Deficit)
--------                                                                             | Total
-----                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at December 31, 2000
Balance at March 31, 2001
Net Loss
Balance at December 31, 2001 | $ 1,371,804 
(203,998)
----------- 
$ 1,167,806 
============ 
$ 1,126,154 
(206,627)
------------ 
$   919,527 
============ | $  (62,531)
(2,061)
----------- 
$  (64,592)
========== 
$  (65,012)
(2,087)
---------- 
$  (67,099)
========== | $ 1,309,273 
(206,059)
---------- 
$ 1,103,214 
=========== 
$ 1,061,142 
(208,714)
----------- 
$   852,428 
===========

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, 2001 AND 2000(Unaudited)

|SERIES 6                                                                                                                        | Assignees
---------                                                                                                        | General
Partners
(Deficit)
--------                                                                            | Total
-----                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at December 31, 2000
Balance at March 31, 2001
Net Loss
Balance at December 31, 2001 | $ 2,351,230 
(431,802)
----------- 
$ 1,919,428 
=========== 
$ 1,875,009 
(309,318)
----------- 
$ 1,565,691 
=========== | $  (65,872)
(4,362)
---------- 
$  (70,234)
========== 
$  (70,682)
(3,124)
---------- 
$  (73,806)
========== | $ 2,285,358 
(436,164)
----------- 
$ 1,849,194 
=========== 
$ 1,804,327 
(312,442)
----------- 
$ 1,491,885 
===========

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, 2001 AND 2000(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                                | Assignees
 ---------                                                                                                         | General
Partners
(Deficit)
--------                                                                             | Total
-----                                                                                                                 
|--------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
 
Balance at December 31, 2000
Balance at March 31, 2001
Net Loss
Balance at December 31, 2001 | $ 5,093,672 
(1,031,606)
----------- 
$ 4,062,066 
=========== 
$ 3,882,825 
(740,396)
----------- 
$ 3,142,429 
=========== | $ (278,466)
(10,421)
---------- 
$ (288,887)
========== 
$ (290,697)
(7,478)
---------- 
$ (298,175)
========== | $ 4,815,206 
(1,042,027)
----------- 
$ 3,773,179 
=========== 
$ 3,592,128 
(747,874)
----------- 
$ 2,844,254 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)STATEMENTS OF CASH FLOWSOR THE NINE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(Unaudited)

|SERIES 2
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2001 
----                                                                                                                                                                             | 2000 
----                                                                                                                                                                             
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to  Net Cash Provided by (Used in)
 Operating Activities:
   Amortization
   Accreted Interest Income on    Investments in Securities
   Equity in Losses of Project    Partnerships
   Interest Income from Redemption of
   Securities
   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
 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 | $  (55,209)
1,350 
(14,445)
7,114 
26,908 
16,054 
---------- 
(18,228)
---------- 
3,700 
26,928 
---------- 
30,628 
---------- 
12,400 
213,928 
---------- 
$  226,328 
========== | $ (123,965)
2,448 
(16,257)
81,689 
23,536 
15,397 
---------- 
(17,152)
---------- 
6,864 
28,263 
---------- 
35,127 
---------- 
17,975 
188,570 
---------- 
$  206,545 
==========

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, 2001 AND 2000(Unaudited)

|SERIES 3
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2001 
----                                                                                                                                                                            | 2000 
----                                                                                                                                                                           
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Provided by (Used in) Operating
 Activities:
   Amortization
   Accreted Interest Income on    Investments in Securities
   Equity in Losses of Project    Partnerships
   Interest Income from Redemption of
   Securities
   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 (Used in)
     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 | $  (51,795)
840 
(12,849)
4,715 
23,934 
10,043 
---------- 
(25,112)
---------- 
14,267 
23,952 
---------- 
38,219 
---------- 
13,107 
177,615 
---------- 
$  190,722 
========== | $  (61,975)
840 
(14,461)
21,146 
20,936 
6,524 
---------- 
(26,990)
---------- 
18,190 
25,139 
---------- 
43,329 
---------- 
16,339 
155,487 
---------- 
$  171,826 
==========

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, 2001 AND 2000(Unaudited)

|SERIES 4
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2001 
----                                                                                                                                                                               | 2000 
----                                                                                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Provided by (Used in) Operating
 Activities:
    Amortization
    Accreted Interest Income on     Investments
in Securities
    Equity in Losses of Project     Partnerships
    Interest Income from Redemption of
    Securities
    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 (Used in)
     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 | $ (119,714)
3,966 
(16,278)
59,907 
30,322 
13,414 
---------- 
(28,383)
---------- 
16,180 
30,344 
---------- 
46,524 
---------- 
18,141 
249,491 
---------- 
$  267,632 
========== | $ (213,864)
4,992 
(18,320)
161,511 
26,523 
13,958 
---------- 
(25,200)
---------- 
14,010 
31,849 
---------- 
45,859 
---------- 
20,659 
226,648 
---------- 
$  247,307 
==========

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, 2001 AND 2000(Unaudited)

|SERIES 5
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2001 
----                                                                                                                                                                                 | 2000 
----                                                                                                                                                                                
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Provided by (Used in) Operating
 Activities:
    Amortization
    Accreted Interest Income on     Investments
in Securities
    Equity in Losses of Project     Partnerships
    Interest Income from Redemption of
    Securities
    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 (Used in)
      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 | $  (208,714)
3,834 
(20,288)
137,228 
37,792 
11,518 
---------- 
(38,630)
---------- 
16,013 
37,820 
---------- 
53,833 
---------- 
15,203 
350,854 
---------- 
$  366,057 
========== | $  (206,059)
4,620 
(22,833)
144,669 
33,057 
10,836 
---------- 
(35,710)
---------- 
16,927 
39,696 
---------- 
56,623 
---------- 
20,913 
318,707 
---------- 
$  339,620 
==========

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, 2001 AND 2000(Unaudited)

|SERIES 6
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2001 
----                                                                                                                                                                       | 2000 
----                                                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Provided by (Used in) Operating
 Activities:
    Amortization
    Accreted Interest Income on     Investments
in Securities
    Equity in Losses of Project  
    Partnerships
    Interest Income from Redemption of
    Securities
    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 (Used in)
      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 | $ (312,442)
9,987 
(18,952)
224,668 
0 
21,197 
---------- 
(75,542)
---------- 
14,389 
0 
---------- 
14,389 
---------- 
(61,153)
437,636 
---------- 
$  376,483 
========== | $ (436,164)
11,235 
(20,422)
358,333 
0 
20,670 
---------- 
(66,348)
---------- 
10,166 
0 
---------- 
10,166 
---------- 
(56,182)
422,800 
---------- 
$  366,618 
==========

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, 2001 AND 2000(Unaudited)

|TOTAL SERIES 2 - 6
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2001 
----                                                                                                                                                                                         | 2000 
----                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Provided by (Used in) Operating
 Activities:
    Amortization
    Accreted Interest Income on     Investments in Securities
    Equity in Losses of Project     Partnerships
    Interest Income from Redemption of
    Securities
    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 (Used in)
      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 | $  (747,874)
19,977 
(82,812)
433,632 
118,956 
72,226 
---------- 
(185,895)
---------- 
64,549 
119,044 
---------- 
183,593 
---------- 
(2,302)
1,429,524 
---------- 
$ 1,427,222 
========== | $(1,042,027)
24,135 
(92,293)
767,348 
104,052 
67,385 
---------- 
(171,400)
---------- 
66,157 
124,947 
---------- 
191,104 
---------- 
19,704 
1,312,212 
---------- 
$ 1,331,916 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)NOTES TO FINANCIAL STATEMENTS(Unaudited)DECEMBER 31, 2001

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, 2001, Gateway had received capital contributions of $1,000 from the General Partners and $37,228,000 from Beneficial Assignee Certificate investors (the "Assignees").  The fiscal year of Gateway for reporting purposes ends on March 31.
   Pursuant to the Securities Act of 1933, Gateway filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective September 12, 1989, which covered the offering (the "Public Offering") of Gateway's Beneficial Assignee Certificates ("BACs") representing assignments of units for the beneficial interest of the limited partnership interest of the Assignor Limited Partner.  The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business.
   Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc., wholly-owned subsidiaries of Raymond James Financial, Inc., are the General Partner and the Managing General Partner, respectively.  The Managing General Partner manages and controls the business of Gateway.
   Gateway offered BACs in five series.  BACs in the amounts of $6,136,000, $5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5 and 6, respectively had been issued as of March 31, 1997.  Each Series is treated as a separate partnership, investing in a separate and distinct pool of Project Partnerships.  Net proceeds from each Series are used to acquire Project Partnerships which are specifically allocated to such Series.  Income or loss and all tax items from the Project Partnerships acquired by each Series are specifically allocated among the Assignees of such Series.
   Operating profits and losses, cash distributions from operations and tax credits are allocated 99% to the Assignees and 1% to the General Partners.  Profit or loss and cash distributions from sales of properties will be allocated as formulated in the Limited Partnership Agreement.NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:Basis of Accounting   Gateway utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when obligations are incurred.
   Gateway accounts for its investments as the sole limited partner in Project Partnerships ("Investments in Project Partnerships") using the equity method of accounting, because management believes that Gateway does not have a majority control of the major operating and financial policies of the Project Partnerships in which it invests, and reports the equity in losses of the Project Partnerships on a 3-month lag in the Statements of Operations.  Under the equity method, the Investments in Project Partnerships initially include:
   1) Gateway's capital contribution,
   2) Acquisition fees paid to the General Partner for services
      rendered in selecting properties for acquisition, and
   3) Acquisition expenses including legal fees, travel and other       miscellaneous costs relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or decreased as follows:
   1) Increased for equity in income or decreased for equity in losses
      of the Project Partnerships,
   2) Decreased for cash distributions received from the Project       Partnerships, and
   3) Decreased for the amortization of the acquisition fees and
      expenses.
   Amortization is calculated on a straight-line basis over 35 years, as this is the average estimated useful life of the underlying assets.  The  amortization is shown as amortization expense on the Statements of Operations.
   Pursuant to the limited partnership agreements for the Project Partnerships, cash losses generated by the Project Partnerships are allocated to the general partners of those partnerships.  In subsequent years, cash profits, if any, are first allocated to the general partners to the extent of the allocation of prior years' cash losses.
   Since Gateway invests as a limited partner, and therefore is not obligated to fund losses or make additional capital contributions, it does not recognize losses from individual Project Partnerships to the extent that these losses would reduce the investment in those Project Partnerships below zero.  The suspended losses will be used to offset future income from the individual Project Partnerships.
   Gateway recognizes a decline in the carrying value of its investment in the Project Partnerships when there is evidence of a non-temporary decline in the recoverable amount of the investment.  There is a possibility that the estimates relating to reserves for non-temporary declines in carrying value of the investments in Project Partnerships may be subject to material near term adjustments.
   Gateway, as a limited partner in the Project Partnerships, is subject to risks inherent in the ownership of property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance and continued eligibility of tax credits. If the cost of operating a property exceeds the rental income earned thereon, Gateway may deem it in its best interest to voluntarily provide funds in order to protect its investment.Cash and Cash Equivalents   It is Gateway's policy to include short-term investments with an original maturity of three months or less in Cash and Cash Equivalents.  Short-term investments are comprised of money market mutual funds.Concentration of Credit Risk   Financial instruments which potentially subject Gateway to concentrations of credit risk consist of cash investments in a money market mutual fund that is a wholly-owned subsidiary of Raymond James Financial, Inc.Use of Estimates in the Preparation of Financial Statements   The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures.  These estimates are based on management's knowledge and experience.  Accordingly, actual results could differ from these estimates.Investment in Securities   Effective April 1, 1995, Gateway adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities ("FAS 115").  Under FAS 115, Gateway is required to categorize its debt securities as held-to-maturity, available-for-sale or trading securities, dependent upon Gateway's intent in holding the securities.  Gateway's intent is to hold all of its debt securities (U. S. Government Security Strips) until maturity and to use these reserves to fund Gateway's ongoing operations.  Interest income is recognized ratably on the U. S. Government Strips using the effective yield to maturity.Offering and Commission Costs   Offering and commission costs were charged against Assignees' Equity upon the admission of Limited Partners.Income Taxes   No provision for income taxes has been made in these financial statements, as income taxes are a liability of the partners rather than of Gateway.Reclassifications
   For comparability, the 2000 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 2001.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, 2001.  In the opinion of management these financial statements include adjustments, consisting only of normal recurring adjustments, necessary to fairly summarize the Partnership's financial position and results of operations.  The results of operations for the periods may not be indicative of the results to be expected for the year.NOTE 3 - INVESTMENT IN SECURITIES:
   The December 31, 2001 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips which represents their cost, plus accreted interest income of $138,460 for Series 2, $123,158 for Series 3, $156,027 for Series 4, $194,471 for Series 5 and $174,966 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 | $  278,673                                | $  256,904                                    | $  21,769                                            
|Series 3 | 247,794                                   | 228,511                                       | 19,283                                               
|Series 4 | 314,052                                   | 289,499                                       | 24,553                                               
|Series 5 | 391,304                                   | 360,825                                       | 30,479                                               
|Series 6 | 389,557                                   | 360,703                                       | 28,854                                               

As of December 31, 2001, the cost and accreted interest of debt securities by contractual maturities is as follows:

|                                        | Series 2
--------     | Series 3
--------     | Series 4
--------    
|--------------------------------------- | --------------------- | --------------------- | ---------------------
|Due within 1 year                       | $   55,108            | $   49,017            | $   62,100           
|After 1 year through 5 years            | 201,796               | 179,494               | 227,399              
|After 5 years through 10 years          | 0
----------          | 0
----------          | 0
----------         
|Total Amount Carried on
  Balance Sheet | $  256,904
========== | $  228,511
========== | $  289,499
==========



|                                        | Series 5
--------     | Series 6
--------     | Total
--------       
|--------------------------------------- | --------------------- | --------------------- | ---------------------
|Due within 1 year                       | $   77,400            | $   61,939            | $  305,564           
|After 1 year through 5 years            | 283,425               | 241,572               | 1,133,686            
|After 5 years through 10 years          | 0
----------          | 57,192
----------     | 57,192
----------    
|Total Amount Carried on
  Balance Sheet | $  360,825
========== | $  360,703
========== | $1,496,442
==========

NOTE 4 - RELATED PARTY TRANSACTIONS:

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:   As of December 31, 2001, 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,
2001
-----------                                                                                    | MARCH 31,
2001
----------                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships 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 
(4,636,833)
(83,303)
-----------
(195,458)
390,838 
(83,015)
-----------
$   112,365 
============ | $  4,524,678 
(4,629,719)
(79,603)
-----------
(184,644)
390,838 
(81,665)
-----------
$   124,529 
============

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $2,517,945 for the period ended December 31, 2001 and cumulative suspended losses of $2,278,397,for the year ended March 31, 2001 are not included.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31,
2001
-----------                                                                             | MARCH 31,
2001
----------                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships 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 
(4,073,110)
(174,781)
---------
(359,178)
491,746(81,252)
----------
$   51,316 
=========== | $ 3,888,713 
(4,068,395)
(160,514)
----------
(340,196)
491,746 
(80,412)
----------
$   71,138 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $3,530,919 for the period ended December 31, 2001 and cumulative suspended losses of $3,164,318 for the year ended March 31, 2001 are not included.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31,
2001
----------                                                                                    | MARCH 31,
2001
---------                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships 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 
(5,124,079)
(127,899)
-----------
(299,459)
562,967 
(119,872)
----------
$  143,636 
=========== | $  4,952,519 
(5,064,172)
(111,719)
----------
(223,372) 
562,967 
(115,906)
----------
$  223,689 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $2,323,028 for the period ended December 31, 2001 and cumulative suspended losses of $2,124,158 for the year ended March 31, 2001 are not included.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31,
2001
-----------                                                                               | MARCH 31,
2001
----------                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships 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 
(5,902,532)
(186,908)
----------
75,032 
650,837 
(130,717)
----------
$  595,152 
=========== | $ 6,164,472 
(5,765,304)
(170,895)
----------
228,273 
650,837 
(126,883)
----------
$  752,227 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $2,939,190 for the period ended December 31, 2001 and cumulative suspended losses of $2,431,381 for the year ended March 31, 2001 are not included.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31,
2001
-----------                                                                                 | MARCH 31,
2001
----------                                                                                    
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships 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 
(6,539,219)
(192,631)
----------
730,365 
785,179 
(179,711)
----------
$ 1,335,833 
=========== | $ 7,462,215 
(6,314,551)
(178,242)
----------
969,422 
785,179 
(169,724)
----------
$ 1,584,877 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $1,712,611 for the period ended December 31, 2001 and cumulative suspended losses of $1,552,199 for the year ended March 31, 2001 are not included.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | DECEMBER 31,
2001
-----------                                                                                     | MARCH 31,
2001
----------                                                                                          
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships 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 
(26,275,773)
(765,522)
----------
(48,698)
2,881,567 
(594,567)
----------
$ 2,238,302 
=========== | $ 26,992,597 
(25,842,141)
(700,973)
-----------
449,483 
2,881,567 
(574,590)
-----------
$ 2,756,460 
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                              
|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 | $ 2,152,722 
18,335,363 
13,806 
----------- 
$20,501,891 
=========== 
$   189,249 
23,048,944 
----------- 
23,238,193 
----------- 
(2,708,453)
(27,849)
----------- 
(2,736,302)
----------- 
$20,501,891 
=========== 
$ 2,139,385 
----------- 
1,298,223 
420,367 
669,949 
----------- 
2,388,539 
----------- 
$  (249,154)
=========== 
$    (2,492)
=========== 
$  (246,662)
239,548 
----------- 
$    (7,114)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                           
|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 | $ 2,243,622 
 15,362,087 
    188,346 
----------- 
$17,794,055 
=========== 
$   276,681 
 21,564,794 
----------- 
 21,841,475 
----------- 
 (4,201,734)
    154,314 
----------- 
 (4,047,420)
----------- 
$17,794,055 
=========== 
$ 1,948,757 
----------- 
  1,236,316 
    388,493 
    700,521 
----------- 
  2,325,330 
----------- 
$  (376,573)
=========== 
$    (5,258)
=========== 
$  (371,315)
    366,600 
----------- 
$    (4,715)
=========== | $ 2,226,485 
16,245,267 
201,324 
----------- 
$18,673,076 
=========== 
$   390,306 
21,624,926 
----------- 
22,015,232 
----------- 
(3,554,467)
212,311 
----------- 
(3,342,156)
----------- 
$18,673,076 
=========== 
$ 1,850,071 
----------- 
1,253,532 
395,001 
695,316 
----------- 
2,343,849 
----------- 
$ (493,778)
=========== 
$   (7,459)
=========== 
$ (486,319)
465,173 
----------- 
$  (21,146)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                              | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                              
|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 | $ 2,241,295 
21,694,105 
26,306 
----------- 
$23,961,706 
=========== 
$   106,398 
26,375,576 
----------- 
26,481,974 
----------- 
(2,613,121)
92,853 
----------- 
(2,520,268)
----------- 
$23,961,706 
=========== 
$ 2,569,384 
----------- 
1,626,459 
470,663 
732,045 
----------- 
2,829,167 
----------- 
$  (259,783)
=========== 
$    (1,005)
=========== 
$  (258,778)
198,871 
----------- 
$   (59,907)
=========== | $ 2,462,791 
22,630,148 
20,463 
----------- 
$25,113,402 
=========== 
$   562,054 
26,353,796 
----------- 
26,915,850 
----------- 
(1,932,643)
130,195 
----------- 
(1,802,448)
----------- 
$25,113,402 
=========== 
$ 2,281,660 
----------- 
1,539,258 
460,618 
737,175 
----------- 
2,737,051 
----------- 
$  (455,391)
=========== 
$    (6,236)
=========== 
$  (449,155)
287,644 
----------- 
$  (161,511)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                            | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                          
|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 | $ 3,082,082 
27,136,710 
22,603 
----------- 
$30,241,395 
=========== 
$   634,775 
32,563,659 
----------- 
33,198,434 
----------- 
(2,784,072)
(172,967)
----------- 
(2,957,039)
----------- 
$30,241,395 
=========== 
$ 2,810,796 
----------- 
1,921,881 
577,844 
962,623 
----------- 
3,462,348 
----------- 
$ (651,552)
=========== 
$   (6,515)
=========== 
$ (645,037)
507,809 
----------- 
$ (137,228)
=========== | $ 3,238,096 
28,290,792 
6,402 
----------- 
$31,535,290 
=========== 
$   732,037 
32,654,996 
----------- 
33,387,033 
----------- 
(1,744,603)
(107,140)
----------- 
(1,851,743)
----------- 
$31,535,290 
=========== 
$ 2,838,185 
----------- 
1,896,615 
591,268 
964,737 
----------- 
3,452,620 
----------- 
$ (614,435)
=========== 
$   (6,144)
=========== 
$ (608,291)
463,622 
----------- 
$ (144,669)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                         | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                       
|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 | $ 3,380,635 
30,963,274 
28,802 
----------- 
$34,372,711 
=========== 
$   304,373 
35,341,376 
-----------35,645,749 
----------- 
(961,970)
(311,068)
----------- 
(1,273,038)
----------- 
$34,372,711 
=========== 
$ 3,275,163 
----------- 
2,029,682 
632,614 
1,003,334 
----------- 
3,665,630 
-----------
$ (390,467)
=========== 
$   (5,388)
=========== 
$ (385,079)
160,411 
----------- 
$ (224,668)
=========== | $ 3,327,290 
32,230,023 
15,110 
----------- 
$35,572,423 
=========== 
$   744,901 
35,459,556 
-----------36,204,457 
----------- 
(367,421)
(264,613)
----------- 
(632,034)
----------- 
$35,572,423 
=========== 
$ 2,867,563 
----------- 
1,913,946 
655,892 
1,028,872 
----------- 
3,598,710 
----------- 
$ (731,147)
=========== 
$   (9,334)
=========== 
$ (721,813)
363,480 
----------- 
$ (358,333)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                                              
|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 | $ 13,100,356 
113,491,539 
279,863 
----------- 
$126,871,758 
=========== 
$  1,511,476 
138,894,349 
----------- 
140,405,825 
----------- 
(13,269,350)
(264,717)
----------- 
(13,534,067)
----------- 
$126,871,758 
=========== 
$ 12,743,485 
----------- 
8,112,561 
2,489,981 
4,068,472 
----------- 
14,671,014 
----------- 
$(1,927,529)
=========== 
$   (20,658)
=========== 
$(1,906,871)
1,473,239 
----------- 
$  (433,632)
=========== | $ 13,311,623 
118,617,760 
255,613 
----------- 
$132,184,996 
=========== 
$  2,882,202 
139,195,885 
----------- 
142,078,087 
----------- 
(9,864,330)
(28,761)
----------- 
(9,893,091)
----------- 
$132,184,996 
=========== 
$ 11,766,171 
----------- 
7,875,265 
2,522,388 
4,099,009 
----------- 
14,496,662 
----------- 
$(2,730,491)
=========== 
$   (33,530)
=========== 
$(2,696,961)
1,929,613 
----------- 
$  (767,348)
===========

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Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations, Liquidity and Capital Resources   Operations commenced on September 14, 1990, with the first admission of Assignees in Series 2.  The proceeds from Assignees' capital contributions available for investment were used to acquire interests in Project Partnerships.
   As disclosed on the statement of operations for each Series, except as described below, interest income is comparable for the nine and three months ended December 31, 2001 and December 31, 2000.  The General and Administrative expenses - General Partner and General and Administrative expenses - Other for the nine and three months ended December 31, 2001 are comparable for the same period ended December 31, 2000.  There were no unusual variations in the operating results between these two periods.
   The capital resources of each Series are used to pay General and Administrative operating costs including personnel, supplies, data processing, travel and legal and accounting associated with the administration and monitoring of Gateway and the Project Partnerships.  The capital resources are also used to pay the Asset Management Fee due the Managing General Partner, but only to the extent that Gateway's remaining resources are sufficient to fund Gateway's ongoing needs.  (Payment of any Asset Management Fee unpaid at the time Gateway sells its interests in the Project Partnerships is subordinated to the return of the investors' original capital contributions).
   The sources of funds to pay the operating costs of each Series are short term investments and interest earned thereon, the maturity of U.S. Treasury Security Strips ("Zero Coupon Treasuries") which were purchased with funds set aside for this purpose, and cash distributed to the Series from the operations of the Project Partnerships.
   From inception, no Series has paid distributions and management does not anticipate distributions in the future.
   Series 2 - Gateway closed this series on September 14, 1990 after receiving $6,136,000 from 375 Assignees.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2001 decreased from $81,689 for the nine months ended December 31, 2000 to $7,114 as a result of an increase in rental income due to higher occupancy.  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, 2001, the Series had $226,328 of short-term investments (Cash and Cash Equivalents).  It also had $256,904 in Zero Coupon Treasuries with annual maturities providing $56,105 in fiscal year 2002 increasing to $66,285 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 $55,209 for the nine months ended December 31, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $7,114 and the changes in operating assets and liabilities, net cash used in operating activities was $18,228.  Cash provided by investing activities totaled $30,628, consisting of $3,700 in cash distributions from the Project Partnerships and $26,928 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, 2001 decreased from $21,146 for the nine months ended December 31, 2000 to $4,715 as a result of an increase in rental income due to higher occupancy.
   At December 31, 2001, the Series had $190,722 of short-term investments (Cash and Cash Equivalents).  It also had $228,511 in Zero Coupon Treasuries with annual maturities providing $49,888 in fiscal year 2002,  increasing to $58,940 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
   As disclosed on the statement of cash flows, the Series had a net loss of $51,795 for the nine months ended December 31, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $4,715 and the changes in operating assets and liabilities, net cash used in operating activities was $25,112.  Cash provided by investing activities totaled $38,219, consisting of $14,267 in cash distributions from the Project Partnerships and $23,952 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, 2001 decreased from $161,511 for the nine months ended December 31, 2000 to $59,907 as a result of an increase in rental income due to higher occupancy.
   At December 31, 2001, the Series had $267,632 of short-term investments (Cash and Cash Equivalents).  It also had $289,499 in Zero Coupon Treasuries with annual maturities providing $63,227 in fiscal year 2002 increasing to $74,700 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
   As disclosed on the statement of cash flows, the Series had a net loss of $119,714 for the nine months ended December 31, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $59,907 and the changes in operating assets and liabilities, net cash used in operating activities was $28,383.  Cash provided by investing activities totaled $46,524, consisting of $16,180 in cash distributions from the Project Partnerships and $30,344 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, 2001 decreased from $144,669 for the nine months ended December 31, 2000 to $137,228 as a result of not including losses of $507,809 in 2001 as compared to $463,622 in 2000 as these losses would reduce the investment in certain Project Partnerships below zero.
   At December 31, 2001, the Series had $366,057 of short-term investments (Cash and Cash Equivalents).  It also had $360,825 in Zero Coupon Treasuries with annual maturities providing $78,780 in fiscal year 2002 increasing to $93,075 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
   As disclosed on the statement of cash flows, the Series had a net loss of $208,714 for the nine months ended December 31, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $137,228 and the changes in operating assets and liabilities, net cash used in operating activities was $38,630.  Cash provided by investing activities totaled $53,833, consisting of $16,013 in cash distributions from the Project Partnerships and $37,820 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
   Series 6 - Gateway closed this series on March 11, 1992 after receiving $10,105,000 from 625 Assignees.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2001 decreased from $358,333 for the nine months ended December 31, 2000 to $224,668 as a result of an increase in rental income due to higher occupancy.
   At December 31, 2001, the Series had $376,483 of short-term investments (Cash and Cash Equivalents).  It also had $360,703 in Zero Coupon Treasuries with annual maturities providing $62,000 in fiscal year 2002 increasing to $83,000 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
   As disclosed on the statement of cash flows, the Series had a net loss of $312,442 for the nine months ended December 31, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $224,668 and the changes in operating assets and liabilities, net cash used in operating activities was $75,542.  Cash provided by investing activities totaled $14,389, 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 14, 2002        By:/s/Ronald M. Diner                                    Ronald M. Diner
                                    President
Date: February 14, 2002         By:/s/Sandra L. Furey                                    Sandra L. Furey
                                    Secretary and Treasurer