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  June 30, 2001Commission File Number 0-19022                          
                        Gateway Tax Credit Fund II Ltd.              Exact name of Registrant as specified in its charter)Florida                                      65-0142704(State or other jurisdiction of                  (I.R.S. Employer No.)
incorporation or organization)880 Carillon Parkway,    St. Petersburg,    Florida           33716 (Address of principal executive offices)                    (Zip Code)
Registrant's Telephone Number, Including Area Code:(727)573-3800Indicate 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.
                         YES X     NO 
                                                             Number of Units
     Title of Each Class                                      June 30, 2001Beneficial Assignee Certificates:
$1,000 per certificate                                             37,228

DOCUMENTS INCORPORATED BY REFERENCE


Parts I and II, 2001 Form 10-K, filed with the
Securities and Exchange Commission on July 14, 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | June 30,
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 June 30, 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
June 30, 2001 and March 31,2001, issued and
outstanding
General Partners
Total Partners' Equity
Total Liabilities and Partners' Equity | $   266,396 
      53,053 
------------
319,449 
194,129 
119,295 
------------
$   632,873 
============
$    47,390 
------------
47,390 
------------
412,212 
------------
  225,338 
(52,067)
------------
  173,271 
------------
$   632,873 
============ | $  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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | June 30,
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 June 30, 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
June 30, 2001 and  March 31, 2001, issued and
outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $   228,438 
47,189 
----------
275,627 
172,674 
61,178 
----------
$   509,479 
==========
$    51,791 
----------
51,791 
----------
308,372 
----------
  195,639 
(46,323)
----------
  149,316 
----------
$   509,479 
========== | $  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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | June 30,
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 June 30, 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, 6,915 at
June 30, 2001 and  March 31, 2001, issued and
outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $   316,194 
59,784 
----------
375,978 
218,760 
182,241 
----------
$   776,979 
==========
$    57,730 
----------
57,730 
----------
401,150 
----------
 
375,572 
(57,473)
----------
318,099 
----------
$   776,979 
========== | $  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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | June 30,
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 June 30, 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
June 30, 2001 and March 31,2001, issued and
outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $   433,158 
 74,513 
----------
507,671 
272,657 
698,311 
-----------
$ 1,478,639 
===========
$    76,862 
-----------
76,862 
-----------
404,888 
-----------
1,062,544 
(65,655)
-----------
996,889 
-----------
$ 1,478,639 
=========== | $  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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | June 30,
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
10,105 at June 30, 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
June 30, 2001 and March 31,2001, issued and
outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $   439,371 
59,860 
----------
499,231 
288,050 
1,498,260 
----------
$2,285,541 
===========
 $    72,799 
-----------
72,799 
-----------
513,218 
-----------
1,771,254 
(71,730)
-----------
1,699,524 
-----------
$2,285,541 
=========== | $ 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | June 30,
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 June 30, 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
June 30, 2001 and  March 31, 2001, issued and
outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $1,683,557 
294,399 
-----------
1,977,956 
1,146,270 
2,559,285 
-----------
$5,683,511 
===========
$   306,572 
-----------
306,572 
-----------
2,039,840 
-----------
3,630,347 
(293,248)
-----------
3,337,099 
-----------
$5,683,511 
=========== | $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 JUNE 30,(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 | $     7,363 
----------
17,090 
2,652 
 3,029 
450 
----------
23,221 
----------
(15,858)
(2,636)
----------
$   (18,494)
==========
$   (18,309)
(185)
----------
$   (18,494)
==========
$   (2.98)
==========
6,136 
========== | $    8,701 
---------
17,128 
1,837 
 2,212 
816 
---------
21,993 
---------
(13,292)
(54,260)
---------
$   (67,552)
==========
$   (66,876)
(676)
----------
$   (67,552)
==========
$  (10.90)
==========
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 JUNE 30,
(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 | $     6,294 
----------
15,776 
2,772 
 3,233 
280 
----------
22,061 
----------
(15,767)
(2,502)
----------
$   (18,269)
==========
$   (18,086)
(183)
----------
$   (18,269)
==========
$   (3.31)
==========
5,456 
========== | $     7,368 
----------
15,825 
1,921 
 1,860 
280 
----------
19,886 
----------
(12,518)
(11,480)
----------
$   (23,998)
==========
$   (23,758)
(240)
----------
$   (23,998)
==========
$   (4.35)
==========
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 JUNE 30,(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 | $     8,219 
----------
19,415 
3,495 
 3,984 
1,322 
----------
28,216 
----------
(19,997)
(29,213)
----------
$   (49,210)
==========
$   (48,718)
(492)
----------
$   (49,210)
==========
$   (7.05)
==========
6,915 
========== | $     9,724 
----------
19,458 
2,422 
 2,310 
1,664 
----------
25,854 
----------
(16,130)
(62,650)
----------
$   (78,780)
==========
$   (77,992)
(788)
----------
$   (78,780)
==========
$  (11.28)
==========
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 JUNE 30,(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 | $    10,621 
----------
24,002 
4,339 
4,728 
1,278 
----------
34,347 
----------
(23,726)
(40,527)
----------
$   (64,253)
==========
$   (63,610)
(643)
----------
$   (64,253)
==========
$   (7.38)
==========
8,616 
========== | $    12,609 
----------
24,060 
3,007 
2,985 
1,540 
----------
31,592 
----------
(18,983)
(65,693)
----------
$   (84,676)
==========
$   (83,829)
(847)
----------
$   (84,676)
==========
$   (9.73)
==========
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 JUNE 30,(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 | $    10,476 
----------
26,531 
4,580 
5,268 
3,329 
----------
39,708 
----------
(29,232)
(75,571)
----------
$  (104,803)
===========
$  (103,755)
(1,048)
----------
$  (104,803)
===========
$   (10.27)
===========
10,105 
=========== | $    12,500 
----------
26,622 
3,174 
2,955 
3,745 
----------
36,496 
----------
(23,996)
(127,229)
----------
$  (151,225)
===========
$  (149,713)
(1,512)
----------
$  (151,225)
===========
$   (14.82)
===========
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 JUNE 30,
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 | $    42,973 
----------
102,814 
17,838 
20,242 
6,659 
----------
147,553 
----------
(104,580)
(150,449)
----------
$  (255,029)
===========
$  (252,478)
(2,551)
-----------
$  (255,029)
=========== | $    50,902 
----------
103,093 
12,361 
12,322 
8,045 
----------
135,821 
----------
(84,919)
(321,312)
----------
$  (406,231)
===========
$  (402,170)
(4,061)
-----------
$  (406,231)
===========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.

(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000(Unaudited)

|SERIES 2                                                                                                                | Assignees
---------                                                                                                               | General
Partners
--------                                                                                            | Total
-----                                                                                                                  
|----------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at June 30, 2000
Balance at March 31, 2001
Net Loss
Balance at June 30, 2001 | $    365,987 
(66,876)
-------------
$    299,111 
=============
$    243,647 
(18,309)
-------------
$    225,338 
============= | $   (50,646)
(676)
------------
$   (51,322)
============
 $   (51,882)
(185)
------------
$   (52,067)
============ | $    315,341 
(67,552)
------------
$    247,789 
============
$    191,765 
(18,494)
------------
$    173,271 
============



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000(Unaudited)

|SERIES 3                                                                                                                | Assignees
---------                                                                                                           | General
Partners
--------                                                                                       | Total
-----                                                                                                       
|----------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at June 30, 2000
Balance at March 31, 2001
Net Loss
Balance at June 30, 2001 | $    271,815 
(23,758)
------------
$    248,057 
============
$    213,725 
(18,086)
------------
$    195,639 
============ | $   (45,553)
(240)
-----------
$   (45,793)
===========
$   (46,140)
(183)
-----------
$   (46,323)
=========== | $   226,262 
(23,998)
----------
$   202,264 
==========
$   167,585 
(18,269)
----------
$   149,316 
===========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000(Unaudited)

|SERIES 4                                                                                                                | Assignees
---------                                                                                                       | General
Partners
--------                                                                                       | Total
-----                                                                                                              
|----------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at June 30, 2000
Balance at March 31, 2001
Net Loss
Balance at June 30, 2001 | $    732,836 
(77,992)
-----------
$    654,844 
===========
$    424,290 
(48,718)
-----------
$    375,572 
=========== | $   (53,864)
(788)
-----------
$   (54,652)
===========
$   (56,981)
(492)
-----------
$   (57,473)
=========== | $    678,972 
(78,780)
-----------
$    600,192 
===========
$    367,309 
(49,210)
-----------
$    318,099 
===========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.

(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000(Unaudited)

|SERIES 5                                                                                                                | Assignees
---------                                                                                                           | General
Partners
--------                                                                                       | Total
-----                                                                                                                
|----------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at June 30, 2000
Balance at March 31, 2001
Net Loss
Balance at June 30, 2001 | $  1,371,804 
(83,829)
------------
$  1,287,975 
============
$  1,126,154 
(63,610)
------------
$  1,062,544 
============ | $   (62,531)
(847)
-----------
$   (63,378)
===========
$   (65,012)
(643)
-----------
$   (65,655)
=========== | $  1,309,273 
(84,676)
-----------
$  1,224,597 
============
 $  1,061,142 
(64,253)
-----------
$   996,889 
============



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.

(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000(Unaudited)

|SERIES 6                                                                                                                | Assignees
---------                                                                                                              | General
Partners
--------                                                                                           | Total
-----                                                                                                                  
|----------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at June 30, 2000
Balance at March 31, 2001
Net Loss
Balance at June 30, 2001 | $  2,351,230 
(149,713)
------------
$  2,201,517 
============
 $  1,875,009 
(103,755)
------------
$  1,771,254 
============ | $   (65,872)
(1,512)
-----------
$   (67,384)
===========
$   (70,682)
(1,048)
-----------
$   (71,730)
=========== | $  2,285,358 
(151,225)
-----------
$  2,134,133 
============
$  1,804,327 
(104,803)
-----------
$  1,699,524 
============



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.

(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                      | Assignees
---------                                                                                                             | General
Partners
--------                                                                                               | Total
-----                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at June 30, 2000
Balance at March 31, 2001
Net Loss
Balance at June 30, 2001 | $  5,093,672 
(402,170)
------------
$  4,691,502 
============
$  3,882,825 
(252,478)
------------
$  3,630,347 
============ | $  (278,466)
(4,061)
------------
$  (282,527)
============
$  (290,697)
(2,551)
------------
$  (293,248)
============ | $  4,815,206 
(406,231)
------------
$  4,408,975 
============
$  3,592,128 
(255,029)
------------
$  3,337,099 
============



ee accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 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 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 Operating
       Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
      Net Cash Provided by Investing
      Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning
Of Period
Cash and Cash Equivalents at End of Period | $   (18,494)
450 
(4,723)
2,636 
26,908 
16,615 
----------
23,392 
----------
2,148 
26,928 
----------
29,076 
----------
52,468 
213,928 
----------
$   266,396 
========== | $   (67,552)
816 
(5,315)
54,260 
23,536 
12,707 
----------
18,452 
----------
 3,777 
28,263 
----------
32,040 
----------
50,492 
188,570 
----------
$   239,062 
==========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 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 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 Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
        Net Cash Provided by Investing
        Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of
Period
Cash and Cash Equivalents at End of Period | $   (18,269)
280 
(4,201)
2,502 
23,934 
  15,447 
-----------
      19,693 
-----------
7,178 
23,952 
-----------
31,130 
-----------
50,823 
177,615 
-----------
$   228,438 
=========== | $   (23,998)
280 
(4,728)
11,480 
20,936 
  11,359 
----------
      15,329 
----------
12,768 
25,139 
----------
37,907 
----------
53,236 
155,487 
----------
$  208,723 
==========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 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 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 Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
       Net Cash Provided by Investing
       Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of
Period
Cash and Cash Equivalents at End of Period | $   (49,210)
 
1,322 
(5,322)
29,213 
30,322 
 
 
19,121 
----------
25,446 
----------
10,913 
30,344 
----------
41,257 
----------
66,703 
249,491 
----------
$  316,194 
========== | $   (78,780)
1,664 
(5,990)
62,650 
26,523 
14,062 
----------
20,129 
----------
5,943 
31,849 
----------
37,792 
----------
57,921 
226,648 
----------
$   284,569 
==========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF CASH FLOWSFOR THE THREE MONTHS ENDED JUNE 30, 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 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 Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
        Net Cash Provided by Investing
        Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of
Period
Cash and Cash Equivalents at End of Period | $   (64,253)
1,278 
(6,633)
40,527 
37,792 
23,662 
----------
32,373 
----------
12,111 
37,820 
----------
49,931 
----------
82,304 
350,854 
----------
$   433,158 
========== | $   (84,676)
1,540 
(7,466)
65,693 
33,057 
17,378 
----------
25,526 
----------
5,790 
39,696 
----------
45,486 
----------
71,012 
318,707 
----------
$   389,719 
==========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000(Unaudited)

|SERIES 6
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2001
----                                                                                                                                                         | 2000
----                                                                                                                                                         
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
    Amortization
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project
    Partnerships
    Changes in Operating Assets and
    Liabilities:
      Increase in Payable to General
      Partners
        Net Cash Used in Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
        Net Cash Provided by Investing
        Activities
Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents at Beginning of
Period
Cash and Cash Equivalents at End of Period | $  (104,803)
3,329 
(6,159)
75,571 
26,080 
----------
(5,982)
----------
7,717 
----------
7,717 
----------
 1,735 
437,636 
----------
$   439,371 
========== | $  (151,225)
3,745 
(6,638)
127,229 
19,489 
----------
(7,400)
----------
6,054 
----------
6,054 
----------
(1,346)
422,800 
----------
$   421,454 
==========



See accompanying notes to financial statements.

---



GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 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 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 Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
       Net Cash Provided by Investing
       Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of
Period
Cash and Cash Equivalents at End of Period | $  (255,029)
6,659 
(27,038)
150,449 
118,956 
100,925 
-----------
  94,922 
-----------
 40,067 
119,044 
-----------
159,111 
-----------
254,033 
1,429,524 
-----------
$ 1,683,557 
=========== | $  (406,231)
8,045 
(30,137)
321,312 
104,052 
74,995 
----------
  72,036 
----------
34,332 
124,947 
----------
159,279 
----------
231,315 
1,312,212 
----------
$ 1,543,527 
===========



See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.


(A Florida Limited Partnership)NOTES TO FINANCIAL STATEMENTS(Unaudited)JUNE 30, 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 June 30, 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 June 30, 2001 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips which represents their cost, plus accreted interest income of $128,738 for Series 2, $114,510 for Series 3, $145,072 for Series 4, $180,816 for Series 5 and $162,173 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 | $   266,585                             | $   247,182                                   | $    19,403                                        
|Series 3 | 237,045                                 | 219,863                                       | 17,182                                             
|Series 4 | 300,428                                 | 278,544                                       | 21,884                                             
|Series 5 | 374,330                                 | 347,170                                       | 27,160                                             
|Series 6 | 372,388                                 | 347,910                                       | 24,478                                             

As of June 30, 2001, the cost and accreted interest of debt securities by contractual maturities is as follows:

|                                        | Series 2
--------     | Series 3
--------     | Series 4
--------    
|--------------------------------------- | --------------------- | --------------------- | ---------------------
|Due with 1 year                         | $   53,053            | $   47,189            | $   59,784           
|After 1 year through 5 years            | 194,129               | 172,674               | 218,760              
|After 5 years through 10 years          | 0
----------          | 0
----------          | 0
----------         
|Total Amount Carried on
  Balance Sheet | $  247,182
========== | $  219,863
========== | $  278,544
==========

|                                        | Series 5
--------     | Series 6
--------     | Total
--------       
|--------------------------------------- | --------------------- | --------------------- | ---------------------
|Due with 1 year                         | $   74,513            | $   59,860            | $  294,399           
|After 1 year through 5 years            | 272,657               | 232,982               | 1,091,202            
|After 5 years through 10 years          | 0
----------          | 55,068
----------     | 55,068
----------    
|Total Amount Carried on
  Balance Sheet | $  347,170
========== | $  347,910
========== | $1,440,669
==========

NOTE 4 - RELATED PARTY TRANSACTIONS:

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

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

For the three months June 30, 2001 and 2000 the General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses incurred by Gateway as follows:

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

2001             2000
                              ----
-            -----
  Series 2                $  17,090         $  17,128
  Series 3                   15,776            15,825
  Series 4                   19,415            19,458
  Series 5                   24,002            24,060
  Series 6                   26,531
           26,622
                           ---------        ---------
  Total                   $ 102,814         $
103,093
                           =========        =========

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

Series 2                $   2,652          $  1,837
  Series 3                    2,772
            1,921
  Series 4                    3,495             2,422
  Series 5                    4,339             3,007
  Series 6                    4,580             3,174
                          ---------          --------
  Total                   $  17,838      
   $ 12,361
                          =========
         ========

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:

As of June 30, 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | JUNE 30,
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 
(4,632,355)
(81,751)
-----------
(189,428)
390,838 
(82,115)
------------
$    119,295 
============ | $ 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 $2,368,970 for the period ended June 30, 2001 and cumulative suspended losses of $2,278,397 for the year ended March 31, 2001 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | JUNE 30,
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 
(4,070,897)
(167,692)
-----------
(349,876)
491,746 
(80,692)
-----------
$   61,178 
=========== | $ 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 $3,296,647 for the period ended June 30, 2001 and cumulative suspended losses of $3,164,318 for the year ended March 31, 2001 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | JUNE 30,
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 
(5,093,385)
(122,632)
-----------
(263,498)
562,967 
(117,228)
-----------
$  182,241 
=========== | $ 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 $2,189,280 for the period ended June 30, 2001 and cumulative suspended losses of $2,124,143 for the year ended March 31, 2001 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | JUNE 30,
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 
(5,805,831)
(183,006)
-----------
175,635 
650,837 
(128,161)
-----------
$  698,311 
=========== | $  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 $2,628,253 for the period ended June 30, 2001 and cumulative suspended losses of $2,431,381 for the year ended March 31, 2001 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | JUNE 30,
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 
(6,390,122)
(185,959)
-----------
886,134 
785,179 
(173,053)
-----------
$  1,498,260 
============ | $ 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 $1,628,022 for the period ended June 30, 2001 and cumulative suspended losses of $1,552,199 for the year ended March 31, 2001 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | JUNE 30,
2001
------------                                                                                            | MARCH 31,
2001
----------                                                                                           
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships
and purchase price paid for limited partner
interests in Project PartnershipsCumulative 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 expensesInvestments in Project Partnerships | $ 26,992,597 
(25,992,590)
(741,040)
-----------
258,967 
2,881,567 
(581,249)
-----------
$  2,559,285 
============ | $ 26,992,597 
(25,842,141)
(700,973)
-----------
449,483 
2,881,567 
(574,590)
-----------
$ 2,756,460 
 ===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of March 31, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | MARCH 31,                                                                                                                                                                                                                                                                                                                                                                                                         
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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
  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 | $ 2,069,650 
18,781,997 
16,500 
-----------
$20,868,147 
===========
$   392,292 
23,050,161 
-----------
23,442,453 
-----------
(2,555,000)
(19,306)
-----------
(2,574,306)
-----------
$20,868,147 
===========
$  713,153 
-----------
443,865 
  140,122 
223,316 
-----------
807,303 
-----------
$  (94,150)
===========
$     (941)
===========
$  (93,209)
90,573 
-----------
$   (2,636)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of March 31, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | MARCH 31,                                                                                                                                                                                                                                                                                                                                                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 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
  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 | $ 2,251,064 
15,807,380 
196,853 
-----------
$18,255,297 
===========
$   473,850 
21,568,724 
-----------
22,042,574 
-----------
(3,965,250)
177,973 
-----------
(3,787,277)
-----------
$18,255,297 
===========
$   653,154 
-----------
426,762 
  129,498 
233,506 
-----------
789,766 
-----------
$  (136,612)
===========
$    (1,781)
===========
$  (134,831)
132,329 
-----------
$    (2,502)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of March 31, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | MARCH 31,                                                                                                                                                                                                                                                                                                                                                                                                          
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 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
  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 | $ 2,392,155 
22,182,103 
12,509 
-----------
$24,586,767 
===========
$   557,670 
26,375,576 
-----------
26,933,246 
-----------
(2,448,693)
102,214 
-----------
(2,346,479)
-----------
$24,586,767 
===========
$  865,804 
-----------
559,712 
  156,887 
244,047 
-----------
960,646 
-----------
$  (94,842)
===========
$      (492)
===========
$  (94,350)
65,137 
-----------
$  (29,213)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of March 31, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | MARCH 31,                                                                                                                                                                                                                                                                                                                                                                                                              
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 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
  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 | $ 2,973,123 
27,778,459 
24,724 
-----------
$30,776,306 
===========
$   738,225 
32,563,659 
-----------
33,301,884 
-----------
(2,376,434)
(149,144)
-----------
(2,525,578)
-----------
$30,776,306 
===========
$  955,454 
-----------
681,762 
  192,615 
320,874 
-----------
1,195,251 
-----------
$ (239,797)
===========
$   (2,398)
===========
$  (237,399)
196,872 
-----------
$  (40,527)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of March 31, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | MARCH 31,                                                                                                                                                                                                                                                                                                                                                                                                              
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 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
  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 | $ 3,291,241 
31,632,114 
22,460 
-----------
$34,945,815 
===========
$   629,175 
35,341,376 
-----------
35,970,551 
-----------
(782,285)
(296,451)
-----------
(1,078,736)
-----------
$34,891,815 
===========
$ 1,079,787 
-----------
688,120 
  210,871 
334,477 
-----------
1,233,468 
-----------
$  (153,681) ===========
$   (2,287)
===========
$  (151,394)
 75,823 
-----------
$  (75,571)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of March 31, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | MARCH 31,                                                                                                                                                                                                                                                                                                                                                                                                                                   
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|TOTAL SERIES 2- 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 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
  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 | $ 12,977,233 
116,182,053 
273,046 
------------
$129,432,332 
============
$  2,791,212 
138,899,496 
------------
141,690,708 
------------
(12,127,662)
(184,714)
------------
(12,312,376)
------------
$129,378,332 
============
$ 4,267,352 
-----------
2,800,221 
829,993 
1,356,220 
-----------
4,986,434 
-----------
$ (719,082)
===========
$   (7,899)
===========
$  (711,183)
560,734 
-----------
$  (150,449)
===========

---

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 lower for the three months ended June 30, 2001 than June 30, 2000 due to lower interest rates.  The General and Administrative expenses - General Partner and General and Administrative expenses - Other for the three months ended June 30, 2001 are higher for the same period ended June 30, 2000.  This increase was primarily due to paying for the audit in full a quarter earlier than the prior period. There were no unusual variations in the operating results between these two periods except as noted below.

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 three months ended June 30, 2001 decreased from $54,260 for the three months ended June 30, 2000 to $2,636 as a result of a decrease in interest expense at the Project Partnership level due to a change in the way quarterly interest expense is calculated to more accurately reflect a proportionate share of the total yearly expense.  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 June 30, 2001, the Series had $266,396 of short-term investments (Cash and Cash Equivalents).  It also had $247,182 in Zero Coupon Treasuries with annual maturities providing $56,098 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 $18,494 for the three months ended June 30, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $2,636 and the changes in
operating assets and liabilities, net cash provided by activities was $23,392, primarily due to the interest income from the maturity of the Zero Coupon Treasuries.  Cash provided by investing activities totaled $29,076, consisting of $2,148 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 three months ended June 30, 2001 decreased from $11,480 for the three months ended June 30, 2000 to $2,502 as a result of a decrease in the interest expense at the Project Partnership level due to a change in the way quarterly interest expense is calculated to more accurately reflect a proportionate share of the total yearly expense.

At June 30, 2001, the Series had $228,438 of short-term investments (Cash and Cash Equivalents).  It also had $219,863 in Zero Coupon Treasuries with annual maturities providing $49,898 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 $18,269 for the three months ended June 30, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $2,502 and the changes in operating assets and liabilities, net cash provided by operating activities was $19,693, primarily due to the Interest Income from the Redemption of Zero Coupon Treasuries of $23,934.  Cash provided by investing activities totaled $31,130, consisting of $7,178 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 three months ended June 30, 2000 decreased from $62,650 for the three months ended June 30, 2000 to $29,213 as a result of a decrease in interest expense at the Project Partnership level due to a change in the way quarterly interest expense is calculated to more accurately reflect a proportionate share of the total yearly expense.

At June 30, 2001, the Series had $316,194 of short-term investments (Cash and Cash Equivalents).  It also had $278,544 in Zero Coupon Treasuries with annual maturities providing $63,215 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 $49,210 for the three months ended June 30, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $29,213 and the changes in operating assets and liabilities, net cash provided by operating activities was $25,446, primarily due to the Interest Income from the Redemption of Zero Coupon Treasuries of $30,322.  Cash provided by investing activities totaled $41,257, consisting of $10,913 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 three months ended June 30, 2001 decreased from $65,693 for the three months ended June 30, 2000 to $40,527 as a result of a decrease in the interest expense at the Project Partnership level due to a change in the way
quarterly interest expense is calculated to more accurately reflect a proportionate share of the total yearly expense.

At June 30, 2001, the Series had $433,158 of short-term investments (Cash and Cash Equivalents).  It also had $347,170 in Zero Coupon Treasuries with annual maturities providing $78,790 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 $64,253 for the three months ended June 30, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $40,527 and the changes in operating assets and liabilities, net cash provided by operating activities was $32,373, primarily due to the Interest Income from the Redemption of Zero Coupon Treasuries of $37,792.  Cash provided by investing activities totaled $49,931, consisting of $12,111 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 three months ended June 30, 2000 decreased from $127,229 for the three months ended June 30, 2000 to $75,571 as a result of a decrease in interest expense at the Project Partnership level due to a change in the way quarterly interest expense is calculated to more accurately reflect a proportionate share of the total yearly expense.

At June 30, 2001, the Series had $439,371 of short-term investments (Cash and Cash Equivalents).  It also had $347,910 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 $104,803 for the three months ended June 30, 2001.  However, after adjusting for Equity in Losses of Project Partnerships of $75,571 and the changes in operating assets and liabilities, net cash used in operating activities was $5,982, primarily due to the increase in payable to the General Partners. Cash provided by investing activities totaled $7,717, consisting of cash distributions from the Project Partnerships.  There were no unusual events or trends to describe.

---





SIGNATURES





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



GATEWAY TAX CREDIT FUND II LTD.
                                   (A Florida Limited Partnership)
                                   By:  Raymond James Tax Credit Funds, Inc.
Date: August 17, 2001              By:/s/ Ronald M. Diner                                   Ronald M. Diner
                                   President
Date: August 17, 2001              By:/s/ Sandra L. Furey                                   Sandra L. Furey
                                   Secretary and Treasurer