QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT
OF 1934
For The Quarterly Period EndedSeptember 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

DOCUMENTS INCORPORATED BY REFERENCE
                                                     Parts I and II, 2000 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | September 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 September 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 September 30, 2001 and March 31, 2001,
issued and outstanding
General Partners
      Total Partners' Equity
      Total Liabilities and Partners' Equity | $   230,570 
      54,070 
------------
284,640 
197,926 
118,948 
------------
$   601,514 
========
$      45,731 
------------
45,731 
------------
397,487 
------------
 
  210,513 
(52,217)
------------
  158,296 
------------
$   601,514 
======== | $   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 
========



---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | September 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
September 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 September 30, 2001 and
March 31, 2001, issued and outstanding
General Partners
      Total Partners' Equity
      Total Liabilities and Partners' Equity | $ 190,606 
 48,095 
----------
       238,701 
       176,050 
55,486 
-----------
$   470,237 
========
$   50,010 
-----------
50,010 
-----------
        290,294 
-----------
  176,450 
(46,517)
------------
  129,933 
------------
$   470,237 
======== | $ 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 
========



---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | September 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
September 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 September 30, 2001 and
March 31, 2001, issued and outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $  273,264 
60,931 
-----------
334,195 
223,038 
166,225 
-----------
$  723,458 
========
$   55,471 
-----------
55,471 
-----------
379,988 
-----------
345,773 
(57,774)
-----------
287,999 
-----------
$  723,458 
======== | $  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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | September 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
September 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 September 30, 2001and
March 31, 2001, issued and outstanding
General Partners
      Total Partners' Equity
      Total Liabilities and Partners' Equity | $   371,888 
 75,943 
-----------
447,831 
277,989 
669,844 
------------
$ 1,395,664 
=========
$        74,153 
------------
74,153 
------------
373,554 
------------
1,014,101 
(66,144)
------------
947,957 
------------
$ 1,395,664
========= | $  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 
=========



---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | September 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 September 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 September 30, 2001 and March 31,
2001, issued and outstanding
General Partners
Total Partners' Equity
    Total Liabilities and Partners' Equity | $  382,840 
60,891 
-----------
443,731 
293,358 
1,438,173 
------------
$ 2,175,262 
=========
$     69,835 
------------
69,835 
------------
487,159 
------------
  
1,690,811 
(72,543)
------------
1,618,268 
------------
$ 2,175,262 
========= | $   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 
=========



---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | September 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 September 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 September 30,  2001 and March 31,
2001, issued and  outstanding
General Partners
  Total Partners' Equity
    Total Liabilities and Partners' Equity | $ 1,449,168 
299,930 
------------
1,749,098 
1,168,361 
2,448,676 
------------
$ 5,366,135 
=========
$   295,200 
------------
295,200 
------------
1,928,48 
------------
3,437,648 
(295,195)
------------
3,142,453 
------------
$ 5,366,135 
========= | $ 1,429,524 
296,859 
------------
1,726,38 
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 
=========



---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 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 | $      6,765 
-----------
17,090 
3,408 
 2,495 
450 
-----------
23,443 
-----------
(16,678)
1,703 
-----------
$  (14,975)
========
$  (14,825)
(150)
-----------
$  (14,975)
========
$         (2.42)
========
6,136 
======== | $       8,761 
-----------
17,128 
3,255 
 4,087 
816 
----------
25,286 
-----------
(16,525)
(56,543)
-----------
$  (73,068)
========
$  (72,337)
(731)
-----------
$  (73,068)
========
$   (11.79)
========
6,136 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,(Unaudited)

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                    | 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 | $       5,948 
-----------
15,776 
3,564 
 2,638 
280 
-----------
22,258 
-----------
(16,310)
(3,073)
-----------
$  (19,383)
========
$  (19,189)
(194)
-----------
$  (19,383)
========
$         (3.52)
========
5,456 
======== | $       7,682 
-----------
15,825 
3,402 
 4,396 
280 
-----------
23,903 
-----------
(16,221)
(8,355)
-----------
$  (24,576)
========
$  (24,330)
(246)
-----------
$  (24,576) 
========
$ 
(4.46)
========
5,456 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,(Unaudited)

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                     | 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 | $  
7,753 
----------
19,415 
4,493 
 3,196 
1,322 
----------
28,426 
----------
(20,673)
(9,427)
-----------
$  (30,100)
========
$  (29,799)
(301)
-----------
$ (30,100)
========
$         (4.31)
========
6,915 
======== | $   10,110 
----------
19,458 
4,289 
 5,454 
1,664 
-----------
30,865 
-----------
(20,755)
(57,942)
-----------
$   (78,697)
========
$   (77,910)
(787)
-----------
$  (78,697)
========
$      (11.27)
========
6,915 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,(Unaudited)

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                     | 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 | $       9,928 
-----------
24,002 
5,578 
3,796 
1,278 
-----------
34,654 
-----------
(24,726)
(24,206)
-----------
$  (48,932)
========
$  (48,443)
(489)
-----------
$  (48,932)
========
$         (5.62)
========
8,616 
======== | $     13,042
-----------
24,060
5,325 
6,692 
1,540  
-----------
 37,617 
-----------
(24,575)
(69,923)
-----------
$  (94,498)
========
$  (93,553)
(945)
-----------
$  (94,498
========
$    (10.86)
========
8,616 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,(Unaudited)

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                     | 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 | $       9,566 
-----------
26,351 
5,888 
4,246 
3,329 
-----------
39,814 
-----------
(30,248)
(51,008)
-----------
$  (81,256)
========
$  (80,443)
(813)
-----------
$  (81,256)
========
$         (7.96)
========
10,105
======== | $    12,759 
-----------
26,222 
5,621 
7,347 
3,745 
-----------
42,935 
-----------
(30,176)
(154,483)
-----------
$ (184,659)
========
$ (182,812)
(1,847)
-----------
$ (184,659)
========
$       (18.09)
========
10,105 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                               | 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 | $    39,960 
------------
102,634 
22,931 
16,371 
6,659 
------------
148,595 
------------
(108,635)
(86,011)
------------
$  (194,646)
=========
$  (192,699)
(1,947)
------------
$  (194,646)
========= | $      52,354 
------------
102,693 
21,892 
27,976 
8,045 
------------
160,606 
------------
(108,252)
(347,246)
------------
$  (455,498)
=========
$  (450,943)
(4,555)
------------
$  (455,498)
=========

See accompanying notes to financial statements.

---

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

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                     | 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 | $  14,128 
-----------
34,180 
6,060 
 5,524 
900 
-----------
46,664 
-----------
(32,536)
(933)
-----------
$  (33,469)
========
$  (33,134)
(335)
-----------
$  (33,469)
========
$         (5.40)
========
6,136 
======== | $    17,462 
-----------
34,256 
5,092 
 6,299 
1,632 
-----------
47,279 
-----------
(29,817)
(110,803)
-----------
$ (140,620)
========
$ (139,214)
(1,406)
-----------
$ (140,620)
========
$       (22.69)
========
6,136 
========

See accompanying notes to financial statements.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                     | 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 | $     12,242 
-----------
31,552 
6,336 
 5,871 
560 
-----------
44,319 
-----------
(32,077)
(5,575)
-----------
$  (37,652)
========
$  (37,275)
(377)
-----------
$  (37,652)
========
$        (6.83)
========
5,456 
======== | $   15,050 
-----------
31,650 
5,323 
 6,256 
560 
-----------
43,789 
-----------
(28,739)
(19,835)
-----------
$  (48,574)
========
$  (48,088)
(486)
-----------
$  (48,574)
========
 
$     (8.81)
========
5,456 
========

See accompanying notes to financial statements.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                      | 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 | $   15,972 
----------
38,830 
7,988 
 7,180 
2,644 
----------
56,642 
----------
(40,670)
(38,640)
----------
$  (79,310)
========
$ (78,517)
(793)
----------
$ (79,310)
========
$     (11.35)
========
6,915 
======== | $   19,834 
----------
38,916 
6,711 
 7,764 
3,328 
----------
56,719
----------
(36,885)
(120,592)
----------
$(157,477)
========
$(155,902)
(1,575)
----------
$(157,477)
========
$      (22.55)
========
6,915 
========

See accompanying notes to financial statements.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2001
----                                                                                                                                                                                                                           | 2000
----                                                                                                                                                                                                                                 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
  Interest Income
Expenses:
  Asset Management Fee-General Partner
  General and Administrative:
  General Partner
  Other
  Amortization
    Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project  Partnerships
    Net Loss
Allocation of Net Loss:
  Assignees
  General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee Certificates Outstanding | $    20,549 
----------
48,004 
9,917 
8,524 
2,556 
----------
69,001 
----------
(48,452)
(64,733)
----------
$ (113,185)
========
$ (112,053)
(1,132)
-----------
$ (113,185)
========
$        (13.01)
========
8,616 
======== | $     25,651 
-----------
48,120 
8,332 
 9,677 
3,080 
-----------
 69,209 
-----------
(43,558)
(135,616)
-----------
$ (179,174)
========
$ (177,382)
(1,792)
-----------
$ (179,174)
========
$        (20.59)
========
8,616
========

See accompanying notes to financial statements.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2001
----                                                                                                                                                                                                                                 | 2000
----                                                                                                                                                                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
  Interest Income
Expenses:
  Asset Management Fee-General Partner
  General and Administrative:
  General Partner
  Other
  Amortization
    Total Expenses
Loss Before Equity in Losses of Project Partnerships
Equity in Losses of Project Partnerships
    Net Loss
Allocation of Net Loss:
  Assignees
  General Partners
Net Loss Per Beneficial Assignee Certificate
Number of Beneficial Assignee Certificates Outstanding | $    20,042 
-----------
52,882 
10,468 
9,514 
6,658 
-----------
79,522 
----------
(59,480)
(126,579)
-----------
$ (186,059)
========
$ (184,198)
(1,861)
-----------
$ (186,059)
========
$        (18.23)
========
10,105 
======== | $    25,259 
-----------
52,844 
8,795 
10,302 
7,490 
-----------
79,431 
-----------
(54,172)
(281,712)
-----------
$ (335,884)
========
$  (332,525)
(3,359)
------------
$  (335,884)
========
$         (32.91)
=========
10,105 
=========

See accompanying notes to financial statements.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                       | 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 | $    82,933 
-----------
205,448 
40,769 
36,613 
13,318 
-----------
296,148 
-----------
(213,215)
(236,460)
-----------
$ (449,675)
========
$ (445,177)
(4,498)
-----------
$ (449,675)
======== | $  103,256 
-----------
205,786 
34,253 
40,298 
16,090 
-----------
296,427 
-----------
(193,171)
(668,558)
-----------
$ (861,729)
========
$ (853,111)
(8,618)
------------
$  (861,729)
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 2                                                                                                                          | Assignees
---------                                                                                                 | General
Partners
--------                                                                               | Total
-----                                                                                                       
|--------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at September 30, 2000
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001 | $   365,987 
(139,214)
------------
$   226,773 
========
$   243,647 
(33,134)
------------
$    210,513 
======== | $  (50,646)
(1,406)
-----------
$  (52,052)
========
$  (51,882)
(335)
-----------
$  (52,217)
======== | $   315,341 
(140,620)
------------
$   174,721 
========
$   191,765 
(33,469)
------------
$   158,296 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 3                                                                                                                          | Assignees
---------                                                                                              | General
Partners
--------                                                                               | Total
-----                                                                                                       
|--------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at September 30, 2000
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001 | $   271,815 
(48,088)
------------
$   223,727 
========
$  213,725 
(37,275)
------------
$   176,450 
======== | $  (45,553)
(486)
-----------
$  (46,039)
========
$  (46,140)
(377)
-----------
$   (46,517)
========= | $   226,262 
(48,574)
------------
$   177,688 
========
$   167,585 
(37,652)
------------
$    129,933 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 4                                                                                                                          | Assignees
---------                                                                                                 | General
Partners
--------                                                                                | Total
-----                                                                                                 
|--------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at September 30, 2000
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001 | $   732,836 
(155,902)
------------
$   576,934 
========
$   424,290 
(78,517)
------------
$    345,773 
======== | $  (53,864)
(1,575)
-----------
$  (55,439)
========
$  (56,981)
(793)
-----------
$   (57,774)
======== | $  678,972 
(157,477)
-----------
$  521,495 
========
$  367,309 
(79,310)
-----------
$  287,999 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 5                                                                                                                          | Assignees
---------                                                                                                   | General
Partners
--------                                                                                 | Total
-----                                                                                                           
|--------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at September 30, 2000
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001 | $ 1,371,804 
(177,382)
------------
$ 1,194,422 
=========
$ 1,126,154 
(112,053)
------------
$ 1,014,101 
========= | $  (62,531)
(1,792)
-----------
$  (64,323)
========
$  (65,012)
(1,132)
-----------
$  (66,144)
======== | $ 1,309,273 
(179,174)
------------
$ 1,130,099 
=========
$ 1,061,142 
(113,185)
------------
$    947,957 
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 6                                                                                                                          | Assignees
---------                                                                                                   | General
Partners
--------                                                                                 | Total
-----                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at September 30, 2000
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001 | $ 2,351,230 
(332,525)
------------
$ 2,018,705 
=========
$ 1,875,009 
(184,198)
------------
$ 1,690,811 
========= | $  (65,872)
(3,359)
-----------
$  (69,231)
========
$  (70,682)
(1,861)
-----------
$  (72,543)
======== | $ 2,285,358 
    (335,884)
------------
$ 1,949,474 
=========
$ 1,804,327 
(186,059)
------------
      $ 1,618,268 
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                                | Assignees
---------                                                                                                   | General
Partners
--------                                                                                 | Total
-----                                                                                                          
|--------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2000
Net Loss
Balance at September 30, 2000
Balance at March 31, 2001
Net Loss
Balance at September 30, 2001 | $ 5,093,672 
(853,111)
------------
$ 4,240,561 
=========
$ 3,882,825 
(445,177)
------------
$ 3,437,648 
========= | $ (278,466)
(8,618)
-----------
$ (287,084)
========
$ (290,697)
(4,498)
-----------
$ (295,195)
======== | $ 4,815,206 
(861,729)
------------
$ 3,953,477 
=========
$ 3,592,128 
(449,675)
------------
$ 3,142,453 
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Unaudited)

|SERIES 2
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 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
        Interest Income from Redemption of Securities
        Changes in Operating Assets and Liabilities:
           Increase (Decrease) in Payable to General Partners
            
        Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from Project Partnerships
  Redemption of Investment in Securities
          
        Net Cash Provided by Investing Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning Of Year
Cash and Cash Equivalents at End of Year | $  (33,469)
900 
(9,537)
933 
26,908 
 231 
-----------
(14,034)
-----------
3,748 
26,928 
-----------
30,676 
-----------
16,642 
213,928 
-----------
$  230,570 
======== | $  (140,620)
1,632 
(10,734)
110,803 
23,536 
(318)
-----------
(15,701)
-----------
5,377 
28,263 
-----------
33,640 
-----------
17,939 
188,570 
-----------
       $  206,509 
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 3
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 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
        Interest Income from Redemption of Securities
        Changes in Operating Assets and Liabilities:
             Decrease in Payable to General Partners
                Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
     Distributions Received from Project Partnerships
     Redemption of Investment in Securities
                 Net Cash Provided by Investing Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $ (37,652)
560 
(8,483)
5,575 
23,934 
  (4,412)
----------
(20,478)
----------
9,517 
23,952 
----------
33,469 
----------
12,991 
177,615 
----------
            $ 190,606 
            ======== | $ (48,574)
560 
(9,547)
19,835 
20,936 
(7,694)
---------
(24,484)
---------
13,890 
25,139 
---------
39,029 
---------
14,545 
155,487 
---------
      $ 170,032 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 4
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 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
        Interest Income from Redemption of Securities
        Changes in Operating Assets and Liabilities:
            Decrease in Payable to General Partners
                  Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from Project Partnerships
  Redemption of Investment in Securities
                  Net Cash Provided by Investing Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $   (79,310)
2,644 
(10,747)
38,640 
30,322 
(4,300)
------------
(22,751)
------------
16,180 
30,344 
------------
46,524 
------------
23,773 
249,491 
------------
       $   273,264 
========= | $  (157,477)
3,328 
(12,096)
120,592 
26,523 
(3,696)
------------
(22,826)
------------
11,039 
31,849 
------------
42,888 
------------
20,062 
226,648 
------------
$   246,710 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000(Unaudited)

|SERIES 5
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 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
      Interest Income from Redemption of Securities Changes in Operating Assets and Liabilities:
          Decrease in Payable to General Partners
                Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from Project Partnerships
  Redemption of Investment in Securities
         
         Net Cash Provided by Investing Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of  Year
Cash and Cash Equivalents at End of Year | $   (113,185)
2,556 
(13,395)
64,733 
37,792 
(10,381)
------------
(31,880)
------------
15,094 
37,820 
------------
52,914 
------------
21,034 
350,854 
------------
$   371,888 
======== | $  (179,174)
3,080 
(15,076)
135,616 
33,057 
(10,728)
------------
(33,225)
------------
5,790 
39,696 
------------
45,486 
------------
12,261 
318,707 
------------
$   330,968 
========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 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 (Decrease) in Payable to General Partners
                Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from Project Partnerships
  Redemption of Investment in Securities
                Net Cash Provided by Investing Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $  (186,059)
6,658 
(12,498)
126,579 
(2,943)
------------
(68,263)
------------
13,467 
     0 
------------
13,467 
------------
(54,796)
437,636 
------------
$   382,840 
========= | $  (335,884)
7,490 
(13,468)
281,712 
     (3,508)
------------
(63,658)
------------
7,416 
     0 
------------
7,416 
------------
(56,242)
422,800 
------------
        $  366,558 
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 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
  Used in Operating Activities:
      Amortization
       Accreted Interest Income on Investments in Securities
       Equity in Losses of Project Partnerships
       Interest Income from Redemption of Securities
       Changes in Operating Assets and Liabilities:
           Decrease in Payable to General  Partners
                 Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
  Distributions Received from Project Partnerships
  Redemption of Investment in Securities
                 Net Cash Provided by Investing Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year | $  (449,675)
13,318 
(54,660)
236,460 
118,956 
(21,805)
------------
  (157,406)
------------
58,006 
119,044 
------------
177,050 
------------
19,644 
1,429,524 
------------
$ 1,449,168 
========= | $  (861,729)
16,090 
(60,921)
668,558 
104,052 
(25,944)
------------
(159,894)
------------
43,512 
124,947 
------------
168,459 
------------
  8,565 
1,312,212 
------------
       $ 1,320,777 
=========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)NOTES TO FINANCIAL STATEMENTS(Unaudited)SEPTEMBER 30, 2001

NOTE 1 - ORGANIZATION:

|         | Estimated
                  Market Value
                  ----------------- | Cost Plus
                 Accreted Interest
                     ------------------- | Gross Unrealized
         Gains and (Losses)
                 -----------------
|-------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------
|Series 2 | $   277,830                                                                  | $   251,996                                                                           | $    25,834                                                                    
|Series 3 | 247,043                                                                      | 224,145                                                                               | 22,898                                                                         
|Series 4 | 313,101                                                                      | 283,969                                                                               | 29,132                                                                         
|Series 5 | 390,121                                                                      | 353,932                                                                               | 36,189                                                                         
|Series 6 | 389,557                                                                      | 354,249                                                                               | 35,308                                                                         

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

|                                      | Series 2
  -------- | Series 3
--------   | Series 4
--------  
|------------------------------------- | ------------------- | ------------------- | -------------------
|Due within 1 year                     | $   54,070          | $   48,095          | $   60,931         
|After 1 year through 5 years          | 197,926             | 176,050             | 223,038            
|Total Amount Carried on Balance Sheet | $  251,996
======== | $  224,145
======== | $  283,969
========



|                                      | Series 5
  -------- | Series 6
--------   | Tota
--------      
|------------------------------------- | ------------------- | ------------------- | -------------------
|Due within 1 year                     | $   75,943          | $   60,891          | $  299,930         
|After 1 year through 5 years          | 277,989             | 237,237             | 1,112,240          
|After 5 years through 10 years        | 0
----------        | 56,121
----------   | 56,121
----------  
|Total Amount Carried on Balance Sheet | $  353,932
======== | $  354,249
======== | $1,468,291
========

NOTE 4 - RELATED PARTY TRANSACTIONS:

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:
     As of September 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | SEPTEMBER 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 
(4,630,652)
(83,351)
------------
(189,325)
390,838 
(82,565)
-----------
$    118,948 
======== | $  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 $2,436,382 for the period ended September 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | SEPTEMBER 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 
(4,073,970)
(170,031)
-----------
(355,288)
491,746 
(80,972)
-----------
$     55,486 
======= | $  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 $3,381,174 for the period ended September 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | SEPTEMBER 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 
(5,102,812)
(127,899)
-----------
(278,192)
562,967 
(118,550)
-----------
$    166,225 
======== | $  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 $2,269,705 for the period ended September 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):

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | SEPTEMBER 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 
(5,830,037)
(185,989)
-----------
148,446 
650,837 
(129,439)
------------
$   669,844 
======== | $  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 $2,806,702 for the period ended September 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):

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | SEPTEMBER 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 
(6,441,130)
(191,709)
------------
829,376 
785,179 
(176,382)
------------
$ 1,438,173 
========= | $  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 $1,674,144 for the period ended September 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):

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | SEPTEMBER 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 | $ 26,992,597 
(26,078,601)
(758,979)
-----------
155,017 
2,881,567 
(587,908)
-----------
$  2,448,676 
========= | $ 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):

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | JUNE 30,                                                                                                                                                                                                                                                                                                                                                                                                                             
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                            
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  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 | $  2,117,492 
18,558,680 
15,501 
-----------
$20,691,673 
=========
$     284,854 
23,048,944 
-----------
23,333,798 
-----------
(2,620,708)
(21,417)
-----------
(2,642,125)
-----------
$20,691,673 
=========
$ 1,435,935 
-----------
869,581 
  280,245 
446,633 
-----------
1,596,459 
-----------
  $   (160,524)
=========
$        (1,606)
=========
$   (158,918)
157,985 
-----------
$                (933)
=========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | JUNE
30,                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                         | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                            
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
   Long-term debt  
    Total liabilities
Partners' equity
   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 | $  2,234,798 
15,595,331 
193,892 
-----------
$18,024,021 
=========
$       347,692 
21,564,794 
-----------
21,912,486 
-----------
(4,052,850)
164,385 
-----------
(3,888,465)
-----------
$18,024,021 
=========
$ 1,350,749 
-----------
850,485 
  258,995 
467,015 
-----------
1,576,495 
-----------
$  (225,746)
=========
$       (3,315)
=========
    $  (222,431)
216,856 
-----------
$        (5,575)
========= | $  2,108,779  
16,463,288  
198,473  
-----------
$18,770,540 
=========
$     483,987 
21,628,968 
-----------
22,112,955 
-----------
(3,555,582)
213,167 
-----------
(3,342,415)
-----------
$18,770,540 
=========
$ 1,272,072 
-----------
986,004 
  316,561 
463,544 
-----------
1,766,109 
-----------
$  (494,037)
=========
$       (6,603)
=========
          $  (487,434)
467,599 
-----------
$    (19,835)
=========

---

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 June 30, of each year:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | JUNE 30,                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                            
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                              | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                  
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  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 Partnership | $ 2,460,505 
21,938,104 
12,389 
-----------
$24,410,998 
=========
$        474,258 
26,375,576 
-----------
26,849,834 
-----------
(2,538,545)
99,709 
-----------
(2,438,836)
-----------
$24,410,998 
=========
$ 1,716,019 
-----------
1,099,237 
  313,775 
488,046 
-----------
1,901,058 
-----------
$  (185,039)
=========
$                 (837)
=========
$   (184,202)
145,562 
-----------
$       (38,640)
========= | $  2,492,590 
22,857,794 
33,935 
-----------
$25,384,319 
=========
$    772,440 
26,353,796 
-----------
27,126,236 
-----------
(1,873,108)
131,191 
-----------
(1,741,917) 
-----------
$25,384,319 
=========
$ 1,647,276 
-----------
1,092,497 
  458,189 
491,450 
-----------
2,042,136 
-----------
$  (394,860)
=========
$          (5,240)
=========
$  (389,620)
269,028 
-----------
$  (120,592)
=========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | JUNE 30,                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                           | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                              
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  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 | $ 3,044,195 
27,457,584 
30,105 
-----------
$30,531,884 
=========
$    713,006 
32,563,659 
-----------
33,276,665 
-----------
(2,579,089)
(165,692)
-----------
(2,744,781)
-----------
$30,531,884 
=========
$ 1,900,349 
-----------
1,317,870 
  385,229 
641,749 
-----------
2,344,848 
-----------
$  (444,499)
========
$      (4,445)
========
$  (440,054)
 375,321 
-----------
$  (64,733)
======== | $ 3,060,608 
28,592,878 
22,285 
-----------
$31,675,771 
=========
$    838,274 
32,654,996 
-----------
33,493,270 
-----------
(1,710,701)
(106,798)
-----------
(1,817,499)
-----------
$31,675,771 
=========
$ 1,859,179 
-----------
1,378,389 
  417,828 
643,153 
-----------
2,439,370 
-----------
$  (580,191)
=========
$       (5,802)
=========
$  (574,389)
 438,773 
-----------
$  (135,616)
========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | JUNE 30,                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                            
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                        | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                  
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  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 | $ 3,327,545 
31,297,694 
29,497 
-----------
$34,654,736 
=========
$      441,774 
35,341,376 
----------- 
35,783,150 
-----------
(825,414)
(303,000)
-----------
(1,128,414)
-----------
$34,654,736 
=========
$ 2,193,663 
-----------
1,355,296 
  421,743 
668,897 
-----------
2,445,936 
-----------
$   (252,273)
=========
$           (3,749)
=========
$   (248,524)
 121,945 
-----------
$   (126,579)
========= | $  3,179,341 
32,515,674 
13,038 
-----------
$35,708,053 
=========
$      724,555 
35,459,556 
-----------
36,184,111 
-----------
(214,295)
(261,763)
-----------
(476,058)
-----------
$35,708,053 
=========
$ 2,011,038 
-----------
1,321,774 
  579,199 
685,915 
-----------
2,586,888 
-----------
$   (575,850)
=========
$         (7,163)
=========
 $   (568,687)
 286,975
-----------
$  (281,712)
=========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | JUNE 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|TOTAL SERIES 2- 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2001
----                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2000
----                                                                                                                                                                                                                                                                                                                                                                                                                                              
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity
  Limited Partner
  General Partners
    Total Partners' equity
    Total liabilities and partners' equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
    Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $  13,184,535 
114,847,393 
281,384 
------------
$128,313,312 
==========
$     2,261,584 
138,894,349 
------------
141,155,933 
------------
(12,616,606)
(226,015)
------------
(12,842,621)
------------
$128,313,312 
==========
$    8,596,715 
------------
5,492,469 
1,659,987 
2,712,340 
------------
9,864,796 
------------
$ (1,268,081)
==========
$           (13,952)
==========
$ (1,254,129)
1,017,669 
------------
$       (236,460)
========== | $  12,844,434 
119,870,340 
269,377 
------------
$132,984,151 
==========
$    3,394,014 
139,199,927 
------------
142,593,941 
------------
(9,586,393)
(23,397)
------------
(9,609,790)
------------
$132,984,151 
==========
$    8,206,250 
------------
5,695,953 
2,225,490 
2,732,668 
------------
10,654,111 
------------
$ (2,447,861)
==========
$ 
(28,837)
==========
$ (2,419,024)
1,750,466 
------------
$     (668,558)
==========

---

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations, Liquidity and Capital Resources

---

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.