|   | [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------|

|   | [  ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------------------|

| Florida                                                             |   | 65-0142704                                                                 |
|---------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer No.)                                                    |
|                                                                |   |                                                                       |
| 880 Carillon Parkway                                                |   | St.      Petersburg,   Florida    33716 |
| (Address      of principal executive offices)                       |   | (Zip      Code)                                                            |

| Registrant’s      Telephone Number, Including Area Code: |   | (727) 567-1000 |
|----------------------------------------------------------------|--------|---------------------|

| YES  [X] | NO  [  ] |
|--------------------|------------------------------|

| Large      accelerated filer [  ] | Accelerated      filer [  ] |
|---------------------------------------------|---------------------------------------|
| Non-accelerated      filer [  ]   | Smaller      Reporting Company [X]    |

| Yes      [  ] | No      [X] |
|-------------------------|-------------|

----

----

GATEWAY TAX CREDIT FUND IILTD.

|                                                               | SERIES      2                                                                  |   | SERIES      3                                                |   | SERIES      4                                                                  |
|--------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                                                               | June      30,                                                                  |   | March      31,                                               |   | June      30,                                                                  |   | March      31, |   | June      30, |   | March      31, |
|                                                               | 2009                                                                           |   | 2009                                                         |   | 2009                                                                           |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                             |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Current      Assets:                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                     | $       146,125                        |   | $    161,708                        |   | $       139,134                        |   | $    148,892  |   | $       203,799  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Assets                                                  | $       146,125                        |   | $    161,708                        |   | $       139,134                        |   | $    148,892  |   | $       203,799  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                             |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Current      Liabilities:                                          |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                   | $           5,238  |   | $        8,464  |   | $           4,850  |   | $        8,265  |   | $           5,599  |   | $         9,602  |
| Distribution      Payable                                          | 16,121                                                                    |   | 16,121                                                  |   | 3,249                                                                     |   | 3,249  |   | 1,492  |   | 192,692  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Current Liabilities                                     | 21,359                                                                    |   | 24,585                                                  |   | 8,099                                                                     |   | 11,514  |   | 7,091  |   | 202,294  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Long-Term      Liabilities:                                        |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                   | 825,210                                                                   |   | 813,714                                                 |   | 685,834                                                                   |   | 676,401  |   | 869,416  |   | 863,408  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                   |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which  |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| 6,136,      5,456, and 6,915 for Series 2, 3, and 4, respectively, |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| have      been issued at June 30, 2009 and March 31, 2009          | (840,710)                                                                      |   | (817,096)                                                    |   | (554,989)                                                                      |   | (539,371) |   | (677,947) |   | (663,078) |
| General      Partners                                              | 140,266                                                                   |   | 140,505                                                 |   | 190                                                                       |   | 348  |   | 5,239  |   | 5,389  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Partners' Deficit                                       | (700,444)                                                                      |   | (676,591)                                                    |   | (554,799)                                                                      |   | (539,023) |   | (672,708) |   | (657,689) |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                       | $       146,125                        |   | $    161,708                        |   | $       139,134                        |   | $    148,892  |   | $       203,799  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |

----

|                                                              | SERIES      5                                                                  |   | SERIES      6                                     |   | TOTAL      SERIES 2 - 6                                             |
|-------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                              | June      30,                                                                  |   | March      31,                                    |   | June      30,                                                       |   | March      31, |   | June      30, |   | March      31, |
|                                                              | 2009                                                                           |   | 2009                                              |   | 2009                                                                |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                            |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                    | $         86,051             |   | $    107,240             |   | $       272,764             |   | $    427,375  |   | $       847,873  |   | $  1,253,228  |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                                 | $         86,051             |   | $    107,240             |   | $       272,764             |   | $    427,375  |   | $       847,873  |   | $  1,253,228  |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                            |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                                         |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | $           9,368  |   | $      13,333  |   | $         10,696  |   | $      16,006  |   | $         35,751  |   | $       55,670  |
| Distribution      Payable                                         | 3,704                                                                     |   | 3,704                                        |   | -                                                              |   | 130,517  |   | 24,566  |   | 346,283  |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                                    | 13,072                                                                    |   | 17,037                                       |   | 10,696                                                         |   | 146,523  |   | 60,317  |   | 401,953  |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                                       |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | 851,661                                                                   |   | 832,457                                      |   | 1,212,063                                                      |   | 1,191,713  |   | 4,444,184  |   | 4,377,693  |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                  |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| 8,616      and 10,105 for Series 5 and 6, respectively, have      |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| been      issued at June 30, 2009 and March 31, 2009              | (778,638)                                                                      |   | (742,574)                                         |   | (950,827)                                                           |   | (912,084) |   | (3,803,111) |   | (3,674,203) |
| General      Partners                                             | (44)                                                                           |   | 320                                          |   | 832                                                            |   | 1,223  |   | 146,483  |   | 147,785  |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                                      | (778,682)                                                                      |   | (742,254)                                         |   | (949,995)                                                           |   | (910,861) |   | (3,656,628) |   | (3,526,418) |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                      | $         86,051             |   | $    107,240             |   | $       272,764             |   | $    427,375  |   | $       847,873  |   | $  1,253,228  |
|                                                              |                                                                           |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                                          |   | SERIES      3                                                |   | SERIES      4                                    |
|---------------------------------------------------------------------------|--------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------|
|                                                                      | 2009                                                   |   | 2008                                                         |   | 2009                                             |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                 |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Distribution      Income                                                  | $       2,737  |   | $        3,793  |   | $      7,513  |   | $      8,555  |   | $      1,737  |   | $      4,153  |
| Total      Revenues                                                       | 2,737                                             |   | 3,793                                                   |   | 7,513                                       |   | 8,555  |   | 1,737  |   | 4,153  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Expenses:                                                                 |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 11,496                                            |   | 12,256                                                  |   | 9,433                                       |   | 9,499  |   | 6,008  |   | 9,947  |
| General      and Administrative:                                          |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| General      Partner                                                      | 12,697                                            |   | 15,550                                                  |   | 11,203                                      |   | 12,958  |   | 7,469  |   | 12,664  |
| Other                                                                     | 2,402                                             |   | 2,768                                                   |   | 2,657                                       |   | 3,147  |   | 3,288  |   | 2,567  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Total      Expenses                                                       | 26,595                                            |   | 30,574                                                  |   | 23,293                                      |   | 25,604  |   | 16,765  |   | 25,178  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (23,858)                                               |   | (26,781)                                                     |   | (15,780)                                         |   | (17,049) |   | (15,028) |   | (21,025) |
| Gain      on Sale of Project Partnerships                                 | -                                                 |   | -                                                       |   | -                                           |   | -  |   | -  |   | 120,977  |
| Interest      Income                                                      | 5                                                 |   | 1,857                                                   |   | 4                                           |   | 1,841  |   | 9  |   | 2,618  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Net      (Loss) Income                                                    | $   (23,853)                            |   | $   (24,924)                                  |   | $  (15,776)                            |   | $  (15,208) |   | $  (15,019) |   | $  102,570  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Allocation      of Net (Loss) Income:                                     |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Assignees                                                                 | $   (23,614)                            |   | $   (24,675)                                  |   | $  (15,618)                            |   | $  (15,056) |   | $  (14,869) |   | $  101,544  |
| General      Partners                                                     | (239)                                                  |   | (249)                                                        |   | (158)                                            |   | (152) |   | (150) |   | 1,026  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
|                                                                      | $   (23,853)                            |   | $   (24,924)                                  |   | $  (15,776)                            |   | $  (15,208) |   | $  (15,019) |   | $  102,570  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Net      (Loss) Income Per Beneficial Assignee Certificate                | $       (3.85)      |   | $       (4.02)            |   | $      (2.86)      |   | $      (2.76) |   | $      (2.15) |   | $      14.68  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding               | 6,136                                             |   | 6,136                                                   |   | 5,456                                       |   | 5,456  |   | 6,915  |   | 6,915  |
|                                                                      |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |

----

|                                                                        | SERIES      5                                          |   | SERIES      6                                                |   | TOTAL      SERIES 2 - 6                          |
|-----------------------------------------------------------------------------|--------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------|
|                                                                        | 2009                                                   |   | 2008                                                         |   | 2009                                             |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                   |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Distribution      Income                                                    | $       8,084  |   | $        5,992  |   | $      7,087  |   | $    11,438  |   | $      27,158  |   | $    33,931  |
| Total      Revenues                                                         | 8,084                                             |   | 5,992                                                   |   | 7,087                                       |   | 11,438  |   | 27,158  |   | 33,931  |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Expenses:                                                                   |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                                 | 19,204                                            |   | 19,299                                                  |   | 20,350                                      |   | 24,576  |   | 66,491  |   | 75,577  |
| General      and Administrative:                                            |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| General      Partner                                                        | 20,913                                            |   | 24,189                                                  |   | 21,660                                      |   | 30,236  |   | 73,942  |   | 95,597  |
| Other                                                                       | 4,398                                             |   | 5,149                                                   |   | 4,221                                       |   | 3,900  |   | 16,966  |   | 17,531  |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Total      Expenses                                                         | 44,515                                            |   | 48,637                                                  |   | 46,231                                      |   | 58,712  |   | 157,399  |   | 188,705  |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Loss      Before Equity in Loss of Project Partnerships and Other    Income | (36,431)                                               |   | (42,645)                                                     |   | (39,144)                                         |   | (47,274) |   | (130,241) |   | (154,774) |
| Equity      in Loss of Project Partnerships                                 | -                                                 |   | (3,818)                                                      |   | -                                           |   | (1,233) |   | -  |   | (5,051) |
| Gain      on Sale of Project Partnerships                                   | -                                                 |   | -                                                       |   | -                                           |   | -  |   | -  |   | 120,977  |
| Interest      Income                                                        | 3                                                 |   | 1,869                                                   |   | 10                                          |   | 4,179  |   | 31  |   | 12,364  |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Net      Loss                                                               | $   (36,428)                            |   | $   (44,594)                                  |   | $  (39,134)                            |   | $  (44,328) |   | $  (130,210) |   | $  (26,484) |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Allocation      of Net Loss:                                                |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Assignees                                                                   | $   (36,064)                            |   | $   (44,148)                                  |   | $  (38,743)                            |   | $  (43,885) |   | $  (128,908) |   | $  (26,220) |
| General      Partners                                                       | (364)                                                  |   | (446)                                                        |   | (391)                                            |   | (443) |   | (1,302) |   | (264) |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
|                                                                        | $   (36,428)                            |   | $   (44,594)                                  |   | $  (39,134)                            |   | $  (44,328) |   | $  (130,210) |   | $  (26,484) |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Net      Loss Per Beneficial Assignee Certificate                           | $       (4.19)      |   | $       (5.12)            |   | $      (3.83)      |   | $      (4.34) |   |   |   |   |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding                 | 8,616                                             |   | 8,616                                                   |   | 10,105                                      |   | 10,105  |   |   |   |   |
|                                                                        |                                                   |   |                                                         |   |                                             |   |   |   |   |   |   |

----

|                           | SERIES      2                      |   | SERIES      3                          |
|--------------------------------|------------------------------------|--------|----------------------------------------|
|                           |                               |   | General                                |   |   |   |   |   | General |   |   |
|                           | Assignees                          |   | Partners                               |   | Total |   | Assignees |   | Partners |   | Total |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008 | $    (709,923) |   | $    138,065  |   | $    (571,858) |   | $  (449,798) |   | $       1,253  |   | $    (448,545) |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Loss                  | (24,675)                           |   | (249)                                  |   | (24,924) |   | (15,056) |   | (152) |   | (15,208) |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008  | $    (734,598) |   | $    137,816  |   | $    (596,782) |   | $  (464,854) |   | $       1,101  |   | $    (463,753) |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009 | $    (817,096) |   | $    140,505  |   | $    (676,591) |   | $  (539,371) |   | $          348  |   | $    (539,023) |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Loss                  | (23,614)                           |   | (239)                                  |   | (23,853) |   | (15,618) |   | (158) |   | (15,776) |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2009  | $    (840,710) |   | $    140,266  |   | $    (700,444) |   | $  (554,989) |   | $          190  |   | $    (554,799) |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |
|                           |                               |   |                                   |   |   |   |   |   |   |   |   |

----

|                            | SERIES      4                      |   | SERIES      5                                                |
|---------------------------------|------------------------------------|--------|--------------------------------------------------------------|
|                            |                               |   | General                                                      |   |   |   |   |   | General |   |   |
|                            | Assignees                          |   | Partners                                                     |   | Total |   | Assignees |   | Partners |   | Total |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008  | $    (583,401) |   | $        3,026  |   | $    (580,375) |   | $   (550,103) |   | $        2,227  |   | $   (547,876) |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Net      Income (Loss)          | 101,544                       |   | 1,026                                                   |   | 102,570  |   | (44,148) |   | (446) |   | (44,594) |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees | (120,977)                          |   | -                                                       |   | (120,977) |   | -  |   | -  |   | -  |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008   | $    (602,834) |   | $        4,052  |   | $    (598,782) |   | $   (594,251) |   | $        1,781  |   | $   (592,470) |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009  | $    (663,078) |   | $        5,389  |   | $    (657,689) |   | $   (742,574) |   | $           320  |   | $   (742,254) |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Net      Loss                   | (14,869)                           |   | (150)                                                        |   | (15,019) |   | (36,064) |   | (364) |   | (36,428) |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2009   | $    (677,947) |   | $        5,239  |   | $    (672,708) |   | $   (778,638) |   | $            (44) |   | $   (778,682) |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                            |                               |   |                                                         |   |   |   |   |   |   |   |   |

----

|                            | SERIES      6                      |   | TOTAL      SERIES 2 - 6                                                      |
|---------------------------------|------------------------------------|--------|------------------------------------------------------------------------------|
|                            |                               |   | General                                                                      |   |   |   |   |   | General |   |   |
|                            | Assignees                          |   | Partners                                                                     |   | Total |   | Assignees |   | Partners |   | Total |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008  | $    (692,755) |   | $       (6,005)                           |   | $    (698,760) |   | $  (2,985,980) |   | $    138,566  |   | $  (2,847,414) |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Net      Loss                   | (43,885)                           |   | (443)                                                                        |   | (44,328) |   | (26,220) |   | (264) |   | (26,484) |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees | -                             |   | -                                                                       |   | -  |   | (120,977) |   | -  |   | (120,977) |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2008   | $    (736,640) |   | $       (6,448)                           |   | $    (743,088) |   | $  (3,133,177) |   | $    138,302  |   | $  (2,994,875) |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009  | $    (912,084) |   | $        1,223                  |   | $    (910,861) |   | $  (3,674,203) |   | $    147,785  |   | $  (3,526,418) |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Net      Loss                   | (38,743)                           |   | (391)                                                                        |   | (39,134) |   | (128,908) |   | (1,302) |   | (130,210) |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
| Balance      at June 30, 2009   | $    (950,827) |   | $           832  |   | $    (949,995) |   | $  (3,803,111) |   | $    146,483  |   | $  (3,656,628) |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |
|                            |                               |   |                                                                         |   |   |   |   |   |   |   |   |

----

|                                                                                  | SERIES      2                                      |   | SERIES      3                                       |
|---------------------------------------------------------------------------------------|----------------------------------------------------|--------|-----------------------------------------------------|
|                                                                                  | 2009                                               |   | 2008                                                |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                               |   |                                                |   |   |   |   |
| Net      Loss                                                                         | $      (23,853)      |   | $       (24,924) |   | $       (15,776) |   | $          (15,208) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                               |   |                                                |   |   |   |   |
| Premium      on Investment in Securities                                              | -                                             |   | 44                                             |   | -  |   | 44  |
| Distribution      Income                                                              | (2,737)                                            |   | (3,793)                                             |   | (7,513) |   | (8,555) |
| Changes      in Operating Assets and Liabilities:                                     |                                               |   |                                                |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                             |   | 1,610                                          |   | -  |   | 1,610  |
| Increase      in Payable to General Partners                                          | 8,270                                         |   | 8,605                                          |   | 6,018  |   | 5,456  |
| Net      Cash Used in Operating Activities                                            | (18,320)                                           |   | (18,458)                                            |   | (17,271) |   | (16,653) |
|                                                                                  |                                               |   |                                                |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                               |   |                                                |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 2,737                                         |   | 3,793                                          |   | 7,513  |   | 8,555  |
| Redemption      of Investment Securities                                              | -                                             |   | 125,000                                        |   | -  |   | 125,000  |
| Net      Cash Provided by Investing Activities                                        | 2,737                                         |   | 128,793                                        |   | 7,513  |   | 133,555  |
|                                                                                  |                                               |   |                                                |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                 | (15,583)                                           |   | 110,335                                        |   | (9,758) |   | 116,902  |
| Cash      and Cash Equivalents at Beginning of Year                                   | 161,708                                       |   | 83,047                                         |   | 148,892  |   | 75,920  |
|                                                                                  |                                               |   |                                                |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $      146,125  |   | $      193,382   |   | $      139,134  |   | $         192,822  |
|                                                                                  |                                               |   |                                                |   |   |   |   |
|                                                                                  |                                               |   |                                                |   |   |   |   |
|                                                                                  |                                               |   |                                                |   |   |   |   |

----

|                                                                                           | SERIES      4                                                                                                        |   | SERIES      5                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      (Loss) Income                                                                         | $       (15,019)                                                                  |   | $       102,570                                                              |   | $       (36,428) |   | $          (44,594) |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Premium      on Investment in Securities                                                       | -                                                                                                               |   | 62                                                                                                              |   | -  |   | 44  |
| Equity      in Loss of Project Partnerships                                                    | -                                                                                                               |   | -                                                                                                               |   | -  |   | 3,818  |
| Gain      on Sale of Project Partnerships                                                      | -                                                                                                               |   | (120,977)                                                                                                            |   | -  |   | -  |
| Distribution      Income                                                                       | (1,737)                                                                                                              |   | (4,153)                                                                                                              |   | (8,084) |   | (5,992) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | -                                                                                                               |   | 2,254                                                                                                           |   | -  |   | 1,610  |
| Increase      in Payable to General Partners                                                   | 2,005                                                                                                           |   | 3,503                                                                                                           |   | 15,239  |   | 14,703  |
| Net      Cash Used in Operating Activities                                                     | (14,751)                                                                                                             |   | (16,741)                                                                                                             |   | (29,273) |   | (30,411) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                          | 1,737                                                                                                           |   | 4,153                                                                                                           |   | 8,084  |   | 5,992  |
| Net      Proceeds from Sale of Project Partnerships                                            | -                                                                                                               |   | 120,977                                                                                                         |   | -  |   | -  |
| Redemption      of Investment Securities                                                       | -                                                                                                               |   | 175,000                                                                                                         |   | -  |   | 125,000  |
| Net      Cash Provided by Investing Activities                                                 | 1,737                                                                                                           |   | 300,130                                                                                                         |   | 8,084  |   | 130,992  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                           | (191,200)                                                                                                            |   | -                                                                                                               |   | -  |   | (179,988) |
| Net      Cash Used in Financing Activities                                                     | (191,200)                                                                                                            |   | -                                                                                                               |   | -  |   | (179,988) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                          | (204,214)                                                                                                            |   | 283,389                                                                                                         |   | (21,189) |   | (79,407) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 408,013                                                                                                         |   | 97,986                                                                                                          |   | 107,240  |   | 258,274  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $       203,799                                                              |   | $       381,375                                                              |   | $        86,051  |   | $         178,867  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $                  -  |   | $       120,977                                                              |   | $                  -  |   | $                     -  |
| Distribution      to Assignees                                                                 | -                                                                                                               |   | (120,977)                                                                                                            |   | -  |   | -  |
|                                                                                           | $                  -  |   | $                  -  |   | $                  -  |   | $                     -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                  | SERIES      6                                                                                                        |   | TOTAL      SERIES 2 - 6                                                                                              |
|---------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                  | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Loss                                                                         | $       (39,134)                                                                  |   | $       (44,328)                                                                  |   | $     (130,210) |   | $          (26,484) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Premium      on Investment in Securities                                              | -                                                                                                               |   | 105                                                                                                             |   | -  |   | 299  |
| Equity      in Loss of Project Partnerships                                           | -                                                                                                               |   | 1,233                                                                                                           |   | -  |   | 5,051  |
| Gain      on Sale of Project Partnerships                                             | -                                                                                                               |   | -                                                                                                               |   | -  |   | (120,977) |
| Distribution      Income                                                              | (7,087)                                                                                                              |   | (11,438)                                                                                                             |   | (27,158) |   | (33,931) |
| Changes      in Operating Assets and Liabilities:                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                  | -                                                                                                               |   | 3,865                                                                                                           |   | -  |   | 10,949  |
| Increase      in Payable to General Partners                                          | 15,585                                                                                                          |   | 18,748                                                                                                          |   | 47,117  |   | 51,015  |
| Net      Cash Used in Operating Activities                                            | (30,636)                                                                                                             |   | (31,815)                                                                                                             |   | (110,251) |   | (114,078) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                 | 7,087                                                                                                           |   | 11,438                                                                                                          |   | 27,158  |   | 33,931  |
| Net      Proceeds from Sale of Project Partnerships                                   | -                                                                                                               |   | -                                                                                                               |   | -  |   | 120,977  |
| Redemption      of Investment Securities                                              | -                                                                                                               |   | 300,000                                                                                                         |   | -  |   | 850,000  |
| Net      Cash Provided by Investing Activities                                        | 7,087                                                                                                           |   | 311,438                                                                                                         |   | 27,158  |   | 1,004,908  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                            |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                  | (131,062)                                                                                                            |   | -                                                                                                               |   | (322,262) |   | (179,988) |
| Net      Cash Used in Financing Activities                                            | (131,062)                                                                                                            |   | -                                                                                                               |   | (322,262) |   | (179,988) |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                 | (154,611)                                                                                                            |   | 279,623                                                                                                         |   | (405,355) |   | 710,842  |
| Cash      and Cash Equivalents at Beginning of Year                                   | 427,375                                                                                                         |   | 128,416                                                                                                         |   | 1,253,228  |   | 643,643  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                       | $       272,764                                                              |   | $      408,039                                                                    |   | $      847,873  |   | $      1,354,485  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Distribution Payable                                      | $            (545)                                       |   | $                  -  |   | $            (545) |   | $         120,977  |
| Increase      in Payable to General Partners                                          | 545                                                                                                             |   | -                                                                                                               |   | 545  |   | -  |
| Distribution      to Assignees                                                        | -                                                                                                               |   | -                                                                                                               |   | -  |   | (120,977) |
|                                                                                  | $                  -  |   | $                  -  |   | $                  -  |   | $                     -  |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                  |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

| 1)   | Gateway’s      capital contribution, |
|----------------|--------------------------------------------|

| 2)   | Acquisition      fees paid to the General Partner for services rendered in selecting      properties for acquisition, |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| 3)   | Acquisition      expenses including legal fees, travel and other miscellaneous costs      relating to acquiring properties. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

----

| 1)   | Increased      for equity in income or decreased for equity in loss of the Project      Partnerships, |
|----------------|-------------------------------------------------------------------------------------------------------|

| 2)   | Decreased      for cash distributions received from the Project    Partnerships, |
|----------------|----------------------------------------------------------------------------------|

| 3)   | Decreased      for the amortization of the acquisition fees and  expenses, |
|----------------|----------------------------------------------------------------------------|

| 4)   | Decreased,      where appropriate, for impairment. |
|----------------|----------------------------------------------------|

----

----

----

|          | 2009                            |   | 2008                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    11,496 |   | $    12,256 |
| Series      3 | 9,433                           |   | 9,499                           |
| Series      4 | 6,008                           |   | 9,947                           |
| Series      5 | 19,204                          |   | 19,299                          |
| Series      6 | 20,350                          |   | 24,576                          |
| Total         | $    66,491 |   | $    75,577 |

|          | 2009                            |   | 2008                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    12,697 |   | $    15,550 |
| Series      3 | 11,203                          |   | 12,958                          |
| Series      4 | 7,469                           |   | 12,664                          |
| Series      5 | 20,913                          |   | 24,189                          |
| Series      6 | 21,660                          |   | 30,236                          |
| Total         | $    73,942 |   | $    95,597 |

----

|  As      of June 30, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 2 - 17, Series 3 - 15, and Series 4 - 10) which own and operate      government assisted multi-family housing complexes.  Cash flows      from operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

|                                               | SERIES      2                                                                                                                    |   | SERIES      3                                                                                                        |   | SERIES      4                                                                                                        |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                               | June      30,                                                                                                                    |   | March      31,                                                                                                       |   | June      30,                                                                                                        |   | March      31, |   | June      30, |   | March      31, |
|                                               | 2009                                                                                                                             |   | 2009                                                                                                                 |   | 2009                                                                                                                 |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     3,159,579                                                                                    |   | $   3,159,579                                                                                    |   | $   2,494,974                                                                                    |   | $   2,494,974  |   | $     1,556,420  |   | $   1,556,420  |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Partnerships      (1)                              | (3,298,001)                                                                                                                      |   | (3,298,001)                                                                                                          |   | (2,675,808)                                                                                                          |   | (2,675,808) |   | (1,645,185) |   | (1,645,185) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | (59,212)                                                                                                                         |   | (59,212)                                                                                                             |   | (93,673)                                                                                                             |   | (93,673) |   | (45,823) |   | (45,823) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Adjustment                                         | (197,634)                                                                                                                        |   | (197,634)                                                                                                            |   | (274,507)                                                                                                            |   | (274,507) |   | (134,588) |   | (134,588) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 254,188                                                                                                                     |   | 254,188                                                                                                         |   | 318,739                                                                                                         |   | 318,739  |   | 164,485  |   | 164,485  |
| Accumulated      amortization of acquisition       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| fees      and expenses                             | (56,554)                                                                                                                         |   | (56,554)                                                                                                             |   | (44,232)                                                                                                             |   | (44,232) |   | (29,897) |   | (29,897) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $                    -  |   | $                  -  |   | $                  -  |   | $                  -  |   | $                    -  |   | $                  -  |

| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $5,224,363      in Series 2, $5,943,111 in Series 3, and $2,959,355 in Series 4 for the      period ended June 30, 2009; and cumulative suspended losses of $5,135,273      in Series 2, $5,884,963 in Series 3, and $2,922,713 in Series 4 for the      year ended March 31, 2009 are notincluded. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  As      of June 30, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 5 - 28 and Series 6 - 29) which own and operate government      assisted multi-family housing complexes.  Cash flows from      operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                 |

|                                               | SERIES      5                                                                                                                    |   | SERIES      6                                                                                                        |   | TOTAL      SERIES 2 - 6                                                                                              |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                               | June      30,                                                                                                                    |   | March      31,                                                                                                       |   | June      30,                                                                                                        |   | March      31, |   | June      30, |   | March      31, |
|                                               | 2009                                                                                                                             |   | 2009                                                                                                                 |   | 2009                                                                                                                 |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     5,097,323                                                                                    |   | $   5,097,323                                                                                    |   | $   5,424,795                                                                                    |   | $   5,424,795  |   | $   17,733,091  |   | $   17,733,091  |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Partnerships      (1)                              | (5,329,389)                                                                                                                      |   | (5,329,389)                                                                                                          |   | (5,590,369)                                                                                                          |   | (5,590,369) |   | (18,538,752) |   | (18,538,752) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | (160,153)                                                                                                                        |   | (160,153)                                                                                                            |   | (191,505)                                                                                                            |   | (191,505) |   | (550,366) |   | (550,366) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Adjustment                                         | (392,219)                                                                                                                        |   | (392,219)                                                                                                            |   | (357,079)                                                                                                            |   | (357,079) |   | (1,356,027) |   | (1,356,027) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 531,092                                                                                                                     |   | 531,092                                                                                                         |   | 557,032                                                                                                         |   | 557,032  |   | 1,825,536  |   | 1,825,536  |
| Accumulated      amortization of acquisition       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| fees      and expenses                             | (138,873)                                                                                                                        |   | (138,873)                                                                                                            |   | (177,114)                                                                                                            |   | (177,114) |   | (446,670) |   | (446,670) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Project      Partnerships                          | -                                                                                                                           |   | -                                                                                                               |   | (22,839)                                                                                                             |   | (22,839) |   | (22,839) |   | (22,839) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $                    -  |   | $                  -  |   | $                  -  |   | $                  -  |   | $                    -  |   | $                    -  |

| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $8,078,212      in Series 5 and $5,256,325 in Series 6 for the period ended June 30, 2009;      and cumulative suspended losses of $7,971,901 in Series 5 and $5,086,927      in Series 6 for the year ended March 31, 2009 are not      included. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         | SERIES      2                                                                                                                                      |   | SERIES      3                                                                                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                                                                             |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      assets                          | $        1,633,820                                                                                    |   | $      1,758,232                                                                              |   | $        1,723,591  |   | $       1,588,677  |
| Investment      properties, net              | 8,529,407                                                                                                                                     |   | 9,870,143                                                                                                                   |   | 4,826,275  |   | 5,431,107  |
| Other      assets                            | 38,150                                                                                                                                        |   | 40,129                                                                                                                      |   | 25,437  |   | 44,769  |
| Total      assets                            | $      10,201,377                                                                                               |   | $    11,668,504                                                                                         |   | $        6,575,303  |   | $       7,064,553  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      liabilities                     | $           559,645                                                                    |   | $         603,183                                                              |   | $           337,738  |   | $          262,265  |
| Long-term      debt                          | 15,302,625                                                                                                                                    |   | 16,346,779                                                                                                                  |   | 12,628,696  |   | 12,743,481  |
| Total      liabilities                       | 15,862,270                                                                                                                                    |   | 16,949,962                                                                                                                  |   | 12,966,434  |   | 13,005,746  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Partners'      equity (deficit)              |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Limited      Partner                         | (5,496,215)                                                                                                                                        |   | (5,152,748)                                                                                                                      |   | (6,591,057) |   | (6,163,650) |
| General      Partners                        | (164,678)                                                                                                                                          |   | (128,710)                                                                                                                        |   | 199,926  |   | 222,457  |
| Total      partners' deficit                 | (5,660,893)                                                                                                                                        |   | (5,281,458)                                                                                                                      |   | (6,391,131) |   | (5,941,193) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      liabilities and partners' deficit | $      10,201,377                                                                                               |   | $    11,668,504                                                                                         |   | $        6,575,303  |   | $       7,064,553  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                                                                             |   |
| Rental      and other income                 | $           571,845                                                                    |   | $         597,556                                                              |   | $           531,570  |   | $          515,064  |
| Expenses:                                    |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Operating      expenses                      | 430,324                                                                                                                                       |   | 395,031                                                                                                                     |   | 365,475  |   | 335,766  |
| Interest      expense                        | 82,079                                                                                                                                        |   | 88,728                                                                                                                      |   | 62,665  |   | 63,374  |
| Depreciation      and amortization           | 149,432                                                                                                                                       |   | 163,947                                                                                                                     |   | 162,165  |   | 161,834  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      expenses                          | 661,835                                                                                                                                       |   | 647,706                                                                                                                     |   | 590,305  |   | 560,974  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Net      loss                                | $            (89,990)                                                                  |   | $         (50,150)                                                                  |   | $             (58,735) |   | $           (45,910) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Other      partners' share of net loss       | $                 (900)                                       |   | $              (501)                                       |   | $                  (587) |   | $                (459) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Gateway's      share of net loss             | $            (89,090)                                                                  |   | $         (49,649)                                                                  |   | $             (58,148) |   | $           (45,451) |
| Suspended      losses                        | 89,090                                                                                                                                        |   | 49,649                                                                                                                      |   | 58,148  |   | 45,451  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $                    -  |   | $                             -  |   | $                      -  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |

----

|                                         | SERIES      4                                                                                                                                      |   | SERIES      5                                                                                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                                                                             |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      assets                          | $        1,050,476                                                                                    |   | $     1,519,999                                                                                    |   | $        3,033,745  |   | $       3,037,519  |
| Investment      properties, net              | 4,226,580                                                                                                                                     |   | 6,529,316                                                                                                                   |   | 14,517,775  |   | 15,552,539  |
| Other      assets                            | 18,868                                                                                                                                        |   | 27,470                                                                                                                      |   | 25,608  |   | 50,421  |
| Total      assets                            | $        5,295,924                                                                                    |   | $     8,076,785                                                                                    |   | $      17,577,128  |   | $     18,640,479  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      liabilities                     | $           220,106                                                                    |   | $        267,513                                                                    |   | $           721,172  |   | $          653,462  |
| Long-term      debt                          | 8,089,802                                                                                                                                     |   | 12,130,814                                                                                                                  |   | 25,741,575  |   | 25,905,754  |
| Total      liabilities                       | 8,309,908                                                                                                                                     |   | 12,398,327                                                                                                                  |   | 26,462,747  |   | 26,559,216  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Partners'      equity (deficit)              |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Limited      Partner                         | (3,141,206)                                                                                                                                        |   | (4,390,642)                                                                                                                      |   | (8,594,870) |   | (7,668,228) |
| General      Partners                        | 127,222                                                                                                                                       |   | 69,100                                                                                                                      |   | (290,749) |   | (250,509) |
| Total      partners' deficit                 | (3,013,984)                                                                                                                                        |   | (4,321,542)                                                                                                                      |   | (8,885,619) |   | (7,918,737) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      liabilities and partners' deficit | $        5,295,924                                                                                    |   | $     8,076,785                                                                                    |   | $      17,577,128  |   | $     18,640,479  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                                                                             |   |
| Rental      and other income                 | $           329,865                                                                    |   | $        488,876                                                                    |   | $        1,044,737  |   | $       1,003,317  |
| Expenses:                                    |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Operating      expenses                      | 233,635                                                                                                                                       |   | 342,725                                                                                                                     |   | 749,333  |   | 643,502  |
| Interest      expense                        | 44,157                                                                                                                                        |   | 65,760                                                                                                                      |   | 136,005  |   | 139,442  |
| Depreciation      and amortization           | 89,514                                                                                                                                        |   | 132,886                                                                                                                     |   | 266,784  |   | 266,530  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      expenses                          | 367,306                                                                                                                                       |   | 541,371                                                                                                                     |   | 1,152,122  |   | 1,049,474  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Net      loss                                | $            (37,441)                                                                  |   | $         (52,495)                                                                  |   | $          (107,385) |   | $           (46,157) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Other      partners' share of net loss       | $                 (799)                                       |   | $              (565)                                       |   | $              (1,074) |   | $                (462) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Gateway's      share of net loss             | $            (36,642)                                                                  |   | $         (51,930)                                                                  |   | $          (106,311) |   | $           (45,695) |
| Suspended      losses                        | 36,642                                                                                                                                        |   | 51,930                                                                                                                      |   | 106,311  |   | 41,877  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $                         -  |   | $                       -  |   | $             (3,818) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |

----

|                                         | SERIES      6                                                                                                                                      |   | TOTAL      SERIES 2 - 6                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                       |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Current      assets                          | $        3,726,622                                                                                    |   | $     4,531,299                              |   | $      11,168,254  |   | $     12,435,726  |
| Investment      properties, net              | 17,880,020                                                                                                                                    |   | 22,588,002                                                            |   | 49,980,057  |   | 59,971,107  |
| Other      assets                            | 7,724                                                                                                                                         |   | 24,094                                                                |   | 115,787  |   | 186,883  |
| Total      assets                            | $      21,614,366                                                                                               |   | $   27,143,395                                         |   | $      61,264,098  |   | $     72,593,716  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Current      liabilities                     | $           709,805                                                                    |   | $        853,117              |   | $        2,548,466  |   | $       2,639,540  |
| Long-term      debt                          | 27,229,395                                                                                                                                    |   | 32,940,725                                                            |   | 88,992,093  |   | 100,067,553  |
| Total      liabilities                       | 27,939,200                                                                                                                                    |   | 33,793,842                                                            |   | 91,540,559  |   | 102,707,093  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Partners'      deficit                       |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Limited      Partner                         | (5,755,151)                                                                                                                                        |   | (6,036,779)                                                                |   | (29,578,499) |   | (29,412,047) |
| General      Partners                        | (569,683)                                                                                                                                          |   | (613,668)                                                                  |   | (697,962) |   | (701,330) |
| Total      partners' deficit                 | (6,324,834)                                                                                                                                        |   | (6,650,447)                                                                |   | (30,276,461) |   | (30,113,377) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Total      liabilities and partners' deficit | $      21,614,366                                                                                               |   | $   27,143,395                                         |   | $      61,264,098  |   | $     72,593,716  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                       |   |
| Rental      and other income                 | $        1,024,852                                                                                    |   | $     1,222,820                              |   | $        3,502,869  |   | $       3,827,633  |
| Expenses:                                    |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Operating      expenses                      | 791,927                                                                                                                                       |   | 821,823                                                               |   | 2,570,694  |   | 2,538,847  |
| Interest      expense                        | 135,068                                                                                                                                       |   | 170,839                                                               |   | 459,974  |   | 528,143  |
| Depreciation      and amortization           | 269,344                                                                                                                                       |   | 332,096                                                               |   | 937,239  |   | 1,057,293  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Total      expenses                          | 1,196,339                                                                                                                                     |   | 1,324,758                                                             |   | 3,967,907  |   | 4,124,283  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Net      loss                                | $          (171,487)                                                                             |   | $       (101,938)                       |   | $          (465,038) |   | $         (296,650) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Other      partners' share of net loss       | $              (2,089)                                                       |   | $           (1,466) |   | $              (5,449) |   | $             (3,453) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Gateway's      share of net loss             | $          (169,398)                                                                             |   | $       (100,472)                       |   | $          (459,589) |   | $         (293,197) |
| Suspended      losses                        | 169,398                                                                                                                                       |   | 99,239                                                                |   | 459,589  |   | 288,146  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $           (1,233) |   | $                       -  |   | $             (5,051) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |

----

| Transaction         |                        |                     | Net      Proceeds       | Gain      (Loss)                     |
|---------------------|-----------------------------|--------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds        | Per      BAC            | on      Disposal                     |
| September      2008 | Prairie      Apartments     | $  7,741  | $  1.26  | $    7,741  |
|                | Other,      net (see below) | -                   | -                  | 5,300                           |
|                |                        |                     |                    | $  13,041             |

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Williston      Properties    | $  43,512  | $  6.29  | $    43,512  |
| December      2008  | St.      George Properties   | 43,592               | 6.30               | 43,592                           |
| December      2008  | Jonesville      Manor        | 79,579               | 11.51              | 79,499                           |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                           |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,645                          |
|                | Other,      net (see below)  | -                    | -                  | 1,850                            |
|                |                         |                      |                    | $  313,648             |

----

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      (Loss)         |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      BAC                                             | on      Disposal         |
|              | Other,      net (see below) | $          -  | $        -  | $  3,700  |
|              |                        |                                                                 |                                                     | $  3,700  |

| Transaction         |                        |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|-----------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Newport      Village        | $  46,919  | $  4.64  | $    46,369  |
| December      2008  | Blacksburg      Terrace     | 47,490               | 4.70               | 47,410                           |
| September      2008 | Spruce      Apartments      | 9,442                | 0.93               | 9,442                            |
| September      2008 | Shannon      Apartments     | 7,741                | 0.77               | 7,741                            |
| September      2008 | Cornell      Apartments     | 9,741                | 0.96               | 9,741                            |
| September      2008 | Winter      Park Apartments | 9,741                | 0.96               | 9,741                            |
|                |                        |                      |                    | $  130,444             |

----

----

----

----

----

| Transaction         |                        |                     | Net      Proceeds       | Gain      (Loss)                     |
|---------------------|-----------------------------|--------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds        | Per      BAC            | on      Disposal                     |
| September      2008 | Prairie      Apartments     | $  7,741  | $  1.26  | $    7,741  |
|                | Other,      net (see below) | -                   | -                  | 5,300                           |
|                |                        |                     |                    | $  13,041             |

----

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Williston      Properties    | $  43,512  | $  6.29  | $    43,512  |
| December      2008  | St.      George Properties   | 43,592               | 6.30               | 43,592                           |
| December      2008  | Jonesville      Manor        | 79,579               | 11.51              | 79,499                           |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                           |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,645                          |
|                | Other,      net (see below)  | -                    | -                  | 1,850                            |
|                |                         |                      |                    | $  313,648             |

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      (Loss)         |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      BAC                                             | on      Disposal         |
|              | Other,      net (see below) | $          -  | $        -  | $  3,700  |
|              |                        |                                                                 |                                                     | $  3,700  |

----

| Transaction         |                        |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|-----------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Newport      Village        | $  46,919  | $  4.64  | $    46,369  |
| December      2008  | Blacksburg      Terrace     | 47,490               | 4.70               | 47,410                           |
| September      2008 | Spruce      Apartments      | 9,442                | 0.93               | 9,442                            |
| September      2008 | Shannon      Apartments     | 7,741                | 0.77               | 7,741                            |
| September      2008 | Cornell      Apartments     | 9,741                | 0.96               | 9,741                            |
| September      2008 | Winter      Park Apartments | 9,741                | 0.96               | 9,741                            |
|                |                        |                      |                    | $  130,444             |

| Lewiston      Limited Partnership | Durango      C.W.W. Limited Partnership |
|-----------------------------------|-----------------------------------------|
| Charleston      Properties        | Sallisaw      Properties II             |
| Pocola      Properties            |                                    |

| Hornellsville      Apartments | Nowata      Properties    |
|-------------------------------|---------------------------|
| Poteau      Properties II     | Roland      Properties II |
| Sallisaw      Properties      | Stilwell      Properties  |
| Waldron      Properties       |                      |

| Stilwell      Properties II           | Westville      Properties |
|---------------------------------------|---------------------------|
| Spring      Hill Senior Housing, L.P. |                      |

----

| Carrollton      Club, Ltd., L.P. | Alma      Properties         |
|----------------------------------|------------------------------|
| Clayton      Properties          | Mill      Creek Properties V |
| Spring      Hill Housing, L.P.   |                         |

| Parsons      Properties, L.P. |   |
|-------------------------------|--------|

| Countrywood      Apartments, Limited | Wildwood      Apartments, Limited |
|--------------------------------------|-----------------------------------|

| Shellman      Housing, L.P.               | Pine      Terrace Apartments, L.P.        |
|-------------------------------------------|-------------------------------------------|
| Crisp      Properties, L.P.               | Blackshear      Apartments, L.P. Phase II |
| Woodcrest      Associates of South Boston |                                      |

| Meadowcrest      Apartments, Ltd.               | Lancaster      House |
|-------------------------------------------------|----------------------|
| Country      Place Apartments – Coal City |                 |

----

----

----

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

| Date:      August 14,      2009 |   | By:/s/ Ronald M.      Diner |
|---------------------------------|--------|-----------------------------|
|                            |   | Ronald      M. Diner        |
|                            |   | President                   |

| Date:      August 14,      2009 |   | By:/s/ Toni S.      Matthews                   |
|---------------------------------|--------|------------------------------------------------|
|                            |   | Toni      S. Matthews                          |
|                            |   | Vice      President and Chief FinancialOfficer |

| Date:      August 14,      2009 |   | By:/s/ Sandra C.      Humphreys |
|---------------------------------|--------|---------------------------------|
|                            |   | Sandra      C. Humphreys        |
|                            |   | Secretary      and Treasurer    |