SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For The Quarterly Period Ended  December 31, 2005Commission File Number 0-19022                       
                       Gateway Tax Credit Fund II Ltd.         Exact name of Registrant as specified in its charter)Florida                                     65-0142704(State or other jurisdiction of                   (IRS Employer No.)
 incorporation or organization)880 Carillon Parkway,     St. Petersburg,     Florida          33716 (Address of principal executive offices)                    (Zip Code)
Registrant's Telephone Number, Including Area Code:(727) 567-4830Indicate by check mark whether the Registrant: (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
                                     YES X     NO 
                                                      Number of Units
     Title of Each Class                            December 31, 2005Beneficial Assignee Certificates:
$1,000 per certificate                                     37,228

DOCUMENTS INCORPORATED BY REFERENCEParts I and II, 2005 Form 10-K, filed with the
Securities and Exchange Commission on July 13, 2005
Parts III and IV - Form S-11 Registration Statement
and all amendments and supplements thereto
File No. 33-31821

---

PART I - Financial Information
    Item 1.  Financial Statements:

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

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | December 31,
2005
---------
(Unaudited)                                                                                                                                                                                               | March 31,
2005
----------
(Audited)                                                                                                                                                                                                       
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
    Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
    Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 6,136 at December 31, 2005 and March 31, 2005 have been issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 6,136 at December 31, 2005 and March 31, 2005, issued and outstanding
General Partners
  Total Partners' (Deficit)
    Total Liabilities and Partners'     (Deficit) | $  259,590 
65,016 
-----------
324,606 
0 
16,811 
-----------
$  341,417 
===========
$   45,291 
-----------
45,291 
-----------
582,350 
-----------
(229,563)
(56,661)
-----------
(286,224)
-----------
$  341,417 
=========== | $  235,004 
63,596 
-----------
298,600 
61,315 
34,391 
-----------
$  394,306 
===========
$   45,045 
-----------
45,045 
-----------
531,644 
-----------
(126,760)
(55,623)
-----------
(182,383)
-----------
$  394,306 
===========

See accompanying notes to financial statements.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | December 31,
2005
---------
(Unaudited)                                                                                                                                                                                       | March 31,
2005
----------
(Audited)                                                                                                                                                                                               
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Securities
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 5,456 at December 31, 2005 and March 31, 2005 have been issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 5,456 at December 31, 2005 and March 31, 2005, issued and outstanding
General Partners
  Total Partners' (Deficit)
    Total Liabilities and Partners'     (Deficit) | $  247,458 
57,831 
-----------
305,289 
0 
-----------
$  305,289 
===========
$   49,545 
-----------
49,545 
-----------
477,477 
-----------
(171,701)
(50,032)
-----------
(221,733)
-----------
$  305,289 
=========== | $  218,547 
56,568 
-----------
275,115 
54,538 
-----------
$  329,653 
===========
$   49,309 
-----------
49,309 
-----------
430,440 
-----------
(100,780)
(49,316)
-----------
(150,096)
-----------
$  329,653 
===========

See accompanying notes to financial statements.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | December 31,
2005
---------
(Unaudited)                                                                                                                                                                                       | March 31,
2005
----------
(Audited)                                                                                                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Securities
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 6,915 at December 31, 2005 and March 31, 2005 have been issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 6,915 at December 31, 2005 and  March 31, 2005, issued and outstanding
General Partners
  Total Partners' (Deficit)
    Total Liabilities and Partners'     (Deficit) | $  333,651 
73,266 
-----------
406,917 
0 
-----------
$  406,917 
===========
$   54,749 
-----------
54,749 
-----------
628,136 
-----------
(212,553)
(63,415)
-----------
(275,968)
-----------
$  406,917 
=========== | $  304,447 
71,666 
-----------
376,113 
69,095 
-----------
$  445,208 
===========
$   54,471 
-----------
54,471 
-----------
570,233 
-----------
(117,046)
(62,450)
-----------
(179,496)
-----------
$  445,208 
===========

See accompanying notes to financial statements.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | December 31,
2005
---------
(Unaudited)                                                                                                                                                                                                  | March 31,
2005
----------
(Audited)                                                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Restricted Cash
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 Distribution Payable
 Other Payable
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 8,616 at December 31, 2005 and March 31, 2005 have been issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 8,616 at December 31, 2005 and March 31, 2005, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $  279,703 
0 
91,316 
-----------
371,019 
0 
194,787 
-----------
$  565,806 
===========
$   73,250 
0 
0 
-----------
73,250 
-----------
488,395 
-----------
5,358 
(1,197)
-----------
4,161 
-----------
$  565,806 
=========== | $  238,360 
157,126 
89,322 
-----------
484,808 
86,118 
202,405 
-----------
$  773,331 
===========
$   72,789 
157,126 
700 
-----------
230,615 
-----------
418,856 
-----------
123,860 
0 
-----------
123,860 
-----------
$  773,331 
===========

See accompanying notes to financial statements.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | December 31,
2005
---------
(Unaudited)                                                                                                                                                                                                       | March 31,
2005
----------
(Audited)                                                                                                                                                                                                                   
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Accounts Receivable - Other
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 Distribution Payable
 Other Payable
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 10,105 at December 31, 2005 and March 31, 2005 have been issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 10,105 at December 31, 2005 and March 31, 2005, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $  401,308 
0 
78,872 
-----------
480,180 
76,932 
762,636 
-----------
$1,319,748 
===========
$   69,026 
46 
0 
-----------
69,072 
-----------
814,116 
-----------
436,560 
0 
-----------
436,560 
-----------
$1,319,748 
=========== | $  444,751 
700 
74,664 
-----------
520,115 
72,775 
781,147 
-----------
$1,374,037 
===========
$   68,579 
0 
500 
-----------
69,079 
-----------
736,464 
-----------
651,535 
(83,041)
-----------
568,494 
-----------
$1,374,037 
===========

See accompanying notes to financial statements.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | December 31,
2005
---------
(Unaudited)                                                                                                                                                                                                                         | March 31,
2005
----------
(Audited)                                                                                                                                                                                                                                              
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Restricted Cash
 Accounts Receivable - Other
 Investments in Securities
  Total Current Assets
 Investments in Securities
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS' EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 Distribution Payable
 Other Payable
  Total Current Liabilities
Long-Term Liabilities:
 Payable to General Partners
Partners' Equity (Deficit):
Assignor Limited Partner
 Units of limited partnership interest consisting of 40,000 authorized BAC's, of which 37,228 at December 31, 2005 and March 31, 2005 have been issued to the assignees
Assignees
 Units of beneficial interest of the limited partnership interest of the assignor limited partner, $1,000 stated value per BAC, 37,228 at December 31, 2005 and  March 31, 2005, issued and outstanding
General Partners
  Total Partners' Equity (Deficit)
    Total Liabilities and Partners' Equity     (Deficit) | $1,521,710 
0 
0 
366,301 
-----------
1,888,011 
76,932 
974,234 
-----------
$2,939,177 
===========
$  291,861 
46 
0 
-----------
291,907 
-----------
2,990,474 
-----------
(171,899)
(171,305)
-----------
(343,204)
-----------
$2,939,177 
=========== | $1,441,109 
157,126 
700 
355,816 
-----------
1,954,751 
343,841 
1,017,943 
-----------
$3,316,535 
===========
$  290,193 
157,126 
1,200 
-----------
448,519 
-----------
2,687,637 
-----------
430,809 
(250,430)
-----------
180,379 
-----------
$3,316,535 
===========

See accompanying notes to financial statements.

---

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

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2005
----                                                                                                                                                                                                                                                           | 2004
----                                                                                                                                                                                                                                                         
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial
Assignee Certificate
Number of Beneficial Assignee
Certificates Outstanding | $    1,221 
-----------
1,221 
-----------
16,902 
12,890 
1,579 
174 
-----------
31,545 
-----------
(30,324)
(3,943)
3,421 
-----------
$  (30,846)
===========
$  (30,538)
(308)
-----------
$  (30,846)
===========
$    (4.98)
===========
6,136 
=========== | $    3,702 
-----------
3,702 
-----------
16,956 
8,280 
1,550 
174 
-----------
26,960 
-----------
(23,258)
(8,631)
3,156 
-----------
$  (28,733)
===========
$  (28,446)
(287)
-----------
$  (28,733)
===========
$    (4.64)
===========
6,136 
===========

See accompanying notes to financial statements.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                                                                                                                 | 2004
----                                                                                                                                                                                                                                               
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial
Assignee Certificate
Number of Beneficial Assignee
Certificates Outstanding | $    3,414 
-----------
3,414 
-----------
15,679 
13,476 
1,676 
-----------
30,831 
-----------
(27,417)
0 
3,180 
-----------
$  (24,237)
===========
$  (23,995)
(242)
-----------
$  (24,237)
===========
$    (4.40)
===========
5,456 
=========== | $    5,380 
-----------
5,380 
-----------
15,756 
8,656 
1,458 
-----------
25,870 
-----------
(20,490)
0 
2,830 
-----------
$  (17,660)
===========
$  (17,483)
(177)
-----------
$  (17,660)
===========
$    (3.20)
===========
5,456 
===========

See accompanying notes to financial statements.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                                                                                                               | 2004
----                                                                                                                                                                                                                                                
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $      884 
-----------
884 
-----------
19,301 
16,992 
1,886 
-----------
38,179 
-----------
(37,295)
0 
4,206 
-----------
$  (33,089)
===========
$  (32,758)
(331)
-----------
$  (33,089)
===========
$    (4.74)
===========
6,915 
=========== | $    1,884 
-----------
1,884 
-----------
19,362 
10,915 
2,005 
-----------
32,282 
-----------
(30,398)
0 
3,690 
-----------
$  (26,708)
===========
$  (26,441)
(267)
-----------
$  (26,708)
===========
$    (3.82)
===========
6,915 
===========

See accompanying notes to financial statements.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2005
----                                                                                                                                                                                                                                                           | 2004
----                                                                                                                                                                                                                                                            
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $    1,654 
-----------
1,654 
-----------
23,180 
21,093 
2,218 
501 
-----------
46,992 
-----------
(45,338)
(2,288)
4,130 
-----------
$  (43,496)
===========
$  (43,061)
(435)
-----------
$  (43,496)
===========
$    (5.00)
===========
8,616 
=========== | $    2,172 
-----------
2,172 
-----------
23,795 
13,550 
1,970 
1,141 
-----------
40,456 
-----------
(38,284)
(2,970)
4,254 
-----------
$  (37,000)
===========
$  (36,630)
(370)
-----------
$  (37,000)
===========
$    (4.25)
===========
8,616 
===========

See accompanying notes to financial statements.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2005
----                                                                                                                                                                                                                                                                          | 2004
----                                                                                                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Gain on Sale of Partnership Assets
 Interest Income
Net Income (Loss)
Allocation of Net Income (Loss):
 Assignees
 General Partners
Net Income (Loss) Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $    3,503 
-----------
3,503 
-----------
25,398 
22,265 
1,350 
1,384 
-----------
50,397 
-----------
(46,894)
(12,164)
224,074 
7,221 
-----------
$  172,237 
===========
$   88,395 
83,842 
-----------
$  172,237 
===========
$     8.75 
===========
10,105 
=========== | $   10,174 
-----------
10,174 
-----------
26,238 
14,302 
2,475 
2,101 
-----------
45,116 
-----------
(34,942)
(19,247)
0 
5,193 
-----------
$  (48,996)
===========
$  (48,506)
(490)
-----------
$  (48,996)
===========
$    (4.80)
===========
10,105 
===========

See accompanying notes to financial statements.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                         | 2005
----                                                                                                                                                                                                                                   | 2004
----                                                                                                                                                                                                                            
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Gain on Sale of Partnership Assets
 Interest Income
Net Income (Loss)
Allocation of Net Income (Loss):
 Assignees
 General Partners | $   10,676 
-----------
10,676 
-----------
100,460 
86,716 
8,709 
2,059 
-----------
197,944 
-----------
(187,268)
(18,395)
224,074 
22,158 
-----------
$   40,569 
===========
$  (41,957)
82,526 
-----------
$   40,569 
=========== | $   23,312 
-----------
23,312 
-----------
102,107 
55,703 
9,458 
3,416 
-----------
170,684 
-----------
(147,372)
(30,848)
0 
19,123 
-----------
$ (159,097)
===========
$ (157,506)
(1,591)
-----------
$ (159,097)
===========

See accompanying notes to financial statements.

---

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

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                                                                                                                | 2004
----                                                                                                                                                                                                                                                           
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee 
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $    4,708 
-----------
4,708 
-----------
50,706 
34,892 
14,769 
525 
-----------
100,892 
-----------
(96,184)
(17,055)
9,398 
-----------
$ (103,841)
===========
$ (102,803)
(1,038)
-----------
$ (103,841)
===========
$   (16.75)
===========
6,136 
=========== | $    7,647 
-----------
7,647 
-----------
50,868 
23,576 
9,246 
522 
-----------
84,212 
-----------
(76,565)
(24,995)
8,458 
-----------
$  (93,102)
===========
$  (92,171)
(931)
-----------
$  (93,102)
===========
$   (15.02)
===========
6,136 
===========

See accompanying notes to financial statements.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2005
----                                                                                                                                                                                                                                                    | 2004
----                                                                                                                                                                                                                                                 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships 
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee 
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $   20,430 
-----------
20,430 
-----------
47,037 
36,478 
17,285 
-----------
100,800 
-----------
(80,370)
0 
8,733 
-----------
$  (71,637)
===========
$  (70,921)
(716)
-----------
$  (71,637)
===========
$   (13.00)
===========
5,456 
=========== | $   14,382 
-----------
14,382 
-----------
47,268 
24,648 
7,917 
-----------
79,833 
-----------
(65,451)
0 
7,553 
-----------
$  (57,898)
===========
$  (57,319)
(579)
-----------
$  (57,898)
===========
$   (10.51)
===========
5,456 
===========

See accompanying notes to financial statements.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                                                                                                                      | 2004
----                                                                                                                                                                                                                                                 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $   13,584 
-----------
13,584 
-----------
57,903 
45,994 
17,645 
-----------
121,542 
-----------
(107,958)
0 
11,486 
-----------
$  (96,472)
===========
$  (95,507)
(965)
-----------
$  (96,472)
===========
$   (13.81)
===========
6,915 
=========== | $   12,521 
-----------
12,521 
-----------
58,086 
31,078 
9,934 
-----------
99,098 
-----------
(86,577)
0 
9,707 
-----------
$  (76,870)
===========
$  (76,101)
(769)
-----------
$  (76,870)
===========
$   (11.01)
===========
6,915 
===========

See accompanying notes to financial statements.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2005
----                                                                                                                                                                                                                                                                    | 2004
----                                                                                                                                                                                                                                                                    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners
Net Loss Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $   17,635 
-----------
17,635 
-----------
69,540 
57,096 
18,372 
1,503 
-----------
146,511 
-----------
(128,876)
(3,636)
12,813 
-----------
$ (119,699)
===========
$ (118,502)
(1,197)
-----------
$ (119,699)
===========
$   (13.75)
===========
8,616 
=========== | $   18,732 
-----------
18,732 
-----------
71,385 
38,580 
12,067 
3,423 
-----------
125,455 
-----------
(106,723)
(16,317)
11,813 
-----------
$ (111,227)
===========
$ (110,115)
(1,112)
-----------
$ (111,227)
===========
$   (12.78)
===========
8,616 
===========

See accompanying notes to financial statements.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2005
----                                                                                                                                                                                                                                                                               | 2004
----                                                                                                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Gain on Sale of Partnership Assets
 Interest Income
Net Income (Loss)
Allocation of Net Income (Loss):
 Assignees
 General Partners
Net Income (Loss) Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $   18,370 
-----------
18,370 
-----------
77,652 
60,268 
15,331 
4,151 
-----------
157,402 
-----------
(139,032)
(12,270)
224,074 
19,368 
-----------
$   92,140 
===========
$    9,099 
83,041 
-----------
$   92,140 
===========
$      .90 
===========
10,105 
=========== | $   27,127 
-----------
27,127 
-----------
78,714 
40,723 
13,077 
6,303 
-----------
138,817 
-----------
(111,690)
(47,699)
0 
13,954 
-----------
$ (145,435)
===========
$ (143,981)
(1,454)
-----------
$ (145,435)
===========
$   (14.25)
===========
10,105 
===========

See accompanying notes to financial statements.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                                                                     | 2004
----                                                                                                                                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Losses of
 Project Partnerships and Other Income
Equity in Losses of Project Partnerships
 Gain on Sale of Partnership Assets
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners | $   74,727 
-----------
74,727 
-----------
302,838 
234,728 
83,402 
6,179 
-----------
627,147 
-----------
(552,420)
(32,961)
224,074 
61,798 
-----------
$ (299,509)
===========
$ (378,634)
79,125 
-----------
$ (299,509)
=========== | $   80,409 
-----------
80,409 
-----------
306,321 
158,605 
52,241 
10,248 
-----------
527,415 
-----------
(447,006)
(89,011)
0 
51,485 
-----------
$ (484,532)
===========
$ (479,687)
(4,845)
-----------
$ (484,532)
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 2                                                                                                                        | Assignees
---------                                                                                                        | General
Partners
--------                                                                                             | Total
-----                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2004
Net Loss
Balance at December 31, 2004
Balance at March 31, 2005
Net Loss
Balance at December 31, 2005 | $   (30,215)
(92,171)
------------
$  (122,386)
============
$  (126,760)
(102,803)
------------
$  (229,563)
============ | $   (54,648)
(931)
------------
$   (55,579)
============
$   (55,623)
(1,038)
------------
$   (56,661)
============ | $   (84,863)
(93,102)
------------
$  (177,965)
============
$  (182,383)
(103,841)
------------
$  (286,224)
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 3                                                                                                                        | Assignees
---------                                                                                                       | General
Partners
--------                                                                                           | Total
-----                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2004
Net Loss
Balance at December 31, 2004
Balance at March 31, 2005
Net Loss
Balance at December 31, 2005 | $   (23,909)
(57,319)
------------
$   (81,228)
============
$  (100,780)
(70,921)
------------
$  (171,701)
============ | $   (48,540)
(579)
------------
$   (49,119)
============
$   (49,316)
(716)
------------
$   (50,032)
============ | $   (72,449)
(57,898)
------------
$  (130,347)
============
$  (150,096)
(71,637)
------------
$  (221,733)
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 4                                                                                                                        | Assignees
---------                                                                                                       | General
Partners
--------                                                                                           | Total
-----                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2004
Net Loss
Balance at December 31, 2004
Balance at March 31, 2005
Net Loss
Balance at December 31, 2005 | $   (15,109)
(76,101)
------------
$   (91,210)
============
$  (117,046)
(95,507)
------------
$  (212,553)
============ | $   (61,420)
(769)
------------
$   (62,189)
============
$   (62,450)
(965)
------------
$   (63,415)
============ | $   (76,529)
(76,870)
------------
$  (153,399)
============
$  (179,496)
(96,472)
------------
$  (275,968)
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 5                                                                                                                        | Assignees
---------                                                                                                         | General
Partners
--------                                                                                               | Total
-----                                                                                                                
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2004
Net Loss
Balance at December 31, 2004
Balance at March 31, 2005
Net Loss
Balance at December 31, 2005 | $   338,798 
(110,115)
------------
$   228,683 
============
$   123,860 
(118,502)
------------
$     5,358 
============ | $   (72,965)
(1,112)
------------
$   (74,077)
============
$         0 
(1,197)
------------
$    (1,197)
============ | $   265,833 
(111,227)
------------
$   154,606 
============
$   123,860 
(119,699)
------------
$     4,161 
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 6                                                                                                                                        | Assignees
---------                                                                                                                | General
Partners
--------                                                                                                  | Total
-----                                                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2004
Net Loss
Balance at December 31, 2004
Balance at March 31, 2005
Net Income
Distributions
Balance at December 31, 2005 | $   848,257 
(143,981)
------------
$   704,276 
============
$   651,535 
9,099 
(224,074)
------------
$   436,560 
============ | $   (81,054)
(1,454)
------------
$   (82,508)
============
$   (83,041)
83,401 
0 
------------
$         0 
============ | $   767,203 
(145,435)
------------
$   621,768 
============
$   568,494 
92,140 
(224,074)
------------
$   436,560 
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                                                     | Assignees
---------                                                                                                                   | General
Partners
--------                                                                                                  | Total
-----                                                                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2004
Net Loss
Balance at December 31, 2004
Balance at March 31, 2005
Net Income (Loss)
Distributions
Balance at December 31, 2005 | $ 1,117,822 
(479,687)
------------
$   638,135 
============
$   430,809 
(378,634)
(224,074)
------------
$  (171,899)
============ | $  (318,627)
(4,845)
------------
$  (323,472)
============
$  (250,430)
79,125 
0 
------------
$  (171,305)
============ | $   799,195 
(484,532)
------------
$   314,663 
============
$   180,379 
(299,509)
(224,074)
------------
$  (343,204)
============

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 2
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2005
----                                                                                                                                                                     | 2004
----                                                                                                                                                                    
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
   Amortization
   Accreted Interest Income on Investments in    Securities
   Equity in Losses of Project Partnerships
   Distribution Income
   Changes in Operating Assets and Liabilities:
      Increase in Payable to General Partners
       Net Cash Used in Operating        Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
      Net Cash Provided by Investing
      Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $(103,841)
525 
(3,667)
17,055 
(4,708)
50,952 
----------
(43,684)
----------
4,708 
63,562 
----------
68,270 
----------
24,586 
235,004 
----------
$ 259,590 
========== | $ (93,102)
522 
(6,952)
24,995 
(7,147)
28,558 
----------
(53,126)
----------
8,748 
61,298 
----------
70,046 
----------
16,920 
221,084 
----------
$ 238,004 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 3
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2005
----                                                                                                                                                          | 2004
----                                                                                                                                                         
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Provided by (Used in) Operating Activities:
   Accreted Interest Income on Investments
   in Securities
   Distribution Income
   Changes in Operating Assets and Liabilities:
     Increase in Payable to General Partners
        Net Cash Used in Operating         Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
        Net Cash Provided by Investing
        Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $ (71,637)
(3,261)
(20,430)
47,273 
----------
(48,055)
----------
20,430 
56,536 
----------
76,966 
----------
28,911 
218,547 
----------
$ 247,458 
========== | $ (57,898)
(6,184)
(14,382)
45,978 
----------
(32,486)
----------
14,382 
54,525 
----------
68,907 
----------
36,421 
187,419 
----------
$ 223,840 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 4
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                         | 2004
----                                                                                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Provided by (Used in) Operating  Activities:
    Accreted Interest Income on Investments in
    Securities
    Distribution Income
    Changes in Operating Assets and Liabilities:
       Increase in Payable to General Partners
        Net Cash Provided by (Used in) Operating         Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
       Net Cash Provided by Investing
       Activities
Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $ (96,472)
(4,132)
(13,584)
58,181 
----------
(56,007)
----------
13,584 
71,627 
----------
85,211 
----------29,204 
304,447 
----------
$ 333,651 
========== | $ (76,870)
(7,834)
(12,513)
56,529 
----------
(40,688)
----------
12,513 
69,078 
----------
81,591 
----------40,903 
273,485 
----------
$ 314,388 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)STATEMENTS OF CASH FLOWSFOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(Unaudited)

|SERIES 5
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                               | 2004
----                                                                                                                                                                                
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
   Amortization
   Accreted Interest Income on Investments in
   Securities
   Equity in Losses of Project Partnerships
   Distribution Income
   Changes in Operating Assets and Liabilities:
     Increase (Decrease) in Payable to General      Partners
     Decrease in Other Payable
        Net Cash Used in Operating         Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Redemption of Investment in Securities
        Net Cash Provided by Investing
        Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $(119,699)
1,503 
(5,150)
3,636 
(17,635)
70,000 
(700)
----------
(68,045)
----------
20,114 
89,274 
----------
109,388 
----------
41,343 
238,360 
----------
$ 279,703 
========== | $(111,227)
3,423 
(9,764)
16,317 
(18,732)
(92,686)
0 
----------
(212,669)
----------
21,923 
86,098 
----------
108,021 
----------
(104,648)
349,174 
----------
$ 244,526 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|SERIES 6
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2005
----                                                                                                                                                                                                                                                   | 2004
----                                                                                                                                                                                                             
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Income (Loss)
 Adjustments to Reconcile Net Income (Loss) to  Net Cash Used in Operating Activities:
    Amortization
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project Partnerships
    Gain on Sale of Partnership Assets
    Distribution Income
    Changes in Operating Assets and Liabilities:
      Decrease in Accounts Receivable
      Increase in Payable to General Partners
      Decrease in Other Payable
        Net Cash Used In Operating
        Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Proceeds from Sale of Project Partnerships
        Net Cash Provided by Investing
        Activities
Cash Flows from Financing Activities:
  Distributions Paid to Limited Partners
  Expenses Related to Distributions
        Net Cash Used in Financing
        Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $  92,140 
4,151 
(8,365)
12,270 
(224,074)
(18,370)
700 
78,099 
(500)
----------
(63,949)
----------
20,460 
225,574 
----------
246,034 
----------
(224,028)
(1,500)
----------
(225,528)
----------
(43,443)
444,751 
----------
$ 401,308 
========== | $(145,435)
6,303 
(11,688)
47,699 
0 
(27,127)
0 
76,718 
0 
----------
(53,530)
----------
28,982 
0 
----------
28,982 
----------
0 
0 
----------
0 
----------
(24,548)
401,535 
----------
$ 376,987 
==========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004(Unaudited)

|TOTAL SERIES 2 - 6
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2005
----                                                                                                                                                                                                                                                                     | 2004
----                                                                                                                                                                                                                               
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities:
    Amortization
    Accreted Interest Income on Investments
    in Securities
    Equity in Losses of Project Partnerships
    Gain on Sale of Partnership Assets
    Distribution Income
    Changes in Operating Assets and Liabilities:
      Decrease in Accounts Receivable
      Increase in Payable to General Partners
      Decrease in Other Payable
        Net Cash Used in Operating         Activities
Cash Flows from Investing Activities:
  Distributions Received from Project
  Partnerships
  Proceeds from Sale of Project Partnerships
  Redemption of Investment in Securities
       Net Cash Provided by Investing
       Activities
Cash Flows from Financing Activities:
  Distributions Paid to Limited Partners
  Expenses Related to Distributions
        Net Cash Used in Financing
        Activities
Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $ (299,509)
6,179 
(24,575)
32,961 
(224,074)
(74,727)
700 
304,505 
(1,200)
----------
(279,740)
----------
79,296 
225,574 
280,999 
----------
585,869 
----------
(224,028)
(1,500)
----------
(225,528)
----------
80,601 
1,441,109 
----------
$1,521,710 
=========== | $ (484,532)
10,248 
(42,422)
89,011 
0 
(79,901)
0 
115,097 
0 
----------
(392,499)
----------
86,548 
0 
270,999 
----------
357,547 
----------
0 
0 
----------
0 
----------
(34,952)
1,432,697 
----------
$1,397,745 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)NOTES TO FINANCIAL STATEMENTS(Unaudited)DECEMBER 31, 2005

NOTE 1 - ORGANIZATION:   Gateway Tax Credit Fund II Ltd. ("Gateway"), a Florida Limited Partnership, was formed September 12, 1989, under the laws of Florida. Operations commenced on September 14, 1990 for Series 2, September 28, 1990 for Series 3, February 1, 1991 for Series 4, July 1, 1991 for Series 5 and January 1, 1992 for Series 6.  Gateway has invested, as a limited partner, in other limited partnerships ("Project Partnerships") each of which owns and operates one or more apartment complexes expected to qualify for Low-Income Housing Tax Credits.  Gateway will terminate on December 31, 2040, or sooner, in accordance with the terms of the Limited Partnership Agreement.  As of December 31, 2005, Gateway had received capital contributions of $1,000 from the General Partners and $37,228,000 from Beneficial Assignee Certificate investors (the "Assignees").  The fiscal year of Gateway for reporting purposes ends on March 31.
   Pursuant to the Securities Act of 1933, Gateway filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective September 12, 1989, which covered the offering (the "Public Offering") of Gateway's Beneficial Assignee Certificates ("BACs") representing assignments of units for the beneficial interest of the limited partnership interest of the Assignor Limited Partner.  The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business.
   Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc., wholly-owned subsidiaries of Raymond James Financial, Inc., are the General Partner and the Managing General Partner, respectively.
   Gateway offered BACs in five series.  BACs in the amounts of $6,136,000, $5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5 and 6, respectively had been issued as of December 31, 2005.  Each Series is treated as a separate partnership, investing in a separate and distinct pool of Project Partnerships.  Net proceeds from each Series are used to acquire Project Partnerships which are specifically allocated to such Series.  Income or loss and all tax items from the Project Partnerships acquired by each Series are specifically allocated among the Assignees of such Series.
   Operating profits and losses, cash distributions from operations and tax credits are allocated 99% to the Assignees and 1% to the General Partners.  Profit or loss and cash distributions from sales of properties will be allocated as formulated in the Limited Partnership Agreement.NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:Basis of Accounting   Gateway utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when obligations are incurred.
   Gateway accounts for its investments as the sole limited partner in Project Partnerships ("Investments in Project Partnerships") using the equity method of accounting, because management believes that Gateway does not have a majority control of the major operating and financial policies of the Project Partnerships in which it invests, and reports the equity in losses of the Project Partnerships on a 3-month lag in the Statements of Operations.  Under the equity method, the Investments in Project Partnerships initially include:
   1)  Gateway's capital contribution,
   2)  Acquisition fees paid to the General Partner for services rendered in        selecting properties for acquisition, and
   3)  Acquisition expenses including legal fees, travel and other        miscellaneous costs relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or decreased as follows:
   1)  Increased for equity in income or decreased for equity in losses of        the Project Partnerships,
   2)  Decreased for cash distributions received from the Project        Partnerships, and
   3)  Decreased for the amortization of the acquisition fees and expenses.
   Amortization is calculated on a straight-line basis over 35 years, as this is the average estimated useful life of the underlying assets.  The amortization expense is shown on the Statements of Operations.
   Pursuant to the limited partnership agreements for the Project Partnerships, cash losses generated by the Project Partnerships are allocated to the general partners of those partnerships.  In subsequent years, cash profits, if any, are first allocated to the general partners to the extent of the allocation of prior years' cash losses.
   Since Gateway invests as a limited partner, and therefore is not obligated to fund losses or make additional capital contributions, it does not recognize losses from individual Project Partnerships to the extent that these losses would reduce the investment in those Project Partnerships below zero.  The suspended losses will be used to offset future income from the individual Project Partnerships.
   Gateway reviews its investments in Project Partnerships to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the investment, Gateway recognizes an impairment loss.  No impairment loss has been recognized in the accompanying financial statements.
   Gateway, as a limited partner in the Project Partnerships, is subject to risks inherent in the ownership of property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance and continued eligibility of tax credits.  If the cost of operating a property exceeds the rental income earned thereon, Gateway may deem it in its best interest to voluntarily provide funds in order to protect its investment.  Gateway does not guarantee any of the mortgages or other debt of the Project Partnerships.Cash and Cash Equivalents   It is Gateway's policy to include short-term investments with an original maturity of three months or less in Cash and Cash Equivalents.  Short-term investments are comprised of money market mutual funds.Concentration of Credit Risk   Financial instruments which potentially subject Gateway to concentrations of credit risk consist of cash investments in a money market mutual fund that is a wholly-owned subsidiary of Raymond James Financial, Inc.Use of Estimates in the Preparation of Financial Statements   The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures.  These estimates are based on management's knowledge and experience.  Accordingly, actual results could differ from these estimates.Investment in Securities   Effective April 1, 1995, Gateway adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities ("FAS 115").  Under FAS 115, Gateway is required to categorize its debt securities as held-to-maturity, available-for-sale or trading securities, dependent upon Gateway's intent in holding the securities.  Gateway's intent is to hold all of its debt securities (U. S. Government Security Strips) until maturity and to use these reserves to fund Gateway's ongoing operations.  Interest income is recognized ratably on the U. S. Government Strips using the effective yield to maturity.Income Taxes   No provision for income taxes has been made in these financial statements, as income taxes are a liability of the partners rather than of Gateway.Reclassifications
   For comparability, certain 2004 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 2005.Recent Accounting Pronouncements
   In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN46"), "Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51."  Gateway has adopted FIN 46 and applied its requirements to all Project Partnerships in which Gateway held an interest.  Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics, (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights.  FIN 46 requires VIE to be consolidated in the financial statements of the entity that is determined to be the primary beneficiary of the VIE.  The primary beneficiary, as is applicable to Gateway's circumstances, is the party in the Project Partnership equity group that is most closely associated with the Project Partnership.
   As of December 31, 2005, Gateway determined that it held variable interests in 141 VIE's, which consist of Project Partnerships, which Gateway is not the primary beneficiary.  Gateway's maximum exposure to loss as a result of its involvement with unconsolidated VIE's is limited to Gateway's recorded investments in and receivables from those VIE's, which is approximately $974,234 at December 31, 2005. Gateway may be subject to additional losses to the extent of any financial support that Gateway voluntarily provides to those Project Partnerships in the future.

---

NOTE 3 - INVESTMENT IN SECURITIES:   The December 31, 2005 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips which represents their cost, plus accreted interest income of $43,304 for Series 2, $38,518 for Series 3, $48,799 for Series 4, $60,821 for Series 5 and $97,671 for Series 6.  For convenience, the Investment in Securities are commonly held in a brokerage account with Raymond James and Associates, Inc.  A separate accounting is maintained for each series' share of the investments.

|         | Estimated 
Market
Value
-------------- | Cost Plus 
Accreted 
Interest
------------- | Gross Unrealized
Gains and
 (Losses)
-------------
|-------- | -------------------------------------- | ------------------------------------------- | --------------------------------------------------
|Series 2 | $  65,514                              | $  65,016                                   | $    498                                          
|Series 3 | 58,254                                 | 57,831                                      | 423                                               
|Series 4 | 73,831                                 | 73,266                                      | 565                                               
|Series 5 | 91,993                                 | 91,316                                      | 677                                               
|Series 6 | 157,740                                | 155,804                                     | 1,936                                             

As of December 31, 2005, the cost and accreted interest of debt securities by contractual maturities is as follows:

|                                        | Series 2
--------   | Series 3
--------   | Series 4
--------  
|--------------------------------------- | ------------------- | ------------------- | -------------------
|Due within 1 year                       | $  65,016           | $  57,831           | $  73,266          
|After 1 year through 5 years            | 0                   | 0                   | 0                  
|                                        | ---------           | ---------           | ---------          
|Total Amount Carried on
  Balance Sheet | $  65,016
========= | $  57,831
========= | $  73,266
=========



|                                        | Series 5
--------   | Series 6
--------   | Total
--------       
|--------------------------------------- | ------------------- | ------------------- | ---------------------
|Due within 1 year                       | $  91,316           | $  78,872           | $  366,301           
|After 1 year through 5 years            | 0                   | 76,932              | 76,932               
|                                        | ---------           | ---------           | ---------            
|Total Amount Carried on
  Balance Sheet | $  91,316
========= | $ 155,804
========= | $  443,233
==========

---

NOTE 4 - RELATED PARTY TRANSACTIONS:   The Payable to General Partners primarily represents the asset management fees owed to the General Partners at the end of the period.  It is unsecured, due on demand and, in accordance with the limited partnership agreement, non-interest bearing.  Within the next 12 months, the Managing General Partner does not intend to demand payment on the portion of Asset Management Fees payable classified as long-term on the Balance Sheet.
   For the nine months December 31, 2005 and 2004 the General Partners and affiliates are entitled to compensation and reimbursement for costs and expenses incurred by Gateway as follows:
   Asset Management Fee - The Managing General Partner is entitled to be paid an annual asset management fee equal to 0.25% of the aggregate cost of Gateway's interest in the projects owned by the Project Partnerships.  The asset management fee will be paid only after all other expenses of Gateway have been paid.  These fees are included in the Statements of Operations.                               2005             2004
                              ----
-            -----
  Series 2                $  50,706         $  50,868
  Series 3                   47,037            47,268
  Series 4                   57,903            58,086
  Series 5                   69,540            71,385
  Series 6                   77,652	           78,714
                           ---------        ---------
  Total                   $ 302,838         $ 306,321
                           =========        =========
   General and Administrative Expenses - The Managing General Partner is reimbursed for general and administrative expenses of Gateway on an accountable basis.  This expense is included in the Statements of Operations.
  Series 2                $  34,892         $  23,576
  Series 3                   36,478	           24,648
  Series 4                   45,994            31,078
  Series 5                   57,096            38,580
  Series 6                   60,268            40,723
                          ---------          --------
  Total                   	$ 234,728         $ 158,605
                          =========	          ========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:   As of December 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 22 Project Partnerships which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Partnership agreement.  Upon dissolution proceeds will be distributed according to each Partnership agreement. 
   The following is a summary of Investments in Project Partnerships as of:

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31, 2005
-----------                                                                                   | MARCH 31,
2005
-----------                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships
and purchase price paid for limited partner
interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from Project
Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the underlying
assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 4,524,678 
(4,727,724)
(86,005)
-----------
(289,051)
390,838 
(84,976)
-----------
$    16,811 
============ | $ 4,524,678 
(4,710,669)
(86,005)
-----------
(271,996)
390,838 
(84,451)
-----------
$   34,391 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,348,647 for the period ended December 31, 2005 and cumulative suspended losses of $5,027,429 for the year ended March 31, 2005 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   As of December 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 23 Project Partnerships which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Partnership agreement.  Upon dissolution proceeds will be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31, 2005
-----------                                                                                  | MARCH 31, 
2005
----------                                                                                    
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships
and purchase price paid for limited partner
interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from Project
Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the underlying
assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 3,888,713 
(4,133,478)
(164,417)
-----------
(409,182)
491,746 
(82,564)
-----------
$        0 
=========== | $ 3,888,713 
(4,133,478)
(164,417)
-----------
(409,182)
491,746 
(82,564)
-----------
$        0 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $6,169,229 for the period ended December 31, 2005 and cumulative suspended losses of $5,850,760 for the year ended March 31, 2005 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   As of December 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 29 Project Partnerships which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Partnership agreement.  Upon dissolution proceeds will be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31, 2005
------------                                                                                  | MARCH 31, 
2005
-----------                                                                                    
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships
and purchase price paid for limited partner
interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the underlying
assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 4,952,519 
(5,268,905)
(124,819)
-----------
(441,205)
562,967 
(121,762)
-----------
$        0 
=========== | $ 4,952,519 
(5,268,905)
(124,819)
-----------
(441,205)
562,967 
(121,762)
-----------
$        0 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,349,825 for the period ended December 31, 2005 and cumulative suspended losses of $4,920,242 for the year ended March 31, 2005 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   As of December 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 35 Project Partnerships which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Partnership agreement.  Upon dissolution proceeds will be distributed according to each Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31, 2005
------------                                                                                  | MARCH 31, 
2005
-----------                                                                                    
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships
and purchase price paid for limited partner
interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the underlying
assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 6,010,273 
(6,108,330)
(199,089)
-----------
(297,146)
632,419 
(140,486)
-----------
$  194,787 
=========== | $ 6,010,273 
(6,104,694)
(196,610)
-----------
(291,031)
632,419 
(138,983)
-----------
$  202,405 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $6,100,387 for the period ended December 31, 2005 and cumulative suspended losses of $5,631,211 for the year ended March 31, 2005 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   As of December 31, 2005, the Partnership had acquired a 99% interest in the profits, losses and tax credits as a limited partner in 37 Project Partnerships which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Partnership agreement.  Upon dissolution proceeds will be distributed according to each Partnership agreement.
   One of the Project Partnerships, Mountain Crest, L.P. sold its property during August 2005.  Gateway received sale proceeds totaling $225,574 which were distributed to the Limited Partners, less $1,500 in legal expenses, at $22.17 per limited partnership unit during the quarter ended December 31, 2005.  The remaining $46 of this distribution is shown as a Distribution Payable on the Balance Sheet.  As disclosed on the Statement of Operations, Gateway estimated the gain on this sale to be $224,074, based on the total sale proceeds, less legal expenses, and the net investment value of the sold property.  This estimate will be adjusted, as necessary, when Gateway receives the final tax and financial information from the Project Partnership related to this sale.  Gateway anticipates this information will be made available no later than the fiscal year ended March 31, 2006.   The following is a summary of Investments in Project Partnerships as of:

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | DECEMBER 31, 2005
------------                                                                                   | MARCH 31, 
2005
-------------                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships
and purchase price paid for limited partner
interests in Project Partnerships
Cumulative equity in losses of Project
Partnerships (1)
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the underlying
assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 7,250,034 
(6,832,424)
(219,480)
-----------
198,130 
768,912 
(204,406)
-----------
$   762,636 
============ | $ 7,462,215 
(7,044,277)
(219,390)
-----------
198,548 
785,179 
(202,580)
-----------
$   781,147 
============

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,246,918 for the period ended December 31, 2005 and cumulative suspended losses of $3,911,618 for the year ended March 31, 2005 are not included.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER 31, 2005
------------                                                                                          | MARCH 31, 
2005
-------------                                                                                            
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------
|Capital Contributions to Project Partnerships
and purchase price paid for limited partner
interests in Project PartnershipsCumulative equity in losses of Project
Partnerships 
Cumulative distributions received from
Project Partnerships
Investment in Project Partnerships before
Adjustment
Excess of investment cost over the underlying
assets acquired:
 Acquisition fees and expenses
 Accumulated amortization of acquisition
 fees and expenses
Investments in Project Partnerships | $ 26,626,217 
(27,070,861)
(793,810)
-----------
(1,238,454)
2,846,882 
(634,194)
-----------
$   974,234 
============ | $ 26,838,398 
(27,262,023)
(791,241)
------------
(1,214,866)
2,863,149 
(630,340)
------------
$ 1,017,943 
============

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of September 30, of each year:

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                  | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity (deficit)
    Total liabilities and partners'
    equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 2,141,388 
15,127,627 
5,307 
-----------
$17,274,322 
===========
$   349,579 
22,746,522 
-----------
23,096,101 
-----------
(5,692,496)
(129,283)
-----------
(5,821,779)
-----------
$17,274,322 
===========
$ 2,188,420 
-----------
1,485,232 
392,594 
652,283 
-----------
2,530,109 
-----------
$  (341,689)
===========
$    (3,416)
===========
$  (338,273)
321,218 
-----------
$   (17,055)
=========== | $ 2,071,613 
15,943,321 
17,341 
-----------
$18,032,275 
===========
$   374,070 
22,832,568 
-----------
23,206,638 
-----------
(5,068,800)
(105,563)
-----------
(5,174,363)
-----------
$18,032,275 
===========
$ 2,076,963 
-----------
1,423,367 
417,308 
648,752 
-----------
2,489,427 
-----------
$  (412,464)
===========
$    (4,125)
===========
$  (408,339)
383,344 
-----------
$   (24,995)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of September 30, of each year:

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                   | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity (deficit)
    Total liabilities and partners'
    equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 2,690,923 
12,149,396 
168,482 
-----------
$15,008,801 
===========
$   240,380 
21,412,108 
-----------
21,652,488 
-----------
(6,994,635)
350,948 
-----------
(6,643,687)
-----------
$15,008,801 
===========
$ 2,170,431 
-----------
1,429,269 
340,274 
724,390 
-----------
2,493,933 
-----------
$  (323,502)
===========
$    (5,033)
===========
$  (318,469)
318,469 
-----------
$         0 
=========== | $ 2,520,385 
13,081,481 
157,742 
-----------
$15,759,608 
===========
$   134,511 
21,535,458 
-----------
21,669,969 
-----------
(6,300,049)
389,688 
-----------
(5,910,361)
-----------
$15,759,608 
===========
$ 2,070,854 
-----------
1,388,087 
359,686 
704,220 
-----------
2,451,993 
-----------
$  (381,139)
===========
$    (6,057)
===========
$  (375,082)
375,082 
-----------
$         0 
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of September 30, of each year:

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                  | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity (deficit)
    Total liabilities and partners'
    equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 2,438,473 
19,275,230 
55,525 
-----------
$21,769,228 
===========
$   720,884 
26,191,312 
-----------
26,912,196 
-----------
(5,864,604)
721,636 
-----------
(5,142,968)
-----------
$21,769,228 
===========
$ 2,575,610 
-----------
1,795,518 
440,441 
774,896 
-----------
3,010,855 
-----------
$  (435,245)
===========
$    (5,662)
===========
$  (429,583)
429,583 
-----------
$         0 
=========== | $ 2,389,131 
20,288,918 
11,913 
-----------
$22,689,962 
===========
$   681,132 
26,289,686 
-----------
26,970,818 
-----------
(5,024,227)
743,371 
-----------
(4,280,856)
-----------
$22,689,962 
===========
$ 2,489,062 
-----------
1,721,791 
457,061 
734,759 
-----------
2,913,611 
-----------
$  (424,549)
===========
$    (5,153)
===========
$  (419,396)
419,396 
-----------
$         0 
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of September 30, of each year:

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                   | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity (deficit)
    Total liabilities and partners'
    equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 3,366,741 
21,830,483 
69,922 
-----------
$25,267,146 
===========
$   603,695 
31,392,413 
-----------
31,996,108 
-----------
(6,403,189)
(325,773)
-----------
(6,728,962)
-----------
$25,267,146 
===========
$ 3,143,615 
-----------
2,177,970 
524,343 
918,889 
-----------
3,621,202 
-----------
$  (477,587)
===========
$    (4,775)
===========
$  (472,812)
469,176 
-----------
$    (3,636)
=========== | $ 3,308,107 
23,522,107 
4,281 
-----------
$26,834,495 
===========
$   595,127 
32,229,915 
-----------
32,825,042 
-----------
(5,698,981)
(291,566)
-----------
(5,990,547)
-----------
$26,834,495 
===========
$ 3,145,478 
-----------
2,116,889 
564,232 
970,587 
-----------
3,651,708 
-----------
$  (506,230)
===========
$    (5,062)
===========
$  (501,168)
484,851 
-----------
$   (16,317)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of September 30, of each year:

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                     | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity (deficit)
    Total liabilities and partners'
    equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 4,452,060 
26,048,444 
13,574 
-----------
$30,514,078 
===========
$   463,678 
34,688,448 
-----------
35,152,126 
-----------
(4,147,046)
(491,002)
-----------
(4,638,048)
-----------
$30,514,078 
===========
$ 3,588,852 
-----------
2,325,324 
580,526 
1,034,242 
-----------
3,940,092 
-----------
$  (351,240)
===========
$    (3,670)
===========
$  (347,570)
335,300 
-----------
$   (12,270)
=========== | $ 4,055,461 
27,304,203 
11,635 
-----------
$31,371,299 
===========
$   447,698 
34,867,631 
-----------
35,315,329 
-----------
(3,504,591)
(439,439)
-----------
(3,944,030)
-----------
$31,371,299 
===========
$ 3,457,602 
-----------
2,264,148 
606,771 
1,010,894 
-----------
3,881,813 
-----------
$  (424,211)
===========
$    (5,405)
===========
$  (418,806)
371,107 
-----------
$   (47,699)
===========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):   In accordance with the Partnership's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized financial information for the Series' Project Partnerships as of September 30, of each year:

|TOTAL SERIES 2- 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2004
----                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SUMMARIZED BALANCE SHEETS
Assets:
  Current assets
  Investment properties, net
  Other assets
    Total assets
Liabilities and Partners' Equity:
  Current liabilities
  Long-term debt
    Total liabilities
Partners' equity (deficit)
  Limited Partner
  General Partners
    Total Partners' equity (deficit)
    Total liabilities and partners'
    equity
SUMMARIZED STATEMENTS OF OPERATIONS
Rental and other income
Expenses:
  Operating expenses
  Interest expense
  Depreciation and amortization
    Total expenses
      Net loss
Other partners' share of net loss
Partnerships' share of net loss
Suspended losses
Equity in Losses of Project Partnerships | $ 15,089,585 
94,431,180 
312,810 
------------
$109,833,575 
============
$  2,378,216 
136,430,803 
------------
138,809,019 
------------
(29,101,970)
126,526 
------------
(28,975,444)
------------
$109,833,575 
============
$ 13,666,928 
------------
9,213,313 
2,278,178 
4,104,700 
------------
15,596,191 
------------
$ (1,929,263)
============
$    (22,556)
============
$ (1,906,707)
1,873,746 
------------
$    (32,961)
============ | $ 14,344,697 
100,140,030 
202,912 
------------
$114,687,639 
============
$  2,232,538 
137,755,258 
------------
139,987,796 
------------
(25,596,648)
296,491 
------------
(25,300,157)
------------
$114,687,639 
============
$ 13,239,959 
------------
8,914,282 
2,405,058 
4,069,212 
------------
15,388,552 
------------
$ (2,148,593)
============
$    (25,802)
============
$ (2,122,791)
2,033,780 
------------
$    (89,011)
============

---

Item 4.  Controls and Procedures:
   Within 90 days prior to the filing of this report, under the supervision and with the participation of the Partnership's management, including the Partnership's chief executive and chief financial officers, an evaluation of the effectiveness of the Partnership's disclosure controls and procedures (as defined in Rule 13a-14(c) under the Securities Exchange Act of 1934) was performed.  Based on this evaluation, such officers have concluded that the Partnership's disclosure controls and procedures were effective as of the date of that evaluation in alerting them in a timely manner to material information relating to the Partnership required to be included in this report and the Partnership's other reports that it files or submits under the Securities Exchange Act of 1934.  There were no significant changes in the Partnership's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.
Item 7.  Management's Discussion and Analysis of Financial Condition and
Results of Operations:Results of Operations, Liquidity and Capital Resources
   Operations commenced on September 14, 1990, with the first admission of Assignees in Series 2.  The proceeds from Assignees' capital contributions available for investment were used to acquire interests in Project Partnerships.
   As disclosed on the statement of operations for each Series, interest income increased for the nine and three months ended December 31, 2005 and December 31, 2004 due to an increase in interest rates during 2005.  The General and Administrative expenses
- General Partner and General and Administrative expenses - Other for the nine and three months ended December 31, 2005, as compared to the nine and three months ended December 31, 2004, have increased due to higher administrative costs.  Equity in Losses of Project Partnerships for the nine and three months ended December 31, 2005 decreased primarily as a result of a larger increase in rental revenue than corresponding operating costs of the Project Partnerships when compared to the three and nine months ended December 31, 2004.
   The capital resources of each Series are used to pay General and Administrative operating costs including personnel, supplies, data processing, travel and legal and accounting associated with the administration and monitoring of Gateway and the Project Partnerships.  The capital resources are also used to pay the Asset Management Fee due the Managing General Partner, but only to the extent that Gateway's remaining resources are sufficient to fund Gateway's ongoing needs.  (Payment of any Asset Management Fee unpaid at the time Gateway sells its interests in the Project Partnerships is subordinated to the return of the investors' original capital contributions).
   The sources of funds to pay the operating costs of each Series are short-term investments and interest earned thereon, the maturity of U.S. Treasury Security Strips ("Zero Coupon Treasuries"), which were purchased with funds set aside for this purpose and cash distributed to the Series from the operations of the Project Partnerships.
   From inception, two Series have paid distributions.  The distribution of $157,126 related to the sale of Highland View, LP, in Series 5 was made during August 2005, and the distribution of $224,074 related to the sale of Mountain Crest, LP, in Series 6 was made during the quarter ended December 31, 2005.  Future distributions may be made as a result of the sale of other properties.
   Series 2 - Gateway closed this series on September 14, 1990 after receiving $6,136,000 from 375 Assignees.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2005 decreased from $24,995 for the nine months ended December 31, 2004 to $17,055 primarily as a result of an increase in the rental revenue of the Project Partnerships.  In general, it is common in the real estate industry to experience losses for financial and tax reporting purposes because of the non-cash expenses of depreciation and amortization.  (These Project Partnerships reported depreciation and amortization of $648,752 and $652,283 for the nine months ended December 31, 2004 and 2005, respectively.)  As a result, management expects that this Series, as well as those described below, will report its equity in Project Partnerships as a loss for tax and financial reporting purposes.  Overall, management believes the Project Partnerships are operating as expected and are generating tax credits which meet projections.
   At December 31, 2005, the Series had $259,590 of short-term investments (Cash and Cash Equivalents).  It also had $65,016 in Zero Coupon Treasuries with annual maturities providing $66,285 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.   As disclosed on the statement of cash flows, the Series had a net loss of $103,841 for the nine months ended December 31, 2005.  However, after adjusting for Equity in Losses of Project Partnerships of $17,055 and the changes in operating assets and liabilities, net cash used in operating activities was $43,684.  Cash provided by investing activities totaled $68,270, consisting of cash distributions from the Project Partnerships and proceeds from the redemption of securities. There were no unusual events or trends to describe.   Series 3 - Gateway closed this series on December 13, 1990 after receiving $5,456,000 from 398 Assignees.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2005 and 2004 was $0 as a result of the suspension of losses in this Series so that the Investment in Project Partnerships does not fall below zero.  (These Project Partnerships reported depreciation and amortization of $704,220 and $724,390 for the nine months ended December 31, 2004 and 2005, respectively.)  Overall, management believes the Project Partnerships are operating as expected and are generating tax credits which meet projections.
   At December 31, 2005, the Series had $247,458 of short-term investments (Cash and Cash Equivalents).  It also had $57,831 in Zero Coupon Treasuries with annual maturities providing $58,940 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
   As disclosed on the statement of cash flows, the Series had a net loss of $71,637 for the nine months ended December 31, 2005.  However, after adjusting for the changes in operating assets and liabilities, net cash used in operating activities was $48,055.  Cash provided by investing activities totaled $76,966, consisting of cash distributions from the Project Partnerships and proceeds from the redemption of securities.  There were no unusual events or trends to describe.
   Series 4 - Gateway closed this series on May 31, 1991 after receiving $6,915,000 from 465 Assignees.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2005 and 2004 was $0 as a result of the suspension of all losses in this Series so that the Investment in Project Partnerships does not fall below zero.  (These Project Partnerships reported depreciation and amortization of $734,759 and $774,896 for the nine months ended December 31, 2004 and 2005, respectively.)  Overall, management believes the Project Partnerships are operating as expected and are generating tax credits which meet projections.
   At December 31, 2005, the Series had $333,651 of short-term investments (Cash and Cash Equivalents).  It also had $73,266 in Zero Coupon Treasuries with annual maturities providing $74,700 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
   As disclosed on the statement of cash flows, the Series had a net loss of $96,472 for the nine months ended December 31, 2005.  However, after adjusting for the changes in operating assets and liabilities, net cash used in operating activities was $56,007.  Cash provided by investing activities totaled $85,211, consisting of cash distributions from the Project Partnership and proceeds from the redemption of securities.  There were no unusual events or trends to describe.   Series 5 - Gateway closed this series on October 11, 1991 after receiving $8,616,000 from 535 Assignees.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2005 decreased from $16,317 for the nine months ended December 31, 2004 to $3,636 as a result of decreases in interest expense and depreciation and amortization expense.  (These Project Partnerships reported depreciation and amortization of $970,587 and $918,889 for the nine months ended December 31, 2004 and 2005, respectively.)  Overall, management believes the Project Partnerships are operating as expected.
   At December 31, 2005, the Series had $279,703 of short-term investments (Cash and Cash Equivalents).  It also had $91,316 in Zero Coupon Treasuries with annual maturities providing $93,075 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.   As disclosed on the statement of cash flows, the Series had a net loss of $119,699 for the nine months ended December 31, 2005.  However, after adjusting for Equity in Losses of Project Partnerships of $3,636 and the changes in operating assets and liabilities, net cash used in operating activities was $68,045.  Cash provided by investing activities totaled $109,388, consisting of cash distributions from the Project Partnerships and proceeds from the redemption of securities. There were no unusual events or trends to describe.
   One of the Project Partnerships, Highland View, LP, sold its property in December 2004.  Gateway received sale proceeds totaling $157,126, which were distributed to the Limited Partners at $18.24 per limited partnership unit during August 2005.  The sale of the property was recorded in the fourth quarter of fiscal year 2005 and resulted in a gain of $227,407.  The above referenced sale proceeds were reflected as Restricted Cash and Distribution Payable on the Balance Sheet for the year ended March 31, 2005, and through the periods preceding their distribution to the Limited Partners.
   Series 6 - Gateway closed this series on March 11, 1992 after receiving $10,105,000 from 625 Assignees.  Equity in Losses of Project Partnerships for the nine months ended December 31, 2005 decreased from $47,699 for the nine months ended December 31, 2004 to $12,270 as a result of an increase in rental revenue and other income.  (These Project Partnerships reported depreciation and amortization of $1,010,894 and $1,034,242 for the nine months ended December 31, 2004 and 2005, respectively.)  Overall, management believes the Project Partnerships are operating as expected.
   One of the Project Partnerships, Mountain Crest, L.P. sold its property during August 2005.  Gateway received sale proceeds totaling $225,574 which were distributed to the Limited Partners, less $1,500 in legal expenses, at $22.17 per limited partnership unit during the quarter ended December 31, 2005.  The remaining $46 of this distribution is shown as a Distribution Payable on the Balance Sheet.  As disclosed on the Statement of Operations, Gateway estimated the gain on this sale to be $224,074, based on the total sale proceeds, less legal expenses, and the net investment value of the sold property.  This estimate will be adjusted, as necessary, when Gateway receives the final tax and financial information from the Project Partnership related to this sale.  Gateway anticipates this information will be made available no later than the fiscal year ended March 31, 2006.
   At December 31, 2005, the Series had $401,262 of short-term investments (Cash and Cash Equivalents).  It also had $155,804 in Zero Coupon Treasuries with annual maturities providing $79,000 in fiscal year 2006 increasing to $83,000 in fiscal year 2007.  Management believes the sources of funds are sufficient to meet current and ongoing operating costs for the foreseeable future, and to pay part of the Asset Management Fee.
   As disclosed on the statement of cash flows, the Series had net income of $92,140 for the nine months ended December 31, 2005.  However, after adjusting for Equity in Losses of Project Partnerships, the gain on sale of partnership assets, and the changes in operating assets and liabilities, net cash used in operating activities was $63,949.  Cash provided by investing activities totaled $246,034, consisting of cash distributions from the Project Partnerships and the sale proceeds from the sale of the Project Partnership referenced above.  Cash used for financing activities consisted of distributions paid to the Limited Partners and related distribution expenses of the sale of the Project Partnership.

---

Exit Strategy
   The IRS compliance period for low-income housing tax credit properties is generally 15 years from occupancy following construction or rehabilitation completion.  With that in mind, the Partnership is continuing to review the Partnership's holdings, with special emphasis on the properties that are at or very near the satisfaction of the IRS compliance period requirements.  The Partnership's review considers many factors including extended use low-income housing regulation requirements on the property (such as those due to mortgage restrictions or state compliance agreements), the condition of the property, and the tax consequences to the investors from the sale of the property.
   Upon identifying those properties with the highest potential for a successful sale, refinancing or syndication, the Partnership expects to proceed with efforts to liquidate those properties.  The Partnership's objective is to maximize the investors' return wherever possible and, ultimately, to wind down those project partnerships that no longer provide tax benefits to investors.  As of December 31, 2005, two Project Partnerships, Highland View Apartments and Mountain Crest Apartments have been sold.
   Gateway has no direct employees.  The General Partners have full and exclusive discretion in management and control of Gateway.

---



SIGNATURES

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

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

Date: February 14, 2006           By:/s/ Ronald M. Diner                                  Ronald M. Diner
                                  President
Date: February 14, 2006           By:/s/ Jonathan Oorlog
                                  Jonathan Oorlog
                                  Vice President and Chief Financial Officer
Date: February 14, 2006           By:/s/ Sandra C. Humphreys                                  Sandra C. Humphreys
                                  Secretary and Treasurer

---

EXHIBIT 31.1
CERTIFICATIONS*

I, Ron Diner, certify that:

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

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

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

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

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

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

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

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

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

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

6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Date: February 14, 2006          By:/s/ Ronald M. Diner                                 Ronald M. Diner
                                 President

---

EXHIBIT 31.2
CERTIFICATIONS*

I, Jonathan Oorlog, certify that:

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

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

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

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

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

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

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

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

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

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

6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Date: February 14, 2006          By:/s/ Jonathan Oorlog
                                 Jonathan Oorlog
                                 Vice President and Chief Financial Officer