UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549

FORM 10-Q

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

For the quarterly period ended December 31, 2006OR

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

For the transition period from __________ to ___________

Commission 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) 567-1000Indicate 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 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  [ ]    No  [X]

---

PART I - Financial Information

Item 1.  Financial Statements:

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

|SERIES 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | December 31,
2006
---------
(Unaudited)                                                                                                                                                                                           | March 31,
2006
----------
(Audited)                                                                                                                                                                                                 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
    Total Current Assets
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS'EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 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 6,136 at December 31, 2006 and March 31, 2006 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, 2006 and March 31, 2006, issued and outstanding
General Partners
  Total Partners'(Deficit)
    Total Liabilities and Partners'    (Deficit) | $  133,231 
128,210 
-----------
261,441 
0 
-----------
$  261,441 
===========
$   46,718 
0 
-----------
46,718 
-----------
649,788 
-----------
(376,915)
(58,150)
-----------
(435,065)
-----------
$  261,441 
=========== | $  250,529 
66,276 
-----------
316,805 
0 
-----------
$  316,805 
===========
$   48,304 
8,030 
-----------
56,334 
-----------
599,253 
-----------
(281,595)
(57,187)
-----------
(338,782)
-----------
$  316,805 
===========

See accompanying notes to financial statements.

---

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

|SERIES 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | December 31,
2006
---------
(Unaudited)                                                                                                                                                                                                 | March 31,
2006
----------
(Audited)                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 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 5,456 at December 31, 2006 and March 31, 2006 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, 2006 and March 31, 2006, issued and outstanding
General Partners
  Total Partners'(Deficit)
    Total Liabilities and Partners'    (Deficit) | $  114,569 
128,210 
-----------
242,779 
0 
-----------
$  242,779 
===========
$   51,101 
28 
400 
-----------
51,529 
-----------
539,999 
-----------
(298,442)
(50,307)
-----------
(348,749)
-----------
$  242,779 
=========== | $  236,035 
58,952 
-----------
294,987 
0 
-----------
$  294,987 
===========
$   52,905 
0 
7,300 
-----------
60,205 
-----------
493,156 
-----------
(207,975)
(50,399)
-----------
(258,374)
-----------
$  294,987 
===========

See accompanying notes to financial statements.

---

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

|SERIES 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | December 31,
2006
---------
(Unaudited)                                                                                                                                                                                           | March 31,
2006
----------
(Audited)                                                                                                                                                                                                 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS'EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 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 6,915 at December 31, 2006 and March 31, 2006 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, 2006 and  March 31, 2006, issued and outstanding
General Partners
  Total Partners'(Deficit)
    Total Liabilities and Partners'    (Deficit) | $  152,628 
179,695 
-----------
332,323 
0 
-----------
$  332,323 
===========
$   56,736 
0 
-----------
56,736 
-----------
705,135 
-----------
(364,598)
(64,950)
-----------
(429,548)
-----------
$  332,323 
=========== | $  322,204 
74,685 
-----------
396,889 
0 
-----------
$  396,889 
===========
$   59,221 
8,030 
-----------
67,251 
-----------
647,438 
-----------
(253,967)
(63,833)
-----------
(317,800)
-----------
$  396,889 
===========

See accompanying notes to financial statements.

---

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

|SERIES 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | December 31,
2006
---------
(Unaudited)                                                                                                                                                                                                   | March 31,
2006
----------
(Audited)                                                                                                                                                                                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Accounts Receivable - Other
 Investments in Securities
  Total Current Assets
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS'EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 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, 2006 and March 31, 2006 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, 2006 and March 31, 2006, issued and outstanding
General Partners
  Total Partners'Equity (Deficit)
    Total Liabilities and Partners'Equity     (Deficit) | $  191,832 
0 
101,963 
-----------
293,795 
139,796 
-----------
$  433,591 
===========
$   75,678 
0 
-----------
75,678 
-----------
580,865 
-----------
(219,484)
(3,468)
-----------
(222,952)
-----------
$  433,591 
=========== | $  262,439 
912 
93,086 
-----------
356,437 
151,630 
-----------
$  508,067 
===========
$   77,770 
3,650 
-----------
81,420 
-----------
511,577 
-----------
(82,842)
(2,088)
-----------
(84,930)
-----------
$  508,067 
===========

See accompanying notes to financial statements.

---

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

|SERIES 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | December 31,
2006
---------
(Unaudited)                                                                                                                                                                                                 | March 31,
2006
----------
(Audited)                                                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Investments in Securities
  Total Current Assets
 Investments in Project Partnerships, Net
    Total Assets
LIABILITIES AND PARTNERS'EQUITY (Deficit)
Current Liabilities:
 Payable to General Partners
 Distribution 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, 2006 and March 31, 2006 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, 2006 and March 31, 2006, issued and outstanding
General Partners
  Total Partners'Equity (Deficit)
    Total Liabilities and Partners'Equity     (Deficit) | $  122,455 
364,503 
-----------
486,958 
353,331 
-----------
$  840,289 
===========
$   71,473 
46 
-----------
71,519 
-----------
913,903 
-----------
(143,660)
(1,473)
-----------
(145,133)
-----------
$  840,289 
=========== | $  463,580 
78,370 
-----------
541,950 
372,285 
-----------
$  914,235 
===========
$   73,971 
46 
-----------
74,017 
-----------
838,056 
-----------
2,162 
0 
-----------
2,162 
-----------
$  914,235 
===========

See accompanying notes to financial statements.

---

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

|TOTAL SERIES 2 - 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | December 31,
2006
---------
(Unaudited)                                                                                                                                                                                                                    | March 31,
2006
----------
(Audited)                                                                                                                                                                                                                        
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Current Assets:
 Cash and Cash Equivalents
 Accounts Receivable - Other
 Investments in Securities
  Total Current Assets
 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, 2006 and March 31, 2006 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, 2006 and  March 31, 2006, issued and outstanding
General Partners
  Total Partners'Equity (Deficit)
    Total Liabilities and Partners'Equity     (Deficit) | $  714,715 
0 
902,581 
-----------
1,617,296 
493,127 
-----------
$2,110,423 
===========
$  301,706 
74 
400 
-----------
302,180 
-----------
3,389,690 
-----------
(1,403,099)
(178,348)
-----------
(1,581,447)
-----------
$2,110,423 
=========== | $1,534,787 
912 
371,369 
-----------
1,907,068 
523,915 
-----------
$2,430,983 
===========
$  312,171 
46 
27,010 
-----------
339,227 
-----------
3,089,480 
-----------
(824,217)
(173,507)
-----------
(997,724)
-----------
$2,430,983 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2006
----                                                                                                                                                                                                                                                    | 2005
----                                                                                                                                                                                                                                                          
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 | $    1,600 
-----------
1,600 
-----------
16,844 
15,477 
3,843 
0 
-----------
36,164 
-----------
(34,564)
0 
3,278 
-----------
$  (31,286)
===========
$  (30,973)
(313)
-----------
$  (31,286)
===========
$    (5.05)
===========
6,136 
=========== | $    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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2006
----                                                                                                                                                                                                                                                    | 2005
----                                                                                                                                                                                                                                                   
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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
 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 | $        0 
-----------
0 
-----------
15,614 
16,180 
4,837 
-----------
36,631 
-----------
(36,631)
0 
99,410 
3,591 
-----------
$   66,370 
===========
$   65,707 
663 
-----------
$   66,370 
===========
$    12.04 
===========
5,456 
=========== | $    3,414 
-----------
3,414 
-----------
15,679 
13,476 
1,676 
-----------
30,831 
-----------
(27,417)
0 
0 
3,180 
-----------
$  (24,237)
===========
$  (23,995)
(242)
-----------
$  (24,237)
===========
$    (4.40)
===========
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2006
----                                                                                                                                                                                                                                             | 2005
----                                                                                                                                                                                                                                              
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 | $        0 
-----------
0 
-----------
19,233 
20,402 
5,048 
-----------
44,683 
-----------
(44,683)
0 
4,199 
-----------
$  (40,484)
===========
$  (40,080)
(404)
-----------
$  (40,484)
===========
$    (5.80)
===========
6,915 
=========== | $      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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2006
----                                                                                                                                                                                                                                                            | 2005
----                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Income (Losses) of
 Project Partnerships and Other Income
Equity in Income (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 
-----------
23,096 
24,623 
5,494 
3,859 
-----------
57,072 
-----------
(55,418)
6,501 
3,661 
-----------
$  (45,256)
===========
$  (44,804)
(452)
-----------
$  (45,256)
===========
$    (5.20)
===========
8,616 
=========== | $    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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2006
----                                                                                                                                                                                                                                                               | 2005
----                                                                                                                                                                                                                                                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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) Income
Allocation of Net (Loss) Income:
 Assignees
 General Partners
Net (Loss) Income Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $    3,740 
-----------
3,740 
-----------
25,283 
26,030 
5,836 
9,513 
-----------
66,662 
-----------
(62,922)
(180)
0 
6,713 
-----------
$  (56,389)
===========
$  (55,825)
(564)
-----------
$  (56,389)
===========
$    (5.52)
===========
10,105 
=========== | $    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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2006
----                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Income (Losses) of
 Project Partnerships and Other Income
Equity in Income (Losses) of Project  Partnerships
 Gain on Sale of Partnership Assets
 Interest Income
Net (Loss) Income
Allocation of Net (Loss) Income:
 Assignees
 General Partners | $    6,994 
-----------
6,994 
-----------
100,070 
102,712 
25,058 
13,372 
-----------
241,212 
-----------
(234,218)
6,321 
99,410 
21,442 
-----------
$ (107,045)
===========
$ (105,975)
(1,070)
-----------
$ (107,045)
=========== | $   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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2006
----                                                                                                                                                                                                                                                        | 2005
----                                                                                                                                                                                                                                                               
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 | $    5,393 
-----------
5,393 
-----------
50,534 
46,694 
15,274 
0 
-----------
112,502 
-----------
(107,109)
0 
10,826 
-----------
$  (96,283)
===========
$  (95,320)
(963)
-----------
$  (96,283)
===========
$   (15.53)
===========
6,136 
=========== | $    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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2006
----                                                                                                                                                                                                                                                           | 2005
----                                                                                                                                                                                                                                                      
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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
 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 | $   11,814 
-----------
11,814 
-----------
46,843 
48,817 
16,160 
-----------
111,820 
-----------
(100,006)
0 
99,410 
9,821 
-----------
$    9,225 
===========
$    9,133 
92 
-----------
$    9,225 
===========
$     1.67 
===========
5,456 
=========== | $   20,430 
-----------
20,430 
-----------
47,037 
36,478 
17,285 
-----------
100,800 
-----------
(80,370)
0 
0 
8,733 
-----------
$  (71,637)
===========
$  (70,921)
(716)
-----------
$  (71,637)
===========
$   (13.00)
===========
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2006
----                                                                                                                                                                                                                                                        | 2005
----                                                                                                                                                                                                                                                     
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 | $   13,347 
-----------
13,347 
-----------
57,697 
61,552 
18,395 
-----------
137,644 
-----------
(124,297)
0 
12,549 
-----------
$ (111,748)
===========
$ (110,631)
(1,117)
-----------
$ (111,748)
===========
$   (16.00)
===========
6,915 
=========== | $   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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2006
----                                                                                                                                                                                                                                                                    | 2005
----                                                                                                                                                                                                                                                                   
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Income (Losses) of
 Project Partnerships and Other Income
Equity in Income (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 | $   20,682 
-----------
20,682 
-----------
69,288 
74,287 
18,574 
11,577 
-----------
173,726 
-----------
(153,044)
3,964 
11,058 
-----------
$ (138,022)
===========
$ (136,642)
(1,380)
-----------
$ (138,022)
===========
$   (15.86)
===========
8,616 
=========== | $   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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2006
----                                                                                                                                                                                                                                                                         | 2005
----                                                                                                                                                                                                                                                                              
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Income (Losses) of
 Project Partnerships and Other Income
Equity in Income (Losses) of Project  Partnerships
 Gain on Sale of Partnership Assets
 Interest Income
Net (Loss) Income
Allocation of Net (Loss) Income:
 Assignees
 General Partners
Net (Loss) Income Per Beneficial Assignee
Certificate
Number of Beneficial Assignee
Certificates Outstanding | $   24,741 
-----------
24,741 
-----------
75,848 
78,532 
21,761 
28,539 
-----------
204,680 
-----------
(179,939)
12,561 
0 
20,083 
-----------
$ (147,295)
===========
$ (145,822)
(1,473)
-----------
$ (147,295)
===========
$   (14.43)
===========
10,105 
=========== | $   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 
===========

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                                                                                                                                                                                                                                                                                                                                                                                                                          | 2006
----                                                                                                                                                                                                                                    | 2005
----                                                                                                                                                                                                                                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
 Distribution Income
  Total Revenues
Expenses:
 Asset Management Fee-General Partner
 General and Administrative:
  General Partner
  Other
 Amortization
  Total Expenses
Loss Before Equity in Income (Losses) of
 Project Partnerships and Other Income
Equity in Income (Losses) of Project  Partnerships
 Gain on Sale of Partnership Assets
 Interest Income
Net Loss
Allocation of Net Loss:
 Assignees
 General Partners | $   75,977 
-----------
75,977 
-----------
300,210 
309,882 
90,164 
40,116 
-----------
740,372 
-----------
(664,395)
16,525 
99,410 
64,337 
-----------
$ (484,123)
===========
$ (479,282)
(4,841)
-----------
$ (484,123)
=========== | $   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)
===========

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, 2006 AND 2005(Unaudited)

|SERIES 2                                                                                                                        | Assignees
---------                                                                                                        | General
Partners
--------                                                                                             | Total
-----                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2005
Net Loss
Balance at December 31, 2005
Balance at March 31, 2006
Net Loss
Balance at December 31, 2006 | $  (126,760)
(102,803)
------------
$  (229,563)
============
$  (281,595)
(95,320)
------------
$  (376,915)
============ | $   (55,623)
(1,038)
------------
$   (56,661)
============
$   (57,187)
(963)
------------
$   (58,150)
============ | $  (182,383)
(103,841)
------------
$  (286,224)
============
$  (338,782)
(96,283)
------------
$  (435,065)
============

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, 2006 AND 2005(Unaudited)

|SERIES 3                                                                                                                                        | Assignees
---------                                                                                                              | General
Partners
--------                                                                                            | Total
-----                                                                                                                     
|----------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2005
Net Loss
Balance at December 31, 2005
Balance at March 31, 2006
Net Income
Distributions
Balance at December 31, 2006 | $  (100,780)
(70,921)
------------
$  (171,701)
============
$  (207,975)
9,133 
(99,600)
------------
$  (298,442)
============ | $   (49,316)
(716)
------------
$   (50,032)
============
$   (50,399)
92 
0 
------------
$   (50,307)
============ | $  (150,096)
(71,637)
------------
$  (221,733)
============
$  (258,374)
9,225 
(99,600)
------------
$  (348,749)
============

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, 2006 AND 2005(Unaudited)

|SERIES 4                                                                                                                        | Assignees
---------                                                                                                        | General
Partners
--------                                                                                             | Total
-----                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2005
Net Loss
Balance at December 31, 2005
Balance at March 31, 2006
Net Loss
Balance at December 31, 2006 | $  (117,046)
(95,507)
------------
$  (212,553)
============
$  (253,967)
(110,631)
------------
$  (364,598)
============ | $   (62,450)
(965)
------------
$   (63,415)
============
$   (63,833)
(1,117)
------------
$   (64,950)
============ | $  (179,496)
(96,472)
------------
$  (275,968)
============
$  (317,800)
(111,748)
------------
$  (429,548)
============

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, 2006 AND 2005(Unaudited)

|SERIES 5                                                                                                                        | Assignees
---------                                                                                                         | General
Partners
--------                                                                                               | Total
-----                                                                                                                
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2005
Net Loss
Balance at December 31, 2005
Balance at March 31, 2006
Net Loss
Balance at December 31, 2006 | $   123,860 
(118,502)
------------
$     5,358 
============
$   (82,842)
(136,642)
------------
$  (219,484)
============ | $         0 
(1,197)
------------
$    (1,197)
============
$    (2,088)
(1,380)
------------
$    (3,468)
============ | $   123,860 
(119,699)
------------
$     4,161 
============
$   (84,930)
(138,022)
------------
$  (222,952)
============

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, 2006 AND 2005(Unaudited)

|SERIES 6                                                                                                                                        | Assignees
---------                                                                                                                | General
Partners
--------                                                                                                  | Total
-----                                                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2005
Net Income
Distributions
Balance at December 31, 2005
Balance at March 31, 2006
Net Loss
Balance at December 31, 2006 | $   651,535 
9,099 
(224,074)
------------
$   436,560 
============
$     2,162 
(145,822)
------------
$  (143,660)
============ | $   (83,041)
83,041 
0 
------------
$         0 
============
$         0 
(1,473)
------------
$    (1,473)
============ | $   568,494 
92,140 
(224,074)
------------
$   436,560 
============
$     2,162 
(147,295)
------------
$  (145,133)
============

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, 2006 AND 2005(Unaudited)

|TOTAL SERIES 2 - 6                                                                                                                                                   | Assignees
---------                                                                                                                            | General
Partners
--------                                                                                                     | Total
-----                                                                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------
|Balance at March 31, 2005
Net Income (Loss)
Distributions
Balance at December 31, 2005
Balance at March 31, 2006
Net Loss
Distributions
Balance at December 31, 2006 | $   430,809 
(378,634)
(224,074)
------------
$  (171,899)
============
$  (824,217)
(479,282)
(99,600)
------------
$(1,403,099)
============ | $  (250,430)
79,125 
0 
------------
$  (171,305)
============
$  (173,507)
(4,841)
0 
------------
$  (178,348)
============ | $   180,379 
(299,509)
(224,074)
------------
$  (343,204)
============
$  (997,724)
(484,123)
(99,600)
------------
$(1,581,447)
============

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, 2006 AND 2005(Unaudited)

|SERIES 2
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2006
----                                                                                                                                                                                   | 2005
----                                                                                                                                                                          
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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
      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
  Investment in Securities
      Net Cash (Used in) Provided by Investing
      Activities
(Decrease) Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $ (96,283)
0 
(3,033)
0 
(5,393)
48,949 
(8,030)
----------
(63,790)
----------
5,393 
66,276 
(125,177)
----------
(53,508)
----------
(117,298)
250,529 
----------
$ 133,231 
========== | $(103,841)
525 
(3,667)
17,055 
(4,708)
50,952 
0 
----------
(43,684)
----------
4,708 
63,562 
0 
----------
68,270 
----------
24,586 
235,004 
----------
$ 259,590 
==========

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, 2006 AND 2005(Unaudited)

|SERIES 3
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2006
----                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                                                                       
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Income (Loss)
 Adjustments to Reconcile Net Income (Loss)
 to Net Cash Used in Operating Activities:
   Accreted Interest Income on Investments
   in Securities
   Gain on Sale of Partnership Assets
   Distribution Income
   Changes in Operating Assets and Liabilities:
     Increase in Payable to General Partners
     Increase in Distribution Payable
     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
  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
(Decrease) Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $   9,225 
(3,033)
(99,410)
(11,814)
45,039 
28 
(6,900)
----------
(66,865)
----------
11,814 
100,000 
58,952 
(125,177)
----------
45,589 
----------
(99,600)
(590)
----------
(100,190)
----------
(121,466)
236,035 
----------
$ 114,569 
========== | $ (71,637)
(3,261)
0 
(20,430)
47,273 
0 
0 
----------
(48,055)
----------
20,430 
0 
56,536 
0 
----------
76,966 
----------
0 
0 
----------
0 
----------
28,911 
218,547 
----------
$ 247,458 
==========

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, 2006 AND 2005(Unaudited)

|SERIES 4
-------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2006
----                                                                                                                                                                              | 2005
----                                                                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Loss
 Adjustments to Reconcile Net Loss to Net
 Cash 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
       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
  Investment in Securities
       Net Cash (Used in) Provided by Investing
       Activities
(Decrease) Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $(111,748)
(4,251)
(13,347)
55,212 
(8,030)
----------
(82,164)
----------
13,347 
74,685 
(175,444)
----------
(87,412)
----------(169,576)
322,204 
----------
$ 152,628 
========== | $ (96,472)
(4,132)
(13,584)
58,181 
0 
----------
(56,007)
----------
13,584 
71,627 
0 
----------
85,211 
----------29,204 
304,447 
----------
$ 333,651 
==========

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, 2006 AND 2005
(Unaudited)

|SERIES 5
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2006
----                                                                                                                                                                                                 | 2005
----                                                                                                                                                                                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 (Income) Losses of Project    Partnerships
   Distribution Income
   Changes in Operating Assets and Liabilities:
     Decrease in Accounts Receivable - Other
     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
  Redemption of Investment in Securities
  Investment in Securities
        Net Cash Provided by Investing
        Activities
(Decrease) Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $(138,022)
11,577 
(2,412)
(3,964)
(20,682)
912 
67,196 
(3,650)
----------
(89,045)
----------
24,903 
93,086 
(99,551)
----------
18,438 
----------
(70,607)
262,439 
----------
$ 191,832 
========== | $(119,699)
1,503 
(5,150)
3,636 
(17,635)
0 
70,000 
(700)
----------
(68,045)
----------
20,114 
89,274 
0 
----------
109,388 
----------
41,343 
238,360 
----------
$ 279,703 
==========

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, 2006 AND 2005(Unaudited)

|SERIES 6
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2006
----                                                                                                                                                                                                                             | 2005
----                                                                                                                                                                                                                                                     
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 (Income) Losses of Project     Partnerships
    Gain on Sale of Partnership Assets
    Distribution Income
    Changes in Operating Assets and Liabilities:
      Decrease in Accounts Receivable - Other
      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
  Investment in Securities
        Net Cash (Used in) Provided by Investing
        Activities
Cash Flows from Financing Activities:
  Distributions Paid to Limited Partners
  Expense 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 | $(147,295)
28,539 
(11,142)
(12,561)
0 
(24,741)
0 
73,349 
0 
----------
(93,851)
----------
27,717 
0 
(274,991)
----------
(247,274)
----------
0 
0 
----------
0 
----------
(341,125)
463,580 
----------
$ 122,455 
========== | $  92,140 
4,151 
(8,365)
12,270 
(224,074)
(18,370)
700 
78,099 
(500)
----------
(63,949)
----------
20,460 
225,574 
0 
----------
246,034 
----------
(224,028)
(1,500)
----------
(225,528)
----------
(43,443)
444,751 
----------
$ 401,308 
==========

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, 2006 AND 2005(Unaudited)

|TOTAL SERIES 2 - 6
--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2006
----                                                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 (Income) Losses of Project     Partnerships
    Gain on Sale of Partnership Assets
    Distribution Income
    Changes in Operating Assets and Liabilities:
      Decrease in Accounts Receivable - Other
      Increase in Payable to General Partners
      Increase in Distribution Payable
      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
  Investment in Securities
        Net Cash (Used in) 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) Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Period | $ (484,123)
40,116 
(23,871)
(16,525)
(99,410)
(75,977)
912 
289,745 
28 
(26,610)
----------
(395,715)
----------
83,174 
100,000 
292,999 
(800,340)
----------
(324,167)
----------
(99,600)
(590)
----------
(100,190)
----------
(820,072)
1,534,787 
----------
$714,715 
=========== | $ (299,509)
6,179 
(24,575)
32,961 
(224,074)
(74,727)
700 
304,505 
0 
(1,200)
----------
(279,740)
----------
79,296 
225,574 
280,999 
0 
----------
585,869 
----------
(224,028)
(1,500)
----------
(225,528)
----------
80,601 
1,441,109 
----------
$1,521,710 
===========

See accompanying notes to financial statements.

---

GATEWAY TAX CREDIT FUND II LTD.(A Florida Limited Partnership)NOTES TO FINANCIAL STATEMENTS(Unaudited)DECEMBER 31, 2006

NOTE 1 - ORGANIZATION:   Gateway Tax Credit Fund II Ltd. ("Gateway" or "Partnership"), 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, 2006, 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 ("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 September 30, 2006.  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.
   For the fiscal year ended March 31, 2006, Gateway changed the period over which the intangible acquisition fees and expenses are amortized.  In all prior years, the period in which such intangible assets had been amortized was 35 years.  In the fiscal year ended March 31, 2006, this amortization period was changed to 15 years to better approximate the period over which the benefits of these investments are realized.  As a result of this change in estimate, an additional amortization expense of $23,779 for Series 5 and $33,465 for Series 6, or a total of $57,244 for all Series of Gateway, was recognized during the year-ended March 31, 2006, as compared to the amortization expense amount which would have been realized had the estimated amortization period not changed during the year.  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.  Any cash distributions received from Project Partnerships which have a zero investment balance are accounted for as distribution income in the period the cash distribution is received by Gateway.
   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 for the nine-month period ended December 31, 2006.  For the fiscal year ended March 31, 2006, impairment expense was recognized in the statement of operations in Series 6 in the total amount of $343,241.  Refer to Note 5
- Investment in Project Partnerships for further details regarding the components of the Investment in Project Partnership balance.
   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 advised by 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   Gateway applies 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 and U.S. Treasury Notes) until maturity and to use these assets to fund Gateway's ongoing operations.  Interest income is recognized ratably on the U.S. Government Strips and U.S. Treasury Notes 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.Variable Interest Entities
   In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN46"), "Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51," which was subsequently revised in December, 2003.  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.
   Gateway holds variable interests in 140 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 $493,127 at December 31, 2006.  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.Basis of Preparation    The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting
principles.  These statements should be read in conjunction with the financial statements and notes thereto included with the Partnership's report on Form 10-K for the year ended March 31, 2006.  In the opinion of management these financial statements include adjustments, consisting only of normal recurring adjustments, necessary to fairly summarize the Partnership's financial position and results of operations.  The results of operations for the periods may not be indicative of the results to be expected for the year.

---

NOTE 3 - INVESTMENT IN SECURITIES:   The December 31, 2006 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips and U.S. Treasury Notes which represents their cost, plus accreted interest income of $3,033 for Series 2, $3,033 for Series 3, $4,252 for Series 4, $2,412 for Series 5 and $60,996 for Series 6.  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 | $  126,147                              | $  128,210                                    | $ (2,063)                                           
|Series 3 | 126,147                                 | 128,210                                       | (2,063)                                             
|Series 4 | 176,804                                 | 179,695                                       | (2,891)                                             
|Series 5 | 100,321                                 | 101,963                                       | (1,642)                                             
|Series 6 | 359,630                                 | 364,503                                       | (4,873)                                             

As of December 31, 2006, the cost and accreted interest of debt securities by contractual maturities is as follows:

|                                        | Series 2
--------   | Series 3
--------   | Series 4
--------  
|--------------------------------------- | ------------------- | ------------------- | -------------------
|Due within 1 year                       | $ 128,210           | $ 128,210           | $ 179,695          
|After 1 year through 5 years            | 0                   | 0                   | 0                  
|                                        | ---------           | ---------           | ---------          
|Total Amount Carried on
  Balance Sheet | $ 128,210
========= | $ 128,210
========= | $ 179,695
=========



|                                        | Series 5
--------   | Series 6
--------   | Total
--------       
|--------------------------------------- | ------------------- | ------------------- | ---------------------
|Due within 1 year                       | $ 101,963           | $ 364,503           | $  902,581           
|After 1 year through 5 years            | 0                   | 0                   | 0                    
|                                        | ---------           | ---------           | ---------            
|Total Amount Carried on
  Balance Sheet | $ 101,963
========= | $ 364,503
========= | $  902,581
==========

---

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 ended December 31, 2006 and 2005 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.                               2006             2005
                              -----            -----
  Series 2                $  50,534         $  50,706
  Series 3                   46,843            47,037
  Series 4                   57,697            57,903
  Series 5                   69,288            69,540
  Series 6                   75,848	           77,652
                          ---------         ---------
  Total                   $ 300,210         $ 302,838
                          =========         =========
   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.
                              2006              2005
                              -----             -----
  Series 2                $  46,694         $  34,892
  Series 3                   48,817	           36,478
  Series 4                   61,552            45,994
  Series 5                   74,287            57,096
  Series 6                   78,532            60,268
                          ---------          --------
  Total                   	$ 309,882         $ 234,728
                          =========	         ========

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | DECEMBER 31, 
2006
-----------                                                                                  | MARCH 31,
2006
-----------                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------
|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 
(4,742,761)
(87,605)
-----------
(305,688)
390,838 
(85,150)
-----------
$         0 
============ | $ 4,524,678 
(4,742,761)
(87,605)
-----------
(305,688)
390,838 
(85,150)
-----------
$        0 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,887,074 for the period ended December 31, 2006 and cumulative suspended losses of $5,632,737 for the year ended March 31, 2006 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 3   As of December 31, 2006, 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 the 22 Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | DECEMBER 31, 
2006
------------                                                                                | MARCH 31, 
2006
-------------                                                                                 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------
|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 | $ 3,735,251 
(3,974,027)
(157,005)
-----------
(395,781)
474,160 
(78,379)
-----------
$        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 $6,673,893 for the period ended December 31, 2006 and cumulative suspended losses of $6,446,347 for the year ended March 31, 2006 are not included.
   In November 2006, Gateway sold its Project Partnership investment in Birchwood Apartments.  Gateway has received $99,600 in net proceeds and has estimated a net gain of $99,410 on the sale of this property which is included in Gain on Sale of Partnership Assets on the Combined Statement of Operations.  This estimate will change as final financial information regarding the Project Partnership becomes available in fiscal year 2007.  Of the $99,600 received in sales proceeds from this sale, $99,572 was distributed to the Limited Partners during the quarter ended December 31, 2006 and the $28 not distributed is reflected as a Distribution Payable on the Balance Sheet.
   Subsequent to this quarter-end, Gateway sold its Project Partnership investment in Southwood Apartments, Plaza Senior Village Apartments, Brubaker Square Apartments and Villa Allegra Apartments.  Gateway expects to receive and distribute to BAC holders approximately $301,612 in net proceeds, or $55.28 per BAC unit, in the subsequent quarter from these sale transactions.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 4   As of December 31, 2006, 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 the 29 Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | DECEMBER 31, 
2006
------------                                                                                 | MARCH 31, 
2006
-------------                                                                                  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
|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 $5,917,748 for the period ended December 31, 2006 and cumulative suspended losses of $5,604,678 for the year ended March 31, 2006 are not included.
   Subsequent to this quarter-end, Gateway sold its Project Partnership investment in Alsace Village Apartments and Greenbriar Apartments.  Gateway received and will distribute to BAC holders approximately $61,000 in net proceeds or $8.82 per BAC unit, from these sale transactions in the subsequent quarter.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 5   As of December 31, 2006, 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 the 35 Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | DECEMBER 31, 
2006
------------                                                                                 | MARCH 31, 
2006
-------------                                                                                  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
|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 
(6,123,242)
(203,310)
-----------
(316,279)
632,419 
(176,344)
-----------
$  139,796 
=========== | $ 6,010,273 
(6,127,206)
(199,089)
-----------
(316,022)
632,419 
(164,767)
-----------
$  151,630 
===========

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $6,684,802 for the period ended December 31, 2006 and cumulative suspended losses of $6,332,840 for the year ended March 31, 2006 are not included.

---

NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):SERIES 6   As of December 31, 2006, 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.
   The following is a summary of Investments in the 37 Project Partnerships as of:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | DECEMBER 31, 
2006
------------                                                                                            | MARCH 31, 
2006
-------------                                                                                             
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
|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
 Impairment of Investment in Project Partnerships
Investments in Project Partnerships | $ 7,250,034 
(6,833,293)
(221,286)
-----------
195,455 
768,912 
(267,795)
(343,241)
-----------
$   353,331 
============ | $ 7,250,034 
(6,845,853)
(218,311)
-----------
185,870 
768,912 
(239,256)
(343,241)
-----------
$   372,285 
============

(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,600,751 for the period ended December 31, 2006 and cumulative suspended losses of $4,294,234 for the year ended March 31, 2006 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, 
2006
------------                                                                                                   | MARCH 31, 
2006
-------------                                                                                                      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------
|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
 Impairment of Investment in Project Partnerships
Investments in Project Partnerships | $ 26,472,755 
(26,942,228)
(794,025)
-----------
(1,263,498)
2,829,296 
(729,430)
(343,241)
-----------
$   493,127 
============ | $ 26,626,217 
(27,118,203)
(794,241)
------------
(1,286,227)
2,846,882 
(693,499)
(343,241)
------------
$   523,915 
============

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2006
----                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 | $ 2,308,986 
14,338,758 
7,974 
-----------
$16,655,718 
===========
$   401,955 
22,653,237 
-----------
23,055,192 
-----------
(6,253,766)
(145,708)
-----------
(6,399,474)
-----------
$16,655,718 
===========
$ 2,286,419 
-----------
1,496,231 
390,487 
656,607 
-----------
2,543,325 
-----------
$  (256,906)
===========
$    (2,569)
===========
$  (254,337)
254,337 
-----------
$          0
=========== | $ 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)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2006
----                                                                                                                                                                                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 | $ 2,949,137 
11,318,072 
157,201 
-----------
$14,424,410 
===========
$   306,973 
21,307,645 
-----------
21,614,618 
-----------
(7,513,883)
323,675 
-----------
(7,190,208)
-----------
$14,424,410 
===========
$ 2,289,044 
-----------
1,469,140 
332,766 
718,768 
-----------
2,520,674 
-----------
$  (231,630)
===========
$    (4,084)
===========
$  (227,546)
227,546 
-----------
$         0 
=========== | $ 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 
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2006
----                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 | $ 2,663,110 
18,385,908 
40,878 
-----------
$21,089,896 
===========
$   802,431 
26,077,954 
-----------
26,880,385 
-----------
(6,453,182)
662,693 
-----------
(5,790,489)
-----------
$21,089,896 
===========
$ 2,753,087 
-----------
1,847,153 
439,766 
783,141 
-----------
3,070,060 
-----------
$  (316,973)
===========
$    (3,903)
===========
$  (313,070)
313,070 
-----------
$         0 
=========== | $ 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 
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2006
----                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 Income (Losses) of Project Partnerships | $ 3,630,313 
20,801,657 
7,470 
-----------
$24,439,440 
===========
$   583,922 
31,249,137 
-----------
31,833,059 
-----------
(7,029,290)
(364,329)
-----------
(7,393,619)
-----------
$24,439,440 
===========
$ 3,308,479 
-----------
2,239,114 
518,233 
902,646 
-----------
3,659,993 
-----------
$  (351,514)
===========
$    (3,516)
===========
$  (347,998)
351,962 
-----------
$     3,964 
=========== | $ 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)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2006
----                                                                                                                                                                                                                                                                                                                                                                                                                   | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 Income (Losses) of Project Partnerships | $ 4,561,108 
24,373,437 
13,420 
-----------
$28,947,965 
===========
$   467,439 
33,511,342 
-----------
33,978,781 
-----------
(4,516,474)
(514,342)
-----------
(5,030,816)
-----------
$28,947,965 
===========
$ 3,555,038 
-----------
2,325,680 
556,844 
969,913 
-----------
3,852,437 
-----------
$  (297,399)
===========
$    (3,443)
===========
$  (293,956)
306,517 
-----------
$    12,561 
=========== | $ 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)
===========

---

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2006
----                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2005
----                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 Income (Losses) of Project Partnerships | $ 16,112,654 
89,217,832 
226,943 
------------
$105,557,429 
============
$  2,562,720 
134,799,315 
------------
137,362,035 
------------
(31,766,595)
(38,011)
------------
(31,804,606)
------------
$105,557,429 
============
$ 14,192,067 
------------
9,377,318 
2,238,096 
4,031,075 
------------
15,646,489 
------------
$ (1,454,422)
============
$    (17,515)
============
$ (1,436,907)
1,453,432 
------------
$     16,525 
============ | $ 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)
============

---

NOTE 6 - SALE OF PROJECT PARTNERSHIPS:
   Gateway is currently in the process of disposing of its investments in Project Partnerships which have reached the end of their fifteen year tax-credit compliance period.  This process may take a number of years to complete. Gateway's objective is to receive fair market value for its interest in the
properties and ultimately, to liquidate the Project Partnerships.  Gateway has not classified the Project Partnerships as held for sale in the accompanying financial statements because Gateway believes they do not meet all of the criteria required by SFAS 144, "Accounting for the Impairment or Disposal of Long-Lived Assets".
   Generally, the market for Project Partnerships is limited.  Some of the factors which negatively impact the marketability of these projects include 
1) requirements by government agencies or the projects debt holder to continue to maintain the property in the low-income housing program, and 2) the mortgage balance of the property is very near the initial balance as a result of the heavily subsidized debt of the Project Partnerships which offered extremely low interest rates to the borrower and lengthy (usually 50 year) amortization periods.
   Originally, Gateway held 148 properties amongst its various Series. Of this total, 3 of the properties were sold as of December 31, 2006 and another 6 have been sold subsequent to quarter-end. The following summarizes the most recent status of the Project Partnership sale/disposal process for each Series: Series 2
   Originally there were 22 properties in this Series and none have been sold as of December 31, 2006. The following summarizes the status of the sale or disposition of those properties held by this Series as of December 31, 2006.Gateway has consented to the general partner granting an option for either the general partner or a third-party to purchase the Partnership Interest:Lake Park                                             Lewiston
Lakeshore Apartments                       Claxton Elderly 	
   Should all these options be exercised, the estimated net sales proceeds to Gateway from the sales transactions are estimated to be $451,904, or $73.64 per BAC unit potentially available for distribution to the Limited Partners over the next 24 months.  These options to purchase could expire without being exercised which would result in no sales proceeds and remarketing of the Project Partnerships, the results of which are undeterminable.Gateway has approved the sale to the general partner of the Project Partnerships:
Inverness Club                            Durango C.W.W.
   The net proceeds from the sales of these Project Partnerships to Gateway are estimated to be $356,600, or $58.11 per limited partnership unit which would be available for distribution to the Limited Partners subsequent to closing of these sales transactions.Series 3
   Originally there were 23 properties in this Series and 1 has been sold as of December 31, 2006.  The following summarizes the status of the sale or disposition of those properties held by this Series as of December 31, 2006.Project Partnership currently listed for sale on a commercial real estate for sale website:
Sunchase II Gateway has consented to the general partner granting an option for either the general partner or a third-party to purchase the Partnership Interest:
Countrywood ApartmentsShould this option be exercised, the estimated net sales proceeds to Gateway from the sales transaction
is estimated to be $83,750, or $15.35 per BAC unit potentially available for distribution to the Limited Partners over the next 24 months.  This option to purchase could expire without being exercised which would result in no sales proceeds and remarketing of the Project Partnership, the results of which are undeterminable.Gateway has approved the sale to the general partner of the Project Partnership:
Belmont Senior
   The estimated net proceeds from the sale of this Project Partnership to Gateway is estimated to be $40,500, or $7.42 per limited partnership unit which would be available for distribution to the Limited Partners subsequent to closing of the sale transaction.   Subsequent to this quarter-end, Gateway sold its Project Partnership investment in Southwood, Bryan Senior, Brubaker Square, and Villa Allegra.  Gateway expects to receive and distribute to BAC holders approximately $301,612 or $55.28 per BAC unit in net proceeds from these sales transactions in the subsequent quarter.Series 4
   Originally there were 29 properties in this Series and none have been sold as of December 31, 2006.  The following summarizes the status of the sale or disposition of those properties held by this Series as of December 31, 2006.Project Partnerships currently listed for sale on a commercial real estate for sale website:
Timpson Senior Gateway has consented to the general partner granting an option for either the general partner or a third-party to purchase the Partnership Interest:

---

Item 2.  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 is comparable for the nine months ended December 31, 2006 and December 31, 2005. The General and Administrative expenses - General Partner and General and Administrative expenses
- Other for the nine months ended December 31, 2006, as compared to the nine months ended December 31, 2005, have increased due to higher administrative costs arising from the process of evaluating potential dispositions of Project Partnerships, and also due to higher third party accounting and auditing fees.
   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 cash and cash equivalents, short-term investments and interest earned thereon, the maturity of U.S. Treasury Security Strips ("Zero Coupon Treasuries") and U.S. Treasury Notes (purchased in July 2006), 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 of Gateway to-date, three Series have paid distributions upon sale of Project Partnerships.  A distribution of $157,126 related to the sale of Highland View, LP, in Series 5 was made during the quarter ended September 30, 2005, a distribution of $224,074 related to the sale of Mountain Crest, LP, in Series 6 was made during the quarter ended December 31, 2005, and a distribution of $99,600 related to the sale of Birchwood Apartments, LP, in Series 3 was made during the quarter ended December 31, 2006.  Future distributions may be made for any particular Series as a result of the sale of other Project Partnerships.
   Subsequent to this quarter-end, Gateway sold its Project Partnership investment in six properties. Gateway sold four properties from Series 3 and two properties from Series 4. Refer to Note 6
- Sale of Project Partnerships for further discussion of these sales.
   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, 2006 decreased from $17,055 for the nine months ended December 31, 2005 to $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 $652,283 and $656,607 for the nine months ended September 30, 2005 and 2006, 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 have generated tax credits which met projections.
   At December 31, 2006, the Series had $133,231 of short-term investments (Cash and Cash Equivalents).  It also had $128,210 in U.S. Treasury Notes with a maturity value of $127,000 at June 30, 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 $96,283 for the nine months ended December 31, 2006.  However, after adjusting for the changes in operating assets and liabilities, net cash used in operating activities was $63,790.  Cash used in investing activities totaled $53,508, consisting of cash distributions from the Project Partnerships and proceeds from the redemption of securities, offset by the purchase of U.S. Treasury Notes in July 2006.   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, 2006 and 2005 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 $724,390 and $718,768 for the nine months ended September 30, 2005 and 2006, respectively.)  Overall, management believes the Project Partnerships are operating as expected and have generated tax credits which met projections.
   At December 31, 2006, the Series had $114,569 of short-term investments (Cash and Cash Equivalents).  It also had $128,210 in U.S. Treasury Notes with a maturity value of $127,000 at June 30, 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 $9,225 for the nine months ended December 31, 2006.  However, after adjusting for the changes in operating assets and liabilities and the gain on sale of partnership assets, net cash used in operating activities was $66,865.  Cash provided by investing activities totaled $45,589, consisting of proceeds from the sale of Project Partnerships, cash distributions from the Project Partnerships, and proceeds from the redemption of securities, offset by the purchase of U.S. Treasury Notes in July 2006.
   In November 2006, Gateway sold its Project Partnership investment in Birchwood Apartments.  Gateway has received approximately $99,600 in net proceeds and has estimated a net gain of $99,410 on the sale of this property which is included in Gain on Sale of Partnership Assets on the Combined Statement of Operations.  This estimate will change as final financial information regarding the Project Partnership becomes available in fiscal year 2007.  Of the $99,600 received in sales proceeds from this sale, $99,572 was distributed to the Limited Partners during the quarter ended December 31, 2006 and the $28 not distributed is reflected as a Distribution Payable on the Balance Sheet.
   Subsequent to this quarter-end, Gateway sold its Project Partnership investment in Southwood Apartments, Plaza Senior Village Apartments, Brubaker Square Apartments and Villa Allegra Apartments.  Gateway expects to receive and distribute to BAC holders approximately $301,612 in net proceeds from these sale transactions in the subsequent quarter.
   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, 2006 and 2005 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 $774,896 and $783,141 for the nine months ended September 30, 2005 and 2006, respectively.)  Overall, management believes the Project Partnerships are operating as expected and have generated tax credits which met projections.
   At December 31, 2006, the Series had $152,628 of short-term investments (Cash and Cash Equivalents).  It also had $179,695 in U.S. Treasury Notes with a maturity value of $178,000 at June 30, 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 $111,748 for the nine months ended December 31, 2006.  However, after adjusting for the changes in operating assets and liabilities, net cash used in operating activities was $82,164.  Cash used in investing activities totaled $87,412, consisting of cash distributions from the Project Partnership and proceeds from the redemption of securities, offset by the purchase of U.S. Treasury Notes in July 2006.
   Subsequent to this quarter-end, Gateway sold its Project Partnership investment in Alsace Village Apartments and Greenbriar Apartments.  Gateway received and will distribute to BAC holders approximately $61,000 in net proceeds from these sale transactions in the subsequent quarter.   Series 5 - Gateway closed this series on October 11, 1991 after receiving $8,616,000 from 535 Assignees.  Equity in Income of Project Partnerships for the nine months ended December 31, 2006 increased from a loss of $3,636 for the nine months ended December 31, 2005 to income of $3,964.  (These Project Partnerships reported depreciation and amortization of $918,889 and $902,646 for the nine months ended September 30, 2005 and 2006, respectively.)  Overall, management believes the Project Partnerships are operating as expected and have generated tax credits which met projections.
   At December 31, 2006, the Series had $191,832 of short-term investments (Cash and Cash Equivalents).  It also had $101,963 in U.S. Treasury Notes with a maturity value of $101,000 at June 30, 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 $138,022 for the nine months ended December 31, 2006.  However, after adjusting for Equity in Income of Project Partnerships of $3,964 and the changes in operating assets and liabilities, net cash used in operating activities was $89,045.  Cash provided by investing activities totaled $18,438, consisting of cash distributions from the Project Partnerships and proceeds from the redemption of securities, offset by the purchase of U.S. Treasury Notes in July 2006.
   Series 6 - Gateway closed this series on March 11, 1992 after receiving $10,105,000 from 625 Assignees.  Equity in Income of Project Partnerships for the nine months ended December 31, 2006 increased from a loss of $12,270 for the nine months ended December 31, 2005 to income of $12,561 due to a decrease in total expenses of the Project Partnership.  (These Project Partnerships reported depreciation and amortization of $1,034,242 and $969,913 for the nine months ended September 30, 2005 and 2006, respectively.)  Overall, management believes the Project Partnerships are operating as expected and are generating tax credits which meet projections.
   At December 31, 2006, the Series had $122,455 of short-term investments (Cash and Cash Equivalents).  It also had $82,847 in Zero Coupon Treasuries with maturities providing $83,000 in fiscal year 2007.  In addition, the series had $281,656 in U.S. Treasury Notes with a maturity value of $279,000 at June 30, 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 $147,295 for the nine months ended December 31, 2006.  However, after adjusting for Equity in Income of Project Partnerships of $12,561 and the changes in operating assets and liabilities, net cash used in operating activities was $93,851.  Cash used in investing activities totaled $247,274, consisting of cash distributions from the Project Partnerships, offset by the purchase of U.S. Treasury Notes in July 2006.Exit Strategy
   The IRS compliance period for low-income housing tax credit properties is generally 15 years from occupancy following construction or rehabilitation completion.   Many of the Project Partnerships have reached the end of their tax-credit compliance period and those Project Partnerships that have yet to reach the end of their tax-credit compliance period will do so within the next few years.  To-date, three of the Project Partnerships have been sold and, in accordance with the Gateway partnership agreement, the net proceeds received from these sales have been disbursed to the Limited Partners of those series of Gateway.
   Gateway is presently evaluating the potential disposition of each of the Project Partnerships which have reached the end of their tax-credit compliance period and will endeavor to sell Gateway's interest in those Project Partnerships.  The Partnerships objective is to sell Gateways interest in such properties for fair market value and ultimately, to liquidate the Project Partnerships that no longer provide tax benefits to investors.  Refer to Note 6
- Sale of Project Partnerships for discussion of the process.
   Gateway has no direct employees.  The General Partners have full and exclusive discretion in management and control of Gateway.

---

Item 3.  Quantitative and Qualitative Disclosure About Market Risk:
   As a small business issuer, no information is required.
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 General Managing 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.

PART II - Other Information

Item 1.  Legal Proceedings:
   None.
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds:
   None.
Item 3.  Defaults upon Senior Securities:
   None.
Item 4.  Submission of Matters to a Vote of Security Holders:
   None.
Item 5.  Other Information:
   None.
Item 6.  Exhibits:
   31.1 Principal Executive Officer Certification as required by Rule 13a-   14(a)/15d-14(a), filed herewith.
   31.2 Principal Financial Officer Certification as required by Rule 13a-   14(a)/15d-14(a), filed herewith.
   32. Certification of the Chief Executive Officer and Chief Financial Officer    Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of    the Sarbanes-Oxley Act of 2002, filed herewith.

---



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.
                    (Managing General Partner)

Date: February 14, 2007           By:/s/ Ronald M. Diner                                  Ronald M. Diner
                                  President
Date: February 14, 2007           By:/s/ Jonathan Oorlog
                                  Jonathan Oorlog
                                  Vice President and Chief Financial Officer
Date: February 14, 2007           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 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 report;

3. Based on my knowledge, the financial statements, and other financial information included 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 report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2007          By:/s/ Ronald M. Diner                                 Ronald M. Diner
                                 President
                                 Raymond James Tax Credit Funds, Inc.
                                 (Managing General Partner)

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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 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 report;

3. Based on my knowledge, the financial statements, and other financial information included 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 report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2007          By:/s/ Jonathan Oorlog
                                 Jonathan Oorlog
                                 Vice President and Chief Financial Officer
                                 Raymond James Tax Credit Funds, Inc.
                                 (Managing General Partner)

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EXHIBIT 32

CERTIFICATION PURSUANT TO 
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO 
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Gateway Tax Credit Fund II, Ltd.; (the "Partnership") on Form 10-Q for the period ended December 31, 2006 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

> /s/ Ronald M. Diner

/s/ Jonathan OorlogJonathan Oorlog
  Vice President and Chief Financial Officer
  Raymond James Tax Credit Funds, Inc.
  (Managing General Partner)
  February 14, 2007