----

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

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

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

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

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

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

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

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

----

----

|                                                                                    | SERIES 2                                                                                  |   | SERIES 3                                                                                                      |   | SERIES 4                                                     |
|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                                                                    | September 30,                                                                             |   | March 31,                                                                                                     |   | September 30,                                                |   | March 31, |   | September 30, |   | March 31, |
|                                                                                    | 2010                                                                                      |   | 2010                                                                                                          |   | 2010                                                         |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                  |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
| Current Assets:                                                                         |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|   Cash and Cash Equivalents                                                   |  $        512,151                       |   |  $   451,096                                                                         |   |  $   101,315                        |   |  $   112,146  |   |  $   150,265  |   |  $     175,323  |
|   Receivable - Other                                                          |              5,000  |   |                  -  |   |       719,207             |   |                  -  |   |       309,811  |   |                   -  |
|                                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|         Total Assets                            |  $      517,151                                   |   |  $   451,096                                                                         |   |  $   820,522                        |   |  $   112,146  |   |  $   460,076  |   |  $     175,323  |
|                                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' DEFICIT                                                       |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
| Current Liabilities:                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|   Payable to General Partners                                                 |  $          6,346             |   |  $       7,689                                                   |   |  $     22,234             |   |  $     17,558  |   |  $       5,981  |   |  $         7,778  |
|   Distribution Payable                                                        |          434,452                        |   |       347,753                                                              |   |         23,124  |   |           3,249  |   |           3,492  |   |           3,492  |
|   Deferred Gain on Sale of Project Partnerships                               |              3,475  |   |                  -  |   |       711,852             |   |                   -  |   |       306,336  |   |                   -  |
|                                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|     Total Current Liabilities                                       |          444,273                        |   |       355,442                                                              |   |       757,210             |   |         20,807  |   |       315,809  |   |         11,270  |
|                                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                  |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|   Payable to General Partners                                                 |          870,135                        |   |       855,054                                                              |   |       732,853             |   |       714,133  |   |       897,615  |   |       886,846  |
|                                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                             |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|   Limited Partner Assignees - 40,000 BAC's                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|      authorized of which 6,136, 5,456, and 6,915               |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|      for Series 2, 3, and 4, respectively, have been           |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|      issued at September 30, 2010 and March 31, 2010           | (940,738)                                                                                 |   | (902,393)                                                                                                     |   | (669,730)                                                    |   | (622,304) |   | (757,800) |   | (727,551) |
|   General Partners                                                            | 143,481                                                                              |   | 142,993                                                                                                  |   | 189                                                     |   |            (490) |   | 4,452  |   |           4,758  |
|                                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|     Total Partners' Deficit                                         | (797,257)                                                                                 |   | (759,400)                                                                                                     |   | (669,541)                                                    |   | (622,794) |   | (753,348) |   | (722,793) |
|                                                                                    |                                                                                      |   |                                                                                                          |   |                                                         |   |   |   |   |   |   |
|         Total Liabilities and Partners' Deficit |  $      517,151                                   |   |  $   451,096                                                                         |   |  $   820,522                        |   |  $   112,146  |   |  $   460,076  |   |  $     175,323  |

----

|                                                                                    | SERIES 5                                                                             |   | SERIES 6                                                      |   | TOTAL SERIES 2 - 6                                                                                                  |
|-----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                                                                                    | September 30,                                                                        |   | March 31,                                                     |   | September 30,                                                                                                       |   | March 31, |   | September 30, |   | March 31, |
|                                                                                    | 2010                                                                                 |   | 2010                                                          |   | 2010                                                                                                                |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                  |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Current Assets:                                                                         |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   Cash and Cash Equivalents                                                   |  $       709,574                        |   |  $     479,047             |   |  $   332,968                                                                               |   |  $   229,672  |   |  $  1,806,273  |   |  $  1,447,284  |
|   Receivable - Other                                                          |           107,000             |   |         152,032  |   |                   -  |   |                  -  |   |      1,141,018  |   |         152,032  |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|     Total Current Assets                                            |           816,574             |   |         631,079  |   |       332,968                                                                    |   |       229,672  |   |      2,947,291  |   |      1,599,316  |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|         Total Assets                            |  $       816,574                        |   |  $     631,079             |   |  $   332,968                                                                               |   |  $   229,672  |   |  $  2,947,291  |   |  $  1,599,316  |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' DEFICIT                                                       |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Current Liabilities:                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   Payable to General Partners                                                 |  $           9,769  |   |  $       53,803  |   |  $     14,301                                                                    |   |  $     31,445  |   |  $       58,631  |   |  $     118,273  |
|   Distribution Payable                                                        |           684,189             |   |         403,226  |   |       173,705                                                                    |   | 1,455  |   | 1,318,962  |   | 759,175  |
|   Deferred Gain on Sale of Project Partnerships                               |           106,140             |   |         151,377  |   |                   -  |   |                  -  |   |      1,127,803  |   |         151,377  |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|     Total Current Liabilities                                       | 800,098                                                                         |   | 608,406                                                  |   | 188,006                                                                                                        |   | 32,900  |   | 2,505,396  |   | 1,028,825  |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                  |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   Payable to General Partners                                                 | 933,696                                                                         |   | 906,074                                                  |   | 1,313,576                                                                                                      |   | 1,273,112  |   | 4,747,875  |   | 4,635,219  |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                             |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   Limited Partner Assignees - 40,000 BAC's                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|      authorized of which 8,616 and 10,105 for                  |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|      Series 5 and 6, respectively, have been                   |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|      issued at September 30, 2010 and March 31, 2010           | (923,676)                                                                            |   | (887,385)                                                     |   | (1,170,327)                                                                                                         |   | (1,076,356) |   | (4,462,271) |   | (4,215,989) |
|   General Partners                                                            | 6,456                                                                           |   | 3,984                                                    |   | 1,713                                                                                                          |   |                16  |   | 156,291  |   | 151,261  |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|     Total Partners' Deficit                                         | (917,220)                                                                            |   | (883,401)                                                     |   | (1,168,614)                                                                                                         |   | (1,076,340) |   | (4,305,980) |   | (4,064,728) |
|                                                                                    |                                                                                 |   |                                                          |   |                                                                                                                |   |   |   |   |   |   |
|         Total Liabilities and Partners' Deficit |  $       816,574                        |   |  $     631,079             |   |  $   332,968                                                                               |   |  $   229,672  |   |  $  2,947,291  |   |  $  1,599,316  |

----

|                                               | SERIES 2                                                                |   | SERIES 3                                                    |   | SERIES 4                                                                                                            |
|----------------------------------------------------|-------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                    |   | 2009                                                        |   | 2010                                                                                                                |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|   Distribution Income                    |  $       4,250             |   |  $     4,909             |   |  $               -             |   |  $     5,980  |   |  $     4,486  |   |  $       4,920  |
|     Total Revenues             |           4,250  |   |         4,909  |   |                   -  |   |         5,980  |   |         4,486  |   |         4,920  |
|                                               |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
| Expenses:                                          |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 7,541                                                              |   | 11,496                                                 |   | 9,361                                                                                                          |   | 9,433  |   | 5,385  |   | 6,007  |
|   General and Administrative:            |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|     General Partner            | 7,879                                                              |   | 10,660                                                 |   | 11,256                                                                                                         |   | 9,549  |   | 7,307  |   | 6,366  |
|     Other                      | 8,594                                                              |   | 5,496                                                  |   | 1,952                                                                                                          |   | 9,149  |   | 6,941  |   | 10,207  |
|                                               |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|     Total Expenses             | 24,014                                                             |   | 27,652                                                 |   | 22,569                                                                                                         |   | 28,131  |   | 19,633  |   | 22,580  |
|                                               |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
| Loss Before Gain on Sale of Project Partnerships   |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|   and Other Income                       | (19,764)                                                                |   | (22,743)                                                    |   | (22,569)                                                                                                            |   | (22,151) |   | (15,147) |   | (17,660) |
| Gain on Sale of Project Partnerships               |         86,699             |   |       16,567             |   |         19,875                                                         |   |                 -  |   |                 -  |   |                 -  |
| Interest Income                                    | 17                                                                 |   | 3                                                      |   | 4                                                                                                              |   | 4  |   | 6  |   | 5  |
|                                               |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
| Net Income (Loss)                                  |  $     66,952                        |   |  $    (6,173)                      |   |  $      (2,690)                                                                  |   |  $  (22,147) |   |  $  (15,141) |   |  $    (17,655) |
|                                               |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|   Assignees                              |  $     66,283                        |   |  $    (6,112)                      |   |  $      (3,612)                                                                  |   |  $  (21,926) |   |  $  (14,989) |   |  $    (17,478) |
|   General Partners                       | 669                                                                |   | (61)                                                        |   | 922                                                                                                            |   | (221) |   | (152) |   | (177) |
|                                               |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|                                               |  $     66,952                        |   |  $    (6,173)                      |   |  $      (2,690)                                                                  |   |  $  (22,147) |   |  $  (15,141) |   |  $    (17,655) |
| Net Income (Loss) Per Beneficial                   |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|   Assignee Certificate                   |  $       10.80             |   |  $      (1.00)           |   |  $        (0.66)                                                       |   |  $      (4.02) |   |  $      (2.17) |   |  $        (2.53) |
| Number of Beneficial Assignee                      |                                                                    |   |                                                        |   |                                                                                                                |   |   |   |   |   |   |
|   Certificates Outstanding               | 6,136                                                              |   | 6,136                                                  |   | 5,456                                                                                                          |   | 5,456  |   | 6,915  |   | 6,915  |

----

|                                               | SERIES 5                                                                                                            |   | SERIES 6                                                                                                |   | TOTAL SERIES 2 - 6                                           |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                               | 2010                                                                                                                |   | 2009                                                                                                    |   | 2010                                                         |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|   Distribution Income                    |  $       4,106                                                         |   |  $     6,545                                                         |   |  $       4,594  |   |  $     9,639  |   |  $   17,436  |   |  $     31,993  |
|     Total Revenues             | 4,106                                                                                                          |   | 6,545                                                                                              |   | 4,594                                                   |   | 9,639  |   | 17,436  |   | 31,993  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 13,547                                                                                                         |   | 19,204                                                                                             |   | 20,232                                                  |   | 20,350  |   | 56,066  |   | 66,490  |
|   General and Administrative:            |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|     General Partner            |                   -  |   | 17,825                                                                                             |   | 24,957                                                  |   | 18,461  |   | 51,399  |   | 62,861  |
|     Other                      | 12,101                                                                                                         |   | 12,387                                                                                             |   | 13,447                                                  |   | 13,115  |   | 43,035  |   | 50,354  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|     Total Expenses             | 25,648                                                                                                         |   | 49,416                                                                                             |   | 58,636                                                  |   | 51,926  |   | 150,500  |   | 179,705  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
| Loss Before Equity in Loss of Project Partnerships |                                                                                                                |
|   and Other Income                       | (21,542)                                                                                                            |   | (42,871)                                                                                                |   | (54,042)                                                     |   | (42,287) |   | (133,064) |   | (147,712) |
| Gain on Sale of Project Partnerships               |         64,356                                                         |   |                 -  |   |       172,250             |   |                 -  |   |     343,180  |   |       16,567  |
| Interest Income                                    | 24                                                                                                             |   | 2                                                                                                  |   | 9                                                       |   | 7  |   | 60  |   | 21  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
| Net Income (Loss)                                  |  $     42,838                                                                    |   |  $  (42,869)                                                                             |   |  $   118,217                        |   |  $  (42,280) |   |  $ 210,176  |   |  $  (131,124) |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|   Assignees                              |  $     42,409                                                                    |   |  $  (42,440)                                                                             |   |  $   116,138                        |   |  $  (41,857) |   |  $ 206,229  |   |  $  (129,813) |
|   General Partners                       | 429                                                                                                            |   | (429)                                                                                                   |   | 2,079                                                   |   | (423) |   | 3,947  |   | (1,311) |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|                                               |  $     42,838                                                                    |   |  $  (42,869)                                                                             |   |  $   118,217                        |   |  $  (42,280) |   |  $ 210,176  |   |  $  (131,124) |
| Net Income (Loss) Per Beneficial                   |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|   Assignee Certificate                   |  $         4.92                                              |   |  $      (4.93)                                                       |   |  $       11.49  |   |  $      (4.14) |   |   |   |   |
| Number of Beneficial Assignee                      |                                                                                                                |   |                                                                                                    |   |                                                         |   |   |   |   |   |   |
|   Certificates Outstanding               | 8,616                                                                                                          |   | 8,616                                                                                              |   | 10,105                                                  |   | 10,105  |   |   |   |   |

----

|                                               | SERIES 2                                                                |   | SERIES 3                                          |   | SERIES 4                                                                                                            |
|----------------------------------------------------|-------------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                    |   | 2009                                              |   | 2010                                                                                                                |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|   Distribution Income                    |  $       5,482             |   |  $     7,646   |   |  $               -             |   |  $   13,493  |   |  $     4,486  |   |  $       6,657  |
|     Total Revenues             | 5,482                                                              |   | 7,646                                        |   |                   -  |   | 13,493  |   |         4,486  |   | 6,657  |
|                                               |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
| Expenses:                                          |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 15,081                                                             |   | 22,992                                       |   | 18,721                                                                                                         |   | 18,866  |   | 10,769  |   | 12,015  |
|   General and Administrative:            |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|     General Partner            | 17,692                                                             |   | 23,357                                       |   | 23,522                                                                                                         |   | 20,752  |   | 14,667  |   | 13,835  |
|     Other                      | 10,594                                                             |   | 7,898                                        |   | 4,511                                                                                                          |   | 11,806  |   | 9,615  |   | 13,495  |
|                                               |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|     Total Expenses             | 43,367                                                             |   | 54,247                                       |   | 46,754                                                                                                         |   | 51,424  |   | 35,051  |   | 39,345  |
|                                               |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
| Loss Before Gain on Sale of Project Partnerships   |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|   and Other Income                       | (37,885)                                                                |   | (46,601)                                          |   | (46,754)                                                                                                            |   | (37,931) |   | (30,565) |   | (32,688) |
| Gain on Sale of Project Partnerships               |         86,699             |   |       16,567   |   |         19,875                                                         |   |                 -  |   |                 -  |   |                   -  |
| Interest Income                                    | 28                                                                 |   | 8                                            |   | 7                                                                                                              |   | 8  |   | 10  |   | 14  |
|                                               |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
| Net Income (Loss)                                  |  $     48,842                        |   |  $  (30,026)                       |   |  $    (26,872)                                                                             |   |  $  (37,923) |   |  $  (30,555) |   |  $    (32,674) |
|                                               |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|   Assignees                              |  $     48,354                        |   |  $  (29,726)                       |   |  $    (27,551)                                                                             |   |  $  (37,544) |   |  $  (30,249) |   |  $    (32,347) |
|   General Partners                       | 488                                                                |   | (300)                                             |   | 679                                                                                                            |   | (379) |   | (306) |   | (327) |
|                                               |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|                                               |  $     48,842                        |   |  $  (30,026)                       |   |  $    (26,872)                                                                             |   |  $  (37,923) |   |  $  (30,555) |   |  $    (32,674) |
| Net Income (Loss) Per Beneficial                   |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|   Assignee Certificate                   |  $         7.88  |   |  $      (4.84) |   |  $        (5.05)                                                       |   |  $      (6.88) |   |  $      (4.37) |   |  $        (4.68) |
| Number of Beneficial Assignee                      |                                                                    |   |                                              |   |                                                                                                                |   |   |   |   |   |   |
|   Certificates Outstanding               | 6,136                                                              |   | 6,136                                        |   | 5,456                                                                                                          |   | 5,456  |   | 6,915  |   | 6,915  |

----

|                                               | SERIES 5                                                                                                            |   | SERIES 6                                                                                                |   | TOTAL SERIES 2 - 6                                                      |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|
|                                               | 2010                                                                                                                |   | 2009                                                                                                    |   | 2010                                                                    |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|   Distribution Income                    |  $       7,898                                                         |   |  $   14,629                                                                    |   |  $     12,909                        |   |  $   16,726  |   |  $   30,775  |   |  $     59,151  |
|     Total Revenues             | 7,898                                                                                                          |   | 14,629                                                                                             |   | 12,909                                                             |   | 16,726  |   | 30,775  |   | 59,151  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 27,622                                                                                                         |   | 38,408                                                                                             |   | 40,464                                                             |   | 40,700  |   | 112,657  |   | 132,981  |
|   General and Administrative:            |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|     General Partner            |                   -  |   | 38,738                                                                                             |   | 48,672                                                             |   | 40,121  |   | 104,553  |   | 136,803  |
|     Other                      | 14,135                                                                                                         |   | 16,785                                                                                             |   | 16,062                                                             |   | 17,336  |   | 54,917  |   | 67,320  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|     Total Expenses             | 41,757                                                                                                         |   | 93,931                                                                                             |   | 105,198                                                            |   | 98,157  |   | 272,127  |   | 337,104  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
| Loss Before Gain on Sale of Project Partnerships   |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|   and Other Income                       | (33,859)                                                                                                            |   | (79,302)                                                                                                |   | (92,289)                                                                |   | (81,431) |   | (241,352) |   | (277,953) |
| Gain on Sale of Project Partnerships               |      280,963                                                                          |   |                 -  |   |       172,250                        |   |                 -  |   |     559,787  |   |         16,567  |
| Interest Income                                    | 40                                                                                                             |   | 5                                                                                                  |   | 15                                                                 |   | 17  |   | 100  |   | 52  |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
| Net Income (Loss)                                  |  $   247,144                                                                               |   |  $  (79,297)                                                                             |   |  $     79,976                        |   |  $  (81,414) |   |  $ 318,535  |   |  $  (261,334) |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|   Assignees                              |  $   244,672                                                                               |   |  $  (78,504)                                                                             |   |  $     78,279                        |   |  $  (80,600) |   |  $ 313,505  |   |  $  (258,721) |
|   General Partners                       | 2,472                                                                                                          |   | (793)                                                                                                   |   | 1,697                                                              |   | (814) |   | 5,030  |   | (2,613) |
|                                               |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|                                               |  $   247,144                                                                               |   |  $  (79,297)                                                                             |   |  $     79,976                        |   |  $  (81,414) |   |  $ 318,535  |   |  $  (261,334) |
| Net Income (Loss) Per Beneficial                   |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|   Assignee Certificate                   |  $       28.40                                                         |   |  $      (9.11)                                                       |   |  $         7.75  |   |  $      (7.98) |   |   |   |   |
| Number of Beneficial Assignee                      |                                                                                                                |   |                                                                                                    |   |                                                                    |   |   |   |   |   |   |
|   Certificates Outstanding               | 8,616                                                                                                          |   | 8,616                                                                                              |   | 10,105                                                             |   | 10,105  |   |   |   |   |

----

|                          | SERIES 2                                 |   | SERIES 3                                                                                                            |
|-------------------------------|------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                          |                                     |   | General                                                                                                             |   |   |   |   |   | General |   |   |
|                          | Assignees                                |   | Partners                                                                                                            |   | Total |   | Assignees |   | Partners |   | Total |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009     |  $    (817,096) |   |  $   140,505                                                                               |   |  $  (676,591) |   |  $   (539,371) |   |  $          348  |   |  $   (539,023) |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Loss                      | (29,726)                                 |   | (300)                                                                                                               |   | (30,026) |   | (37,544) |   | (379) |   | (37,923) |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 | (16,567)                                 |   |                   -  |   | (16,567) |   |                     -  |   |                   -  |   |                     -  |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009 |  $    (863,389) |   |  $   140,205                                                                               |   |  $  (723,184) |   |  $   (576,915) |   |  $           (31) |   |  $   (576,946) |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010     |  $    (902,393) |   |  $   142,993                                                                               |   |  $  (759,400) |   |  $   (622,304) |   |  $         (490) |   |  $   (622,794) |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | 48,354                              |   | 488                                                                                                            |   | 48,842  |   | (27,551) |   | 679  |   | (26,872) |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 | (86,699)                                 |   |                   -  |   | (86,699) |   | (19,875) |   |                   -  |   |         (19,875) |
|                          |                                     |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2010 |  $    (940,738) |   |  $   143,481                                                                               |   |  $  (797,257) |   |  $   (669,730) |   |  $          189  |   |  $   (669,541) |

----

|                          | SERIES 4                                                                                                                        |   | SERIES 5                                                                                                            |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                            |   | General                                                                                                             |   |   |   |   |   | General |   |   |
|                          | Assignees                                                                                                                       |   | Partners                                                                                                            |   | Total |   | Assignees |   | Partners |   | Total |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009     |  $    (663,078)                                                                                        |   |  $       5,389                                                         |   |  $  (657,689) |   |  $   (742,574) |   |  $          320  |   |  $   (742,254) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Loss                      | (32,347)                                                                                                                        |   | (327)                                                                                                               |   | (32,674) |   | (78,504) |   | (793) |   | (79,297) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009 |  $    (695,425)                                                                                        |   |  $       5,062                                                         |   |  $  (690,363) |   |  $   (821,078) |   |  $         (473) |   |  $   (821,551) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010     |  $    (727,551)                                                                                        |   |  $       4,758                                                         |   |  $  (722,793) |   |  $   (887,385) |   |  $       3,984  |   |  $   (883,401) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | (30,249)                                                                                                                        |   | (306)                                                                                                               |   | (30,555) |   | 244,672  |   | 2,472  |   | 247,144  |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 |                     -  |   |                   -  |   |                    -  |   |       (280,963) |   |                   -  |   |       (280,963) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2010 |  $    (757,800)                                                                                        |   |  $       4,452                                                         |   |  $  (753,348) |   |  $   (923,676) |   |  $       6,456  |   |  $   (917,220) |

----

|                          | SERIES 6                                                                                                                        |   | TOTAL SERIES 2 - 6                                                                                                  |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                            |   | General                                                                                                             |   |   |   |   |   | General |   |   |
|                          | Assignees                                                                                                                       |   | Partners                                                                                                            |   | Total |   | Assignees |   | Partners |   | Total |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009     |  $    (912,084)                                                                                        |   |  $       1,223                                                         |   |  $    (910,861) |   |  $ (3,674,203) |   |  $  147,785  |   |  $ (3,526,418) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Loss                      | (80,600)                                                                                                                        |   | (814)                                                                                                               |   | (81,414) |   | (258,721) |   | (2,613) |   | (261,334) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 |                     -  |   |                   -  |   |                     -  |   |        (16,567) |   |                  -  |   |          (16,567) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009 |  $    (992,684)                                                                                        |   |  $          409                                         |   |  $    (992,275) |   |  $ (3,949,491) |   |  $  145,172  |   |  $ (3,804,319) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010     |  $ (1,076,356)                                                                                                             |   |  $            16                              |   |  $ (1,076,340) |   |  $ (4,215,989) |   |  $  151,261  |   |  $ (4,064,728) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Income                    | 78,279                                                                                                                     |   | 1,697                                                                                                          |   | 79,976  |   | 313,505  |   | 5,030  |   | 318,535  |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 |        (172,250)                                                                             |   |                   -  |   |        (172,250) |   | (559,787) |   |                  -  |   |        (559,787) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2010 |  $ (1,170,327)                                                                                                             |   |  $       1,713                                                         |   |  $ (1,168,614) |   |  $ (4,462,271) |   |  $  156,291  |   |  $ (4,305,980) |

----

|                                                                                                                      | SERIES 2                                                                                                             |   | SERIES 3                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                 |   | 2009                                                                                                                            |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
|     Net Income (Loss)                                                                                 |  $       48,842                                                         |   |  $     (30,026)                                                                                   |   |  $     (26,872) |   |  $     (37,923) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
|           Gain on Sale of Project Partnerships                          |         (86,699)                                                             |   |         (16,567)                                                                        |   |         (19,875) |   |                     -  |
|           Distribution Income                                           | (5,482)                                                                                                              |   | (7,646)                                                                                                                         |   |                     -  |   | (13,493) |
|       Changes in Operating Assets and Liabilities:                                          |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
|           Increase in Payable to General Partners                       | 12,213                                                                                                          |   | 18,773                                                                                                                     |   | 16,041  |   | 14,372  |
|               Net Cash Used in Operating Activities | (31,126)                                                                                                             |   | (35,466)                                                                                                                        |   | (30,706) |   | (37,044) |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 5,482                                                                                                           |   | 7,647                                                                                                                      |   |                     -  |   | 13,493  |
|     Net Proceeds from Sale of Project Partnerships                                                    |           86,699                                              |   |           16,567                                                         |   |           19,875  |   |                     -  |
|             Net Cash Provided by Investing Activities         | 92,181                                                                                                          |   | 24,214                                                                                                                     |   |           19,875  |   | 13,493  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                          | 61,055                                                                                                          |   | (11,252)                                                                                                                        |   | (10,831) |   | (23,551) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 451,096                                                                                                         |   | 161,708                                                                                                                    |   | 112,146  |   | 148,892  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                |  $     512,151                                                                    |   |  $     150,456                                                                               |   |  $     101,315  |   |  $     125,341  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                 |   |                                                                                                                            |   |   |   |   |
|     Increase in Distribution Payable                                                                  |  $       86,699                                                         |   |  $       16,567                                                                    |   |  $       19,875  |   |  $                 -  |
|     Distribution to Assignees                                                                         |         (86,699)                                                             |   |         (16,567)                                                                        |   |         (19,875) |   |                     -  |
|     Increase in Receivable - Other                                                                    |             5,000                                   |   |                     -  |   |         719,207  |   |                     -  |
|     Increase in Deferred Gain on Sale of Project Partnerships                                         |           (3,475)                                                  |   |                     -  |   |       (711,852) |   |                     -  |
|     Decrease in Payable to General Partners                                                           |           (1,525)                                                  |   |                     -  |   |           (7,355) |   |                     -  |
|                                                                                                                      |  $                 -  |   |  $                 -             |   |  $                 -  |   |  $                 -  |

----

|                                                                                                                      | SERIES 4                                                                                                                        |   | SERIES 5                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                            |   | 2009                                                                                                                            |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Net Income (Loss)                                                                                 |  $     (30,555)                                                                                   |   |  $     (32,674)                                                                                   |   |  $     247,144  |   |  $     (79,297) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Gain on Sale of Project Partnerships                          |                     -  |   |                     -  |   |       (280,963) |   |                     -  |
|           Distribution Income                                           |           (4,486)                                                             |   | (6,657)                                                                                                                         |   | (7,898) |   | (14,629) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Increase (Decrease) in Payable to General Partners            | 5,497                                                                                                                      |   | 7,326                                                                                                                      |   | (16,617) |   | 31,207  |
|               Net Cash Used in Operating Activities | (29,544)                                                                                                                        |   | (32,005)                                                                                                                        |   | (58,334) |   | (62,719) |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  |             4,486                                              |   | 6,657                                                                                                                      |   | 7,898  |   | 14,629  |
|     Net Proceeds from Sale of Project Partnerships                                                    |                     -  |   |                     -  |   |         280,963  |   |                     -  |
|             Net Cash Provided by Investing Activities         |             4,486                                              |   | 6,657                                                                                                                      |   | 288,861  |   | 14,629  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Financing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Paid to Assignees                                                                   |                     -  |   |       (191,200)                                                                                   |   |                     -  |   |                     -  |
|             Net Cash Used in Financing Activities             |                     -  |   |       (191,200)                                                                                   |   |                     -  |   |                     -  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                          | (25,058)                                                                                                                        |   | (216,548)                                                                                                                       |   | 230,527  |   | (48,090) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 175,323                                                                                                                    |   | 408,013                                                                                                                    |   | 479,047  |   | 107,240  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                |  $     150,265                                                                               |   |  $     191,465                                                                               |   |  $     709,574  |   |  $       59,150  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Increase in Distribution Payable                                                                  |  $                 -             |   |  $                 -             |   |  $     280,963  |   |  $                 -  |
|     Distribution to Assignees                                                                         |                     -  |   |                     -  |   |       (280,963) |   |                     -  |
|     Increase in Receivable - Other                                                                    |         309,811                                                                    |   |                     -  |   |          107,000 |   |                     -  |
|     Increase in Deferred Gain on Sale of Project Partnerships                                         |       (306,336)                                                                                   |   |                     -  |   |       (106,140) |   |                     -  |
|     Decrease in Payable to General Partners                                                           |           (3,475)                                                             |   |                     -  |   |              (860) |   |                     -  |
|                                                                                                                      |  $                 -             |   |  $                 -             |   |  $                 -  |   |  $                 -  |

----

|                                                                                                                      | SERIES 6                                                                                                                        |   | TOTAL SERIES 2 - 6                                                                                                              |
|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                            |   | 2009                                                                                                                            |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Net Income (Loss)                                                                                 |  $       79,976                                                                    |   |  $     (81,414)                                                                                   |   |  $     318,535  |   |  $   (261,334) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Gain on Sale of Project Partnerships                          |       (172,250)                                                                                   |   |                     -  |   |       (559,787) |   |         (16,567) |
|           Distribution Income                                           | (12,909)                                                                                                                        |   | (16,726)                                                                                                                        |   | (30,775) |   | (59,151) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Increase in Payable to General Partners                       | 23,320                                                                                                                     |   | 32,857                                                                                                                     |   | 40,454  |   | 104,535  |
|               Net Cash Used in Operating Activities | (81,863)                                                                                                                        |   | (65,283)                                                                                                                        |   | (231,573) |   | (232,517) |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 12,909                                                                                                                     |   | 16,726                                                                                                                     |   | 30,775  |   | 59,152  |
|     Net Proceeds from Sale of Project Partnerships                                                    |         172,250                                                                    |   |                     -  |   |         559,787  |   |           16,567  |
|             Net Cash Provided by Investing Activities         | 185,159                                                                                                                    |   | 16,726                                                                                                                     |   | 590,562  |   | 75,719  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Financing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Paid to Assignees                                                                   |                     -  |   |       (131,062)                                                                                   |   |                     -  |   |       (322,262) |
|             Net Cash Used in Financing Activities             |                     -  |   |       (131,062)                                                                                   |   |                     -  |   |       (322,262) |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                          | 103,296                                                                                                                    |   | (179,619)                                                                                                                       |   | 358,989  |   | (479,060) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 229,672                                                                                                                    |   | 427,375                                                                                                                    |   | 1,447,284  |   | 1,253,228  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                |  $     332,968                                                                               |   |  $     247,756                                                                               |   |  $  1,806,273  |   |  $     774,168  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Increase (Decrease) in Distribution Payable                                                       |  $     172,250                                                                               |   |  $          (545)                                                        |   |  $     559,786  |   |  $       16,022  |
|     Distribution to Assignees                                                                         |       (172,250)                                                                                   |   |                     -  |   |       (559,786) |   |         (16,567) |
|     Increase in Receivable - Other                                                                    |                     -  |   |                     -  |   |      1,141,018  |   |                     -  |
|     Increase in Deferred Gain on Sale of Project Partnerships                                         |                     -  |   |                     -  |   |    (1,127,803) |   |                     -  |
|     Increase (Decrease) in Payable to General Partners                                                |                     -  |   |                545                              |   |         (13,215) |   |                545  |
|                                                                                                                      |  $                 -             |   |  $                 -             |   |  $                 -  |   |  $                 -  |

----

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

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

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

----

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

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

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

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

----

----

|     | 2010                                        |   | 2009                                  |
|----------|---------------------------------------------|--------|---------------------------------------|
| Series 2 | $      15,081 |   | $     22,992 |
| Series 3 | 18,721                                      |   | 18,866                                |
| Series 4 | 10,769                                      |   | 12,015                                |
| Series 5 | 27,622                                      |   | 38,408                                |
| Series 6 | 40,464                                      |   | 40,700                                |
| Total    | $    112,657            |   | $    132,981      |

|     | 2010                                        |   | 2009                             |
|----------|---------------------------------------------|--------|----------------------------------|
| Series 2 | $      17,692 |   | $     23,357 |
| Series 3 | 23,522                                      |   | 20,752                           |
| Series 4 | 14,667                                      |   | 13,835                           |
| Series 5 | -                                           |   | 38,738                           |
| Series 6 | 48,672                                      |   | 40,121                           |
| Total    | $    104,553            |   | $    136,803 |

----

| NOTE 4 - INVESTMENTS IN PROJECT PARTNERSHIPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|      As of September 30, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 2 - 6, Series 3 - 8, and Series 4 - 6) which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Project Partnership agreement.  Upon dissolution, proceeds will be distributed according to each Project Partnership agreement. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| The following is a summary of Investments in Project Partnerships as of:                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | SERIES 2 |   | SERIES 3 |   | SERIES 4 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | September 30, |   | March 31, |   | September 30, |   | March 31, |   | September 30, |   | March 31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |
| Capital Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| and purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| interests in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  $    1,208,341  |   |  $  2,073,022  |   |  $  1,091,137  |   |  $  2,494,974  |   |  $       809,456  |   |  $    1,402,420  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (1,259,547) |   | (2,162,502) |   | (1,159,345) |   | (2,675,808) |   | (849,257) |   | (1,479,274) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (27,585) |   | (34,090) |   | (38,024) |   | (93,673) |   | (29,665) |   | (42,900) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (78,791) |   | (123,570) |   | (106,232) |   | (274,507) |   | (69,466) |   | (119,754) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 107,085  |   | 161,803  |   | 128,364  |   | 318,739  |   | 89,059  |   | 147,412  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (28,294) |   | (38,233) |   | (22,132) |   | (44,232) |   | (19,593) |   | (27,658) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Investments in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  $                  -  |   |  $                 -  |   |  $                 -  |   |  $                 -  |   |  $                   -  |   |  $                   -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| (1) In accordance with Gateway's accounting policy to not carry investments in Project Partnerships below zero, cumulative suspended losses of $1,541,406 in Series 2, $2,116,286 in Series 3, and $1,449,014 in Series 4 for the period ended September 30, 2010; and cumulative suspended losses of $3,381,882 in Series 2, $6,220,928 in Series 3, and $2,694,245 in Series 4 for the year ended March 31, 2010 are not included.                                                                                      |

----

| NOTE 4 - INVESTMENTS IN PROJECT PARTNERSHIPS (Continued):                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|      As of September, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 5 - 16 and Series 6 – 27) which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Project Partnership agreement.  Upon dissolution, proceeds will be distributed according to each Project Partnership agreement. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| The following is a summary of Investments in Project Partnerships as of:                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | SERIES 5 |   | SERIES 6 |   | TOTAL SERIES 2 - 6 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | September 30, |   | March 31, |   | September 30, |   | March 31, |   | September 30, |   | March 31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |
| Capital Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| and purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| interests in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  $ 2,671,755  |   |  $   3,729,876  |   |  $  4,966,039  |   |  $  5,424,795  |   |  $  10,746,728  |   |  $  15,125,087  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2,746,075) |   | (3,886,172) |   | (5,121,017) |   | (5,590,369) |   | (11,135,241) |   | (15,794,125) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (115,727) |   | (121,537) |   | (164,386) |   | (191,505) |   | (375,387) |   | (483,705) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (190,047) |   | (277,833) |   | (319,364) |   | (357,079) |   | (763,900) |   | (1,152,743) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 280,906  |   | 385,181  |   | 503,947  |   | 557,032  |   | 1,109,361  |   | 1,570,167  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (90,859) |   | (107,348) |   | (161,744) |   | (177,114) |   | (322,622) |   | (394,585) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|   Reserve for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                    -  |   |                      -  |   |         (22,839) |   |         (22,839) |   |           (22,839) |   |           (22,839) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Investments in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  $                -  |   |  $                  -  |   |  $                 -  |   |  $                 -  |   |  $                   -  |   |  $                   -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| (1) In accordance with Gateway's accounting policy to not carry investments in Project Partnerships below zero, cumulative suspended losses of $4,344,369 in Series 5 and $5,580,799 in Series 6 for the period ended September 30, 2010; and cumulative suspended losses of $6,427,740 in Series 5 and $5,680,549 in Series 6 for the year ended March 31, 2010 are not included.                                                                                                                              |

----

| NOTE 4 - INVESTMENTS IN PROJECT PARTNERSHIPS (Continued):                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                          |
|      In accordance with Gateway's policy of presenting the financial information of the Project Partnerships on a three month lag, below are the summarized balance sheets for the Project Partnerships of Series 2 and Series 3 as of June 30 and the respective summarized statements of operations for the six months ended June 30 of each year: |
|                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                          | SERIES 2 |   | SERIES 3 |
|                                                                                                                                                                                                                                                                                                                                                                          | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                        |  $           751,226  |   |  $      1,627,666  |   |  $           912,059  |   |  $        1,657,435  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                            | 3,595,897  |   | 7,716,974  |   | 2,301,901  |   | 4,672,301  |
|     Other assets                                                                                                                                                                                                                                                                                                                                          | 18,210  |   | 26,247  |   | 20,541  |   | 76,964  |
|         Total assets                                                                                                                                                                                                                                                                                                                  |  $        4,365,333  |   |  $      9,370,887  |   |  $        3,234,501  |   |  $        6,406,700  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                   |  $           228,646  |   |  $         517,447  |   |  $           167,563  |   |  $           272,289  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                        | 5,987,190  |   | 14,340,962  |   | 5,550,575  |   | 12,620,384  |
|         Total liabilities                                                                                                                                                                                                                                                                                                             | 6,215,836  |   | 14,858,409  |   | 5,718,138  |   | 12,892,673  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                       | (1,624,819) |   | (5,323,146) |   | (2,356,282) |   | (6,684,950) |
|     General Partners                                                                                                                                                                                                                                                                                                                                      | (225,684) |   | (164,376) |   | (127,355) |   | 198,977  |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                       | (1,850,503) |   | (5,487,522) |   | (2,483,637) |   | (6,485,973) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                       |  $        4,365,333  |   |  $      9,370,887  |   |  $        3,234,501  |   |  $        6,406,700  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                           |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                       |  $           469,866  |   |  $      1,094,526  |   |  $           522,997  |   |  $        1,077,462  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                    | 361,549  |   | 834,567  |   | 394,605  |   | 781,379  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                      | 63,065  |   | 154,295  |   | 46,239  |   | 125,331  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                         | 111,798  |   | 283,921  |   | 149,644  |   | 324,329  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                | 536,412  |   | 1,272,783  |   | 590,488  |   | 1,231,039  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                              |  $           (66,546) |   |  $        (178,257) |   |  $           (67,491) |   |  $         (153,577) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Other partners' share of net loss                                                                                                                                                                                                                                                                                                                                             |  $                (665) |   |  $            (1,783) |   |  $                (675) |   |  $             (1,536) |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                   |  $           (65,881) |   |  $        (176,474) |   |  $           (66,816) |   |  $         (152,041) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                              | 65,881  |   | 176,474  |   | 66,816  |   | 152,041  |
|                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Equity in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                        |  $                      -  |   |  $                     -  |   |  $                      -  |   |  $                      -  |

----

| NOTE 4 - INVESTMENTS IN PROJECT PARTNERSHIPS (Continued):                                                                                                                                                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                            |
|      In accordance with Gateway's policy of presenting the financial information of the Project Partnerships on a three month lag, below are the summarized balance sheets for the Project Partnerships of Series 4 and Series 5 as of June 30 and the respective summarized statements of operations for the three months ended June 30 of each year: |
|                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                            | SERIES 4 |   | SERIES 5 |
|                                                                                                                                                                                                                                                                                                                                                                            | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                          |  $           626,782  |   |  $      1,097,931  |   |  $        1,904,091  |   |  $        3,046,402  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                              | 2,416,505  |   | 4,137,067  |   | 7,006,327  |   | 14,254,726  |
|     Other assets                                                                                                                                                                                                                                                                                                                                            | 10,733  |   | 16,961  |   | 19,538  |   | 59,293  |
|         Total assets                                                                                                                                                                                                                                                                                                                    |  $        3,054,020  |   |  $      5,251,959  |   |  $        8,929,956  |   |  $      17,360,421  |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                     |  $           159,888  |   |  $         225,407  |   |  $           292,390  |   |  $           694,319  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                          | 4,525,961  |   | 8,089,802  |   | 13,341,835  |   | 25,735,844  |
|         Total liabilities                                                                                                                                                                                                                                                                                                               | 4,685,849  |   | 8,315,209  |   | 13,634,225  |   | 26,430,163  |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                         | (1,520,858) |   | (3,189,199) |   | (4,638,520) |   | (8,777,152) |
|     General Partners                                                                                                                                                                                                                                                                                                                                        | (110,971) |   | 125,949  |   | (65,749) |   | (292,590) |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                         | (1,631,829) |   | (3,063,250) |   | (4,704,269) |   | (9,069,742) |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                         |  $        3,054,020  |   |  $      5,251,959  |   |  $        8,929,956  |   |  $      17,360,421  |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                             |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                         |  $           363,348  |   |  $         647,000  |   |  $        1,110,848  |   |  $        2,083,074  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                      | 268,865  |   | 466,366  |   | 895,272  |   | 1,569,003  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                        | 49,473  |   | 88,313  |   | 141,587  |   | 272,010  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                           | 94,665  |   | 179,028  |   | 286,912  |   | 533,569  |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                  | 413,003  |   | 733,707  |   | 1,323,771  |   | 2,374,582  |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                |  $           (49,655) |   |  $          (86,707) |   |  $         (212,923) |   |  $         (291,508) |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Other partners' share of net loss                                                                                                                                                                                                                                                                                                                                               |  $             (1,505) |   |  $            (2,072) |   |  $             (2,129) |   |  $             (2,915) |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                     |  $           (48,150) |   |  $          (84,635) |   |  $         (210,794) |   |  $         (288,593) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                | 48,150  |   | 84,635  |   | 210,794  |   | 288,593  |
|                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Equity in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                          |  $                      -  |   |  $                     -  |   |  $                      -  |   |  $                      -  |

----

| NOTE 4 - INVESTMENTS IN PROJECT PARTNERSHIPS (Continued):                                                                                                                                                                                                                                                                                                                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                      |
|      In accordance with Gateway's policy of presenting the financial information of the Project Partnerships on a three month lag, below are the summarized balance sheets for the Project Partnerships of Series 6 and Total Series 2 - 6 as of June 30 and the respective summarized statements of operations for the three months ended June 30 of each year: |
|                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                      | SERIES 6 |   | TOTAL SERIES 2 - 6 |
|                                                                                                                                                                                                                                                                                                                                                                                      | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                                    |  $        3,449,995  |   |  $      3,692,907  |   |  $        7,644,153  |   |  $      11,122,341  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                                        | 15,327,629  |   | 17,628,499  |   | 30,648,259  |   | 48,409,567  |
|     Other assets                                                                                                                                                                                                                                                                                                                                                      | 21,460  |   | 19,490  |   | 90,482  |   | 198,955  |
|         Total assets                                                                                                                                                                                                                                                                                                                              |  $      18,799,084  |   |  $    21,340,896  |   |  $      38,382,894  |   |  $      59,730,863  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                               |  $           614,331  |   |  $         648,611  |   |  $        1,462,818  |   |  $        2,358,073  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                                    | 24,802,088  |   | 27,229,395  |   | 54,207,649  |   | 88,016,387  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                         | 25,416,419  |   | 27,878,006  |   | 55,670,467  |   | 90,374,460  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Partners' deficit                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                                   | (6,047,108) |   | (5,965,234) |   | (16,187,587) |   | (29,939,681) |
|     General Partners                                                                                                                                                                                                                                                                                                                                                  | (570,227) |   | (571,876) |   | (1,099,986) |   | (703,916) |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                                   | (6,617,335) |   | (6,537,110) |   | (17,287,573) |   | (30,643,597) |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                                   |  $      18,799,084  |   |  $    21,340,896  |   |  $      38,382,894  |   |  $      59,730,863  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                       |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                   |  $        2,001,005  |   |  $      2,045,193  |   |  $        4,468,064  |   |  $        6,947,255  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                                | 1,473,899  |   | 1,620,131  |   | 3,394,190  |   | 5,271,446  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                                  | 243,965  |   | 270,137  |   | 544,329  |   | 910,086  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                                     | 495,594  |   | 538,688  |   | 1,138,613  |   | 1,859,535  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                            | 2,213,458  |   | 2,428,956  |   | 5,077,132  |   | 8,041,067  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                          |  $         (212,453) |   |  $        (383,763) |   |  $         (609,068) |   |  $      (1,093,812) |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Other partners' share of net loss                                                                                                                                                                                                                                                                                                                                                         |  $             (2,873) |   |  $            (4,282) |   |  $             (7,847) |   |  $           (12,588) |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                               |  $         (209,580) |   |  $        (379,481) |   |  $         (601,221) |   |  $      (1,081,224) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                          | 209,580  |   | 379,481  |   | 601,221  |   | 1,081,224  |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Equity in Loss of Project Partnerships                                                                                                                                                                                                                                                                                                                                                    |  $                      -  |   |  $                     -  |   |  $                      -  |   |  $                      -  |

----

| Transaction    |                 |                            | Net Proceeds                                          | Gain (Loss)                           | Deferred Gain                                                                                |
|----------------|----------------------|---------------------------------|-------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------|
| Month / Year   | Project Partnership  | Net Proceeds                    | Per BAC                                               | on Disposal                           | on Disposal                                                                                  |
| August 2010    | Richland Elderly     | $    27,075 | $        4.41 | $     27,075 | $               - |
| August 2010    | Pearson Elderly      | 19,874                          | 3.24                                                  | 19,874                                | -                                                                                            |
| August 2010    | Mount Vernon Elderly | 16,675                          | 2.72                                                  | 16,675                                | -                                                                                            |
| August 2010    | Lakeland Elderly     | 23,075                          | 3.76                                                  | 23,075                                | -                                                                                            |
| September 2010 | Hartwell Family      | 1,500                           | 0.24                                                  | -                                     | 1,500                                                                                        |
| September 2010 | Deerfield II         | 1,975                           | 0.32                                                  | -                                     | 1,975                                                                                        |
|           |                 |                            |                                                  | $    86,699       | $       3,475                                             |

| Transaction    |                 |                            | Net Proceeds                                          | Gain (Loss)                           | Deferred Gain                                                                                             |
|----------------|----------------------|---------------------------------|-------------------------------------------------------|---------------------------------------|-----------------------------------------------------------------------------------------------------------|
| Month / Year   | Project Partnership  | Net Proceeds                    | Per BAC                                               | on Disposal                           | on Disposal                                                                                               |
| August 2010    | Heritage Villas      | $    19,875 | $        3.64 | $     19,875 | $                  - |
| September 2010 | Nowata Properties    | 87,294                          | 16.00                                                 | -                                     | 87,294                                                                                                    |
| September 2010 | Poteau Properties II | 142,615                         | 26.14                                                 | -                                     | 142,615                                                                                                   |
| September 2010 | Roland Properties II | 142,615                         | 26.14                                                 | -                                     | 142,615                                                                                                   |
| September 2010 | Sallisaw Properties  | 142,615                         | 26.14                                                 | -                                     | 142,615                                                                                                   |
| September 2010 | Stilwell Properties  | 131,551                         | 24.11                                                 | -                                     | 131,551                                                                                                   |
| September 2010 | Waldron Properties   | 65,162                          | 11.94                                                 | -                                     | 65,162                                                                                                    |
|           |                 |                            |                                                  | $    19,875       | $       711,852                                                        |

----

| Transaction    |                       |                             | Net Proceeds                                           | Gain (Loss)                                                                            | Deferred Gain                                      |
|----------------|----------------------------|----------------------------------|--------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------|
| Month / Year   | Project Partnership        | Net Proceeds                     | Per BAC                                                | on Disposal                                                                            | on Disposal                                        |
| September 2010 | Stilwell Properties II     | $    142,615 | $        20.62 | $              - | $       142,615 |
| September 2010 | Westville Properties       | 98,356                           | 14.22                                                  | -                                                                                      | 98,356                                             |
| September 2010 | Spring Hill Senior Housing | 65,365                           | 9.45                                                   | -                                                                                      | 65,365                                             |
|           |                       |                             |                                                   | $              - | $       306,336 |

| Transaction  |                     |                            | Net Proceeds                                          | Gain (Loss)                           | Deferred Gain                                                                                |
|--------------|--------------------------|---------------------------------|-------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership      | Net Proceeds                    | Per BAC                                               | on Disposal                           | on Disposal                                                                                  |
| April 2010   | Alma Properties          | $    65,161 | $        7.56 | $     65,161 | $               - |
| July 2010    | Carrollton Club          | 106,140                         | 12.32                                                 | -                                     | 106,140                                                                                      |
| August 2010  | Crawford Rental Housing  | 19,875                          | 2.31                                                  | 19,875                                | -                                                                                            |
| August 2010  | Greensboro Properties I  | 19,075                          | 2.21                                                  | 19,075                                | -                                                                                            |
| August 2010  | Greensboro Properties II | 25,475                          | 2.96                                                  | 25,475                                | -                                                                                            |
|         |                     |                            |                                                  | $    129,586      | $    106,140                                                             |

| Transaction  |                |                            | Net Proceeds                                                | Gain (Loss)                     | Deferred Gain                                                                                |
|--------------|---------------------|---------------------------------|-------------------------------------------------------------|---------------------------------|----------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per BAC                                                     | on Disposal                     | on Disposal                                                                                  |
| April 2010   | Logan Place L.P.    | $    62,250 | $         6.16 | $    62,250 | $               - |
| August 2010  | Lancaster House     | 110,000                         | 10.89                                                       | 110,000                         | -                                                                                            |
|         |                |                            |                                                        | $  172,250            | $               - |

----

| Transaction   |                                |                      | Net Proceeds             | Gain (Loss)                           |
|---------------|-------------------------------------|---------------------------|--------------------------|---------------------------------------|
| Month / Year  | Project Partnership                 | Net Proceeds              | Per BAC                  | on Disposal                           |
| December 2009 | Charleston Properties               | $  87,503  | $  14.26  | $    87,503  |
| December 2009 | Pocola Properties                   | 98,566               | 16.06               | 98,566                           |
| December 2009 | Sallisaw Properties II              | 128,995              | 21.02               | 128,995                          |
| October 2009  | Sylacauga Heritage Apartments, Ltd. | -                    | -                   | -                                |
| August 2009   | Lewiston Limited Partnership        | 16,568               | 2.70                | 16,568                           |
|          |                                |                      |                     | $  331,632             |

| Transaction  |                                |                                                                       | Net Proceeds                                                   | Gain (Loss)                                                          |
|--------------|-------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------|
| Month / Year | Project Partnership                 | Net Proceeds                                                               | Per BAC                                                        | on Disposal                                                          |
| October 2009 | Village Apartments of St. Joseph II | $           -  | $         -  | $          -  |
|         | Other, net (see below)              | -                                                                     | -                                                         | 2,000                                                           |
|         |                                |                                                                       |                                                           | $  2,000                                              |

| Transaction   |                                  |                       | Net Proceeds             | Gain (Loss)                                                                             | Deferred Gain              |
|---------------|---------------------------------------|----------------------------|--------------------------|-----------------------------------------------------------------------------------------|----------------------------|
| Month / Year  | Project Partnership                   | Net Proceeds               | Per BAC                  | on Disposal                                                                             | on Disposal                |
| March 2010    | Blackshear Apartments, L.P., Phase II | $  151,377  | $  17.57  | $              -  | $  151,377  |
| March 2010    | Woodcrest Associates of South Boston  | 132,434               | 15.37               | 132,434                                                                            | -                     |
| December 2009 | Pine Terrace Apartments, L.P.         | 122,273               | 14.19               | 122,273                                                                            | -                     |
| December 2009 | Shellman Housing, L.P.                | 12,181                | 1.41                | 12,181                                                                             | -                     |
| December 2009 | Crisp Properties, L.P.                | 131,990               | 15.32               | 131,574                                                                            | -                     |
| October 2009  | Village Apartments of Effingham       | 756                   | 0.09                | 756                                                                                | -                     |
| October 2009  | Village Apartments of Seymour II      | 304                   | 0.03                | 304                                                                                | -                     |
|          |                                  |                       |                     | $  399,522                                                               | $  151,377  |

----

| Transaction  |                   |                                                                 | Net Proceeds                                             | Gain (Loss)              |
|--------------|------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month / Year | Project Partnership    | Net Proceeds                                                         | Per BAC                                                  | on Disposal              |
|         | Other, net (see below) | $          -  | $        -  | $  2,000  |
|         |                   |                                                                 |                                                     | $  2,000  |

| Series 2                |                                                                                                                                          |   |                                                                                                          |
|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|
|                    |  Springwood Apartments                                                                                                                   |   | Cherrytree Apartments                                                                                         |
| Rental and other income |  $              96,042                                        |   | $               83,475             |
| Gross profit            | 32,070                                                                                                                                   |   | 29,433                                                                                                   |
| Net Income (Loss)       |  $                     89  |   | $                  (265) |
|                    |                                                                                                                                          |   |                                                                                                          |
| Series 3                |                                                                                                                                          |   |                                                                                                          |
|                    | Countrywood Apartments                                                                                                                        |   |                                                                                                          |
| Rental and other income |  $              87,655                                        |   |                                                                                                          |
| Gross profit            | 19,604                                                                                                                                   |   |                                                                                                          |
| Net Loss                |  $           (21,431)                                                        |   |                                                                                                          |
|                    |                                                                                                                                          |   |                                                                                                          |
| Series 4                |                                                                                                                                          |   |                                                                                                          |
|                    | Wynnwood Common                                                                                                                               |   |  Piedmont Development                                                                                    |
| Rental and other income |  $             98,255                                              |   |  $               78,273  |
| Gross profit            | 30,732                                                                                                                                   |   | 11,908                                                                                                   |
| Net Loss                |  $             (4,288)                                                  |   |  $             (17,939)                 |
|                    |                                                                                                                                          |   |                                                                                                          |
| Series 5                |                                                                                                                                          |   |                                                                                                          |
|                    |  Yorkshire Retirement Village                                                                                                            |   |                                                                                                          |
| Rental and other income |  $            138,715                                                   |   |                                                                                                          |
| Gross profit            | 23,820                                                                                                                                   |   |                                                                                                          |
| Net Loss                |  $            (27,646)                                                       |   |                                                                                                          |

----

----

----

----

----

| Transaction    |                 |                            | Net Proceeds                                          | Gain (Loss)                           | Deferred Gain                                                                                |
|----------------|----------------------|---------------------------------|-------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------|
| Month / Year   | Project Partnership  | Net Proceeds                    | Per BAC                                               | on Disposal                           | on Disposal                                                                                  |
| August 2010    | Richland Elderly     | $    27,075 | $        4.41 | $     27,075 | $               - |
| August 2010    | Pearson Elderly      | 19,874                          | 3.24                                                  | 19,874                                | -                                                                                            |
| August 2010    | Mount Vernon Elderly | 16,675                          | 2.72                                                  | 16,675                                | -                                                                                            |
| August 2010    | Lakeland Elderly     | 23,075                          | 3.76                                                  | 23,075                                | -                                                                                            |
| September 2010 | Hartwell Family      | 1,500                           | 0.24                                                  | -                                     | 1,500                                                                                        |
| September 2010 | Deerfield II         | 1,975                           | 0.32                                                  | -                                     | 1,975                                                                                        |
|           |                 |                            |                                                  | $    86,699       | $       3,475                                             |

| Transaction    |                 |                            | Net Proceeds                                          | Gain (Loss)                           | Deferred Gain                                                                                                  |
|----------------|----------------------|---------------------------------|-------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------------------------|
| Month / Year   | Project Partnership  | Net Proceeds                    | Per BAC                                               | on Disposal                           | on Disposal                                                                                                    |
| August 2010    | Heritage Villas      | $    19,875 | $        3.64 | $     19,875 | $                  - |
| September 2010 | Nowata Properties    | 87,294                          | 16.00                                                 | -                                     | 87,294                                                                                                         |
| September 2010 | Poteau Properties II | 142,615                         | 26.14                                                 | -                                     | 142,615                                                                                                        |
| September 2010 | Roland Properties II | 142,615                         | 26.14                                                 | -                                     | 142,615                                                                                                        |
| September 2010 | Sallisaw Properties  | 142,615                         | 26.14                                                 | -                                     | 142,615                                                                                                        |
| September 2010 | Stilwell Properties  | 131,551                         | 24.11                                                 | -                                     | 131,551                                                                                                        |
| September 2010 | Waldron Properties   | 65,162                          | 11.94                                                 | -                                     | 65,162                                                                                                         |
|           |                 |                            |                                                  | $    19,875       | $       711,852                                                             |

----

| Transaction    |                       |                             | Net Proceeds                                           | Gain (Loss)                                                                            | Deferred Gain                                      |
|----------------|----------------------------|----------------------------------|--------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------|
| Month / Year   | Project Partnership        | Net Proceeds                     | Per BAC                                                | on Disposal                                                                            | on Disposal                                        |
| September 2010 | Stilwell Properties II     | $    142,615 | $        20.62 | $              - | $       142,615 |
| September 2010 | Westville Properties       | 98,356                           | 14.22                                                  | -                                                                                      | 98,356                                             |
| September 2010 | Spring Hill Senior Housing | 65,365                           | 9.45                                                   | -                                                                                      | 65,365                                             |
|           |                       |                             |                                                   | $              - | $       306,336 |

| Transaction  |                     |                            | Net Proceeds                                          | Gain (Loss)                           | Deferred Gain                                                                                |
|--------------|--------------------------|---------------------------------|-------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership      | Net Proceeds                    | Per BAC                                               | on Disposal                           | on Disposal                                                                                  |
| April 2010   | Alma Properties          | $    65,161 | $        7.56 | $     65,161 | $               - |
| July 2010    | Carrollton Club          | 106,140                         | 12.32                                                 | -                                     | 106,140                                                                                      |
| August 2010  | Crawford Rental Housing  | 19,875                          | 2.31                                                  | 19,875                                | -                                                                                            |
| August 2010  | Greensboro Properties I  | 19,075                          | 2.21                                                  | 19,075                                | -                                                                                            |
| August 2010  | Greensboro Properties II | 25,475                          | 2.96                                                  | 25,475                                | -                                                                                            |
|         |                     |                            |                                                  | $    129,586      | $    106,140                                                             |

| Transaction  |                |                            | Net Proceeds                                                | Gain (Loss)                     | Deferred Gain                                                                                |
|--------------|---------------------|---------------------------------|-------------------------------------------------------------|---------------------------------|----------------------------------------------------------------------------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per BAC                                                     | on Disposal                     | on Disposal                                                                                  |
| April 2010   | Logan Place L.P.    | $    62,250 | $         6.16 | $    62,250 | $               - |
| August 2010  | Lancaster House     | 110,000                         | 10.89                                                       | 110,000                         | -                                                                                            |
|         |                |                            |                                                        | $  172,250            | $               - |

----

| Transaction   |                                |                      | Net Proceeds             | Gain (Loss)                           |
|---------------|-------------------------------------|---------------------------|--------------------------|---------------------------------------|
| Month / Year  | Project Partnership                 | Net Proceeds              | Per BAC                  | on Disposal                           |
| December 2009 | Charleston Properties               | $  87,503  | $  14.26  | $    87,503  |
| December 2009 | Pocola Properties                   | 98,566               | 16.06               | 98,566                           |
| December 2009 | Sallisaw Properties II              | 128,995              | 21.02               | 128,995                          |
| October 2009  | Sylacauga Heritage Apartments, Ltd. | -                    | -                   | -                                |
| August 2009   | Lewiston Limited Partnership        | 16,568               | 2.70                | 16,568                           |
|          |                                |                      |                     | $  331,632             |

| Transaction  |                                |                                                                       | Net Proceeds                                                   | Gain (Loss)                                                          |
|--------------|-------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------|
| Month / Year | Project Partnership                 | Net Proceeds                                                               | Per BAC                                                        | on Disposal                                                          |
| October 2009 | Village Apartments of St. Joseph II | $           -  | $         -  | $          -  |
|         | Other, net (see below)              | -                                                                     | -                                                         | 2,000                                                           |
|         |                                |                                                                       |                                                           | $  2,000                                              |

| Transaction   |                                  |                       | Net Proceeds             | Gain (Loss)                                                                                  | Deferred Gain              |
|---------------|---------------------------------------|----------------------------|--------------------------|----------------------------------------------------------------------------------------------|----------------------------|
| Month / Year  | Project Partnership                   | Net Proceeds               | Per BAC                  | on Disposal                                                                                  | on Disposal                |
| March 2010    | Blackshear Apartments, L.P., Phase II | $  151,377  | $  17.57  | $              -  | $  151,377  |
| March 2010    | Woodcrest Associates of South Boston  | 132,434               | 15.37               | 132,434                                                                                 | -                     |
| December 2009 | Pine Terrace Apartments, L.P.         | 122,273               | 14.19               | 122,273                                                                                 | -                     |
| December 2009 | Shellman Housing, L.P.                | 12,181                | 1.41                | 12,181                                                                                  | -                     |
| December 2009 | Crisp Properties, L.P.                | 131,990               | 15.32               | 131,574                                                                                 | -                     |
| October 2009  | Village Apartments of Effingham       | 756                   | 0.09                | 756                                                                                     | -                     |
| October 2009  | Village Apartments of Seymour II      | 304                   | 0.03                | 304                                                                                     | -                     |
|          |                                  |                       |                     | $   399,522                                                                   | $  151,377  |

----

| Transaction  |                   |                                                                 | Net Proceeds                                             | Gain (Loss)              |
|--------------|------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month / Year | Project Partnership    | Net Proceeds                                                         | Per BAC                                                  | on Disposal              |
|         | Other, net (see below) | $          -  | $        -  | $  2,000  |
|         |                   |                                                                 |                                                     | $  2,000  |

| Cherrytree Apartments | Springwood Apartments |
|-----------------------|-----------------------|

| Wynnwood Common Associates |   |
|----------------------------|--------|

| Clayton Properties        | Mill Creek Properties V |
|---------------------------|-------------------------|
| Spring Hill Housing, L.P. |                    |

----

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

| Wallis Housing, Ltd. |   |
|----------------------|--------|

----

----

----

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

| Date: November 12, 2010 |   | By:/s/ Ronald M. Diner |
|-------------------------|--------|------------------------|
|                    |   | Ronald M. Diner        |
|                    |   | President              |

| Date: November 12, 2010 |   | By:/s/ Toni S. Matthews                    |
|-------------------------|--------|--------------------------------------------|
|                    |   | Toni S. Matthews                           |
|                    |   | Vice President and Chief Financial Officer |

----