<PAGE>

                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

(Mark One)

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

                               Index to form 10-Q
                  For the quarterly period ended June 30, 2005
                For the quarterly period ended September 30, 2005
                For the quarterly period ended December 31, 2005

                                       OR

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

             For the transition period from ________ to ___________

                         Commission file number: 0-32395


                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7

          California                                              33-0761517
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)


                     17782 Sky Park Circle, Irvine, CA 92614
                    (Address of principle executive offices)

                                 (714) 622-5565
                               (Telephone Number)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes [_] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [_] Accelerated filer [_]

Non-accelerated filer [X] Smaller reporting company [_]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [_] No [X]


<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                               Index to form 10-Q
                  For the quarterly period ended June 30, 2005
                For the quarterly period ended September 30, 2005
                For the quarterly period ended December 31, 2005


PART I. FINANCIAL INFORMATION

  Item 1. Financial Statements

  Balance Sheets
     As of June 30, 2005, September 30, 2005, December 31, 2005
       and March 31, 2005......................................................3

  Statements of Operations
     For the Three Months Ended June 30, 2005 and 2004.........................4
     For the Three and Six Months Ended September 30, 2005 and 2004............5
     For the Three and Nine Months Ended December 31, 2005 and 2004............6

  Statement of Partners' Equity (Deficit)
     For the Three Months Ended June 30, 2005..................................7
     For the Six Months Ended September 30, 2005...............................7
     For the Nine Months Ended December 31, 2005...............................7

  Statements of Cash Flows
     For the Three Months Ended June 30, 2005 and 2004.........................8
     For the Six Months Ended September 30, 2005 and 2004......................9
     For the Nine Months Ended December 31, 2005 and 2004.....................10

  Notes to Financial Statements...............................................11

  Item 2. Management's Discussion and Analysis of Financial
     Condition and Results of Operations......................................24

  Item 3. Quantitative and Qualitative Disclosures About Market Risk..........26

  Item 4. Controls and Procedures ............................................27

PART II. OTHER INFORMATION

  Item 1. Legal Proceedings...................................................27

  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.........27

  Item 3. Defaults Upon Senior Securities.....................................27

  Item 4. Submission of Matters to a Vote of Security Holders.................27

  Item 5. Other Information...................................................27

  Item 6. Exhibits............................................................27

  Signatures..................................................................28


                                       2
<PAGE>
<TABLE>
<S>            <C>

                                     WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                                           (A California Limited Partnership)

                                                     BALANCE SHEETS
                                                       (UNAUDITED)

                                                             JUNE 30,      SEPTEMBER 30,   DECEMBER 31,     MARCH 31,
                                                               2005            2005            2005           2005
                                                           ------------    ------------    ------------    ------------
ASSETS

Cash                                                       $    697,357    $    662,239    $    561,789    $    774,720
Investments in Local Limited Partnerships, net (Note 2)      10,813,628      10,591,107      10,369,840      11,122,724
Due from affiliates, net (see Note 5)                            78,807          78,807          78,807          78,807
                                                           ------------    ------------    ------------    ------------

               Total Assets                                $ 11,589,792    $ 11,332,153    $ 11,010,436    $ 11,976,251
                                                           ============    ============    ============    ============


LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities:
Due to Local Limited Partnerships                          $     12,081    $     12,081    $     12,081    $     61,631
Accrued expenses                                                  5,500           5,500           5,500           5,500
Accrued fees and expenses due to
    General Partner and affiliates (Note 3)                $     99,925         107,322    $     84,136    $    114,615
                                                           ------------    ------------    ------------    ------------
                Total Liabilities                               117,506         124,903         101,717         181,746
                                                           ------------    ------------    ------------    ------------

Partners' equity (deficit):
  General Partner                                                (6,530)         (6,795)         (7,094)         (6,208)
  Limited Partners (25,000 Partnership Units authorized;
    25,000 Partnership Units issued and outstanding)         11,478,816      11,214,045      10,915,813      11,800,713
                                                           ------------    ------------    ------------    ------------

       Total Partners' Equity                                11,472,286      11,207,250      10,908,719      11,794,505
                                                           ------------    ------------    ------------    ------------

       Total Liabilities and Partners' Equity              $ 11,589,792    $ 11,332,153    $ 11,010,436    $ 11,976,251
                                                           ============    ============    ============    ============


                                     See accompanying notes to financial statements

                                                            3

<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS

                FOR THE THREE MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (UNAUDITED)

                                                   2005               2004
                                                ------------       ------------
                                                THREE MONTHS       THREE MONTHS
                                                ------------       ------------
Reporting fees                                  $      1,850       $         --
                                                ------------       ------------

Operating expenses:
  Amortization (Note 2)                               13,505             13,595
  Asset management fees (Note 3)                      14,614             15,139
  Impairment loss (Note 2)                            89,669                 --
  Legal and accounting fees                               --              9,398
  Other                                                1,504              6,422
                                                ------------       ------------

    Total operating expenses                         119,292             44,554
                                                ------------       ------------

Loss from operations                                (117,442)           (44,554)

Equity in losses of Local
 Limited Partnerships (Note 2)                      (207,772)          (251,911)

Interest income                                        2,995              2,985
                                                ------------       ------------

Net loss                                        $   (322,219)      $   (293,480)
                                                ============       ============

Net loss allocated to:
  General Partner                               $       (322)      $       (293)
                                                ============       ============

  Limited Partners                              $   (321,897)      $   (293,187)
                                                ============       ============

Net loss per
  Partnership Unit                              $        (17)      $        (16)
                                                ============       ============

Outstanding weighted
  Partnership Units                                   18,850             18,850
                                                ============       ============


                 See accompanying notes to financial statements

                                        4

<PAGE>

                          WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                                (A California Limited Partnership)

                                     STATEMENTS OF OPERATIONS

                            FOR THE THREE MONTHS AND SIX MONTHS ENDED
                                   SEPTEMBER 30, 2005 AND 2004
                                           (UNAUDITED)



                                                2005                           2004
                                    ----------------------------    ----------------------------
                                       THREE            SIX            THREE            SIX
                                       MONTHS          MONTHS          MONTHS          MONTHS
                                    ------------    ------------    ------------    ------------

Reporting fees                      $      4,500    $      6,350    $         --    $         --
                                    ------------    ------------    ------------    ------------

Operating expenses:
  Amortization (Note 2)                   13,505          27,010          13,595          27,190
  Asset management fees (Note 3)          14,614          29,228          14,614          29,753
  Impairment loss (Note 2)                    --          89,669              --              --
  Legal and accounting fees                  198             198           2,967          12,365
  Write off of advances to Local
    Limited Partnerships (Note 5)         31,477          31,477              --              --
  Other                                    4,849           6,353             947           7,369
                                    ------------    ------------    ------------    ------------

    Total operating expenses              64,643         183,935          32,123          76,677
                                    ------------    ------------    ------------    ------------

Loss from operations                     (60,143)       (177,585)        (32,123)        (76,677)

Equity in losses of Local
 Limited Partnerships (Note 2)          (207,762)       (415,534)       (251,910)       (503,821)

Interest income                            2,869           5,864           2,854           5,839
                                    ------------    ------------    ------------    ------------
Net loss                            $   (265,036)   $   (587,255)   $   (281,179)   $   (574,659)
                                    ============    ============    ============    ============

Net loss allocated to:

  General Partner                   $       (265)   $       (587)   $       (282)   $       (575)
                                    ============    ============    ============    ============

  Limited Partners                  $   (264,771)   $   (586,668)   $   (280,899)   $   (574,084)
                                    ============    ============    ============    ============

Net loss per
  Partnership Unit                  $        (14)   $        (31)   $        (15)   $        (30)
                                    ============    ============    ============    ============

Outstanding weighted
  Partnership Units                       18,850          18,850          18,850          18,850
                                    ============    ============    ============    ============

                          See accompanying notes to financial statements

                                                5


<PAGE>

                          WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                                (A California Limited Partnership)

                                     STATEMENTS OF OPERATIONS

               FOR THE THREE MONTHS AND NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004
                                            (UNAUDITED)



                                                2005                            2004
                                     ----------------------------    ----------------------------
                                         THREE           NINE           THREE            NINE
                                        MONTHS          MONTHS          MONTHS          MONTHS
                                     ------------    ------------    ------------    ------------

Reporting fees                       $         --    $      6,350    $         --    $         --
                                     ------------    ------------    ------------    ------------

Operating expenses:
  Amortization (Note 2)                    13,505          40,515          13,595          40,785
  Asset management fees (Note 3)           14,614          43,842          14,614          44,367
  Impairment loss (Note 2)                     --          89,669              --              --
  Legal and accounting fees                 5,000           5,198          16,066          28,431
  Write off of advances from Local
    Limited Partnerships (Note 5)          60,394          91,871              --              --
  Other                                       741           7,094           3,320          10,689
                                     ------------    ------------    ------------    ------------

    Total operating expenses               94,254         278,189          47,595         124,272
                                     ------------    ------------    ------------    ------------

Loss from operations                      (94,254)       (271,839)        (47,595)       (124,272)

Equity in losses of Local
 Limited Partnerships (Note 2)           (207,762)       (623,296)       (251,912)       (755,733)

Interest income                             3,485           9,349           3,405           9,244
                                     ------------    ------------    ------------    ------------


Net loss                             $   (298,531)   $   (885,786)   $   (296,102)   $   (870,761)
                                     ============    ============    ============    ============

Net loss allocated to:

  General Partner                    $       (299)   $       (886)   $       (296)   $       (871)
                                     ============    ============    ============    ============


  Limited Partners                   $   (298,232)   $   (884,900)   $   (295,806)   $   (869,890)
                                     ============    ============    ============    ============

Net loss per

  Partnerships Units                 $        (16)   $        (47)   $        (16)   $        (46)
                                     ============    ============    ============    ============

Outstanding weighted
  Partnership Units                        18,850          18,850          18,850          18,850
                                     ============    ============    ============    ============



                          See accompanying notes to financial statements

                                                 6

<PAGE>


                          WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                                (A California Limited Partnership)

                             STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

          FOR THE THREE MONTHS ENDED JUNE 30, 2005, SIX MONTHS ENDED SEPTEMBER 30, 2005
                             AND NINE MONTHS ENDED DECEMBER 31, 2005
                                           (UNAUDITED)

                             FOR THE THREE MONTHS ENDED JUNE 30, 2005

                                                      GENERAL         LIMITED
                                                      PARTNER         PARTNERS        TOTAL
                                                    ------------    ------------    ------------

Partners' equity (deficit) at March 31, 2005        $     (6,208)   $ 11,800,713    $ 11,794,505

Net loss                                                    (322)       (321,897)       (322,219)
                                                    ------------    ------------    ------------

Partners' equity (deficit) at June 30, 2005         $     (6,530)   $ 11,478,816    $ 11,472,286
                                                    ============    ============    ============


                              FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2005

                                                      GENERAL         LIMITED
                                                      PARTNER         PARTNERS         TOTAL
                                                    ------------    ------------    ------------

Partners' equity (deficit) at March 31, 2005        $     (6,208)   $ 11,800,713    $ 11,794,505

Net loss                                                    (587)       (586,668)       (587,255)
                                                    ------------    ------------    ------------

Partners' equity (deficit) at September 30, 2005    $     (6,795)   $ 11,214,045    $ 11,207,250
                                                    ============    ============    ============



                           FOR THE NINE MONTHS ENDED DECEMBER 31, 2005

                                                      GENERAL         LIMITED
                                                      PARTNER         PARTNERS         TOTAL
                                                    ------------    ------------    ------------

Partners' equity (deficit) at March 31, 2005        $     (6,208)   $ 11,800,713    $ 11,794,505

Net loss                                                    (886)       (884,900)       (885,786)
                                                    ------------    ------------    ------------

Partners' equity (deficit) at December 31, 2005     $     (7,094)   $ 10,915,813    $ 10,908,719
                                                    ============    ============    ============


                          See accompanying notes to financial statements

                                                 7


<PAGE>


                               WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                                     (A California Limited Partnership)

                                          STATEMENTS OF CASH FLOWS

                              FOR THE THREE MONTHS ENDED JUNE 30, 2005 AND 2004
                                                 (UNAUDITED)

                                                                      2005            2004
                                                                   -----------    -----------
Cash flows from operating activities:
  Net loss                                                         $  (322,219)   $  (293,480)
    Adjustments to reconcile net loss to net
      cash used in operating activities:
        Amortization                                                    13,505         13,595
        Impairment loss                                                 89,669             --
        Equity in losses of Local Limited Partnerships                 207,772        251,911
        Change in accrued  fees and expenses due to
           General Partner and affiliates                              (14,690)         4,484
                                                                   -----------    -----------
        Net cash used in operating activities                          (25,963)       (23,490)
                                                                   -----------    -----------

Cash flows used in investing activities:
       Capital Contributions paid to Local Limited Partnerships        (49,550)       (30,354)
       Loans receivable advances                                            --           (252)
       Distributions received from (reimbursed to) Local Limited
            Partnerships                                                (1,850)         3,694
                                                                   -----------    -----------
Net cash used in investing activities                                  (51,400)       (26,912)
                                                                   -----------    -----------

Net decrease in cash                                                   (77,363)       (50,402)

Cash, beginning of period                                              774,720      1,133,246
                                                                   -----------    -----------

Cash, end of period                                                $   697,357    $ 1,082,844
                                                                   ===========    ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION:

   Taxes paid                                                      $        --    $        --
                                                                   ===========    ===========


                               See accompanying notes to financial statements

                                                      8

<PAGE>

                        WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                              (A California Limited Partnership)

                                   STATEMENTS OF CASH FLOWS

                     FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
                                          (UNAUDITED)

                                                                      2005            2004
                                                                   -----------    -----------
Cash flows from operating activities:
  Net loss                                                         $  (587,255)   $  (574,659)
    Adjustments to reconcile net loss to net
      cash used in operating activities:
        Amortization                                                    27,010         27,190
        Impairment loss                                                 89,669             --
        Equity in losses of Local Limited Partnerships                 415,534        503,822
        Advances made to Local Limited Partnerships                    (31,477)            --
        Write off of advances made to Local Limited Partnerships        31,477             --
        Change in accrued  fees and expenses due to
           General Partner and affiliates                               (7,293)          (403)
                                                                   -----------    -----------
        Net cash used in operating activities                          (62,335)       (44,050)
                                                                   -----------    -----------

Cash flows used in investing activities:
       Capital Contributions paid to Local Limited Partnerships        (49,550)       (62,550)
       Loans receivable repayment                                           --            892
       Distributions received from (reimbursed to) Local Limited
             Partnerships                                                 (596)         5,315
                                                                   -----------    -----------
Net cash used in investing activities                                  (50,146)       (56,343)
                                                                   -----------    -----------

Net decrease in cash                                                  (112,481)      (100,393)

Cash, beginning of period                                              774,720      1,133,246
                                                                   -----------    -----------

Cash, end of period                                                $   662,239    $ 1,032,853
                                                                   ===========    ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION:

   Taxes paid                                                      $        --    $        --
                                                                   ===========    ===========


                        See accompanying notes to financial statements

                                               9

<PAGE>

                        WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                              (A California Limited Partnership)

                                   STATEMENTS OF CASH FLOWS

                     FOR THE NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004
                                          (UNAUDITED)

                                                                       2005           2004
                                                                   -----------    -----------
Cash flows from operating activities:
  Net loss                                                         $  (885,786)   $  (870,761)
    Adjustments to reconcile net loss to net
      cash used in operating activities:
        Amortization                                                    40,515         40,785
        Equity in losses of Local Limited Partnerships                 623,296        755,733
        Impairment loss                                                 89,669             --
        Advances made to Local Limited Partnerships                    (91,871)            --
        Write off of advances made to Local Limited Partnerships        91,871             --
        Repayment of insurance proceeds                                (20,839)            --
        Change in accrued  fees and expenses due to
           General Partner and affiliates                               (9,640)         3,830
                                                                   -----------    -----------
        Net cash used in operating activities                         (162,785)       (70,413)
                                                                   -----------    -----------

Cash flows used in investing activities:
      Capital Contributions paid to Local Limited Partnerships         (49,550)      (278,487)
      Loans receivable advances                                             --            (37)
      Distributions received from (reimbursed to) Local Limited
           Partnerships                                                   (596)         6,936
                                                                   -----------    -----------
Net cash used in investing activities                                  (50,146)      (271,588)
                                                                   -----------    -----------

Net decrease in cash                                                  (212,931)      (342,001)

Cash, beginning of period                                              774,720      1,133,246
                                                                   -----------    -----------

Cash, end of period                                                $   561,789    $   791,245
                                                                   ===========    ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION:

   Taxes paid                                                      $        --    $        --
                                                                   ===========    ===========

                        See accompanying notes to financial statements

                                              10
</TABLE>


<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005 SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------

General
-------

The accompanying condensed unaudited financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial information and with the instructions to Form 10-Q
for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act
of 1934. Accordingly, they do not include all of the information and footnotes
required by accounting principles generally accepted in the United States of
America for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three months
ended June 30, 2005, six months ended September 30, 2005 and nine months ended
December 31, 2005 are not necessarily indicative of the results that may be
expected for the fiscal year ending March 31, 2006. For further information,
refer to the financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the fiscal year ended March 31,
2005.

Organization
------------

WNC Housing Tax Credit Fund VI, L.P., Series 7, a California Limited Partnership
(the "Partnership") was formed under the laws of the State of California on June
16, 1997 and commenced operations on September 3, 1999. The Partnership was
formed to invest primarily in other limited partnerships or limited liability
companies ("Local Limited Partnerships") which own and operate multi-family
housing complexes ("Housing Complexes") that are eligible for Federal low-income
housing tax credits ("Low Income Housing Tax Credits"). The local general
partners (the "Local General Partners") of each Local Limited Partnership retain
responsibility for maintaining, operating and managing the Housing Complexes.
Each Local Limited Partnership is governed by its agreement of limited
partnership (the "Local Limited Partnership Agreement").

The general partner of the Partnership is WNC & Associates, Inc. ("Associates"
or the "General Partner"). The chairman and president of Associates own
substantially all of the outstanding stock of Associates. The business of the
Partnership is conducted primarily through the General Partner, as the
Partnership has no employees of its own.

The Partnership shall continue in full force and effect until December 31, 2060,
unless terminated prior to that date, pursuant to the partnership agreement or
law.

The financial statements include only activity relating to the business of the
Partnership, and do not give effect to any assets that the partners may have
outside of their interests in the Partnership, or to any obligations, including
income taxes, of the partners.

The Partnership Agreement authorized the sale of up to 25,000 units of limited
partnership interest ("Partnership Units") at $1,000 per Partnership Unit. The
offering of Partnership Units has concluded and 18,850 Partnership Units,
representing subscriptions in the amount of $18,828,790, net of dealer discounts
of $21,210 had been accepted. The General Partner has a .1% interest in
operating profits and losses, taxable income and losses, cash available for
distribution from the Partnership and Low Income Housing Tax Credits of the
Partnership. The investors (the "Limited Partners") in the Partnership will be
allocated the remaining 99.9% of these items in proportion to their respective
investments.

The proceeds from the disposition of any of the Housing Complexes will be used
first to pay debts and other obligations per the respective Local Limited
Partnership Agreement. Any remaining proceeds will then be paid to the partners
of the Local Limited Partnership, including the Partnership, in accordance with
the terms of the particular Local Limited Partnership Agreement. The sale of a
Housing Complex may be subject to other restrictions and obligations.
Accordingly, there can be no assurance that a Local Limited Partnership will be
able to sell its Housing Complex. Even if it does so, there can be no assurance
that any significant amounts of cash will be distributed to the Partnership.
Should such distributions occur, the Limited Partners will be entitled to
receive distributions from the proceeds remaining after payment of Partnership
obligations

                                       11
<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
--------------------------------------------------------------

and funding reserves, equal to their capital contributions and their return on
investment (as defined in the Partnership Agreement). The General Partner would
then be entitled to receive proceeds equal to their capital contributions from
the remainder. Any additional sale or refinancing proceeds will be distributed
90% to the Limited Partners (in proportion to their respective investments) and
10% to the General Partner.

Risks and Uncertainties
-----------------------

An investment in the Partnership and the Partnership's investments in Local
Limited Partnerships and their Housing Complexes are subject to risks. These
risks may impact the tax benefits of an investment in the Partnership, and the
amount of proceeds available for distribution to the Limited Partners, if any,
on liquidation of the Partnership's investments. Some of those risks include the
following:

The Low Income Housing Tax Credits rules are extremely complicated.
Noncompliance with these rules results in the loss of future Low Income Housing
Tax Credits and the fractional recapture of Low Income Housing Tax Credits
already taken. In most cases the annual amount of Low Income Housing Tax Credits
that an individual can use is limited to the tax liability due on the person's
last $25,000 of taxable income. The Local Limited Partnerships may be unable to
sell the Housing Complexes at a price which would result in the Partnership
realizing cash distributions or proceeds from the transaction. Accordingly, the
Partnership may be unable to distribute any cash to its Limited Partners. Low
Income Housing Tax Credits may be the only benefit from an investment in the
Partnership.

The Partnership has invested in a limited number of Local Limited Partnerships.
Such limited diversity means that the results of operation of each single
Housing Complex will have a greater impact on the Partnership. With limited
diversity, poor performance of one Housing Complex could impair the
Partnership's ability to satisfy its investment objectives. Each Housing Complex
is subject to mortgage indebtedness. If a Local Limited Partnership failed to
pay its mortgage, it could lose its Housing Complex in foreclosure. If
foreclosure were to occur during the first 15 years, the loss of any remaining
future Low Income Housing Tax Credits, a fractional recapture of prior Low
Income Housing Tax Credits, and a loss of the Partnership's investment in the
Housing Complex would occur. The Partnership is a limited partner or a
non-managing member of each Local Limited Partnership. Accordingly, the
Partnership will have very limited rights with respect to management of the
Local Limited Partnerships. The Partnership will rely totally on the Local
General Partners. Neither the Partnership's investments in Local Limited
Partnerships, nor the Local Limited Partnerships' investments in Housing
Complexes, are readily marketable. To the extent the Housing Complexes receive
government financing or operating subsidies, they may be subject to one or more
of the following risks: difficulties in obtaining tenants for the Housing
Complexes; difficulties in obtaining rent increases; limitations on cash
distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of interests in Local Limited Partnerships; limitations
on removal of Local General Partners; limitations on subsidy programs; and
possible changes in applicable regulations. Uninsured casualties could result in
loss of property and Low Income Housing Tax Credits and recapture of Low Income
Housing Tax Credits previously taken. The value of real estate is subject to
risks from fluctuating economic conditions, including employment rates,
inflation, tax, environmental, land use and zoning policies, supply and demand
of similar properties, and neighborhood conditions, among others.

The ability of Limited Partners to claim tax losses from the Partnership is
limited. The IRS may audit the Partnership or a Local Limited Partnership and
challenge the tax treatment of tax items. The amount of Low Income Housing Tax
Credits and tax losses allocable to the Limited Partners could be reduced if the
IRS were successful in such a challenge. The alternative minimum tax could
reduce tax benefits from an investment in the Partnership. Changes in tax laws
could also impact the tax benefits from an investment in the Partnership and/or
the value of the Housing Complexes.

No trading market for the Partnership Units exists or is expected to develop.
Limited Partners may be unable to sell their


                                       12
<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
--------------------------------------------------------------

Partnership Units except at a discount and should consider their Partnership
Units to be a long-term investment. Individual Limited Partners will have no
recourse if they disagree with actions authorized by a vote of the majority of
Limited Partners.

Exit Strategy
-------------

The IRS compliance period for Low-Income Housing Tax Credit properties is
generally 15 years from occupancy following construction or rehabilitation
completion. Associates was one of the first in the industry to offer syndicated
investments using the Low Income Housing Tax Credits. The initial programs are
completing their compliance periods. As of December 31, 2005, none of the Local
Limited Partnerships had completed the 15 year compliance period.

With that in mind, the Partnership is continuing to review the Housing
Complexes, with special emphasis on the more mature Housing Complexes such as
any that have satisfied the IRS compliance requirements. The review considers
many factors, including extended use requirements (such as those due to mortgage
restrictions or state compliance agreements), the condition of the Housing
Complexes, and the tax consequences to the Limited Partners from the sale of the
Housing Complexes.

Upon identifying those Housing Complexes with the highest potential for a
successful sale, refinancing or syndication, the Partnership expects to proceed
with efforts to liquidate them. The objective is to maximize the Limited
Partners' return wherever possible and, ultimately, to wind down the
Partnership. Local Limited Partnership interests may be disposed of any time by
the General Partner in its discretion. While liquidation of the Housing
Complexes continues to be evaluated, the dissolution of the Partnership was not
imminent as of December 31, 2005. As of December 31, 2005, no Housing Complexes
had been sold or selected for disposition.

Method of Accounting for Investments in Local Limited Partnerships
------------------------------------------------------------------

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting, whereby the Partnership adjusts its investment
balance for its share of the Local Limited Partnerships' results of operations
and for any contributions made and distributions received. The Partnership
reviews the carrying amount of an individual investment in a Local Limited
Partnership for possible impairment whenever events or changes in circumstances
indicate that the carrying amount of such investment may not be recoverable.
Recoverability of such investment is measured by the estimated value derived by
management, generally consisting of the sum of the remaining future Low Income
Housing Tax Credits estimated to be allocated to the Partnership and the
estimated residual value to the Partnership. If an investment is considered to
be impaired, the Partnership reduces the carrying value of its investment in any
such Local Limited Partnership. The accounting policies of the Local Limited
Partnerships, generally, are expected to be consistent with those of the
Partnership. Costs incurred by the Partnership in acquiring the investments are
capitalized as part of the investment and are being amortized over 30 years.
(See Note 2)

"Equity in losses of Local Limited Partnerships" for each of the periods ended
December 31, 2005, September 30, 2005, June 30, 2005 and 2004, respectively have
been recorded by the Partnership. Management's estimate for the three, six and
nine-month period is based on either actual unaudited results reported by the
Local Limited Partnerships or historical trends in the operations of the Local
Limited Partnerships. In subsequent annual financial statements, upon receiving
the actual annual results reported by the Local Limited Partnerships, management
reverses its prior estimate and records the actual results reported by the Local
Limited Partnerships. Equity in losses of Local Limited Partnerships allocated
to the Partnership are not recognized to the extent that the investment balance
would be adjusted below zero. As soon as the investment balance reaches zero,
the related costs of acquiring the investment are impaired. If the Local Limited
Partnerships reported net income in


                                       13
<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
--------------------------------------------------------------


future years, the Partnership will resume applying the equity method only after
its share of such net income equals the share of net losses not recognized
during the period(s) the equity method was suspended (see Note 2).

The Partnership does not consolidate the accounts and activities of the Local
Limited Partnerships, which are considered Variable Interest Entities under
Financial Accounting Standards Board Interpretation No. 46-Revised,
"Consolidation of Variable Interest Entities", because the Partnership is not
considered the primary beneficiary. The Partnership's balance in investments in
Local Limited Partnerships, plus the risk of recapture of tax credits previously
recognized on such investments, represents the maximum exposure to loss in
connection with such investments. The Partnership's exposure to loss on the
Local Limited Partnerships is mitigated by the condition and financial
performance of the underlying Housing Complexes as well as the strength of the
local General Partners and their guarantees against Low Income Housing Tax
Credit recapture.

Distributions received from the Local Limited Partnerships are accounted for as
a reduction of the investment balance. Distributions received after the
investment has reached zero are recognized as distribution income. As of
December 31, 2005, no investment accounts in Local Limited Partnerships had
reached a zero balance.

Use of Estimates
----------------

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues and expenses
during the reporting period. Actual results could materially differ from those
estimates.

Cash and Cash Equivalents
-------------------------

The Partnership considers all highly liquid investments with an original
maturity of three months or less when purchased to be cash equivalents. For all
periods presented, the Partnership had no cash equivalents.

Reporting Comprehensive Income
------------------------------

The STATEMENT OF FINANCIAL ACCOUNTING STANDARDS ("SFAS") NO. 130, REPORTING
COMPREHENSIVE INCOME established standards for the reporting and display of
comprehensive income (loss) and its components in a full set of general-purpose
financial statements. The Partnership had no items of other comprehensive income
for all periods presented, as defined by SFAS No. 130.

                                       14
<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
--------------------------------------------------------------

Concentration of Credit Risk
----------------------------

For all periods presented, the Partnership maintained cash balances at certain
financial institutions in excess of the federally insured maximum. The
Partnership believes it is not exposed to any significant financial risk on
cash.

Income Taxes
------------

No provision for income taxes has been recorded in the financial statements as
any liability and or benefits for income taxes flows to the partners of the
Partnership and is their obligation and/or benefit. For income tax purposes the
Partnership reports on a calendar year basis.

Net Loss Per Partnership Unit
-----------------------------

Net loss per Partnership Unit is calculated pursuant to Statement of Financial
Accounting Standards No. 128, Earnings Per Share. Net loss per Partnership Unit
includes no dilution and is computed by dividing loss allocated to Limited
Partners by the weighted average number of Partnership Units outstanding during
the period. Calculation of diluted net loss per Partnership Unit is not
required.

Revenue Recognition
-------------------

The Partnership is entitled to receive reporting fees from the Local Limited
Partnerships. The intent of the reporting fees is to offset (in part)
administrative costs incurred by the Partnership in corresponding with the Local
Limited Partnerships. Due to the uncertainty of the collection of these fees,
the Partnership recognizes reporting fees as collections are made.

Amortization
------------

Acquisition fees and costs are being amortized over 30 years using the
straight-line method. Amortization expense for each of the three months ended
June 30, 2005 and 2004 was $13,505 and $13,595, respectively. For the six months
ended September 30, 2005 and 2004 amortization expense was $27,010 and $27,190,
respectively and for the nine months ended December 31, 2005 and 2004 it was
$40,515 and $40,785, respectively.

Impairment
----------

A loss in value of a Local Limited Partnership other than a temporary decline is
recorded as an impairment loss. Impairment is measured by comparing the
investment carrying amount to the sum of the total of the remaining Low Income
Housing Tax Credits allocated to the Partnership and the estimated residual
value to the Partnership.

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS
--------------------------------------------------

As of the periods presented, the Partnership had acquired limited partnership
interests in thirteen Local Limited Partnerships, each of which owns one Housing
Complex consisting of an aggregate of 476 apartment units. The respective Local
General Partners of the Local Limited Partnerships manage the day to day
operations of the entities. Significant Local Limited Partnership business
decisions, as defined, require approval from the Partnership. The Partnership,
as a Limited Partner, is generally entitled to 99.8%, as specified in the Local
Limited Partnership agreements, of the operating profits and losses, taxable
income and losses, and Low Income Housing Tax Credits of the Local Limited
Partnerships.


                                       15
<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, CONTINUED
-------------------------------------------------------------

A loss in value from a Local Limited Partnership other than a temporary decline
is recorded as an impairment loss. Impairment is measured by comparing the
investment carrying amount to the sum of the total amount of the remaining Low
Income Housing Tax Credits allocated to the Partnership and the estimated
residual value to the Partnership. Accordingly, the Partnership recorded an
impairment loss of $89,669 and $0, during the three months ended June 30, 2005
and 2004, respectively. There were no additional impairment losses for the
periods ended September 30, 2005 and 2004 and December 31, 2005 and 2004.

The following is a summary of the equity method activity of the investments in
Local Limited Partnerships for the periods presented below:

<TABLE>
<S>       <C>
                                                         FOR THE THREE      FOR THE YEAR
                                                         MONTHS ENDED           ENDED
                                                         JUNE 30, 2005      MARCH 31, 2005
                                                         ------------       ------------
Investments per balance sheet, beginning of period       $ 11,122,724       $ 12,291,007
Impairment loss                                               (89,669)                --
Tax credit adjustment                                              --             (5,705)
Distributions (received from) reimbursed to Local
   Limited Partnerships                                         1,850             (6,786)
Equity in losses of Local Limited Partnerships               (207,772)        (1,101,772)
Amortization of capitalized acquisition fees and costs        (13,505)           (54,020)
                                                         ------------       ------------
Investments per balance sheet, end of period             $ 10,813,628       $ 11,122,724
                                                         ============       ============

                                                          FOR THE SIX       FOR THE YEAR
                                                         MONTHS ENDED          ENDED
                                                       SEPTEMBER 30, 2005   MARCH 31, 2005
                                                         ------------       ------------
Investments per balance sheet, beginning of period       $ 11,122,724       $ 12,291,007
Impairment loss                                               (89,669)                --
Tax credit adjustment                                              --             (5,705)
Distributions (received from) reimbursed to Local
  Limited Partnerships                                            596             (6,786)
Equity in losses of Local Limited Partnerships               (415,534)        (1,101,772)
Amortization of capitalized acquisition fees and costs        (27,010)           (54,020)
                                                         ------------       ------------
Investments per balance sheet, end of period             $ 10,591,107       $ 11,122,724
                                                         ============       ============




                                       16
<PAGE>
                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, CONTINUED
-------------------------------------------------------------


                                                         FOR THE NINE       FOR THE YEAR
                                                         MONTHS ENDED           ENDED
                                                       DECEMBER 31, 2005   MARCH 31, 2005
                                                         ------------       ------------
Investments per balance sheet, beginning of period       $ 11,122,724       $ 12,291,007
Impairment loss                                               (89,669)                --
Tax credit adjustment                                              --             (5,705)
Distributions (received from) reimbursed to Local
   Limited Partnerships                                           596             (6,786)
Equity in losses of Local Limited Partnerships               (623,296)        (1,101,772)
Amortization of capitalized acquisition fees and costs        (40,515)           (54,020)
                                                         ------------       ------------
Investments per balance sheet, end of period             $ 10,369,840       $ 11,122,724
                                                         ============       ============





                                       17
<PAGE>

                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, CONTINUED
-------------------------------------------------------------

                                                             FOR THE THREE MONTHS      FOR THE YEAR
                                                                     ENDED                ENDED
                                                                 JUNE 30, 2005        MARCH 31, 2005
                                                              ------------------    ------------------
Investments in Local Limited Partnerships, net                $        9,466,025    $        9,761,616
Acquisition fees and costs, net of accumulated amortization
  of $348,897 and $335,392                                             1,347,603             1,361,108
                                                              ------------------    ------------------
Investments per balance sheet, end of period                  $       10,813,628    $       11,122,724
                                                              ==================    ==================

                                                              FOR THE SIX MONTHS      FOR THE YEAR
                                                                    ENDED                 ENDED
                                                              SEPTEMBER 30, 2005     MARCH 31, 2005
                                                              ------------------    ------------------
Investments in Local Limited Partnerships, net                $        9,257,009    $        9,761,616
Acquisition fees and costs, net of accumulated amortization
  of $362,402 and $335,392                                             1,334,098             1,361,108
                                                              ------------------    ------------------
Investments per balance sheet, end of period                  $       10,591,107    $       11,122,724
                                                              ==================    ==================


                                                              FOR THE NINE MONTHS     FOR THE YEAR
                                                                    ENDED                 ENDED
                                                               DECEMBER 31, 2005      MARCH 31, 2005
                                                              ------------------    ------------------
Investments in Local Limited Partnerships, net                $        9,049,247    $        9,761,616
Acquisition fees and costs, net of accumulated amortization
  of $375,907 and $335,392                                             1,320,593             1,361,108
                                                              ------------------    ------------------
Investments per balance sheet, end of period                  $       10,369,840    $       11,122,724
                                                              ==================    ==================

</TABLE>




                                       18

<PAGE>
                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, CONTINUED
-------------------------------------------------------------

Selected financial information for the three months ended June 30, 2005 and 2004
from the unaudited combined condensed financial statements of the Local Limited
Partnerships in which the Partnership has invested is as follows:

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS

                                                        2005             2004
                                                      ---------       ---------
Revenues                                              $ 758,000       $ 675,000
                                                      ---------       ---------
Expenses:
  Interest expense                                      205,000         197,000
  Depreciation and amortization                         278,000         284,000
  Operating expenses                                    484,000         446,000
                                                      ---------       ---------
    Total expenses                                      967,000         927,000
                                                      ---------       ---------

Net loss                                              $(209,000)       (252,000)
                                                      =========       =========
                                                      $(208,000)      $(252,000)
Net loss allocable to the Partnership
                                                      =========       =========
Net loss recorded by the Partnership                  $(208,000)      $(252,000)
                                                      =========       =========

Selected financial information for the six months ended September 30, 2005 and
2004 from the unaudited combined condensed financial statements of the Local
Limited Partnerships in which the Partnership has invested is as follows:

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS

                                                       2005            2004
                                                   -----------      -----------
Revenues                                           $ 1,517,000      $ 1,350,000
                                                   -----------      -----------
Expenses:
  Interest expense                                     409,000          395,000
  Depreciation and amortization                        555,000          568,000
  Operating expenses                                   968,000          891,000
                                                   -----------      -----------
Total expenses                                       1,932,000        1,854,000
                                                   -----------      -----------

Net loss                                           $  (415,000)        (504,000)
                                                   ===========      ===========

Net loss allocable to the Partnership              $  (415,000)     $  (504,000)
                                                   ===========      ===========

Net loss recorded by the Partnership               $  (415,000)     $  (504,000)
                                                   ===========      ===========



                                       19
<PAGE>
                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, CONTINUED
-------------------------------------------------------------

Selected financial information for the nine months ended December 31, 2005 and
2004 from the unaudited combined condensed financial statements of the Local
Limited Partnerships in which the Partnership has invested is as follows:

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS

                                                      2005             2004
                                                   -----------      -----------
Revenues                                           $ 2,275,000      $ 2,024,000
                                                   -----------      -----------
Expenses:
  Interest expense                                     614,000          592,000
  Depreciation and amortization                        833,000          852,000
  Operating expenses                                 1,452,000        1,336,000
                                                   -----------      -----------
Total expenses                                       2,899,000        2,780,000
                                                   -----------      -----------

Net loss                                           $  (624,000)        (756,000)
                                                   ===========      ===========

Net loss allocable to the Partnership              $  (623,000)     $  (756,000)
                                                   ===========      ===========

Net loss recorded by the Partnership               $  (623,000)     $  (756,000)
                                                   ===========      ===========

Certain Local Limited Partnerships have incurred significant operating losses
and/or have working capital deficiencies. In the event these Local Limited
Partnerships continue to incur significant operating losses, additional capital
contributions by the Partnership and/or the Local General Partners may be
required to sustain the operations of such Local Limited Partnerships. If
additional capital contributions are not made when they are required, the
Partnership's investment in certain of such Local Limited Partnerships could be
impaired, and the loss and recapture of the related Low Income Housing Tax
Credits could occur.


                                       20
<PAGE>
                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 3 - RELATED PARTY TRANSACTIONS
-----------------------------------

Under the terms of the Partnership Agreement, the Partnership has paid or is
obligated to the General Partner or its affiliates the following fees:

      (a)   Acquisition fees of up to 7% of the gross proceeds from the sale of
            Partnership Units as compensation for services rendered in
            connection with the acquisition of Local Limited Partnerships. At
            the end of all periods presented, the Partnership incurred
            acquisition fees of $1,319,500. Accumulated amortization of these
            capitalized costs was $243,824, $232,827, $221,830 and $210,833 as
            of December 31, 2005, September 30, 2005, June 30, 2005 and March
            31, 2005, respectively.

      (b)   Reimbursement of costs incurred by the General Partner or an
            affiliate of Associates in connection with the acquisition of Local
            Limited Partnerships. These reimbursements have not exceeded 2% of
            the gross proceeds. As of the end of all periods presented, the
            Partnership incurred acquisition costs of $377,000, which have been
            included in investments in Local Limited Partnerships. Accumulated
            amortization was $132,083, $129,575, $127,067, and $124,559 as of
            December 31, 2005, September 30, 2005, June 30, 2005 and March 31,
            2005, respectively.

      (c)   An annual asset management fee not to exceed 0.2% of the Invested
            Assets of the Partnership, as defined. "Invested Assets" means the
            sum of the Partnership's Investment in Local Limited Partnerships
            and the Partnership's allocable share of the amount of the mortgage
            loans on and other debts related to the Housing Complexes owned by
            such Local Limited Partnerships. Asset management fees of $14,614
            and $15,139 were incurred during the three months ended June 30,
            2005 and 2004, respectively. For each of the six months ended
            September 30, 2005 and 2004, the Partnership incurred asset
            management fees of $29,228 and $29,753, respectively. Management
            fees of $43,842 and $44,367 were incurred during each of the nine
            months ended December 31, 2005 and 2004, respectively. The
            Partnership paid the General Partner or its affiliates $20,084 and
            $10,003 of those fees during the three months ended June 30, 2005
            and 2004, respectively. During the six months ended September 30,
            2005 and 2004 the Partnership paid $30,126 and $30,100, respectively
            and during the nine months ended December 31, 2005 and 2004 the
            Partnership paid $40,168 and $41,000, respectively.

      (d)   A subordinated disposition fee in an amount equal to 1% of the sales
            price of real estate sold. Payment of this fee is subordinated to
            the limited partners receiving a return on investment (as defined in
            the Partnership Agreement) and is payable only if the General
            Partner or its affiliates render services in the sales effort. No
            such fee was incurred for all the periods presented.

      (e)   The Partnership reimburses the General Partner or its affiliates for
            operating expenses incurred on behalf of the Partnership. Operating
            expense reimbursements were $10,725 and $16,442 during the three
            months ended June 30, 2005 and 2004, respectively. For the six
            months ended September 30, 2005 and 2004 the Partnership reimbursed
            operating expenses of $12,942 and $19,790, respectively. For the
            nine months ended December 31, 2005 and 2004, operating expense
            reimbursements totaled $23,007 and $39,524, respectively.


                                       21
<PAGE>
                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 3 - RELATED PARTY TRANSACTIONS, CONTINUED
----------------------------------------------

The accrued fees and expenses due to General Partner and affiliates consisted of
the following at:
<TABLE>
<S>       <C>
                                            JUNE 30,     SEPTEMBER 30,    DECEMBER 31,     MARCH 31,
                                             2005            2005            2005            2005
                                          -----------     -----------     -----------     -----------

Accrued asset management fees             $    74,825     $    79,398     $    83,969     $    80,295
Organizational offering and
  Selling costs payable                         2,590           2,590              --           2,590
Payable to Local Limited Partnerships              64              64              64              64
Insurance proceeds due to a
  Local Limited Partnership                    20,839          20,839              --          20,839
Expenses paid by the General
  Partners or an affiliates on
  behalf of the Partnership                     1,607           4,431             103          10,827
                                          -----------     -----------     -----------     -----------
Total                                     $    99,925     $   107,322     $    84,136     $   114,615
                                          ===========     ===========     ===========     ===========
</TABLE>


NOTE 4 - PAYABLES TO LOCAL LIMITED PARTNERSHIPS
-----------------------------------------------

Payables to Local Limited Partnerships represent amounts which are due at
various times based on conditions specified in the Local Limited Partnership
agreements. These contributions are payable in installments and are generally
due upon the Local Limited Partnerships achieving certain operating and
development benchmarks (generally within two years of the Partnership's initial
investment). As of all the periods presented, $12,081 of capital contributions
remain payable.

NOTE 5 - DUE FROM AFFILIATES, NET
---------------------------------

One Local Limited Partnership, Lake Village Apartments, L.P., ("Lake Village")
(see Note 6 below) has experienced operational issues and as such the
Partnership has made advances which totaled $124,359 as of December 31, 2005.
During the three months ended June 30, 2005 no advances were made, during the
six months ended September 30, 2005, $31,477 of cash advances were made to Lake
Village, and during the nine months ended December 31, 2005, an additional
$81,232 of cash advances were made but the Partnership had been reflecting
$20,839 owed to Lake Village in insurance proceeds that the Partnership was
retaining until they were needed. The insurance proceeds were netted against the
$81,232 advance made during the nine months ended December 31, 2005. As of
December 31, 2005 the total advances made to Lake Village were $124,359 all of
which had been reserved against since it was determined that they were
uncollectible.

At December 31, September 30, June 30, and March 31, 2005, loans receivable of
$78,807, $78,807, $78,807, and $78,807, respectively, were due from Local
Limited Partnerships in which the Partnership owns a 99.98% interest. At
December 31, September 30, June 30, and March 31, 2005, one of the loans in the
amount of $78,807, $78,807, $78,807 and $78,807, respectively, is in the form of
a 20 year promissory note, is subordinate to the first mortgage on the
respective property, due in full on August 30, 2022 and earns interest at a rate
of 8% per annum. That note is due from one Local Limited Partnership, ACN
Southern Hills II, L.P. ("Southern Hills"), in which the Partnership owns a
99.98% interest. Southern Hills had a construction loan payable aggregating
approximately $1,100,000 as of December 31, 2001, which was due in March 2002
and was not repaid at that time. In September 2002 the $1.1 million loan was
refinanced. The General Partner paid off $557,000 of the loan with investment
money received from the Partnership. The remaining balance was converted to a
$463,000 first mortgage with a bank and a $80,000 promissory note due in 20
years to the Partnership. The Partnerships loan is subordinate to the first
mortgage and requires payments to be made monthly and at the end of the year
from available cash flow. The Partnership expects this loan to be collectible in
full. No payments have been made since October 2004 due to the fact that the
mortgage note had covenants that the DCR could not be below 1.20 and if payments
on this note were made the DCR would have been below 1.20. The original first
mortgage note has since been refinanced and the management company was changed.
With these two factors in consideration the Local Limited Partnership is cash
flowing and is expected to make a payment on the promissory note during the
Partnership's third quarter.

                                       22
<PAGE>
                 WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

      FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2005, SEPTEMBER 30, 2005 AND
                                DECEMBER 31, 2005
                                   (UNAUDITED)


NOTE 6 - COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS
---------------------------------------------------------

During the year ended March 31, 2002, WNC, the General Partner of the
Partnership was advised that Lake Village Apartments, a Local Limited
Partnership, was in default of certain covenants relating to certain loans
advanced for the construction of the apartments. The defaults were primarily
caused by the general contractor failing to complete the construction of the
development according to the terms of the Lake Village Apartment's loans. As a
result of the foregoing, on June 30, 2002, the General Partner of Lake Village
Apartments was replaced by an entity wholly owned by two minority shareholders
and officers of Associates and a workout agreement was executed with the lender
(the "Agreement"), whereby the General Partner of Lake Village Apartments was
replaced by the aforementioned entity. Pursuant to the terms of the Agreement,
the new general partner would contribute additional equity to the Local Limited
Partnership if necessary, a new general contractor would complete the
construction of the development, and the lender, upon satisfaction of certain
conditions of the Agreement as defined, would continue to fund the completion of
the construction and other costs. In addition, pursuant to the Agreement, the
Partnership Agreement was amended, and the Partnership committed and paid
additional capital contributions of $855,628 as a result of obtaining additional
Low Income Housing Tax Credits. Construction of the development was completed as
of June 2002, at which time all construction loans converted to permanent
financing.

Beginning in November 2005 the Lake Village Apartments are being managed by the
Henry County Housing Development Group, Inc. (HCHD). HCHD is the local housing
authority serving Kewanee, Illinois. HCHD currently manages numerous apartment
units in Kewanee and brings substantial knowledge of property management and
knowledge of the local community. HCHD also administers the tenant housing
choice voucher program and may be able to provide Lake Village occupants with
rental assistance payments to help defer the cost of their rent thereby making
it more attractive for a prospective tenant to remain at Lake Village. As of
June 2008, the Partnership has advanced Lake Village approximately $184,504 all
of whose have been fully reserved and written off as bad debt as management has
deemed the collectability to be questionable. These advances were used to fund
certain recurring and nonrecurring operating expenses consisting primarily of
property taxes and insurance.

Beginning in April 2006, Lake Village Apartments did not make its regularly
schedule principal and interest payment to the mortgage holder, Illinois
Development Housing Authority (IHDA) and began negotiations with IHDA at that
time to restructure the debt. These negotiations have continued through April
2008 and during that period, no principal and interest payments have been made.
IHDA has expressed that they have no interest in restructuring the mortgage and
have proposed that Lake Village Apartments pay $1,250,000 to IHDA in full and
final satisfaction of their existing first and second mortgages. The General
Partner is pursuing a sale of the Lake Village Apartments to meet IHDA's request
in order to avoid a foreclosure and recapture event to the investors. An
appraisal received in April 2008 indicates a current market value of $480,000.
If the General Partner is unable to consummate a sale of this asset, IHDA could
institute a foreclosure procedure and the Housing Complex could be lost, thereby
creating a recapture event for the previous Low Income Housing Tax Credits
claimed to date. Although the possibility exists of tax credit recapture,
management feels the possibility is remote and is still determining the possible
dollar impact, if any. Although the General Partner is actively pursuing a sale,
there is no assurance this will occur.


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<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

FORWARD LOOKING STATEMENTS

With the exception of the discussion regarding historical information, this
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and other discussions elsewhere in this Form 10-Q contain forward
looking statements. Such statements are based on current expectations subject to
uncertainties and other factors which may involve known and unknown risks that
could cause actual results of operations to differ materially from those
projected or implied. Further, certain forward-looking statements are based upon
assumptions about future events which may not prove to be accurate.

Risks and uncertainties inherent in forward looking statements include, but are
not limited to, the Partnership future cash flows and ability to obtain
sufficient financing, level of operating expenses, conditions in the Low Income
Housing Tax Credit property market and the economy in general, as well as legal
proceedings. Historical results are not necessarily indicative of the operating
results for any future period.

Subsequent written and oral forward looking statements attributable to the
Partnership or persons acting on its behalf are expressly qualified in their
entirety by cautionary statements in this Form 10-Q and in other reports filed
with the Securities and Exchange Commission. The following discussion should be
read in conjunction with the Financial Statements and the Notes thereto included
elsewhere in this filing.

The following discussion and analysis compares the results of operations for the
three months ended June 30, 2005 and 2004, the three and six months ended
September 30, 2005 and 2004, and the three and nine months ended December 31,
2005 and 2004, and should be read in conjunction with the combined condensed
financial statements and accompanying notes included within this report.

FINANCIAL CONDITION

The Partnership's assets at June 30, 2005 consisted primarily of $697,000 in
cash, aggregate investments in the thirteen Local Limited Partnerships of
$10,814,000 and due from affiliates of $79,000. Liabilities at June 30, 2005
consisted of $99,000 of accrued annual asset management fees and advances
payable to the General Partner and/or its affiliates, $12,000 due to a Local
Limited Partnership and $5,500 in accrued expenses.

The Partnership's assets at September 30, 2005 consisted primarily of $662,000
in cash, aggregate investments in the thirteen Local Limited Partnerships of
$10,591,000 and due from affiliates of $79,000. Liabilities at September 30,
2005 consisted of $107,000 of accrued annual asset management fees and advances
payable to the General Partner and/or its affiliates, $12,000 due to a Local
Limited Partnership and $5,500 in accrued expenses.

The Partnership's assets at December 31, 2005 consisted primarily of $562,000 in
cash and aggregate investments in the thirteen Local Limited Partnerships of
$10,370,000 and due from affiliates of $79,000. Liabilities at December 31, 2005
consisted of $84,000 of accrued annual asset management fees and advances
payable to the General Partner and/or its affiliates, $12,000 due to a Local
Limited Partnership and $5,500 in accrued expenses.

RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2005 COMPARED TO THREE MONTHS ENDED JUNE 30, 2004.
The Partnership's net loss for the three months ended June 30, 2005 was
$(322,000), reflecting an increase of approximately $(29,000) from the net loss
of $(293,000) for the three months ended June 30, 2004. The increase in net loss
was primarily due to the increase in impairment loss of $(90,000). The
impairment loss can vary each year depending on the annual decrease in Low
Income Housing Tax Credits allocated to the Partnership and the current
estimated residual value of the Partnership compared to the current carrying
value of each of the investments to the Partnership . There was a decrease of
equity in losses of Local Limited Partnerships of $44,000 to $(208,000) for the
three months ended June 30, 2005 from $(252,000) for the three months ended June
30, 2004. The equity in losses can vary each year depending on the operations of
each of the Local Limited Partnerships. Additionally the accounting and legal
fees decreased by $9,000 for the three months ended June 30, 2005 compared to
the three months ended June 30, 2004 due to the timing of when the accounting
work is performed. The reporting fees increased by $2,000 due to the fact that
Local Limited Partnerships pay reporting fees to the Partnership when the Local
Limited Partnership's cash flow allows for the payment. The asset management
fees decreased by $1,000 while other operating expenses decreased by $5,000.

                                       24
<PAGE>

THREE MONTHS ENDED SEPTEMBER 30, 2005 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2004 The Partnership's net loss for the three months ended
September 30, 2005 was $(265,000), reflecting a decrease of approximately
$16,000 from the net loss of $(281,000) for the three months ended September 30,
2004. There was a decrease of equity in losses of Local Limited Partnerships of
$44,000 to $(208,000) for the three months ended September 30, 2005 from
$(252,000) for the three months ended September 30, 2004. The decrease in equity
in losses of Local Limited Partnerships is due to the varying operations of each
of the thirteen Local Limited Partnerships. There was an increase of $(31,000)
in write off of advances to Local Limited Partnerships for the three months
ended September 30, 2005, due to advances that were made during the three months
ended September 30, 2005 and reserved for in the same quarter compared to $0
advanced and reserved in the three months ended September 30, 2004. A Local
Limited Partnership was experiencing some operations issues and the Partnership
advanced the funds that were necessary. The accounting and legal fees decreased
by $3,000 for the three months ended September 30, 2005 compared to the three
months ended September 30, 2004. As discussed in the above paragraph, the
accounting expense difference is a timing issue. The reporting fees increased by
$4,000 due to the fact that Local Limited Partnerships pay reporting fees to the
Partnership when the Local Limited Partnership's cash flow allows for the
payment. Additionally other operating expenses increased by $(4,000).

SIX MONTHS ENDED SEPTEMBER 30, 2005 COMPARED TO THE SIX MONTHS ENDED SEPTEMBER
30, 2004 The Partnership's net loss for the six months ended September 30, 2005
was $(587,000), reflecting an increase of approximately $(12,000) from the net
loss of $(575,000) for the six months ended September 30, 2004. The increase in
net loss was due to an increase in impairment loss of $(90,000). The impairment
loss can vary each year depending on the annual decrease in Low Income Housing
Tax Credits allocated to the Partnership and the current estimated residual
value of the investments to the Partnership compared to the current carrying
value of each of the investments to the Partnership. The increase in impairment
loss was offset by a decrease of equity in losses of Local Limited Partnerships
of $88,000 to $(416,000) for the six months ended September 30, 2005 from
$(504,000) for the six months ended September 30, 2004. The decrease in equity
in losses of Local Limited Partnerships is due to the varying operations of each
of the thirteen Local Limited Partnerships. There was an increase of $(31,000)
in write off of advances to Local Limited Partnerships for the six months ended
September 30, 2005, due to advances being made during the six months ended
September 30, 2005 and reserved for in the same quarter compared to $0 advanced
and reserved in the six months ended September 30, 2004. A Local Limited
Partnership was experiencing some operations issues and the Partnership advanced
the funds that were necessary. Reporting fees increased by $6,000 for the six
months ended September 30, 2005 compared to the six months ended September 30,
2004 due to the fact that Local Limited Partnerships pay reporting fees to the
Partnership when the Local Limited Partnership's cash flow allows for the
payment. Additionally the accounting and legal fees decreased by $12,000 for the
six months ended September 30, 2005 compared to the six months ended September
30, 2004 due to the timing of when accounting work is performed. The other
operating expenses also decreased by $1,000.

THREE MONTHS ENDED DECEMBER 31, 2005 COMPARED TO THE THREE MONTHS ENDED DECEMBER
31, 2004 The Partnership's net loss for the three months ended December 31, 2005
was $(299,000), reflecting an increase of approximately $(3,000) from the net
loss of $(296,000) for the three months ended December 31, 2004. There was a
decrease of equity in losses of Local Limited Partnership of $44,000 to
$(208,000) for the three months ended December 31, 2005 from $(252,000) for the
three months ended December 31, 2004. The decrease in equity in losses of Local
Limited Partnerships is due to the varying operations of each of the thirteen
Local Limited Partnerships. There was also an increase of $(60,000) in write off
of advances to Local Limited Partnerships for the three months ended December
31, 2005 due to advances made during the three months ended December 31, 2005
and reserved for in the same quarter compared to $0 advanced and reserved in the
three months ended December 31, 2004. A Local Limited Partnership was
experiencing some operations issues and the Partnership advanced the funds that
were necessary. The accounting and legal fees decreased by $11,000 for the three
months ended December 31, 2005 compared to the three months ended December 31,
2004. As discussed above, the accounting expense difference is a timing issue.
The other operating expenses also decreased by $2,000.

                                       25
<PAGE>

NINE MONTHS ENDED DECEMBER 31, 2005 COMPARED TO NINE MONTHS ENDED DECEMBER 31,
2004 The Partnership's net loss for the nine months ended December 31, 2005 was
$(886,000), reflecting an increase of approximately $(15,000) from the net loss
of $(871,000) for the nine months ended December 31, 2004. There was an increase
in impairment loss of $(90,000). The impairment loss can vary each year
depending on the annual decrease in Low Income Housing Tax Credits allocated to
the Partnership and the current estimated residual value to the Partnership
compared to the current carrying value of each of the investments to the
Partnership. There was a decrease of equity in losses of Local Limited
Partnership of $133,000 to $(623,000) for the nine months ended December 31,
2005 from $(756,000) for the nine months ended December 31, 2004. The decrease
in equity in losses of Local Limited Partnerships is due to the varying
operations of each of the thirteen Local Limited Partnerships. Reporting fees
increased by $6,000 for the nine months ended December 31, 2005 compared to the
nine months ended December 31, 2004 due to the fact that Local Limited
Partnerships pay reporting fees to the Partnership when the Local Limited
Partnership's cash flow allows for payment. Additionally, there was an increase
of $(92,000) in write off of advances to Local Limited Partnerships for the nine
months ended December 31, 2005. The accounting and legal fees decreased by
$23,000 for the nine months ended December 31, 2005 compared to the nine months
ended December 31, 2004 due to the timing of when the accounting work is
performed. There was also a $4,000 decrease in other operating expenses.

CAPITAL RESOURCES AND LIQUIDITY

THREE MONTHS ENDED JUNE 30, 2005 COMPARED TO THREE MONTHS ENDED JUNE 30, 2004
Net cash used during the three months ended June 30, 2005 was $(77,000),
compared to net cash used during the three months ended June 30, 2004 of
$(50,000) reflecting a change of $(27,000). During the three months ended June
30, 2005 the Partnership reimbursed the General Partner or its affiliates
$(11,000) for expenses that were paid on its behalf compared to $(17,000) that
was reimbursed during the three months ended June 30, 2004. During the three
months ended June 30, 2005 the Partnership paid $(20,000) in asset management
fees to the General Partner compared to $(10,000) for the three months ended
June 30, 2004. Additionally, during the three months ended June 30, 2005 the
Partnership made capital contributions to Local Limited Partnerships of
$(50,000) compared to $(30,000) made during the three months ended June 30,
2004. The Partnership collected $2,000 in reporting fees for the three months
ended June 30, 2005 compared to $0 during the three months ended June 30, 2004.

SIX MONTHS ENDED SEPTEMBER 30, 2005 COMPARED TO SIX MONTHS ENDED SEPTEMBER 30,
2004 Net cash used during the six months ended September 30, 2005 was
$(112,000), compared to net cash used during the six months ended September 30,
2004 of $(100,000), reflecting a change of $(12,000). This change was primarily
due to $(31,000) advanced to a Local Limited Partnership during the six months
ended September 30, 2005 compared to no advances made during the six months
ended September 30, 2004. Additionally, during the six months ended September
30, 2005 the Partnership made capital contributions to Local Limited
Partnerships of $(50,000) compared to $(63,000) made during the six months ended
September 30, 2004. The Partnership collected $0 in reporting fees for the six
months ended September 30, 2004 compared to $6,000 during the six months ended
September 30, 2005. Additionally during the six months ended September 30, 2005
the Partnership reimbursed the General Partner or its affiliates $(13,000) for
expenses that were paid on its behalf compared to $(20,000) that was reimbursed
during the six months ended September 30, 2004.

NINE MONTHS ENDED DECEMBER 31, 2005 COMPARED TO NINE MONTHS ENDED DECEMBER 31,
2004 Net cash used during the nine months ended December 31, 2005 was
$(213,000), compared to net cash used during the nine months ended December 31,
2004 of $(342,000), reflecting a change of $129,000. During the nine months
ended December 31, 2005 reflects capital contribution payments to Local Limited
Partnerships of $(50,000) compared to $(279,000) in capital contributions made
during the nine months ended December 31, 2004. Additionally, during the nine
months ended December 31, 2005 the Partnership made advances to Local Limited
Partnerships of $(92,000) compared to no advances made during the nine months
ended December 31, 2004. During the nine months ended December 31, 2005 the
Partnership reimbursed $21,000 of insurance proceeds to one Local Limited
Partnership. Finally, during the nine months ended December 31, 2005 the
Partnership reimbursed the General partner for expenses it paid on the
Partnerships behalf of $(23,000) compared to $(40,000) reimbursed during the
nine months ended December 31, 2004.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         NOT APPLICABLE

                                       26
<PAGE>


ITEM 4.  CONTROLS AND PROCEDURES

      As of the end of the period covered by this report, the Partnership's
      General Partner, under the supervision and with the participation of the
      Chief Executive Officer and Chief Financial Officer of Associates carried
      out an evaluation of the effectiveness of the Fund's "disclosure controls
      and procedures" as defined in Securities Exchange Act of 1934 Rule 13a-15
      and 15d-15. Based on that evaluation, the Chief Executive Officer and
      Chief Financial Officer have concluded that as of the end of the period
      covered by this report, the Partnership's disclosure controls and
      procedures were adequate and effective in timely alerting them to material
      information relating to the Partnership required to be included in the
      Partnership's periodic SEC filings.

      Changes in internal controls. There were no changes in the Partnership's
      internal control over financial reporting that occurred during the
      quarters ended June 30, 2005, September 30, 2005 and December 31, 2005
      that materially affected, or are reasonably likely to materially affect,
      the Partnership's internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         NONE

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

         NONE

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         NONE

ITEM 5.  OTHER INFORMATION

         NONE

ITEM 6.  EXHIBITS

31.1     Certification of the Principal Executive Officer pursuant to Rule
         13a-14 and 15d-14, as adopted pursuant to section 302 of the
         Sarbanes-Oxley Act of 2002. (filed herewith)

31.2     Certification of the Principal Financial Officer pursuant to Rule
         13a-14 and 15d-14, as adopted pursuant to section 302 of the
         Sarbanes-Oxley Act of 2002. (filed herewith)

32.1     Section 1350 Certification of the Chief Executive Officer. (filed
         herewith)

32.2     Section 1350 Certification of the Chief Financial Officer. (filed
         herewith)



                                       27
<PAGE>



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7


By:  WNC & ASSOCIATES, INC.                 General Partner





By: /s/ Wilfred N. Cooper, Jr.
    --------------------------

Wilfred N. Cooper, Jr.
President and Chief Executive Officer of WNC & Associates, Inc.

Date:  July 24, 2008




By: /s/ Thomas J. Riha
    ------------------

Thomas J. Riha
Senior Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Date:  July 24, 2008



                                       28