----

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

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

| Florida                                                        |   | 59-3090386                                                            |
|----------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer No.)                                                    |
|                                                           |   |                                                                  |
| 880 Carillon Parkway                                           |   | St. Petersburg,   Florida    33716 |
| (Address of principal executive offices)                       |   | (Zip Code)                                                            |

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

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

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

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

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

----

----

|                                                                                          | SERIES 7                                                                                                                              |   | SERIES 8                                                                                                                              |   | SERIES 9                                                                                                                              |
|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                          | September 30,                                                                                                                         |   | March 31,                                                                                                                             |   | September 30,                                                                                                                         |   | March 31, |   | September 30, |   | March 31, |
|                                                                                          | 2010                                                                                                                                  |   | 2010                                                                                                                                  |   | 2010                                                                                                                                  |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                        |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
| Current Assets:                                                                               |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|    Cash and Cash Equivalents                                                   |  $       292,495                                                                         |   |  $       209,702                                                                         |   |  $       228,370                                                                         |   |  $   238,988  |   |  $         95,304  |   |  $       96,912  |
|    Receivable - Other                                                          |                      -  |   |                      -  |   |                      -  |   |                   -  |   |             44,256  |   |                     -  |
|      Total Current Assets                                            | 292,495                                                                                                                          |   | 209,702                                                                                                                          |   | 228,370                                                                                                                          |   | 238,988  |   | 139,560  |   | 96,912  |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|    Investments in Project Partnerships, net                                    | 84,423                                                                                                                           |   | 84,017                                                                                                                           |   |                      -  |   |                   -  |   |                      -  |   |                     -  |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|          Total Assets                            |  $      376,918                                                                               |   |  $       293,719                                                                         |   |  $       228,370                                                                         |   |  $   238,988  |   |  $       139,560  |   |  $       96,912  |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' DEFICIT                                                             |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
| Current Liabilities:                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|    Payable to General Partners                                                 |  $         51,522                                                              |   |  $       105,464                                                                         |   |  $       225,482                                                                         |   |  $   215,965  |   |  $         77,910  |   |  $       66,214  |
|    Distribution Payable                                                        |           163,015                                                              |   |               5,066                                        |   |             23,385                                                   |   |         23,385  |   |             10,000  |   |           10,000  |
|    Deferred Gain on Sale of Project Partnerships                               |                      -  |   |                      -  |   |                      -  |   |                   -  |   |            43,030  |   |                     -  |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|      Total Current Liabilities                                       | 214,537                                                                                                                          |   | 110,530                                                                                                                          |   | 248,867                                                                                                                          |   | 239,350  |   | 130,940  |   | 76,214  |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                        |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|    Payable to General Partners                                                 | 993,291                                                                                                                          |   | 963,160                                                                                                                          |   | 1,074,997                                                                                                                        |   | 1,034,764  |   | 647,556  |   | 624,387  |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                                   |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|    Limited Partners - 10,395, 9,980, and 6,254                                 |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|      units for Series 7, 8, and 9, respectively,                     |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|      at September 30, 2010 and March 31, 2010                        | (834,428)                                                                                                                             |   | (782,420)                                                                                                                             |   | (1,088,263)                                                                                                                           |   | (1,028,499) |   | (587,711) |   | (552,816) |
|    General Partners                                                            | 3,518                                                                                                                            |   | 2,449                                                                                                                            |   | (7,231)                                                                                                                               |   | (6,627) |   | (51,225) |   | (50,873) |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|      Total Partners' Deficit                                         | (830,910)                                                                                                                             |   | (779,971)                                                                                                                             |   | (1,095,494)                                                                                                                           |   | (1,035,126) |   | (638,936) |   | (603,689) |
|                                                                                          |                                                                                                                                  |   |                                                                                                                                  |   |                                                                                                                                  |   |   |   |   |   |   |
|          Total Liabilities and Partners' Deficit |  $       376,918                                                                         |   |  $       293,719                                                                         |   |  $       228,370                                                                         |   |  $   238,988  |   |  $       139,560  |   |  $       96,912  |

----

|                                                                                                   | SERIES 10                                                                                                                                   |   | SERIES 11                                                                                                                             |   | TOTAL SERIES 7 - 11                                                                                                                         |
|--------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                   | September 30,                                                                                                                               |   | March 31,                                                                                                                             |   | September 30,                                                                                                                               |   | March 31, |   | September 30, |   | March 31, |
|                                                                                                   | 2010                                                                                                                                        |   | 2010                                                                                                                                  |   | 2010                                                                                                                                        |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                                 |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
| Current Assets:                                                                                        |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|    Cash and Cash Equivalents                                                            |  $       144,397                                                                               |   |  $       153,638                                                                         |   |  $       182,789                                                                               |   |  $   209,968  |   |  $      943,355  |   |  $     909,208  |
|    Receivable - Other                                                                   |                       -  |   |                      -  |   |                       -  |   |                  -  |   |            44,256  |   |                     -  |
|      Total Current Assets                                                     | 144,397                                                                                                                                |   | 153,638                                                                                                                          |   | 182,789                                                                                                                                |   | 209,968  |   | 987,611  |   | 909,208  |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|    Investments in Project Partnerships, net                                             | 72,966                                                                                                                                 |   | 97,267                                                                                                                           |   | 296,720                                                                                                                                |   | 411,872  |   | 454,109  |   | 593,156  |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|          Total Assets                                     |  $       217,363                                                                               |   |  $       250,905                                                                         |   |  $       479,509                                                                               |   |  $   621,840  |   |  $   1,441,720  |   |  $  1,502,364  |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT)                                                             |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
| Current Liabilities:                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|    Payable to General Partners                                                          |  $         48,769                                                                    |   |  $         54,975                                                              |   |  $         13,941                                                                    |   |  $     14,511  |   |  $      417,624  |   |  $     457,129  |
|    Distribution Payable                                                                 |             10,000                                                         |   |             10,000                                                   |   |                       -  |   |                  -  |   |          206,400  |   |           48,451  |
|    Deferred Gain on Sale of Project Partnerships                                        |                       -  |   |                      -  |   |                       -  |   |                  -  |   |            43,030  |   |                     -  |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|      Total Current Liabilities                                                | 58,769                                                                                                                                 |   | 64,975                                                                                                                           |   | 13,941                                                                                                                                 |   | 14,511  |   | 667,054  |   | 505,580  |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                                 |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|    Payable to General Partners                                                          | 194,936                                                                                                                                |   | 179,311                                                                                                                          |   |           119,108                                                                    |   |       105,164  |   | 3,029,888  |   | 2,906,786  |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                                            |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|    Limited Partners - 5,043 and 5,127 units                                             |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|      for Series 10 and 11, respectively, at                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|      at September 30, 2010 and March 31, 2010                                 | (1,799)                                                                                                                                     |   | 40,732                                                                                                                           |   | 388,986                                                                                                                                |   | 543,134  |   | (2,123,215) |   | (1,779,869) |
|    General Partners                                                                     | (34,543)                                                                                                                                    |   | (34,113)                                                                                                                              |   | (42,526)                                                                                                                                    |   | (40,969) |   | (132,007) |   | (130,133) |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|      Total Partners' Equity (Deficit)                                         | (36,342)                                                                                                                                    |   | 6,619                                                                                                                            |   | 346,460                                                                                                                                |   | 502,165  |   | (2,255,222) |   | (1,910,002) |
|                                                                                                   |                                                                                                                                        |   |                                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |   |
|          Total Liabilities and Partners' Equity (Deficit) |  $       217,363                                                                               |   |  $       250,905                                                                         |   |  $       479,509                                                                               |   |  $   621,840  |   |  $   1,441,720  |   |  $  1,502,364  |

----

|                                               | SERIES 7                                                                                                                  |   | SERIES 8                                                     |   | SERIES 9                                                                                                            |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                                                                      |   | 2009                                                         |   | 2010                                                                                                                |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
|   Distribution Income                    |  $         1,957                                                   |   |  $     12,526             |   |  $       5,271                                                         |   |  $       4,524  |   |  $        2,844  |   |  $       9,015  |
|     Total Revenues             |            1,957                                              |   |         12,526  |   |           5,271                                              |   | 4,524  |   |            2,844  |   |           9,015  |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 15,067                                                                                                               |   | 18,243                                                  |   | 20,117                                                                                                         |   | 21,445  |   | 11,585  |   | 12,147  |
|   General and Administrative:            |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
|     General Partner            |                    -  |   | 20,008                                                  |   |                   -  |   |                   -  |   |                    -  |   | 15,279  |
|     Other                      | 23,192                                                                                                               |   | 20,897                                                  |   | 23,303                                                                                                         |   | 21,227  |   | 15,010  |   | 14,735  |
|   Amortization                           | 73                                                                                                                   |   | 73                                                      |   |                   -  |   | 289  |   |                    -  |   | 748  |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
|     Total Expenses             | 38,332                                                                                                               |   | 59,221                                                  |   | 43,420                                                                                                         |   | 42,961  |   | 26,595  |   | 42,909  |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
| Loss Before Equity in Loss of Project Partnerships |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
|   and Other Income                       | (36,374)                                                                                                                  |   | (46,695)                                                     |   | (38,149)                                                                                                            |   | (38,437) |   | (23,751) |   | (33,894) |
| Equity in Loss of Project Partnerships             |              (288)                                       |   | 1,084                                                   |   |                   -  |   | 2,541  |   |                    -  |   |                   -  |
| Gain on Sale of Project Partnerships               |        157,948                                                                    |   |       254,488             |   |                   -  |   |                   -  |   |                    -  |   |                   -  |
| Interest Income                                    | 8                                                                                                                    |   | 9                                                       |   | 7                                                                                                              |   | 5  |   | 4  |   | 3  |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
| Net Income (Loss)                                  |  $     121,294                                                                         |   |  $   208,886                        |   |  $    (38,142)                                                                             |   |  $    (35,891) |   |  $     (23,747) |   |  $    (33,891) |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
|   Limited Partners                       |  $     120,082                                                                         |   |  $   198,440                        |   |  $    (37,760)                                                                             |   |  $    (35,532) |   |  $     (23,510) |   |  $    (33,553) |
|   General Partners                       | 1,212                                                                                                                |   | 10,446                                                  |   | (382)                                                                                                               |   | (359) |   | (237) |   | (338) |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
|                                               |  $     121,294                                                                         |   |  $   208,886                        |   |  $    (38,142)                                                                             |   |  $    (35,891) |   |  $     (23,747) |   |  $    (33,891) |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partnership Unit     |  $         11.55                                                   |   |  $       19.09  |   |  $        (3.78)                                                       |   |  $        (3.56) |   |  $         (3.76) |   |  $        (5.37) |
|                                               |                                                                                                                      |   |                                                         |   |                                                                                                                |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding    | 10,395                                                                                                               |   | 10,395                                                  |   | 9,980                                                                                                          |   | 9,980  |   | 6,254  |   | 6,254  |

----

|                                               | SERIES 10                                                                                                                 |   | SERIES 11                                                                                                     |   | TOTAL SERIES 7 - 11                                                                                                 |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                                                                      |   | 2009                                                                                                          |   | 2010                                                                                                                |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   Distribution Income                    |  $            700                                   |   |  $         700                                         |   |  $       2,182                                                         |   |  $       2,982  |   |  $       12,954  |   |  $     29,747  |
|     Total Revenues             |               700                              |   |             700                              |   |           2,182                                              |   |           2,982  |   |          12,954  |   | 29,747  |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 7,813                                                                                                                |   | 8,356                                                                                                    |   | 6,972                                                                                                          |   | 7,031  |   | 61,554  |   | 67,222  |
|   General and Administrative:            |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
|     General Partner            |                    -  |   | 9,550                                                                                                    |   | 10,961                                                                                                         |   | 7,639  |   | 10,961  |   | 52,476  |
|     Other                      | 11,783                                                                                                               |   | 10,777                                                                                                   |   | 11,871                                                                                                         |   | 10,855  |   | 85,159  |   | 78,491  |
|   Amortization                           |                    -  |   | 167                                                                                                      |   |                   -  |   | 3,130  |   | 73  |   | 4,407  |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
|     Total Expenses             | 19,596                                                                                                               |   | 28,850                                                                                                   |   | 29,804                                                                                                         |   | 28,655  |   | 157,747  |   | 202,596  |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Loss Before Equity in Loss of Project Partnerships |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   and Other Income                       | (18,896)                                                                                                                  |   | (28,150)                                                                                                      |   | (27,622)                                                                                                            |   | (25,673) |   | (144,792) |   | (172,849) |
| Equity in Loss of Project Partnerships             | (18,150)                                                                                                                  |   | (7,270)                                                                                                       |   | (110,312)                                                                                                           |   | (32,397) |   | (128,750) |   | (36,042) |
| Gain on Sale of Project Partnerships               |                    -  |   |                  -  |   |                   -  |   |                  -  |   |        157,948  |   |       254,488  |
| Interest Income                                    | 5                                                                                                                    |   | 710                                                                                                      |   | 7                                                                                                              |   | 807  |   | 31  |   | 1,534  |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Net Income (Loss)                                  |  $     (37,041)                                                                             |   |  $   (34,710)                                                                             |   |  $  (137,927)                                                                                        |   |  $    (57,263) |   |  $   (115,563) |   |  $     47,131  |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
|   Limited Partners                       |  $     (36,669)                                                                             |   |  $   (34,363)                                                                             |   |  $  (136,548)                                                                                        |   |  $    (56,690) |   |  $   (114,405) |   |  $     38,302  |
|   General Partners                       | (372)                                                                                                                     |   | (347)                                                                                                         |   | (1,379)                                                                                                             |   | (573) |   | (1,158) |   | 8,829  |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
|                                               |  $     (37,041)                                                                             |   |  $   (34,710)                                                                             |   |  $  (137,927)                                                                                        |   |  $    (57,263) |   |  $   (115,563) |   |  $     47,131  |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Net Loss Per Limited Partnership Unit              |  $         (7.27)                                                       |   |  $       (6.81)                                                       |   |  $      (26.63)                                                                  |   |  $      (11.06) |   |   |   |   |
|                                               |                                                                                                                      |   |                                                                                                          |   |                                                                                                                |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding    | 5,043                                                                                                                |   | 5,043                                                                                                    |   | 5,127                                                                                                          |   | 5,127  |   |   |   |   |

----

|                                               | SERIES 7                                                                                                      |   | SERIES 8                                                                                                            |   | SERIES 9                                                                                                |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                                                          |   | 2009                                                                                                                |   | 2010                                                                                                    |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
|   Distribution Income                    |  $       6,489                                                   |   |  $     18,964                                                                    |   |  $     7,446                                                         |   |  $     13,760  |   |  $     5,652  |   |  $     12,853  |
|     Total Revenues             | 6,489                                                                                                    |   | 18,964                                                                                                         |   | 7,446                                                                                              |   | 13,760  |   | 5,652  |   | 12,853  |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 30,132                                                                                                   |   | 36,864                                                                                                         |   | 40,233                                                                                             |   | 42,890  |   | 23,169  |   | 24,294  |
|   General and Administrative:            |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
|     General Partner            |                  -  |   | 45,641                                                                                                         |   |                 -  |   |                   -  |   |                 -  |   | 33,204  |
|     Other                      | 26,876                                                                                                   |   | 24,779                                                                                                         |   | 27,594                                                                                             |   | 26,081  |   | 17,736  |   | 17,827  |
|   Amortization                           | 146                                                                                                      |   | 146                                                                                                            |   |                 -  |   | 578  |   |                 -  |   | 1,496  |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
|     Total Expenses             | 57,154                                                                                                   |   | 107,430                                                                                                        |   | 67,827                                                                                             |   | 69,549  |   | 40,905  |   | 76,821  |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
| Loss Before Equity in Income (Loss) of Project     |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
|   Partnerships and Other Income          | (50,664)                                                                                                      |   | (88,466)                                                                                                            |   | (60,381)                                                                                                |   | (55,789) |   | (35,253) |   | (63,968) |
| Equity in Loss of Project Partnerships             |              (288)                           |   |                   -  |   |                 -  |   | (11,312) |   |                 -  |   |                (301) |
| Gain on Sale of Project Partnerships               |       157,948                                                              |   |       301,008                                                                    |   |                 -  |   |                   -  |   |                 -  |   |                   -  |
| Interest Income                                    | 13                                                                                                       |   | 16                                                                                                             |   | 13                                                                                                 |   | 11  |   | 6  |   | 6  |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
| Net Income (Loss)                                  |  $   107,009                                                                         |   |  $   212,558                                                                               |   |  $  (60,368)                                                                             |   |  $    (67,090) |   |  $  (35,247) |   |  $    (64,263) |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
|   Limited Partners                       |  $   105,940                                                                         |   |  $   156,021                                                                               |   |  $  (59,764)                                                                             |   |  $    (66,419) |   |  $  (34,895) |   |  $    (63,620) |
|   General Partners                       | 1,069                                                                                                    |   | 56,537                                                                                                         |   | (604)                                                                                                   |   | (671) |   | (352) |   | (643) |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
|                                               |  $   107,009                                                                         |   |  $   212,558                                                                               |   |  $  (60,368)                                                                             |   |  $    (67,090) |   |  $  (35,247) |   |  $    (64,263) |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partnership Unit     |  $       10.19                                                   |   |  $       15.01                                                         |   |  $      (5.99)                                                       |   |  $        (6.66) |   |  $      (5.58) |   |  $      (10.17) |
|                                               |                                                                                                          |   |                                                                                                                |   |                                                                                                    |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding    | 10,395                                                                                                   |   | 10,395                                                                                                         |   | 9,980                                                                                              |   | 9,980  |   | 6,254 |   | 6,254  |

----

|                                               | SERIES 10                                                                                                                 |   | SERIES 11                                                                                                           |   | TOTAL SERIES 7 - 11                                                                                                       |
|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|
|                                               | 2010                                                                                                                      |   | 2009                                                                                                                |   | 2010                                                                                                                      |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
|   Distribution Income                    |  $        4,439                                                         |   |  $       2,512                                                         |   |  $       2,982                                                               |   |  $       3,582  |   |  $     27,008  |   |  $     51,671  |
|     Total Revenues             | 4,439                                                                                                                |   | 2,512                                                                                                          |   |         2,982                                                                |   |           3,582  |   | 27,008  |   | 51,671  |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
| Expenses:                                          |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 15,626                                                                                                               |   | 16,712                                                                                                         |   | 13,944                                                                                                               |   | 14,062  |   | 123,104  |   | 134,822  |
|   General and Administrative:            |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
|     General Partner            |                    -  |   | 20,753                                                                                                         |   | 20,774                                                                                                               |   | 16,602  |   | 20,774  |   | 116,200  |
|     Other                      | 13,633                                                                                                               |   | 13,015                                                                                                         |   | 13,669                                                                                                               |   | 13,109  |   | 99,508  |   | 94,811  |
|   Amortization                           |                    -  |   | 334                                                                                                            |   |                 -                    |   | 6,260  |   | 146  |   | 8,814  |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
|     Total Expenses             | 29,259                                                                                                               |   | 50,814                                                                                                         |   | 48,387                                                                                                               |   | 50,033  |   | 243,532  |   | 354,647  |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
| Loss Before Equity in Income (Loss) of Project     |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
|   Partnerships and Other Income          | (24,820)                                                                                                                  |   | (48,302)                                                                                                            |   | (45,405)                                                                                                                  |   | (46,451) |   | (216,523) |   | (302,976) |
| Equity in Loss of Project Partnerships             |         (18,150)                                                                  |   | (9,367)                                                                                                             |   |    (110,312)                                                                                               |   | (58,592) |   |       (128,750) |   | (79,572) |
| Gain on Sale of Project Partnerships               |                    -  |   |                   -  |   |                    -  |   |                   -  |   |     157,948  |   |           301,008  |
| Interest Income                                    | 9                                                                                                                    |   | 1,400                                                                                                          |   | 12                                                                                                                   |   | 1,600  |   | 53  |   | 3,033  |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
| Net Loss                                           |  $     (42,961)                                                                             |   |  $    (56,269)                                                                             |   |  $  (155,705)                                                                                              |   |  $  (103,443) |   |  $  (187,272) |   |  $    (78,507) |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
|   Limited Partners                       |  $     (42,531)                                                                             |   |  $    (55,706)                                                                             |   |  $  (154,148)                                                                                              |   |  $  (102,409) |   |  $  (185,398) |   |  $  (132,133) |
|   General Partners                       | (430)                                                                                                                     |   | (563)                                                                                                               |   | (1,557)                                                                                                                   |   | (1,034) |   | (1,874) |   | 53,626  |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
|                                               |  $     (42,961)                                                                             |   |  $    (56,269)                                                                             |   |  $  (155,705)                                                                                              |   |  $  (103,443) |   |  $  (187,272) |   |  $    (78,507) |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
| Net Loss Per Limited Partnership Unit              |  $         (8.43)                                                       |   |  $      (11.05)                                                                  |   |  $      (30.07)                                                                        |   |  $      (19.97) |   |   |   |   |
|                                               |                                                                                                                      |   |                                                                                                                |   |                                                                                                                      |   |   |   |   |   |   |
| Number of Limited Partnership Units Outstanding    | 5,043                                                                                                                |   | 5,043                                                                                                          |   | 5,127                                                                                                                |   | 5,127  |   |   |   |   |

----

|                          | SERIES 7                                            |   | SERIES 8                                                                                                            |
|-------------------------------|-----------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                          | Limited                                             |   | General                                                                                                             |   |   |   | Limited |   | General |   |   |
|                          | Partners                                            |   | Partners                                                                                                            |   | Total |   | Partners |   | Partners |   | Total |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009     |  $    (568,361)            |   |  $   (54,077)                                                                                   |   |  $    (622,438) |   |  $     (891,845) |   |  $    (28,479) |   |  $     (920,324) |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | 156,021                                        |   | 56,537                                                                                                         |   | 212,558  |   | (66,419) |   | (671) |   | (67,090) |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 |        (301,008) |   |                   -  |   |        (301,008) |   |                     -  |   |                   -  |   |                       -  |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009 |  $    (713,348)            |   |  $        2,460                                                        |   |  $    (710,888) |   |  $     (958,264) |   |  $    (29,150) |   |  $     (987,414) |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010     |  $    (782,420)            |   |  $        2,449                                                        |   |  $    (779,971) |   |  $  (1,028,499) |   |  $      (6,627) |   |  $  (1,035,126) |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | 105,940                                        |   | 1,069                                                                                                          |   | 107,009  |   | (59,764) |   | (604) |   | (60,368) |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 |        (157,948) |   |                   -  |   |        (157,948) |   |                     -  |   |                   -  |   |                       -  |
|                          |                                                |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2010 |  $    (834,428)            |   |  $       3,518                                                         |   |  $    (830,910) |   |  $  (1,088,263) |   |  $      (7,231) |   |  $  (1,095,494) |

----

|                          | SERIES 9                                 |   | SERIES 10                               |
|-------------------------------|------------------------------------------|--------|-----------------------------------------|
|                          | Limited                                  |   | General                                 |   |   |   | Limited |   | General |   |   |
|                          | Partners                                 |   | Partners                                |   | Total |   | Partners |   | Partners |   | Total |
|                          |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009     |  $    (413,640) |   |  $    (59,568) |   |  $    (473,208) |   |  $       159,923  |   |  $    (43,010) |   |  $       116,913  |
|                          |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | (63,620)                                 |   | (643)                                   |   | (64,263) |   | (55,706) |   | (563) |   | (56,269) |
|                          |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009 |  $    (477,260) |   |  $    (60,211) |   |  $    (537,471) |   |  $       104,217  |   |  $    (43,573) |   |  $         60,644  |
|                          |                                     |   |                                    |   |   |   |   |   |   |   |   |
|                          |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010     |  $    (552,816) |   |  $    (50,873) |   |  $    (603,689) |   |  $         40,732  |   |  $    (34,113) |   |  $           6,619  |
|                          |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | (34,895)                                 |   | (352)                                   |   | (35,247) |   | (42,531) |   | (430) |   | (42,961) |
|                          |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Balance at September 30, 2010 |  $    (587,711) |   |  $    (51,225) |   |  $    (638,936) |   |  $         (1,799) |   |  $    (34,543) |   |  $       (36,342) |

----

|                          | SERIES 11                                                                                                                       |   | TOTAL SERIES 7 - 11                                                                                                 |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                          | Limited                                                                                                                         |   | General                                                                                                             |   |   |   | Limited |   | General |   |   |
|                          | Partners                                                                                                                        |   | Partners                                                                                                            |   | Total |   | Partners |   | Partners |   | Total |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2009     |  $     729,531                                                                               |   |  $    (39,086)                                                                             |   |  $     690,445  |   |  $     (984,392) |   |  $  (224,220) |   |  $  (1,208,612) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | (102,409)                                                                                                                       |   | (1,034)                                                                                                             |   | (103,443) |   | (132,133) |   | 53,626  |   | (78,507) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 |                     -  |   |                   -  |   |                     -  |   |         (301,008) |   |                   -  |   |         (301,008) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009 |  $     627,122                                                                               |   |  $    (40,120)                                                                             |   |  $     587,002  |   |  $  (1,417,533) |   |  $  (170,594) |   |  $  (1,588,127) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010     |  $     543,134                                                                               |   |  $    (40,969)                                                                             |   |  $     502,165  |   |  $  (1,779,869) |   |  $  (130,133) |   |  $  (1,910,002) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Net Income (Loss)             | (154,148)                                                                                                                       |   | (1,557)                                                                                                             |   | (155,705) |   | (185,398) |   | (1,874) |   | (187,272) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Distributions                 |                     -  |   |                   -  |   |                     -  |   |         (157,948) |   |                   -  |   |           (157,948) |
|                          |                                                                                                                            |   |                                                                                                                |   |   |   |   |   |   |   |   |
| Balance at September 30, 2010 |  $     388,986                                                                               |   |  $    (42,526)                                                                             |   |  $     346,460  |   |  $  (2,123,215) |   |  $  (132,007) |   |  $  (2,255,222) |

----

|                                                                                                                      | SERIES 7                                                                                                                        |   | SERIES 8                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                            |   | 2009                                                                                                                            |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Net Income (Loss)                                                                                 |  $      107,009                                                                         |   |  $      212,558                                                                         |   |  $      (60,368) |   |  $         (67,090) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|         to Net Cash (Used in) Provided by Operating Activities:                   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Amortization                                                  | 146                                                                                                                        |   | 146                                                                                                                        |   |                      -  |   | 578  |
|           Equity in Loss of Project Partnerships                        |                 288                        |   |                     -  |   |                      -  |   | 11,312  |
|           Gain on Sale of Project Partnerships                          |        (157,948)                                                                             |   |        (301,008)                                                                             |   |                      -  |   |                         -  |
|           Distribution Income                                           | (6,489)                                                                                                                         |   | (18,964)                                                                                                                        |   | (7,446) |   | (13,760) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Increase (Decrease) in Payable to General Partners            | (23,811)                                                                                                                        |   | 29,428                                                                                                                     |   | 49,750  |   | 68,678  |
|               Net Cash Used in Operating Activities | (80,805)                                                                                                                        |   | (77,840)                                                                                                                        |   | (18,064) |   | (282) |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 5,650                                                                                                                      |   | 22,963                                                                                                                     |   | 7,446  |   | 16,301  |
|     Net Proceeds from Sale of Project Partnerships                                                    |          157,948                                                              |   |          301,008                                                              |   |                      -  |   |                         -  |
|             Net Cash Provided by Investing Activities         | 163,598                                                                                                                    |   | 323,971                                                                                                                    |   | 7,446  |   | 16,301  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Financing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Paid to Limited Partners                                                            |                     -  |   |        (295,530)                                                                             |   |                      -  |   |                         -  |
|             Net Cash Used in Financing Activities             |                     -  |   |        (295,530)                                                                             |   |                      -  |   |                         -  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                          | 82,793                                                                                                                     |   | (49,399)                                                                                                                        |   | (10,618) |   | 16,019  |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 209,702                                                                                                                    |   | 246,867                                                                                                                    |   | 238,988  |   | 185,918  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                |  $      292,495                                                                         |   |  $      197,468                                                                         |   |  $      228,370  |   |  $         201,937  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Increase in Distribution Payable                                                                  |  $      157,948                                                                         |   |  $                  -            |   |  $                  -  |   |  $                     -  |
|     Distribution to Assignees                                                                         |        (157,948)                                                                             |   |                     -  |   |                      -  |   |                         -  |
|                                                                                                                      |  $                  -            |   |  $                  -            |   |  $                  -  |   |  $                     -  |

----

|                                                                                                                      | SERIES 9                                                                                                                        |   | SERIES 10                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                            |   | 2009                                                                                                                            |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Net Loss                                                                                          |  $      (35,247)                                                                             |   |  $      (64,263)                                                                             |   |  $      (42,961) |   |  $         (56,269) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Amortization                                                  |                     -  |   | 1,496                                                                                                                      |   |                      -  |   | 334  |
|           Accreted Interest Income on Investment in Securities          |                     -  |   |                     -  |   |                      -  |   | (1,394) |
|           Equity in Loss of Project Partnerships                        |                     -  |   | 301                                                                                                                        |   |                18,150  |   | 9,367  |
|           Distribution Income                                           | (5,652)                                                                                                                         |   | (12,853)                                                                                                                        |   | (4,439) |   | (2,512) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Increase in Payable to General Partners                       | 33,640                                                                                                                     |   | 18,258                                                                                                                     |   | 9,419  |   | 12,238  |
|               Net Cash Used in Operating Activities | (7,259)                                                                                                                         |   | (57,061)                                                                                                                        |   | (19,831) |   | (38,236) |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 5,651                                                                                                                      |   | 12,853                                                                                                                     |   | 10,590  |   | 12,661  |
|             Net Cash Provided by Investing Activities         | 5,651                                                                                                                      |   | 12,853                                                                                                                     |   | 10,590  |   | 12,661  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Decrease in Cash and Cash Equivalents                                                                                     | (1,608)                                                                                                                         |   | (44,208)                                                                                                                        |   | (9,241) |   | (25,575) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 96,912                                                                                                                     |   | 124,326                                                                                                                    |   | 153,638  |   | 121,062  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                |  $        95,304                                                              |   |  $        80,118                                                              |   |  $      144,397  |   |  $           95,487  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Increase in Receivable - Other                                                                    |  $        44,256                                                              |   |  $                  -            |   |  $                  -  |   |  $                     -  |
|     Increase in Deferred Gain on Sale of Project Partnerships                                         |          (43,030)                                                                  |   |                     -  |   |                      -  |   |                         -  |
|     Decrease in Payable to General Partners                                                           |            (1,226)                                                       |   |                     -  |   |                      -  |   |                         -  |
|                                                                                                                      |  $                  -            |   |  $                  -            |   |  $                  -  |   |  $                     -  |

----

|                                                                                                                      | SERIES 11                                                                                                                       |   | TOTAL SERIES 7 - 11                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                            |   | 2009                                                                                                                            |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Net Loss                                                                                          |  $    (155,705)                                                                                        |   |  $    (103,443)                                                                                        |   |  $    (187,272) |   |  $         (78,507) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Amortization                                                  |                     -  |   | 6,260                                                                                                                      |   |                 146  |   |                      8,814  |
|           Accreted Interest Income on Investment in Securities          |                     -  |   | (1,589)                                                                                                                         |   |                      -  |   | (2,983) |
|           Equity in Loss of Project Partnerships                        |          110,312                                                              |   | 58,592                                                                                                                     |   |          128,750  |   | 79,572  |
|           Gain on Sale of Project Partnerships                          |                     -  |   |                     -  |   |        (157,948) |   |           (301,008) |
|           Distribution Income                                           |            (2,982)                                                       |   |                (3,582)                               |   | (27,008) |   | (51,671) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|           Increase in Payable to General Partners                       | 13,374                                                                                                                     |   | 9,780                                                                                                                      |   | 82,372  |   | 138,382  |
|               Net Cash Used in Operating Activities | (35,001)                                                                                                                        |   | (33,982)                                                                                                                        |   | (160,960) |   | (207,401) |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  |              7,822                                        |   |                  3,582                |   | 37,159  |   | 68,360  |
|     Net Proceeds from Sale of Project Partnerships                                                    |                     -  |   |                     -  |   |          157,948  |   | 301,008  |
|     Redemption of Investment Securities                                                               |                     -  |   |                     -  |   |                      -  |   |                         -  |
|     Purchase of Investment Securities                                                                 |                     -  |   |                     -  |   |                      -  |   |                         -  |
|             Net Cash Provided by Investing Activities         | 7,822                                                                                                                      |   | 3,582                                                                                                                      |   | 195,107  |   | 369,368  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash Flows from Financing Activities:                                                                                     |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Distributions Paid to Limited Partners                                                            |                     -  |   |                     -  |   |                      -  |   |           (295,530) |
|             Net Cash Used in Financing Activities             |                     -  |   |                     -  |   |                      -  |   |           (295,530) |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Increase (Decrease) in Cash and Cash Equivalents                                                                          | (27,179)                                                                                                                        |   | (30,400)                                                                                                                        |   | 34,147  |   | (133,563) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 209,968                                                                                                                    |   | 204,816                                                                                                                    |   | 909,208  |   | 882,989  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                |  $      182,789                                                                         |   |  $      174,416                                                                         |   |  $      943,355  |   |  $          749,426  |
|                                                                                                                      |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                            |   |                                                                                                                            |   |   |   |   |
|     Increase in Distribution Payable                                                                  |  $                  -            |   |  $                  -            |   |  $      157,948  |   |  $                      -  |
|     Distribution to Assignees                                                                         |                     -  |   |                     -  |   |        (157,948) |   |                         -  |
|     Increase in Receivable - Other                                                                    |                     -  |   |                     -  |   |            44,256  |   |                         -  |
|     Increase in Deferred Gain on Sale of Project Partnerships                                         |                     -  |   |                     -  |   |          (43,030) |   |                         -  |
|     Decrease in Payable to General Partners                                                           |                     -  |   |                     -  |   |            (1,226) |   |                         -  |
|                                                                                                                      |  $                  -            |   |  $                 -             |   |  $                  -  |   |  $                      -  |

----

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

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

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

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

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

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

| 4)   | Increased for loans or advances made to the Project Partnerships by Gateway, |
|----------------|------------------------------------------------------------------------------|

| 5)   | Decreased, where appropriate, for impairment. |
|----------------|-----------------------------------------------|

----

----

----

|      | 2010                            |   | 2009                            |
|-----------|---------------------------------|--------|---------------------------------|
| Series 7  | $    30,131 |   | $    36,864 |
| Series 8  | 40,233                          |   | 42,890                          |
| Series 9  | 23,169                          |   | 24,294                          |
| Series 10 | 15,626                          |   | 16,712                          |
| Series 11 | 13,944                          |   | 14,062                          |
| Total     | $  123,103            |   | $  134,822            |

|      | 2010                                                                                   |   | 2009                            |
|-----------|----------------------------------------------------------------------------------------|--------|---------------------------------|
| Series 7  | $              - |   | $    45,641 |
| Series 8  | -                                                                                      |   | -                               |
| Series 9  | -                                                                                      |   | 33,204                          |
| Series 10 | -                                                                                      |   | 20,753                          |
| Series 11 | 20,774                                                                                 |   | 16,602                          |
| Total     | $    20,774                                                        |   | $  116,200            |

----

|      As of September 30, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 7 - 30, Series 8 - 40, and Series 9 - 23) which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Project Partnership agreement.  Upon dissolution, proceeds will be distributed according to each Project Partnership agreement. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| The following is a summary of Investments in Project Partnerships as of:                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | SERIES 7 |   | SERIES 8 |   | SERIES 9 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | September 30, |   | March 31, |   | September 30, |   | March 31, |   | September 30, |   | March 31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |
| Capital Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| and purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| interests in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  $   5,514,952  |   |  $    5,721,083  |   |  $    6,941,449  |   |  $    6,941,449  |   |  $    4,599,313  |   |  $    4,703,741  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Loan receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                      -  |   |                       -  |   | 24,220  |   | 24,220  |   |                       -  |   |                       -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (4,976,481) |   | (5,194,990) |   | (6,877,633) |   | (6,877,633) |   | (4,242,472) |   | (4,353,387) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (209,454) |   | (216,294) |   | (179,115) |   | (179,115) |   | (164,111) |   | (167,764) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 329,017  |   | 309,799  |   | (91,079) |   | (91,079) |   | 192,730  |   | 182,590  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 548,761  |   | 573,481  |   | 513,903  |   | 513,903  |   | 218,681  |   | 231,156  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (240,798) |   | (246,706) |   | (161,554) |   | (161,554) |   | (103,479) |   | (105,814) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|   Reserve for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
|   Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (552,557) |   | (552,557) |   |         (261,270) |   |         (261,270) |   | (307,932) |   | (307,932) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Investments in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  $        84,423  |   |  $         84,017  |   |  $                   -  |   |  $                   -  |   |  $                   -  |   |  $                    -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,633,534 in Series 7, $8,436,655 in Series 8, and $3,332,702 in Series 9 for the period ended September 30, 2010; and cumulative suspended losses of $5,438,071 in Series 7, $8,066,825 in Series 8, and $3,237,997 in Series 9 for the year ended March 31, 2010 are not included.                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (2) In accordance with Gateway's accounting policy to apply equity in losses of Project Partnerships to receivables from Project Partnerships, $24,220 in losses are included in Series 8 as of September 30, 2010 and March 31, 2010.  (See discussion in Note 2 - Significant Accounting Policies.)                                                                                                                                                                                                              |

----

|      As of September 30, 2010, Gateway had acquired a 99% interest in the profits, losses, and Tax Credits as a limited partner in Project Partnerships (Series 10 - 14 and Series 11 - 12) which own and operate government assisted multi-family housing complexes.  Cash flows from operations are allocated according to each Project Partnership agreement.  Upon dissolution, proceeds will be distributed according to each Project Partnership agreement. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| The following is a summary of Investments in Project Partnerships as of:                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | SERIES 10 |   | SERIES 11 |   | TOTAL SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | September 30, |   | March 31, |   | September 30, |   | March 31, |   | September 30, |   | March 31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |   | 2010 |
| Capital Contributions to Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| and purchase price paid for limited partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| interests in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  $    3,716,106  |   |  $      3,716,106  |   |  $    4,128,042  |   |  $    4,128,042  |   |  $  24,899,862  |   |  $  25,210,421  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Loan receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                      -  |   |                       -  |   |                      -  |   |                       -  |   | 24,220  |   |             24,220  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (2,343,312) |   | (2,325,162) |   | (2,018,451) |   | (1,908,139) |   | (20,458,349) |   | (20,659,311) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (240,891) |   | (234,740) |   | (211,819) |   | (206,979) |   | (1,005,390) |   | (1,004,892) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1,131,903  |   | 1,156,204  |   | 1,897,772  |   | 2,012,924  |   | 3,460,343  |   | 3,570,438  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 174,878  |   | 174,878  |   | 290,335  |   | 290,335  |   | 1,746,558  |   | 1,783,753  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (147,889) |   | (147,889) |   | (222,991) |   | (222,991) |   | (876,711) |   | (884,954) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|   Reserve for Impairment of Investment in                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|   Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (1,085,926) |   | (1,085,926) |   | (1,668,396) |   | (1,668,396) |   | (3,876,081) |   | (3,876,081) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Investments in Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  $         72,966  |   |  $          97,267  |   |  $      296,720  |   |  $       411,872  |   |  $       454,109  |   |  $       593,156  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $784,372 in Series 10 and $1,461,370 in Series 11 for the period ended September 30, 2010; and cumulative suspended losses of $719,103 in Series 10 and $1,392,126 in Series 11 for the year ended March 31, 2010 are not included.                                                                                                                             |

----

|      In accordance with Gateway's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized balance sheets for the Project Partnerships of Series 7 and Series 8 as of June 30 and the respective summarized statements of operations for the six months ended June 30 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                         | SERIES 7 |   | SERIES 8   (1) |
|                                                                                                                                                                                                                                                                                                                                                                         | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                       |  $     3,450,800   |   |  $    3,594,374  |   |  $   4,423,474  |   |  $    4,697,568  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                           | 14,838,861  |   | 16,556,628  |   | 20,683,891  |   | 23,119,796  |
|     Other assets                                                                                                                                                                                                                                                                                                                                         | 31,784   |   | 41,995  |   | 349,988  |   | 287,963  |
|         Total assets                                                                                                                                                                                                                                                                                                                 |  $   18,321,445   |   |  $  20,192,997  |   |  $ 25,457,353  |   |  $  28,105,327  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                  |  $        723,527   |   |  $       713,193  |   |  $   1,359,919  |   |  $    1,470,212  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                       | 23,307,541  |   | 24,669,423  |   | 33,354,386  |   | 35,579,018  |
|         Total liabilities                                                                                                                                                                                                                                                                                                            | 24,031,068  |   | 25,382,616  |   | 34,714,305  |   | 37,049,230  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Partners' deficit                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                      | (5,394,428) |   | (4,932,090) |   | (8,566,537) |   | (8,178,828) |
|     General Partners                                                                                                                                                                                                                                                                                                                                     | (315,195) |   | (257,529) |   | (690,415) |   | (765,075) |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                      | (5,709,623) |   | (5,189,619) |   | (9,256,952) |   | (8,943,903) |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                      |  $    18,321,445  |   |  $  20,192,997  |   |  $ 25,457,353  |   |  $  28,105,327  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                      |  $      1,905,739  |   |  $    1,980,593  |   |  $   2,683,210  |   |  $    2,750,725  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                   | 1,517,956  |   | 1,581,690  |   | 2,009,087  |   | 2,118,069  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                     | 238,408  |   | 258,376  |   | 346,293  |   | 367,528  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                        | 482,563  |   | 500,779  |   | 698,643  |   | 749,326  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                               | 2,238,927  |   | 2,340,845  |   | 3,054,023  |   | 3,234,923  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                             |  $       (333,188) |   |  $      (360,252) |   |  $    (370,813) |   |  $     (484,198) |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Other partners' share of net loss                                                                                                                                                                                                                                                                                                                                            |  $           16,959  |   |  $          (2,874) |   |  $           (983) |   |  $         (6,989) |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                  |  $       (350,147) |   |  $      (357,378) |   |  $    (369,830) |   |  $     (477,209) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                             | 349,859  |   | 357,378  |   | 369,830  |   | 465,897  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Equity in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                              |  $              (288) |   |  $                   -  |   |  $                  -  |   |  $       (11,312) |

----

| (1)    As discussed in Note 3, an affiliate of the General Partner (Value Partners, Inc.) is the operating general partner in one of the Project Partnerships included in Series 8 above (Logan Heights).  The Logan Heights Project Partnership is not consolidated in Gateway's financial statements as Gateway's investment in Logan Heights is accounted for under the equity method.  The information below is included for related party disclosure purposes.  The Project Partnership's financial information for the periods ending June 2010 and June 2009 is as follows: |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | June 2010 |   | June 2009 |   |   |   |   |
| Total Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  $           426,600  |   |  $           457,374  |   |   |   |   |
| Total Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 800,540  |   | 802,571  |   |   |   |   |
| Gateway Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (341,551) |   | (313,096) |   |   |   |   |
| Other Partner's Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (32,388) |   | (32,101) |   |   |   |   |
| Total Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 52,905  |   | 62,862  |   |   |   |   |
| Net Loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  $              (5,742) |   |  $            (20,957) |   |   |   |   |

----

|     In accordance with Gateway's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized balance sheets for the Project Partnerships of Series 9 and Series 10 as of June 30 and the respective summarized statements of operations for the six months ended June 30 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                         | SERIES 9 |   | SERIES 10 |
|                                                                                                                                                                                                                                                                                                                                                                         | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                       |  $     2,107,730  |   |  $    2,411,912  |   |  $     2,049,308  |   |  $      2,190,970  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                           | 12,701,605  |   | 14,019,550  |   | 10,167,968  |   | 10,969,179  |
|     Other assets                                                                                                                                                                                                                                                                                                                                         | 54,435  |   | 53,452  |   | 42,881  |   | 28,395  |
|         Total assets                                                                                                                                                                                                                                                                                                                 |  $   14,863,770  |   |  $  16,484,914  |   |  $   12,260,157  |   |  $    13,188,544  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                  |  $        434,354  |   |  $       429,565  |   |  $        440,067  |   |  $         462,239  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                       | 18,083,323  |   | 19,453,468  |   | 11,952,788  |   | 12,826,121  |
|         Total liabilities                                                                                                                                                                                                                                                                                                            | 18,517,677  |   | 19,883,033  |   | 12,392,855  |   | 13,288,360  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Partners' deficit                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                      | (3,221,020) |   | (2,959,486) |   | (494,217) |   | 395,880  |
|     General Partners                                                                                                                                                                                                                                                                                                                                     | (432,887) |   | (438,633) |   | 361,519  |   | (495,696) |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                      | (3,653,907) |   | (3,398,119) |   | (132,698) |   | (99,816) |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                      |  $    14,863,770  |   |  $  16,484,914  |   |  $   12,260,157  |   |  $    13,188,544  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                      |  $      1,382,726  |   |  $    1,460,983  |   |  $        941,457  |   |  $         972,682  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                   | 1,113,437  |   | 1,090,470  |   | 690,425  |   | 727,718  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                     | 183,646  |   | 197,387  |   | 97,057  |   | 108,090  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                        | 362,545  |   | 395,320  |   | 219,823  |   | 243,306  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                               | 1,659,628  |   | 1,683,177  |   | 1,007,305  |   | 1,079,114  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                             |  $       (276,902) |   |  $      (222,194) |   |  $        (65,848) |   |  $       (106,432) |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Other partners' share of net loss                                                                                                                                                                                                                                                                                                                                            |  $           (2,768) |   |  $            2,442  |   |  $          17,571  |   |  $             2,391  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                  |  $       (274,134) |   |  $      (224,636) |   |  $        (83,419) |   |  $       (108,823) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                             | 274,134  |   | 224,335  |   | 65,269  |   | 99,456  |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Equity in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                              |  $                    -  |   |  $             (301) |   |  $        (18,150) |   |  $           (9,367) |

----

|      In accordance with Gateway's policy of presenting the financial information of the Project Partnerships on a three month lag, below is the summarized balance sheets for the Project Partnerships of Series 11 and Total Series 7 - 11 as of June 30 and the respective summarized statements of operations for the six months ended June 30 of each year: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                     | SERIES 11 |   | TOTAL SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                     | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                                   |  $     1,166,163  |   |  $   1,225,322  |   |  $  13,197,475  |   |  $  14,120,146  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                                       | 8,768,962  |   | 9,220,083  |   | 67,161,287  |   | 73,885,236  |
|     Other assets                                                                                                                                                                                                                                                                                                                                                     | 273,316  |   | 312,885  |   | 752,404  |   | 724,690  |
|         Total assets                                                                                                                                                                                                                                                                                                                             |  $   10,208,441  |   |  $ 10,758,290  |   |  $  81,111,166  |   |  $  88,730,072  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Liabilities and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                              |  $        364,783  |   |  $      475,660  |   |  $    3,322,650  |   |  $    3,550,869  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                                   | 9,799,866  |   | 9,916,521  |   | 96,497,904  |   | 102,444,551  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                        | 10,164,649  |   | 10,392,181  |   | 99,820,554  |   | 105,995,420  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                                  | 466,474  |   | 760,025  |   | (17,209,728) |   | (14,914,499) |
|     General Partners                                                                                                                                                                                                                                                                                                                                                 | (422,682) |   | (393,916) |   | (1,499,660) |   | (2,350,849) |
|         Total partners' equity (deficit)                                                                                                                                                                                                                                                                                                         | 43,792  |   | 366,109  |   | (18,709,388) |   | (17,265,348) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|         Total liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                         |  $   10,208,441  |   |  $ 10,758,290  |   |  $  81,111,166  |   |  $  88,730,072  |
|                                                                                                                                                                                                                                                                                                                                                                                     |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                      |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                  |  $        950,673  |   |  $      896,437  |   |  $    7,863,805  |   |  $    8,061,420  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                               | 770,223  |   | 668,089  |   | 6,101,128  |   | 6,186,036  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                                 | 104,247  |   | 106,498  |   | 969,651  |   | 1,037,879  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                                    | 261,979  |   | 261,740  |   | 2,025,553  |   | 2,150,471  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                           | 1,136,449  |   | 1,036,327  |   | 9,096,332  |   | 9,374,386  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                         |  $       (185,776) |   |  $    (139,890) |   |  $  (1,232,527) |   |  $  (1,312,966) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Other partners' share of net (loss) income                                                                                                                                                                                                                                                                                                                                               |  $           (6,220) |   |  $        (4,741) |   |  $         24,559  |   |  $         (9,771) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                              |  $       (179,556) |   |  $    (135,149) |   |  $   (1,257,086) |   |  $  (1,303,195) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                         | 69,244  |   | 76,557  |   | 1,128,336  |   | 1,223,623  |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Equity in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                                          |  $       (110,312) |   |  $      (58,592) |   |  $      (128,750) |   |  $       (79,572) |

----

| Transaction  |                     |                             | Net Proceeds             | Gain on                    |
|--------------|--------------------------|----------------------------------|--------------------------|----------------------------|
| Month / Year | Project Partnership      | Net Proceeds                     | Per LP Unit              | Disposal                   |
| August 2010  | Pioneer Apartments, L.P. | $   157,949  | $  15.19  | $  157,949  |
|         |                     |                             |                     | $  157,949  |

| Transaction    |                    |                            | Net Proceeds            | Deferred Gain             |
|----------------|-------------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year   | Project Partnership     | Net Proceeds                    | Per LP Unit             | on Disposal               |
| September 2010 | Stilwell Properties III | $   43,030  | $  6.88  | $  43,030  |
|           |                    |                            |                    | $  43,030  |

| Transaction  |                          |                                  | Net Proceeds                        | Gain on                               |
|--------------|-------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month / Year | Project Partnership           | Net Proceeds                          | Per LP Unit                         | Disposal                              |
| August 2009  | Mountain City Manor           | $    36,860  | $    3.54  | $    38,190  |
| August 2009  | Tazewell Village              | 41,290                           | 3.97                           | 42,620                           |
| August 2009  | Jamestown Village             | 36,450                           | 3.51                           | 37,864                           |
| August 2009  | Clinch View Manor             | 134,400                          | 12.93                          | 135,814                          |
| May 2009     | Spring Creek Apartments II LP | 46,520                           | 4.48                           | 46,030                           |
|         |                          |                                  |                                | $  300,518             |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | South Brenchley     | $   13,000  | $  1.30  | $  13,000  |
| January 2010 | Cimmaron Station    | 10,000                     | 1.00               | 10,000               |
|         |                |                            |                    | $  23,000  |

----

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Mountain Glen       | $   10,000  | $  1.59  | $  10,000  |
|         |                |                            |                    | $  10,000  |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Redstone            | $   10,000  | $  1.98  | $  10,000  |
|         |                |                            |                    | $  10,000  |

----

| Series 7                |                                                                                                                                                |   |                                                                                                                             |
|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                    |  Cardinal Apartments                                                                                                                           |   |                                                                                                                             |
| Rental and other income |  $               45,581                                        |   |                                                                                                                             |
| Gross profit            | 12,631                                                                                                                                         |   |                                                                                                                             |
| Net loss                |  $                  (291)                            |   |                                                                                                                             |
|                    |                                                                                                                                                |   |                                                                                                                             |
| Series 10               |                                                                                                                                                |   |                                                                                                                             |
|                    |  Stigler Properties                                                                                                                            |   |  Applegate Apartments                                                                                                       |
| Rental and other income |  $               48,284                                        |   |  $                   66,061  |
| Gross profit            | 14,513                                                                                                                                         |   | 8,442                                                                                                                       |
| Net income (loss)       |  $                      72  |   |  $                 (14,350)            |
|                    |                                                                                                                                                |   |                                                                                                                             |
| Series 11               |                                                                                                                                                |   |                                                                                                                             |
|                    |  Creekstone Apartments, L.P.                                                                                                                   |   |  Magnolia Place Apartments, L.P.                                                                                            |
| Rental and other income |  $             117,868                                                   |   |  $                   76,184  |
| Gross profit            | 11,709                                                                                                                                         |   | 12,462                                                                                                                      |
| Net loss                |  $             (22,435)                                                       |   |  $                   (8,646) |
|                    |                                                                                                                                                |   |                                                                                                                             |
|                    |  Eloy Apartments, L.P.                                                                                                                         |   |                                                                                                                             |
| Rental and other income |  $                92,036                                       |   |                                                                                                                             |
| Gross loss              | (32,253)                                                                                                                                            |   |                                                                                                                             |
| Net loss                |  $              (73,757)                                                 |   |                                                                                                                             |

----

----

----

----

| Transaction  |                     |                             | Net Proceeds             | Gain on                    |
|--------------|--------------------------|----------------------------------|--------------------------|----------------------------|
| Month / Year | Project Partnership      | Net Proceeds                     | Per LP Unit              | Disposal                   |
| August 2010  | Pioneer Apartments, L.P. | $   157,949  | $  15.19  | $  157,949  |
|         |                     |                             |                     | $  157,949  |

----

| Transaction    |                    |                            | Net Proceeds            | Deferred Gain             |
|----------------|-------------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year   | Project Partnership     | Net Proceeds                    | Per LP Unit             | on Disposal               |
| September 2010 | Stilwell Properties III | $   43,030  | $  6.88  | $  43,030  |
|           |                    |                            |                    | $  43,030  |

| Transaction  |                          |                                  | Net Proceeds                        | Gain on                               |
|--------------|-------------------------------|---------------------------------------|-------------------------------------|---------------------------------------|
| Month / Year | Project Partnership           | Net Proceeds                          | Per LP Unit                         | Disposal                              |
| August 2009  | Mountain City Manor           | $    36,860  | $    3.54  | $    38,190  |
| August 2009  | Tazewell Village              | 41,290                           | 3.97                           | 42,620                           |
| August 2009  | Jamestown Village             | 36,450                           | 3.51                           | 37,864                           |
| August 2009  | Clinch View Manor             | 134,400                          | 12.93                          | 135,814                          |
| May 2009     | Spring Creek Apartments II LP | 46,520                           | 4.48                           | 46,030                           |
|         |                          |                                  |                                | $  300,518             |

| Transaction  |                |                            | Net Proceeds            | Gain on                    |
|--------------|---------------------|---------------------------------|-------------------------|----------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                   |
| January 2010 | South Brenchley     | $   13,000  | $  1.30  | $   13,000  |
| January 2010 | Cimmaron Station    | 10,000                     | 1.00               | 10,000                |
|         |                |                            |                    | $   23,000  |

----

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Mountain Glen       | $   10,000  | $  1.59  | $  10,000  |
|         |                |                            |                    | $  10,000  |

| Transaction  |                |                            | Net Proceeds            | Gain on                   |
|--------------|---------------------|---------------------------------|-------------------------|---------------------------|
| Month / Year | Project Partnership | Net Proceeds                    | Per LP Unit             | Disposal                  |
| January 2010 | Redstone            | $   10,000  | $  1.98  | $  10,000  |
|         |                |                            |                    | $  10,000  |

| Mt. Vernon Rental Housing, L.P. | Meadow Run Apartments, LP              |
|---------------------------------|----------------------------------------|
| Lakeland II, LP                 | Blue Ridge Elderly Housing, Ltd., L.P. |
| Horton Housing, L.P.            | Atoka Properties                       |
| Coalgate Properties             |                                   |

----

| Antlers Properties                                | Antlers Properties II                     |
|---------------------------------------------------|-------------------------------------------|
| AAA Properties of Bentonville                     | Meadowview Properties Limited Partnership |
| Concordia Senior Housing, L.P.                    | Holdenville Properties                    |
| Kirksville Senior Apartments, Limited Partnership | Mountainburg Properties                   |
| Wetumka Properties                                | Cottondale Rental Housing, L.P.           |

| Arbor Trace Apartments Phase I LP | Arbor Trace Apartments Phase II LP |
|-----------------------------------|------------------------------------|
| Abernathy Properties              | Boxwood Place Properties           |
| Lamar Properties, L.P.            | Jay Properties II                  |

| Stigler Properties |   |
|--------------------|--------|

----

----

----

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

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

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

----