----

|   | [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                                                      |
|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------|--------|----------------------------------------|--------|---------------------------------------------------------------|
|                                                                                          | June 30,                                                      |   | March 31,                              |   | June 30,                                                      |   | March 31, |   | June 30, |   | March 31, |
|                                                                                          | 2010                                                          |   | 2010                                   |   | 2010                                                          |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                        |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
| Current Assets:                                                                               |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|    Cash and Cash Equivalents                                                   | $      153,261             |   | $    209,702  |   | $        61,831  |   | $    238,988  |   | $        56,377  |   | $          96,912  |
|      Total Current Assets                                            | 153,261                                                  |   | 209,702                           |   | 61,831                                                   |   | 238,988  |   | 56,377  |   | 96,912  |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|    Investments in Project Partnerships, net                                    | 84,784                                                   |   | 84,017                            |   | -                                                        |   | -  |   | -  |   | -  |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|          Total Assets                            | $      238,045             |   | $    293,719  |   | $        61,831  |   | $    238,988  |   | $        56,377  |   | $          96,912  |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' DEFICIT                                                             |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
| Current Liabilities:                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|    Payable to General Partners                                                 | $        46,590  |   | $    105,464  |   | $        40,918  |   | $    215,965  |   | $        23,174  |   | $          66,214  |
|    Payable to Affiliates                                                       | 2,420                                                    |   | -                                 |   | -                                                        |   | -  |   | 2,420  |   | -  |
|    Distribution Payable                                                        | 5,066                                                    |   | 5,066                             |   | 23,385                                                   |   | 23,385  |   | 10,000  |   | 10,000  |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|      Total Current Liabilities                                       | 54,076                                                   |   | 110,530                           |   | 64,303                                                   |   | 239,350  |   | 35,594  |   | 76,214  |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                        |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|    Payable to General Partners                                                 | 978,225                                                  |   | 963,160                           |   | 1,054,880                                                |   | 1,034,764  |   | 635,972  |   | 624,387  |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                                   |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|    Limited Partners - 10,395, 9,980, and 6,254                                 |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|      units for Series 7, 8, and 9, respectively,                     |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|      at June 30, 2010 and March 31, 2010                             | (796,562)                                                     |   | (782,420)                              |   | (1,050,503)                                                   |   | (1,028,499) |   | (564,201) |   | (552,816) |
|    General Partners                                                            | 2,306                                                    |   | 2,449                             |   | (6,849)                                                       |   | (6,627) |   | (50,988) |   | (50,873) |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|      Total Partners' Deficit                                         | (794,256)                                                     |   | (779,971)                              |   | (1,057,352)                                                   |   | (1,035,126) |   | (615,189) |   | (603,689) |
|                                                                                          |                                                          |   |                                   |   |                                                          |   |   |   |   |   |   |
|          Total Liabilities and Partners' Deficit | $      238,045             |   | $    293,719  |   | $        61,831  |   | $    238,988  |   | $        56,377  |   | $          96,912  |

----

|                                                                                                   | SERIES 10                                                           |   | SERIES 11                                         |   | TOTAL SERIES 7 - 11                                                 |
|--------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                                                                   | June 30,                                                            |   | March 31,                                         |   | June 30,                                                            |   | March 31, |   | June 30, |   | March 31, |
|                                                                                                   | 2010                                                                |   | 2010                                              |   | 2010                                                                |   | 2010 |   | 2010 |   | 2010 |
| ASSETS                                                                                                 |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current Assets:                                                                                        |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|    Cash and Cash Equivalents                                                            | $       128,340             |   | $    153,638             |   | $       196,520             |   | $    209,968  |   | $       596,329  |   | $        909,208  |
|    Receivable from Affiliates                                                           | -                                                              |   | -                                            |   | 4,840                                                          |   | -  |   | 4,840  |   | -  |
|      Total Current Assets                                                     | 128,340                                                        |   | 153,638                                      |   | 201,360                                                        |   | 209,968  |   | 601,169  |   | 909,208  |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|    Investments in Project Partnerships, net                                             | 97,267                                                         |   | 97,267                                       |   | 407,032                                                        |   | 411,872  |   | 589,083  |   | 593,156  |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|          Total Assets                                     | $       225,607             |   | $    250,905             |   | $       608,392             |   | $    621,840  |   | $    1,190,252  |   | $     1,502,364  |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT)                                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current Liabilities:                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|    Payable to General Partners                                                          | $         27,784  |   | $      54,975  |   | $         11,868  |   | $      14,511  |   | $       150,334  |   | $        457,129  |
|    Payable to Affiliates                                                                | -                                                              |   | -                                            |   | -                                                              |   | -  |   | 4,840  |   | -  |
|    Distribution Payable                                                                 | 10,000                                                         |   | 10,000                                       |   | -                                                              |   | -  |   | 48,451  |   | 48,451  |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|      Total Current Liabilities                                                | 37,784                                                         |   | 64,975                                       |   | 11,868                                                         |   | 14,511  |   | 203,625  |   | 505,580  |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term Liabilities:                                                                                 |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|    Payable to General Partners                                                          | 187,124                                                        |   | 179,311                                      |   | 112,137                                                        |   | 105,164  |   | 2,968,338  |   | 2,906,786  |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners' Equity (Deficit):                                                                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|    Limited Partners - 5,043 and 5,127 units                                             |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|      for Series 10 and 11, respectively, at                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|      June 30, 2010 and March 31, 2010                                         | 34,871                                                         |   | 40,732                                       |   | 525,534                                                        |   | 543,134  |   | (1,850,861) |   | (1,779,869) |
|    General Partners                                                                     | (34,172)                                                            |   | (34,113)                                          |   | (41,147)                                                            |   | (40,969) |   | (130,850) |   | (130,133) |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|      Total Partners' Equity (Deficit)                                         | 699                                                            |   | 6,619                                        |   | 484,387                                                        |   | 502,165  |   | (1,981,711) |   | (1,910,002) |
|                                                                                                   |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
|          Total Liabilities and Partners' Equity (Deficit) | $       225,607             |   | $    250,905             |   | $       608,392             |   | $    621,840  |   | $    1,190,252  |   | $     1,502,364  |

----

|                                               | SERIES 7                                                      |   | SERIES 8                                                      |   | SERIES 9                                          |
|----------------------------------------------------|---------------------------------------------------------------|--------|---------------------------------------------------------------|--------|---------------------------------------------------|
|                                               | 2010                                                          |   | 2009                                                          |   | 2010                                              |   | 2009 |   | 2010 |   | 2009 |
| Revenues:                                          |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
|   Distribution Income                    | $        4,532   |   | $        6,438   |   | $      2,175   |   | $        9,236  |   | $      2,808  |   | $        3,838  |
|     Total Revenues             | 4,532                                                    |   | 6,438                                                    |   | 2,175                                        |   | 9,236  |   | 2,808  |   | 3,838  |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
| Expenses:                                          |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 15,065                                                   |   | 18,621                                                   |   | 20,116                                       |   | 21,445  |   | 11,584  |   | 12,147  |
|   General and Administrative:            |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
|     General Partner            | -                                                        |   | 25,633                                                   |   | -                                            |   | -  |   | -  |   | 17,925  |
|     Other                      | 3,684                                                    |   | 3,882                                                    |   | 4,291                                        |   | 4,854  |   | 2,726  |   | 3,092  |
|   Amortization                           | 73                                                       |   | 73                                                       |   | -                                            |   | 289  |   | -  |   | 748  |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
|     Total Expenses             | 18,822                                                   |   | 48,209                                                   |   | 24,407                                       |   | 26,588  |   | 14,310  |   | 33,912  |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
| Loss Before Equity in Income (Loss) of Project     |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
|   Partnerships and Other Income          | (14,290)                                                      |   | (41,771)                                                      |   | (22,232)                                          |   | (17,352) |   | (11,502) |   | (30,074) |
| Equity in Income (Loss) of Project Partnerships    | -                                                        |   | (1,084)                                                       |   | -                                            |   | (13,853) |   | -  |   | (301) |
| Gain on Sale of Project Partnerships               | -                                                        |   | 46,520                                                   |   | -                                            |   | -  |   | -  |   | -  |
| Interest Income                                    | 5                                                        |   | 7                                                        |   | 6                                            |   | 6  |   | 2  |   | 3  |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
| Net Income (Loss)                                  | $     (14,285)                       |   | $        3,672   |   | $   (22,226)                       |   | $     (31,199) |   | $   (11,500) |   | $     (30,372) |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
|   Limited Partners                       | $     (14,142)                       |   | $     (42,419)                       |   | $   (22,004)                       |   | $     (30,887) |   | $   (11,385) |   | $     (30,068) |
|   General Partners                       | (143)                                                         |   | 46,091                                                   |   | (222)                                             |   | (312) |   | (115) |   | (304) |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
|                                               | $     (14,285)                       |   | $        3,672   |   | $   (22,226)                       |   | $     (31,199) |   | $   (11,500) |   | $     (30,372) |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
| Net Income (Loss) Per Limited Partnership Unit     | $         (1.36) |   | $         (4.08) |   | $       (2.20) |   | $         (3.09) |   | $       (1.82) |   | $         (4.81) |
|                                               |                                                          |   |                                                          |   |                                              |   |   |   |   |   |   |
| 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                    | $        3,739   |   | $        1,812   |   | $         800  |   | $           600  |   | $    14,054  |   | $      21,924  |
|     Total Revenues             | 3,739                                                    |   | 1,812                                                    |   | 800                                                         |   | 600  |   | 14,054  |   | 21,924  |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
| Expenses:                                          |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
|   Asset Management Fee - General Partner | 7,813                                                    |   | 8,356                                                    |   | 6,972                                                       |   | 7,031  |   | 61,550  |   | 67,600  |
|   General and Administrative:            |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
|     General Partner            | -                                                        |   | 11,203                                                   |   | 9,813                                                       |   | 8,963  |   | 9,813  |   | 63,724  |
|     Other                      | 1,850                                                    |   | 2,238                                                    |   | 1,798                                                       |   | 2,254  |   | 14,349  |   | 16,320  |
|   Amortization                           | -                                                        |   | 167                                                      |   | -                                                           |   | 3,130  |   | 73  |   | 4,407  |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
|     Total Expenses             | 9,663                                                    |   | 21,964                                                   |   | 18,583                                                      |   | 21,378  |   | 85,785  |   | 152,051  |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
| Loss Before Equity in Income (Loss) of Project     |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
|   Partnerships and Other Income          | (5,924)                                                       |   | (20,152)                                                      |   | (17,783)                                                         |   | (20,778) |   | (71,731) |   | (130,127) |
| Equity in Income (Loss) of Project Partnerships    | -                                                        |   | (2,097)                                                       |   | -                                                           |   | (26,195) |   | -  |   | (43,530) |
| Gain on Sale of Project Partnerships               | -                                                        |   | -                                                        |   | -                                                           |   | -  |   | -  |   | 46,520  |
| Interest Income                                    | 4                                                        |   | 690                                                      |   | 5                                                           |   | 793  |   | 22  |   | 1,499  |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
| Net Loss                                           | $       (5,920)            |   | $     (21,559)                       |   | $   (17,778)                                      |   | $     (46,180) |   | $   (71,709) |   | $   (125,638) |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
| Allocation of Net Income (Loss):                   |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
|   Limited Partners                       | $       (5,861)            |   | $     (21,343)                       |   | $   (17,600)                                      |   | $     (45,718) |   | $   (70,992) |   | $   (170,435) |
|   General Partners                       | (59)                                                          |   | (216)                                                         |   | (178)                                                            |   | (462) |   | (717) |   | 44,797  |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
|                                               | $       (5,920)            |   | $     (21,559)                       |   | $   (17,778)                                      |   | $     (46,180) |   | $   (71,709) |   | $   (125,638) |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
| Net Loss Per Limited Partnership Unit              | $         (1.16) |   | $         (4.23) |   | $       (3.43)                |   | $         (8.92) |   |   |   |   |
|                                               |                                                          |   |                                                          |   |                                                             |   |   |   |   |   |   |
| 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)         | (42,419)                                 |   | 46,091                                                  |   | 3,672  |   | (30,887) |   | (312) |   | (31,199) |
|                      |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions             | (46,520)                                 |   | -                                                       |   | (46,520) |   | -  |   | -  |   | -  |
|                      |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009  | $     (657,300) |   | $       (7,986)           |   | $     (665,286) |   | $    (922,732) |   | $     (28,791) |   | $      (951,523) |
|                      |                                     |   |                                                         |   |   |   |   |   |   |   |   |
|                      |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010 | $     (782,420) |   | $        2,449  |   | $     (779,971) |   | $ (1,028,499) |   | $       (6,627) |   | $   (1,035,126) |
|                      |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Net Income (Loss)         | (14,142)                                 |   | (143)                                                        |   | (14,285) |   | (22,004) |   | (222) |   | (22,226) |
|                      |                                     |   |                                                         |   |   |   |   |   |   |   |   |
| Balance at June 30, 2010  | $     (796,562) |   | $        2,306  |   | $     (794,256) |   | $ (1,050,503) |   | $       (6,849) |   | $   (1,057,352) |

----

|                      | 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)         | (30,068)                                 |   | (304)                                   |   | (30,372) |   | (21,343) |   | (216) |   | (21,559) |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009  | $     (443,708) |   | $     (59,872) |   | $     (503,580) |   | $      138,580  |   | $     (43,226) |   | $        95,354  |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010 | $     (552,816) |   | $     (50,873) |   | $     (603,689) |   | $        40,732  |   | $     (34,113) |   | $          6,619  |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Net Income (Loss)         | (11,385)                                 |   | (115)                                   |   | (11,500) |   | (5,861) |   | (59) |   | (5,920) |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |
| Balance at June 30, 2010  | $     (564,201) |   | $     (50,988) |   | $     (615,189) |   | $        34,871  |   | $     (34,172) |   | $             699  |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                     |   |                                    |   |   |   |   |   |   |   |   |

----

|                      | 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)         | (45,718)                                           |   | (462)                                   |   | (46,180) |   | (170,435) |   | 44,797  |   | (125,638) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Distributions             | -                                             |   | -                                  |   | -  |   | (46,520) |   | -  |   | (46,520) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009  | $      683,813  |   | $     (39,548) |   | $      644,265  |   | $  (1,201,347) |   | $    (179,423) |   | $    (1,380,770) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010 | $      543,134  |   | $     (40,969) |   | $      502,165  |   | $  (1,779,869) |   | $    (130,133) |   | $    (1,910,002) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Net Income (Loss)         | (17,600)                                           |   | (178)                                   |   | (17,778) |   | (70,992) |   | (717) |   | (71,709) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
| Balance at June 30, 2010  | $      525,534  |   | $     (41,147) |   | $      484,387  |   | $  (1,850,861) |   | $    (130,850) |   | $    (1,981,711) |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |
|                      |                                               |   |                                    |   |   |   |   |   |   |   |   |

----

|                                                                                                                      | SERIES 7                                                                                                             |   | SERIES 8                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                 |   | 2009                                                                                                                 |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|     Net Income (Loss)                                                                                 | $       (14,285)                                                                  |   | $           3,672                                        |   | $       (22,226) |   | $          (31,199) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|         to Net Cash (Used in) Provided by Operating Activities:                   |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|           Amortization                                                  | 73                                                                                                              |   | 73                                                                                                              |   | -  |   | 289  |
|           Equity in Loss of Project Partnerships                        | -                                                                                                               |   | 1,084                                                                                                           |   | -  |   | 13,853  |
|           Gain on Sale of Project Partnerships                          | -                                                                                                               |   | (46,520)                                                                                                             |   | -  |   | -  |
|           Distribution Income                                           | (4,532)                                                                                                              |   | (6,438)                                                                                                              |   | (2,175) |   | (9,236) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|           (Decrease) Increase in Payable to General Partners            | (43,809)                                                                                                             |   | 12,360                                                                                                          |   | (154,931) |   | 26,006  |
|               Net Cash Used in Operating Activities | (62,553)                                                                                                             |   | (35,769)                                                                                                             |   | (179,332) |   | (287) |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 6,112                                                                                                           |   | 6,438                                                                                                           |   | 2,175  |   | 9,236  |
|     Net Proceeds from Sale of Project Partnerships                                                    | -                                                                                                               |   | 46,520                                                                                                          |   | -  |   | -  |
|             Net Cash Provided by Investing Activities         | 6,112                                                                                                           |   | 52,958                                                                                                          |   | 2,175  |   | 9,236  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease) Increase in Cash and Cash Equivalents                                                                          | (56,441)                                                                                                             |   | 17,189                                                                                                          |   | (177,157) |   | 8,949  |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 209,702                                                                                                         |   | 246,867                                                                                                         |   | 238,988  |   | 185,918  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                | $       153,261                                                              |   | $       264,056                                                              |   | $         61,831  |   | $          194,867  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|     Increase in Distribution Payable                                                                  | $                  -  |   | $         46,250                                                   |   | $                   -  |   | $                      -  |
|     Distribution to Assignees                                                                         | -                                                                                                               |   | (46,250)                                                                                                             |   | -  |   | -  |
|     Increase in Payable to Affiliate                                                                  | 2,420                                                                                                           |   | -                                                                                                               |   | -  |   | -  |
|                                                                                                                      | $           2,420                                        |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                                                      | SERIES 9                                                                       |   | SERIES 10                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                           |   | 2009                                                                                                                 |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                           |   |                                                                                                                 |   |   |   |   |
|     Net Income (Loss)                                                                                 | $       (11,500)                            |   | $       (30,372)                                                                  |   | $         (5,920) |   | $          (21,559) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                           |   |                                                                                                                 |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                           |   |                                                                                                                 |   |   |   |   |
|           Amortization                                                  | -                                                                         |   | 748                                                                                                             |   | -  |   | 167  |
|           Accreted Interest Income on Investment in Securities          | -                                                                         |   | -                                                                                                               |   | -  |   | (687) |
|           Equity in Loss of Project Partnerships                        | -                                                                         |   | 301                                                                                                             |   | -  |   | 2,097  |
|           Distribution Income                                           | (2,808)                                                                        |   | (3,838)                                                                                                              |   | (3,739) |   | (1,812) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |
|           (Decrease) Increase in Payable to General Partners            | (31,455)                                                                       |   | 8,056                                                                                                           |   | (19,378) |   | 5,220  |
|               Net Cash Used in Operating Activities | (45,763)                                                                       |   | (25,105)                                                                                                             |   | (29,037) |   | (16,574) |
|                                                                                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                           |   |                                                                                                                 |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 5,228                                                                     |   | 3,838                                                                                                           |   | 3,739  |   | 1,811  |
|             Net Cash Provided by Investing Activities         | 5,228                                                                     |   | 3,838                                                                                                           |   | 3,739  |   | 1,811  |
|                                                                                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |
| Decrease in Cash and Cash Equivalents                                                                                     | (40,535)                                                                       |   | (21,267)                                                                                                             |   | (25,298) |   | (14,763) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 96,912                                                                    |   | 124,326                                                                                                         |   | 153,638  |   | 121,062  |
|                                                                                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                | $         56,377             |   | $       103,059                                                              |   | $       128,340  |   | $          106,299  |
|                                                                                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                           |   |                                                                                                                 |   |   |   |   |
|     Increase in Payable to Affiliate                                                                  | $           2,420  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                                                      | $           2,420  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |
|                                                                                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |
|                                                                                                                      |                                                                           |   |                                                                                                                 |   |   |   |   |

----

|                                                                                                                      | SERIES 11                                                                                                            |   | TOTAL SERIES 7 - 11                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      | 2010                                                                                                                 |   | 2009                                                                                                                 |   | 2010 |   | 2009 |
| Cash Flows from Operating Activities:                                                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|     Net Income (Loss)                                                                                 | $       (17,778)                                                                  |   | $       (46,180)                                                                  |   | $       (71,709) |   | $        (125,638) |
|     Adjustments to Reconcile Net Income (Loss)                                                        |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|         to Net Cash Used in Operating Activities:                                 |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|           Amortization                                                  | -                                                                                                               |   | 3,130                                                                                                           |   | 73  |   | 4,407  |
|           Accreted Interest Income on Investment in Securities          | -                                                                                                               |   | (787)                                                                                                                |   | -  |   | (1,474) |
|           Equity in Loss of Project Partnerships                        | -                                                                                                               |   | 26,195                                                                                                          |   | -  |   | 43,530  |
|           Gain on Sale of Project Partnerships                          | -                                                                                                               |   | -                                                                                                               |   | -  |   | (46,520) |
|           Distribution Income                                           | (800)                                                                                                                |   | (600)                                                                                                                |   | (14,054) |   | (21,924) |
|     Changes in Operating Assets and Liabilities:                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|           Increase in Receivable - Other                                | -                                                                                                               |   | -                                                                                                               |   | -  |   | -  |
|           Increase (Decrease) in Payable to General Partners            | 4,330                                                                                                           |   | 3,829                                                                                                           |   | (245,243) |   | 55,471  |
|               Net Cash Used in Operating Activities | (14,248)                                                                                                             |   | (14,413)                                                                                                             |   | (330,933) |   | (92,148) |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash Flows from Investing Activities:                                                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|     Distributions Received from Project Partnerships                                                  | 800                                                                                                             |   | 600                                                                                                             |   | 18,054  |   | 21,923  |
|     Net Proceeds from Sale of Project Partnerships                                                    | -                                                                                                               |   | -                                                                                                               |   | -  |   | 46,520  |
|             Net Cash Provided by Investing Activities         | 800                                                                                                             |   | 600                                                                                                             |   | 18,054  |   | 68,443  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease in Cash and Cash Equivalents                                                                                     | (13,448)                                                                                                             |   | (13,813)                                                                                                             |   | (312,879) |   | (23,705) |
| Cash and Cash Equivalents at Beginning of Year                                                                            | 209,968                                                                                                         |   | 204,816                                                                                                         |   | 909,208  |   | 882,989  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                | $       196,520                                                              |   | $       191,003                                                              |   | $       596,329  |   | $          859,284  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental disclosure of non-cash activities:                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|     Increase in Distribution Payable                                                                  | $                  -  |   | $                  -  |   | $                   -  |   | $            46,250  |
|     Distribution to Assignees                                                                         | -                                                                                                               |   | -                                                                                                               |   | -  |   | (46,250) |
|     Increase in Receivable from Affiliate                                                             | (4,840)                                                                                                              |   | -                                                                                                               |   | (4,840) |   | -  |
|     Increase in Payable to Affiliate                                                                  | -                                                                                                               |   | -                                                                                                               |   | 4,840  |   | -  |
|                                                                                                                      | $         (4,840)                                                       |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                                                      |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

| 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  | $    15,065 |   | $    18,621 |
| Series 8  | 20,116                          |   | 21,445                          |
| Series 9  | 11,584                          |   | 12,147                          |
| Series 10 | 7,813                           |   | 8,356                           |
| Series 11 | 6,972                           |   | 7,031                           |
| Total     | $    61,550 |   | $    67,600 |

|      | 2010                                                                                   |   | 2009                            |
|-----------|----------------------------------------------------------------------------------------|--------|---------------------------------|
| Series 7  | $              - |   | $    25,633 |
| Series 8  | -                                                                                      |   | -                               |
| Series 9  | -                                                                                      |   | 17,925                          |
| Series 10 | -                                                                                      |   | 11,203                          |
| Series 11 | 9,813                                                                                  |   | 8,963                           |
| Total     | $      9,813                                             |   | $    63,724 |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      As of June 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 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | June 30, |   | March 31, |   | June 30, |   | March 31, |   | June 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  $   5,721,083  |   |  $    5,721,083  |   |  $    6,941,449  |   |  $    6,941,449  |   |  $    4,703,741  |   |  $    4,703,741  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Loan receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                      -  |   |                       -  |   | 24,220  |   | 24,220  |   |                       -  |   |                       -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (5,194,990) |   | (5,194,990) |   | (6,877,633) |   | (6,877,633) |   | (4,353,387) |   | (4,353,387) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (215,454) |   | (216,294) |   | (179,115) |   | (179,115) |   | (167,764) |   | (167,764) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 310,639  |   | 309,799  |   | (91,079) |   | (91,079) |   | 182,590  |   | 182,590  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 573,481  |   | 573,481  |   | 513,903  |   | 513,903  |   | 231,156  |   | 231,156  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (246,779) |   | (246,706) |   | (161,554) |   | (161,554) |   | (105,814) |   | (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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  $        84,784  |   |  $         84,017  |   |  $                   -  |   |  $                   -  |   |  $                   -  |   |  $                   -  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,603,150 in Series 7, $8,225,316 in Series 8, and $3,360,026 in Series 9 for the period ended June 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 June 30, 2010 and March 31, 2010.  (See discussion in Note 2 - Significant Accounting Policies.)                                                                                                                                                                                                              |

|      As of June 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 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | June 30, |   | March 31, |   | June 30, |   | March 31, |   | June 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  |   |  $  25,210,421  |   |  $  25,210,421  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Loan receivable from Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                      -  |   |                       -  |   |                       -  |   |                       -  |   | 24,220  |   |             24,220  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative equity in losses of Project                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Partnerships (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (2,325,162) |   | (2,325,162) |   | (1,908,139) |   | (1,908,139) |   | (20,659,311) |   | (20,659,311) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative distributions received from                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Project Partnerships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (234,740) |   | (234,740) |   | (211,819) |   | (206,979) |   | (1,008,892) |   | (1,004,892) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Investment in Project Partnerships before                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1,156,204  |   | 1,156,204  |   | 2,008,084  |   | 2,012,924  |   | 3,566,438  |   | 3,570,438  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Excess of investment cost over the underlying                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| assets acquired:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
|   Acquisition fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 174,878  |   | 174,878  |   | 290,335  |   | 290,335  |   | 1,783,753  |   | 1,783,753  |
|   Accumulated amortization of acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|   fees and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (147,889) |   | (147,889) |   | (222,991) |   | (222,991) |   | (885,027) |   | (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                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  $         97,267  |   |  $         97,267  |   |  $       407,032  |   |  $       411,872  |   |  $       589,083  |   |  $       593,156  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (1) In accordance with Gateway's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $745,950 in Series 10 and $1,466,016 in Series 11 for the period ended June 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 March 31 and the respective summarized statements of operations for the three months ended March 31 of each year: |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                             | SERIES 7 |   | SERIES 8   (1) |
|                                                                                                                                                                                                                                                                                                                                                                             | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                           |  $      3,538,515  |   |  $      4,727,585  |   |  $     4,331,684  |   |  $    4,641,864  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                               | 15,931,880  |   | 19,758,579  |   | 21,033,213  |   | 23,482,923  |
|     Other assets                                                                                                                                                                                                                                                                                                                                             | 27,939  |   | 24,785  |   | 318,674  |   | 270,993  |
|         Total assets                                                                                                                                                                                                                                                                                                                     |  $    19,498,334  |   |  $    24,510,949  |   |  $   25,683,571  |   |  $  28,395,780  |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Liabilities and Partners' Deficit:                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                      |  $         775,867  |   |  $         816,510  |   |  $     1,373,763  |   |  $    1,508,384  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                           | 24,463,674  |   | 29,832,615  |   | 33,354,386  |   | 35,579,018  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                | 25,239,541  |   | 30,649,125  |   | 34,728,149  |   | 37,087,402  |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Partners' deficit                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                          | (5,421,690) |   | (5,754,509) |   | (8,356,287) |   | (7,930,050) |
|     General Partners                                                                                                                                                                                                                                                                                                                                         | (319,517) |   | (383,667) |   | (688,291) |   | (761,572) |
|         Total partners' deficit                                                                                                                                                                                                                                                                                                          | (5,741,207) |   | (6,138,176) |   | (9,044,578) |   | (8,691,622) |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
|         Total liabilities and partners' deficit                                                                                                                                                                                                                                                                                          |  $    19,498,334  |   |  $    24,510,949  |   |  $   25,683,571  |   |  $  28,395,780  |
|                                                                                                                                                                                                                                                                                                                                                                             |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                          |  $      1,023,057  |   |  $      1,191,609  |   |  $     1,329,118  |   |  $    1,360,746  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                       | 798,447  |   | 860,720  |   | 968,590  |   | 1,034,076  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                         | 125,188  |   | 155,300  |   | 169,647  |   | 183,764  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                            | 252,060  |   | 313,038  |   | 349,321  |   | 374,823  |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                   | 1,175,695  |   | 1,329,058  |   | 1,487,558  |   | 1,592,663  |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                 | $        (152,638) |   | $       (137,449) |   | $      (158,440) |   | $      (231,917) |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Other partners' share of net loss                                                                                                                                                                                                                                                                                                                                                | $            12,441  |   | $           (1,374) |   | $                 50  |   | $          (3,486) |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                      | $        (165,079) |   | $       (136,075) |   | $      (158,490) |   | $      (228,431) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                 | 165,079  |   | 134,991  |   | 158,490  |   | 214,578  |
|                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Equity in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                                  | $                      - |   | $           (1,084) |   | $                     - |   | $        (13,853) |

----

| (1)    As discussed in Note 4, 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 March 2010 and March 2009 is as follows: |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | March 2010 |   | March 2009 |   |   |   |   |
| Total Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       428,350 |   | $       486,474  |   |   |   |   |
| Total Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 796,030 |   | 802,084  |   |   |   |   |
| Gateway Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (335,354) |   | (301,626) |   |   |   |   |
| Other Partner's Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (32,326) |   | (31,984) |   |   |   |   |
| Total Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 31,027 |   | 31,352  |   |   |   |   |
| Net Income (Loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $              517 |   | $          (9,370) |   |   |   |   |

----

|      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 March 31 and the respective summarized statements of operations for the three months ended March 31 of each year: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                              | SERIES 9 |   | SERIES 10 |
|                                                                                                                                                                                                                                                                                                                                                                              | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                            | $      2,178,303  |   | $    2,384,746  |   | $   2,014,727  |   | $     2,137,929  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                                | 13,097,601  |   | 14,211,511  |   | 10,277,874  |   | 11,090,789  |
|     Other assets                                                                                                                                                                                                                                                                                                                                              | 32,754  |   | 41,076  |   | 47,814  |   | 31,237  |
|         Total assets                                                                                                                                                                                                                                                                                                                      | $    15,308,658  |   | $  16,637,333  |   | $ 12,340,415  |   | $   13,259,955  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Liabilities and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                       | $         487,037  |   | $       445,793  |   | $      465,954  |   | $        455,179  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                            | 18,523,562  |   | 19,461,063  |   | 11,952,788  |   | 12,827,975  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                 | 19,010,599  |   | 19,906,856  |   | 12,418,742  |   | 13,283,154  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                           | (3,261,773) |   | (2,832,176) |   | 414,769  |   | 471,318  |
|     General Partners                                                                                                                                                                                                                                                                                                                                          | (440,168) |   | (437,347) |   | (493,096) |   | (494,517) |
|         Total partners' equity (deficit)                                                                                                                                                                                                                                                                                                  | (3,701,941) |   | (3,269,523) |   | (78,327) |   | (23,199) |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|         Total liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                  | $    15,308,658  |   | $  16,637,333  |   | $ 12,340,415  |   | $   13,259,955  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                           | $         703,785  |   | $       722,947  |   | $      471,902  |   | $        486,298  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                        | 546,435  |   | 520,192  |   | 324,939  |   | 340,415  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                          | 93,807  |   | 98,693  |   | 48,528  |   | 54,045  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                             | 186,805  |   | 197,660  |   | 109,912  |   | 121,653  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                    | 827,047  |   | 816,545  |   | 483,379  |   | 516,113  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                  | $        (123,262) |   | $       (93,598) |   | $       (11,477) |   | $        (29,815) |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Other partners' share of net (loss) income                                                                                                                                                                                                                                                                                                                                        | $            (1,233) |   | $           4,013  |   | $        15,370  |   | $            5,774  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                       | $        (122,029) |   | $       (97,611) |   | $       (26,847) |   | $        (35,589) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                  | 122,029  |   | 97,310  |   | 26,847  |   | 33,492  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Equity in (Loss) Income of Project Partnerships                                                                                                                                                                                                                                                                                                                                   | $                     -  |   | $            (301) |   | $                  -  |   | $          (2,097) |

----

|      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 March 31 and the respective summarized statements of operations for the three months ended March 31 of each year: |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                         | SERIES 11 |   | TOTAL SERIES 7 - 11 |
|                                                                                                                                                                                                                                                                                                                                                                                         | 2010 |   | 2009 |   | 2010 |   | 2009 |
| SUMMARIZED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|     Current assets                                                                                                                                                                                                                                                                                                                                                       | $      1,186,260  |   | $    1,211,803  |   | $ 13,249,489  |   | $   15,103,927  |
|     Investment properties, net                                                                                                                                                                                                                                                                                                                                           | 8,899,952  |   | 9,304,996  |   | 69,240,520  |   | 77,848,798  |
|     Other assets                                                                                                                                                                                                                                                                                                                                                         | 268,513  |   | 281,511  |   | 695,694  |   | 649,602  |
|         Total assets                                                                                                                                                                                                                                                                                                                                 | $    10,354,725  |   | $  10,798,310  |   | $ 83,185,703  |   | $   93,602,327  |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Liabilities and Partners' Equity (Deficit):                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
|     Current liabilities                                                                                                                                                                                                                                                                                                                                                  | $         400,879  |   | $       430,438  |   | $   3,503,500  |   | $     3,656,304  |
|     Long-term debt                                                                                                                                                                                                                                                                                                                                                       | 9,799,866  |   | 9,916,521  |   | 98,094,276  |   | 107,617,192  |
|         Total liabilities                                                                                                                                                                                                                                                                                                                            | 10,200,745  |   | 10,346,959  |   | 101,597,776  |   | 111,273,496  |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Partners' equity (deficit)                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
|     Limited Partner                                                                                                                                                                                                                                                                                                                                                      | 574,026  |   | 837,779  |   | (16,050,955) |   | (15,207,638) |
|     General Partners                                                                                                                                                                                                                                                                                                                                                     | (420,046) |   | (386,428) |   | (2,361,118) |   | (2,463,531) |
|         Total partners' equity (deficit)                                                                                                                                                                                                                                                                                                             | 153,980  |   | 451,351  |   | (18,412,073) |   | (17,671,169) |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|         Total liabilities and partners' equity (deficit)                                                                                                                                                                                                                                                                                             | $    10,354,725  |   | $  10,798,310  |   | $ 83,185,703  |   | $   93,602,327  |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| SUMMARIZED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Rental and other income                                                                                                                                                                                                                                                                                                                                                                      | $         468,575  |   | $       452,056  |   | $   3,996,437  |   | $     4,213,656  |
| Expenses:                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
|     Operating expenses                                                                                                                                                                                                                                                                                                                                                   | 361,050  |   | 329,296  |   | 2,999,461  |   | 3,084,699  |
|     Interest expense                                                                                                                                                                                                                                                                                                                                                     | 52,124  |   | 53,249  |   | 489,294  |   | 545,051  |
|     Depreciation and amortization                                                                                                                                                                                                                                                                                                                                        | 130,989  |   | 130,870  |   | 1,029,087  |   | 1,138,044  |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|         Total expenses                                                                                                                                                                                                                                                                                                                               | 544,163  |   | 513,415  |   | 4,517,842  |   | 4,767,794  |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
|             Net loss                                                                                                                                                                                                                                                                                                             | $          (75,588) |   | $       (61,359) |   | $     (521,405) |   | $      (554,138) |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Other partners' share of net (loss) income                                                                                                                                                                                                                                                                                                                                                   | $            (1,698) |   | $           3,913  |   | $        24,930  |   | $            8,840  |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Gateway's share of net loss                                                                                                                                                                                                                                                                                                                                                                  | $          (73,890) |   | $       (65,272) |   | $     (546,335) |   | $      (562,978) |
| Suspended losses                                                                                                                                                                                                                                                                                                                                                                             | 73,890  |   | 39,077  |   | 546,335  |   | 519,448  |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Equity in Income (Loss) of Project Partnerships                                                                                                                                                                                                                                                                                                                                              | $                     -  |   | $       (26,195) |   | $                  -  |   | $        (43,530) |

----

| 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  |

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| 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 | $       22,952             |   |                                                                               |
| Gross profit            | 7,905                                                         |   |                                                                               |
| Net income              | $         1,443  |   |                                                                               |
|                    |                                                               |   |                                                                               |
| Series 10               |                                                               |   |                                                                               |
|                    | Stigler Properties                                                 |   |                                                                               |
| Rental and other income | $       24,753             |   |                                                                               |
| Gross profit            | 8,592                                                         |   |                                                                               |
| Net income              | $         1,371  |   |                                                                               |
|                    |                                                               |   |                                                                               |
| Series 11               |                                                               |   |                                                                               |
|                    | Creekstone Apartments, L.P.                                        |   | Magnolia Place Apartments, L.P.                                                    |
| Rental and other income | $       59,318             |   | $       36,619                             |
| Gross profit            | 13,997                                                        |   | 11,516                                                                        |
| Net (loss) income       | $        (3,075)           |   | $            962  |
|                    |                                                               |   |                                                                               |
|                    | Eloy Apartments, L.P.                                              |   | Cass Towne Apartments, L.L.L.P.                                                    |
| Rental and other income | $       46,969             |   | $         6,933                  |
| Gross profit            | (9,702)                                                            |   | (1,691)                                                                            |
| Net loss                | $      (30,454)                      |   | $       (4,181)                                 |

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| 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  |

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| 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                                |                                      |

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

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

| Pioneer Apartments, an Arkansas Limited Partnership |   |
|-----------------------------------------------------|--------|

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

| Date: August 13, 2010 |   | By:/s/ Ronald M. Diner |
|-----------------------|--------|------------------------|
|                  |   | Ronald M. Diner        |
|                  |   | President              |

| Date: August 13, 2010 |   | By:/s/ Toni S. Matthews                    |
|-----------------------|--------|--------------------------------------------|
|                  |   | Toni S. Matthews                           |
|                  |   | Vice President and Chief Financial Officer |

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