| 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 No., Including Area Code: |   | (727) 567-1000 |
|-------------------------------------------------------------|--------|---------------------|

|                              |   | Number      of Record Holders |
|-----------------------------------|--------|-------------------------------|
| Title of Each      Class          |   | March 31,      2007           |
| Limited      Partnership Interest |   | 2,559                         |
| General      Partner Interest     |   |         2           |

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----

----

----

|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                  |   LOCATION      OF.PROPERTY-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  #      OFUNIT----                                                              |  DATE  ACQUIRED--------                                                                                                                             |  PROPERTYCOST  --------                                                                                                                                                                                                                                                                                        |  OCCUPANCY RATE-----                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|
| NottinghamCedar      HollowSunriseMountain      CityBurbankWashingtonBrookstoneTazewellN.      IrvineHortonManchesterWaynesboroLakeland      IIMt.      VernonMeadow      RunSpring      Creek IIWarm      SpringsBlue      RidgeWalnutPioneerDilleyElsaClinch      ViewJamestownLeanderLouisa      Sr.Orchard      CommonsVardamanHeritage      ParkBrooksHollowCavalry      CrossingCarson      CityMattesonPembrokeRobynwoodAtokaCoalgateHill      CreekCardinal | Pisgah,      ALWaterloo,      NEMission,      SDMountain      City, TNFalls      City, NEBloomfield,      NEMcCaysville,      GANew      Tazewell, TNIrvine,      KYHorton,      KSManchester,      GAWaynesboro,      GALakeland,      GAMt.      Vernon, GADawson,      GAQuitman,      GAWarm      Springs, GABlue      Ridge, GAElk      Point, SDMountain      View, ARDilley,      TXElsa,      TXGate      City, VAJamestown,      TNLeander,      TXLouisa,      KYCrab      Orchard, KYVardaman,      MSPaze,      AZJasper,      GAFt.      Scott, KSCarson      City, KSCapa,      KSPembroke,      KYCynthiana,      KYAtoka,      OKCoalgate,      OKWest      Blocton, ALMountain      Home, AR | 182444402424404424244224302448242241244828404240363612243240402424162424242432  | 6/927/927/928/928/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/929/9211/9211/9212/9212/921/931/9311/9311/93 | 729,5841,013,4432,675,6861,658,0141,043,231989,7261,461,4491,780,2601,029,993932,5401,474,901819,3251,009,647900,5261,744,840808,475822,9341,339,1441,059,6961,490,047890,4021,342,0151,854,5231,584,3061,166,2341,518,537479,661925,2391,646,2341,437,9071,853,889970,707960,793623,3041,011,684835,334828,505991,547785,240 | 100%100%100%100%88%46%100%100%100%83%98%100%93%100%92%100%95%98%96%100%90%95%98%98%100%100%100%100%94%100%85%88%88%88%96%96%100%100%100% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ----                                                                                 |                                                                                                                                                               | -----------                                                                                                                                                                                                                                                                                                                   |                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1,195                                                                                |                                                                                                                                                               | 46,489,522                                                                                                                                                                                                                                                                                                                    |                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ====                                                                                 |                                                                                                                                                               | ===========                                                                                                                                                                                                                                                                                                                   |                                                                                                                                     |

----

|   PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  #      OFUNIT-----                                                               |  DATE  ACQUIRED--------                                                                                                                                                   |  PROPERTYCOST  --------                                                                                                                                                                                                                                                                                                                |  OCCUPANCYRATE------                                                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| PurdyGalenaAntlers      2HoldenvilleWetumkaMariners      CoveMariners      Cove Sr.AntlersBentonvilleDeerpointAuroraBaxterArbor      GateTimber      RidgeConcordia      Sr.MountainburgLincolnFox      RidgeMeadow      ViewSheridanMorningsideGrand      IsleMeadowviewTaylorBrookwoodPleasant      ValleyReelfootRiver      RestKirskvilleCimmaronKentonLovingstonPontotocSo.      BrenchleyHustonvilleNorthpointBrooks      FieldBrooks      LaneBrooks      PointBrooks      RunLogan      HeightsLakeshore      2Cottondale | Purdy,      MOGalena,      KSAntlers,      OKHoldenville,      OKWetumka,      OKMarine      City, MIMarine      City, MIAntlers,      OKBentonville,      ARElgin,      ALAurora,      MOBaxter      Springs, KSBridgeport,      ALCollinsville,      ALConcordia,      KSMountainburg,      ARPierre,      SDRussellville,      ALBridgeport,      NEAuburn,      NEKenton,      OHGrand      Isle, MEVan      Buren, ARTaylor,      TXGainesboro,      TNLynchburg,      TNRidgely,      TNNewport,      TNKirksville,      MOArco,      IDKenton,      OHLovingston,      VAPontotoc,      MSRexburg,      IDHustonville,      KYJackson,      KYLouisville,      GAClayton,      GADahlonega,      GAJasper,      GARussellville,      KYTuskegee,      ALCottondale,      FL | 16242424243224362424281624242424252416163216294444332034242446643630162432364124243625 | 12/9212/921/931/931/931/931/933/933/933/933/934/935/935/935/936/935/936/936/936/936/936/938/939/939/939/939/939/939/939/939/939/9310/9310/9310/9310/9310/9310/9310/9310/9311/9312/931/94 | 613,537809,692787,859892,598812,8531,318,3191,026,6991,321,039758,489948,824936,677576,162943,390929,109826,389883,9901,141,490902,785737,918784,8101,189,8171,200,210994,7171,529,7921,817,2251,359,733829,8481,442,986831,4921,182,3861,781,7592,778,7121,342,7941,585,546709,6351,103,2711,177,6911,358,6231,659,514924,701954,5801,437,725948,319 | 94%100%100%100%96%94%96%78%100%96%100%100%88%88%92%100%100%92%100%100%94%88%96%100%100%97%95%97%100%83%83%100%100%100%88%96%100%97%100%96%83%92%100% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | -----                                                                                  |                                                                                                                                                                                     | ----------                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1,207                                                                                  |                                                                                                                                                                                     | 48,093,705                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | =====                                                                                  |                                                                                                                                                                                     | ==========                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                 |

----

|   PARTNERSHIP-----------                                                                                                                                                                                                                                  |  LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                                                                                                                                                                                |  #      OFUNIT-----                         |  DATE  ACQUIRED--------                                                                          |  PROPERTYCOST  --------                                                                                                                                                             |  OCCUPANCYRATE------                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
| JayBoxwoodStilwell      3Arbor      TraceArbor      Trace 2OmegaCornell      2Elm      CreekMarionvilleLamarMt.      GlenCentrevilleSkyviewSycamoreBradfordCedar      LaneStantonAbernathyPembrokeMeadowviewTown      BranchFox      RunMaple      StreetManchester | Jay,      OKLexington,      TXStilwell,      OKLake      Park, GALake      Park, GAOmega,      GAWatertown,      SDPierre,      SDMarionville,      MOLamar,      ARHeppner,      ORCentreville,      ALTroy,      ALCoffeyville,      KSCumberland,      KYLondon,      KYStanton,      KYAbernathy,      TXPembroke,      KYGreenville,      ALMt.      Vernon, KYRagland,      ALEmporium,      PAManchester,      GA | 242416244236242420242424364024242424242424243218 | 9/939/939/9311/9311/9311/9311/9311/9311/9312/9312/9312/9312/9312/9312/9312/9312/931/941/942/9412/933/943/945/94 | 810,597770,939587,132918,3581,806,4341,407,3041,239,4941,250,635774,019904,3251,083,535986,1631,423,4021,849,0051,055,6321,008,0221,001,158781,8981,006,2951,137,336984,410978,1951,715,881735,614 | 100%96%100%100%98%100%96%83%95%92%88%96%97%85%96%100%100%100%88%96%100%96%100%98% |
|                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                     | -----                                            |                                                                                                            | -----------                                                                                                                                                                                        |                                                                              |
|                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                     | 624                                              |                                                                                                            | 26,215,783                                                                                                                                                                                         |                                                                              |
|                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                     | =====                                            |                                                                                                            | ===========                                                                                                                                                                                        |                                                                              |

|   PARTNERSHIP-----------                                                                                                                       |  LOCATION      OFPROPERTY-----------                                                                                                                                                                                                                   |  #      OFUNIT-----       |  DATE  ACQUIRED--------                        |  PROPERTYCOST  --------                                                                                            |  OCCUPANCYRATE------                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|
| RedstoneAlbanyOak      TerraceWellshillApplegateHeatherwoodPeachtreeDonnaWellsvilleTecumsehClay      CityIrvine      WestNew      CastleStiglerCourtyard | Challis,      IDAlbany,      KYBonifay,      FLWest      Liberty, KYFlorence,      ALAlexander,      ALGaffney,      SCDonna,      TXWellsville,      NYTecumseh,      NEClay      City, KYIrvine,      KYNew      Castle, KYStigler,      OKHuron,      SD | 242418323636285024242424242021 | 11/931/941/941/942/942/943/941/942/944/945/945/945/947/948/94 | 1,167,9101,042,529664,7311,350,9441,864,8171,642,8141,100,9961,778,6671,438,8091,142,9721,043,7981,113,6641,025,932754,056786,217 | 100%100%100%100%97%97%93%98%100%83%100%96%96%100%100% |
|                                                                                                                                                     |                                                                                                                                                                                                                                                        | ----                           |                                                          | ----------                                                                                                                        |                                                  |
|                                                                                                                                                     |                                                                                                                                                                                                                                                        | 409                            |                                                          | 17,918,856                                                                                                                        |                                                  |
|                                                                                                                                                     |                                                                                                                                                                                                                                                        | ====                           |                                                          | ==========                                                                                                                        |                                                  |

----

|   PARTNERSHIP-----------                                                                                  |  LOCATION      OFPROPERTY-----------                                                                                                                                                                   |  #      OFUNIT----- |  DATE  ACQUIRED--------                     |  PROPERTYCOST  --------                                                             |  OCCUPANCYRATE------                |
|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|------------------------------------------------------------|----------------------------------------------------------------------------------------------------|------------------------------------------|
| HomesteadMountain      OakEloyGila      BendCreekstoneTiftonCass      TowneWarsawRoystonRed      BudCardinalParsons | Pinetop,      AZCollinsville,      ALEloy,      AZGila      Bend, AZDallas,      GATifton,      GACartersville,      GAWarsaw,      VARoyston,      GAMokane,      MOMountain      Home, ARParsons,      KS | 32242436403610562583238  | 9/949/9411/9411/9412/9412/9412/9412/9412/9412/9412/9412/94 | 1,816,695894,4551,030,0051,545,9662,008,6041,706,886330,6633,404,797935,159301,564512,2921,384,172 | 94%75%92%67%83%92%100%100%100%88%100%66% |
|                                                                                                                |                                                                                                                                                                                                        | ----                     |                                                       | -----------                                                                                        |                                     |
|                                                                                                                |                                                                                                                                                                                                        | 361                      |                                                       | 15,871,258                                                                                         |                                     |
|                                                                                                                |                                                                                                                                                                                                        | ====                     |                                                       | ===========                                                                                        |                                     |

|                                                                                                                                                                              | SERIES      7                                                                                               | SERIES      8                                                                                              | SERIES      9                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum. Depreciation Properties,      Net | $ 1,628,119416,70142,317,5812,127,1210-----------46,489,52220,491,955-----------$25,997,567=========== | $ 1,978,809446,55443,601,3882,066,9540-----------48,093,70520,807,872-----------$27,285,833========== | $ 1,099,659214,17123,734,6131,167,3400-----------26,215,78310,415,334-----------$15,800,449=========== |

|                                                                                                                                                                              | SERIES      10                                                                                                     | SERIES      11                                                                                                    | TOTAL                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum. Depreciation Properties,      Net | $   648,625111,80516,457,363701,0630-----------17,918,8566,027,529-----------$11,891,327=========== | $   599,19747,00214,647,240577,8190-----------15,871,2585,562,727-----------$10,308,531=========== | $  5,954,4091,236,233140,758,1856,640,2970------------154,589,12463,305,417------------$ 91,283,707============ |

----

|                                                                                                                                                                              | SERIES      7                                                                                               | SERIES      8                                                                                              | SERIES      9                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum. Depreciation Properties,      Net | $ 1,635,366391,92642,278,2791,985,9060-----------46,291,47719,022,427-----------$27,269,050=========== | $ 1,978,809424,06743,481,8281,976,3240-----------47,861,02819,218,334-----------$28,642,694========== | $ 1,099,659207,60223,676,5531,126,3010-----------26,110,1159,640,414-----------$16,469,701=========== |

|                                                                                                                                                                              | SERIES      10                                                                                                    | SERIES      11                                                                                                    | TOTAL                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum. Depreciation Properties,      Net | $   648,62594,64916,425,612663,8020-----------17,832,6885,569,061-----------$12,263,627=========== | $   599,19722,24214,415,086626,4310-----------15,662,9565,314,654-----------$10,348,302=========== | $  5,961,6561,140,486140,277,3586,378,7640------------153,758,26458,764,890------------$ 94,993,374============ |

|                                                                                                                                                                              | SERIES      7                                                                                               | SERIES      8                                                                                               | SERIES      9                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum. Depreciation Properties,      Net | $ 1,632,366387,22042,243,1571,920,5730-----------46,183,31617,552,593-----------$28,630,723=========== | $ 1,978,809416,98543,408,8431,915,7910-----------47,720,42817,821,451-----------$29,898,977=========== | $ 1,099,659191,08023,642,4331,096,8256,866-----------26,036,8638,872,295-----------$17,164,568=========== |

|                                                                                                                                                                              | SERIES      10                                                                                                    | SERIES      11                                                                                                    | TOTAL                                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|
| LandLand      ImprovementsBuildingsFurniture      and FixturesConstruction      in Progress Properties,      at CostLess:      Accum. Depreciation Properties,      Net | $   648,62594,64916,376,552636,5850-----------17,756,4115,103,348-----------$12,653,063=========== | $   599,19718,16314,401,963584,3850-----------15,603,7084,809,337-----------$10,794,371=========== | $  5,958,6561,108,097140,072,9486,154,1596,866------------153,300,72654,159,024------------$ 99,141,702============ |

----

| SERIES      7                                                                                                                       | 2007----                                                                    | 2006----                                                                                 | 2005----                                                                                  | 2004----                                                                                  | 2003----                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
|  Total      Revenues                                                                                                           |  $  27,050                                              |  $  21,470                                                           |  $  24,233                                                            |  $  14,725                                                            |  $  23,088                                                             |
| Net      Loss                                                                                                                       | (366,648)                                                                   | (467,796)                                                                                | (261,487)                                                                                 | (261,362)                                                                                 | (233,056)                                                                             |
| Equity      in Losses of      Project Partnerships                                                                                  |   (78,519)                                                   |   (92,380)                                                                |   (139,599)                                                                |   (130,277)                                                                |   (137,118)                                                                      |
| Total      Assets                                                                                                              | 906,324                                                                | 1,186,879                                                                           | 1,561,768                                                                            | 1,737,330                                                                            | 1,979,828                                                                             |
| Investments      In Project      Partnerships                                                                                  |   442,787                                                    |   641,745                                                                 |   965,655                                                                  |   1,127,941                                                                |   1,278,834                                                                 |
| Per      Weighted Average      Limited Partnership      Unit: (A) Tax      CreditsPortfolio      Income Passive      Loss |     .96 8.15    (98.00) ) |     8.05 6.16    (100.77)    |     21.36 4.56    (109.79)    |     92.87 5.38    (121.02)    |     163.08 6.94    (113.17)    |
|      Net      Loss                                                                                         |  (34.92)                                                               |  (44.55)                                                                            |  (24.90)                                                                             |  (24.89)                                                                             |  (22.20)                                                                              |

----

| SERIES      8                                                                                                                                  | 2007----                                                                      | 2006----                                                                      | 2005----                                                                      | 2004----                                                                       | 2003----                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
|  Total      Revenues                                                                                                                      |  $   15,890                                          |  $   16,963                                          |  $   16,447                                          |  $   20,098                                           |  $   19,195                                           |
| Net      Loss                                                                                                                             | (240,629)                                                                     | (216,489)                                                                     | (179,166)                                                                     | (176,442)                                                                      | (193,325)                                                                      |
| Equity      in Losses of      ProjectPartnerships                                                                                         |   (15,683)                                                          |   (29,928)                                                          |   (41,395)                                                          |   (39,434)                                                           |   (82,830)                                                           |
| Total      Assets                                                                                                                              | 741,918                                                                  | 893,391                                                                  | 1,013,718                                                                | 1,163,295                                                                 | 1,305,623                                                                 |
| Investments      In Project      Partnerships                                                                                             |   377,733                                                      |   415,344                                                      |   461,161                                                      |   512,795                                                       |   560,231                                                       |
| Per      Weighted Average      Limited Partnership      Unit:      (A) Tax      CreditsPortfolio      Income Passive      Loss  |      1.55 10.68    (110.42) |      16.92 7.30    (110.88) |      56.12 5.23    (121.46) |      140.61 5.04    (127.45) |      162.03 7.29    (125.60) |
|  Net      Loss                                                                                                                            |  (23.87)                                                                 |  (21.48)                                                                 |  (17.77)                                                                 |  (17.50)                                                                  |  (19.18)                                                                  |

| SERIES      9                                                                                                                       | 2007----                                                                    | 2006----                                                                    | 2005----                                                                       | 2004----                                                                       | 2003----                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
|  Total      Revenues                                                                                                           |  $   6,166                                         |  $   4,437                                         |  $   7,752                                            |  $   4,246                                            |  $   4,433                                            |
| Net      Loss                                                                                                                       | (248,128)                                                                   | (341,082)                                                                   | (234,846)                                                                      | (311,941)                                                                      | (346,402)                                                                      |
|  Equity      in Losses of      Project Partnerships                                                                       |    (117,893)                                                 |    (101,726)                                                 |    (157,684)                                                    |    (230,291)                                                    |    (279,770)                                                    |
| Total      Assets                                                                                                                   | 694,273                                                                | 893,314                                                                | 1,180,228                                                                 | 1,395,878                                                                 | 1,676,155                                                                      |
|  Investments      In Project      Partnerships                                                                                 |    412,287                                              |    550,442                                              |    798,862                                                 |    967,040                                                 |    1,211,933                                               |
| Per      Weighted Average      Limited Partnership      Unit: (A) Tax      CreditsPortfolio      Income Passive      Loss |      .00 7.40    (103.96) |      6.34 5.41    (90.51) |      102.00 3.98    (105.86) |      153.39 4.44    (112.92) |      154.93 6.10    (127.50) |
|  Net      Loss                                                                                                                 |  (39.28)                                                               |  (53.99)                                                               |  (37.18)                                                                  |  (49.38)                                                                  |  (54.84)                                                                  |

----

| SERIES      10                                                                                                                           | 2007----                                                                   | 2006----                                                                    | 2005----                                                                       | 2004----                                                                      | 2003----                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|
|  Total      Revenues                                                                                                                |  $   2,563                                        |  $   2,561                                         |  $   2,511                                            |  $   1,932                                           |  $     750                                 |
| Net      Loss                                                                                                                            | (261,712)                                                                  | (355,932)                                                                   | (186,236)                                                                      | (228,743)                                                                     | (246,694)                                                                     |
|  Equity      in Losses of      Project Partnerships                                                                            |    (113,347)                                                |    (111,553)                                                 |    (133,597)                                                    |    (175,628)                                                   |    (201,773)                                                   |
| Total      Assets                                                                                                                   | 1,398,676                                                             | 1,626,672                                                              | 1,945,888                                                                 | 2,223,393                                                                | 2,442,508                                                                |
| Investments      In Project      Partnerships                                                                                       |   1,159,544                                                 |   1,360,959                                                  |   1,661,049                                                     |   1,815,475                                                    |   2,014,742                                                    |
| Per      Weighted Average      Limited Partnership      Unit:      (A) Tax      CreditsPortfolio      Income Passive      Loss |      .00 8.75    (91.68) |      9.58 7.55    (90.73) |      106.09 6.36    (111.19) |      151.14 6.94    (89.01) |      151.14 8.34    (93.89) |
|  Net      Loss                                                                                                                      |  (51.38)                                                              |  (69.87)                                                               |  (36.58)                                                                  |  (44.91)                                                                 |  (48.43)                                                                 |

| SERIES      11                                                                                                                      | 2007----                                                                    | 2006----                                                                      | 2005----                                                                      | 2004----                                                                      | 2003----                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|
|  Total      Revenues                                                                                                           |  $   3,382                                         |  $   3,382                                           |  $   2,783                                           |  $   2,182                                           |  $       0                       |
| Net      Loss                                                                                                                  | (470,714)                                                                   | (776,165)                                                                     | (153,967)                                                                     | (143,577)                                                                     | (207,311)                                                                     |
| Equity      in Losses of      Project Partnerships                                                                             |   (32,981)                                                        |   (96,562)                                                          |   (112,606)                                                         |   (101,608)                                                         |   (169,857)                                                         |
| Total      Assets                                                                                                              | 1,821,412                                                                   | 2,271,082                                                                     | 3,034,176                                                                | 3,228,629                                                                | 3,377,050                                                                |
| Investments      In Project      Partnerships                                                                                  |   1,505,978                                                  |   1,926,349                                                    |   2,664,780                                                    |   2,799,412                                                    |   2,914,130                                                    |
| Per      Weighted Average      Limited Partnership      Unit: (A) Tax      CreditsPortfolio      Income Passive      Loss |      8.57 6.61    (56.12) |      110.21 5.75    (52.47) |      145.72 4.33    (99.03) |      147.19 4.71    (75.39) |      147.20 6.21    (61.45) |
|  Net      Loss                                                                                                                 |  (90.89)                                                               |  (149.87)                                                                |  (29.73)                                                                 |  (27.72)                                                                 |  (40.03)                                                                 |

----

----

----

----

|                                                                                          |                            | Payment      due by period |
|-----------------------------------------------------------------------------------------------|---------------------------------|----------------------------|
| Contractual      Obligations                                                                  | Total                           | Less      than1      year  | 1-3      years | 3-5      years | More      than5      years |
|                                                                                          |                            |                       |   |   |   |
| Long-Term      Debt Obligations                                                               |                            |                       |   |   |   |
| Capital      Lease Obligations                                                                |                            |                       |   |   |   |
| Operating      Lease Obligations                                                              |                            |                       |   |   |   |
| Purchase      Obligations                                                                     |                            |                       |   |   |   |
| Other      Liabilities Reflected on the      Registrant’s Balance Sheet under      GAAP |   $2,267,865      (1) |   207,179        |   102,345 |   1,958,341 |   0 |

----

----

|                                                                       |   |     Partnership      Loss                                                                             |
|----------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|
|                                                                       |   | Year ended March 31,      2005                                                                                            |
|                                                                       |   |                                                                                                                      |
|           Series      7  |   |     $                   0            |
|           Series      8  |   |            19,399                                                  |
|           Series      9  |   |            55,286                                                  |
|           Series      10 |   |            42,327                                                  |
|           Series      11 |   |                          0 |

----

| SERIES      7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2007----                                                                                                                                                                                                                                                                                                                                                                  | 2006----                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities   Total      Current Assets  Investments      in Securities Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS' EQUITYCurrent      Liabilities: Payable      to General Partners   Total      Current Liabilities Long      Term Liabilities: Payable      to General Partners Partners'      Equity (Deficit):Limited      Partners (10,395 units for Series 7at      March 31, 2007 and 2006)General      Partners   Total      Partners' Equity     Total      Liabilities and Partners' Equity |   $  179,018 284,519 -----------463,537  0 442,787 -----------$  906,324 ===========  $   60,257 -----------60,257 ----------- 730,352 -----------  205,836 (90,121)-----------115,715 -----------$  906,324 =========== |   $  394,030 76,135 -----------470,165  74,969 641,745 -----------$1,186,879 ===========  $   60,090 -----------60,090 ----------- 644,426 -----------  568,818 (86,455)-----------482,363 -----------$1,186,879 =========== |

----

| SERIES      8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2007----                                                                                                                                                                                                                                                                                                                                             | 2006----                                                                                                                                                                                                                                                                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities Receivable      - Other   Total      Current Assets  Investments      in Securities Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS' EQUITYCurrent      Liabilities: Payable      to General Partners   Total      Current Liabilities Long      Term Liabilities: Payable      to General Partners Partners'      Equity (Deficit):Limited      Partners (9,980 units for Series 8at      March 31, 2007 and 2006)General      Partners   Total      Partners' Equity (Deficit)     Total      Liabilities and Partners' Equity |   $ 135,130 204,835 24,220 ----------364,185  0 377,733 ----------$ 741,918 ==========  $  51,149 ----------51,149 ---------- 773,676 ----------  5,547 (88,454)----------(82,907)----------$  741,918 =========== |   $ 309,318 72,553 24,220 ----------406,091  71,956 415,344 ----------$  893,391 ==========  $  51,363 ----------51,363 ---------- 684,306 ----------  243,770 (86,048)----------157,722 ----------$  893,391 =========== |

----

| SERIES      9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2007----                                                                                                                                                                                                                                                                                                                                                                            | 2006----                                                                                                                                                                                                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities   Total      Current Assets  Investments      in Securities Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS' EQUITYCurrent      Liabilities: Payable      to General Partners   Total      Current Liabilities Long      Term Liabilities: Payable      to General Partners Partners'      Equity (Deficit):Limited      Partners (6,254 units for Series 9at      March 31, 2007 and 2006)General      Partners   Total      Partners' Equity     Total      Liabilities and Partners' Equity |   $   70,044 170,233 -----------240,277  41,709 412,287 -----------$  694,273 ===========  $   29,911 -----------29,911 ----------- 477,891 -----------  239,442 (52,971)-----------186,471 -----------$  694,273 =========== |   $  222,993 40,745 -----------263,738  79,134 550,442 -----------$  893,314 ===========  $   30,066 -----------30,066 ----------- 428,649 -----------  485,089 (50,490)-----------434,599 -----------$  893,314 =========== |

----

| SERIES      10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2007----                                                                                                                                                                                                                                                                                                                                                             | 2006----                                                                                                                                                                                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities   Total      Current Assets  Investments      in Securities Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS' EQUITYCurrent      Liabilities: Payable      to General Partners     Total      Current Liabilities Long      Term Liabilities: Payable      to General Partners Partners'      Equity (Deficit):Limited      Partners (5,043 units for Series 10at      March 31, 2007 and 2006)General      Partners   Total      Partners' Equity     Total      Liabilities and Partners' Equity |   $   40,351 133,864 -----------174,215  64,917 1,159,544 -----------$1,398,676 ===========  $   31,747 -----------31,747 ----------- 78,767 -----------  1,319,459 (31,297)-----------1,288,162 -----------$1,398,676 =========== |   $  144,697 30,440 -----------175,137  90,576 1,360,959 -----------$1,626,672 ===========  $   31,675 -----------31,675 ----------- 45,123 -----------  1,578,554 (28,680)-----------1,549,874 -----------$1,626,672 =========== |

----

| SERIES      11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2007----                                                                                                                                                                                                                                                                                                                                | 2006----                                                                                                                                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities   Total      Current Assets  Investments      in Securities Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS' EQUITYCurrent      Liabilities: Payable      to General Partners   Total      Current Liabilities Partners'      Equity (Deficit):Limited      Partners (5,127 units for Series 11at      March 31, 2007 and 2006)General      Partners   Total      Partners' Equity     Total      Liabilities and Partners' Equity |   $   53,170 190,291 -----------243,461  71,973 1,505,978 -----------$1,821,412 ===========  $   34,115 -----------34,115 -----------  1,815,414 (28,117)-----------1,787,297 -----------$1,821,412 =========== |   $  207,490 35,682 -----------243,172  101,561 1,926,349 -----------$2,271,082 ===========  $   13,071 -----------13,071 -----------  2,281,421 (23,410)-----------2,258,011 -----------$2,271,082 =========== |

----

| TOTAL      SERIES 7 -11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2007----                                                                                                                                                                                                                                                                                                                                                                                                               | 2006----                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETSCurrent      Assets: Cash      and Cash Equivalents Investments      in Securities Receivable      - Other   Total      Current Assets  Investments      in Securities Investments      in Project Partnerships, Net     Total      Assets LIABILITIES      AND PARTNERS' EQUITYCurrent      Liabilities: Payable      to General Partners   Total      Current Liabilities Long      Term Liabilities: Payable      to General Partners Partners'      Equity (Deficit):Limited      Partners (10,395 units for Series 7, 9,980 for      Series 8, 6,254 for Series 9, 5,043 for Series 10      and 5,127 for Series 11 at March 31, 2007 and      2006)General      Partners   Total      Partners' Equity     Total      Liabilities and Partners' Equity |   $   477,713 983,742 24,220 ------------1,485,675  178,599 3,898,329 ------------$ 5,562,603 ============  $   207,179 -----------207,179 ----------- 2,060,686 -----------    3,585,698 (290,960)-----------3,294,738 -----------$ 5,562,603 ============ |   $ 1,278,528 255,555 24,220 ------------1,558,303  418,196 4,894,839 ------------$ 6,871,338 ============  $   186,265 -----------186,265 ----------- 1,802,504 -----------    5,157,652 (275,083)-----------4,882,569 -----------$ 6,871,338 ============ |

----

| SERIES      7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2007----                                                                                                                                                                                                                                                                                                                                                                                    | 2006----                                                                                                                                                                                                                                                                                                                                                                                    | 2005----                                                                                                                                                                                                                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Revenues:  Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Losses of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Limited      Partners General      Partners   Net      Loss Per Limited Partnership UnitNumber      of Limited Partnership Units Outstanding |   $  27,050 ----------27,050 ---------- 85,926  109,100 39,852 31,673  76,196 ----------342,747 ---------- (315,697)(78,519)27,568 ----------$ (366,648)=========== $ (362,982)(3,666)----------$ (366,648)===========$   (34.92)===========10,395 =========== |   $  21,470 ----------21,470 ---------- 86,447  84,526 28,296 30,603  193,195 ----------423,067 ---------- (401,597)(92,380)26,181 ----------$ (467,796)=========== $ (463,118)(4,678)----------$ (467,796)===========$   (44.55)===========10,395 =========== |   $  24,233 ----------24,233 ---------- 86,447  56,857 18,197 7,089  0 ----------168,590 ---------- (144,357)(139,599)22,469 ----------$ (261,487)=========== $ (258,872)(2,615)----------$ (261,487)===========$   (24.90)===========10,395 =========== |

----

| SERIES      8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2007----                                                                                                                                                                                                                                                                                                                                            | 2006----                                                                                                                                                                                                                                                                                                                                           | 2005----                                                                                                                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues:  Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Losses of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Limited      Partners General      Partners   Net      Loss Per Limited Partnership UnitNumber      of Limited Partnership UnitsOutstanding |  $  15,890 ----------15,890 ---------- 89,370  120,278 40,354 12,823  0 ----------262,825 ---------- (246,935)(15,683)21,989 ----------$(240,629)========== $(238,223)(2,406)----------$(240,629)==========$  (23.87)==========9,980 ========== |  $  16,963 ----------16,963 ---------- 89,908  93,195 30,409 12,823  0 ----------226,335 ---------- (209,372)(29,928)22,811 ----------$(216,489)========== $(214,324)(2,165)----------$(216,489)==========$  (21.48)==========9,980 ========== |  $  16,447 ----------16,447 ---------- 89,908  62,689 19,352 2,553  0 ----------174,502 ---------- (158,055)(41,395)20,284 ----------$(179,166)========== $(177,374)(1,792)----------$(179,166)==========$  (17.77)==========9,980 ========== |

----

| SERIES      9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2007----                                                                                                                                                                                                                                                                                                                                          | 2006----                                                                                                                                                                                                                                                                                                                                                | 2005----                                                                                                                                                                                                                                                                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues:  Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Losses of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Limited      Partners General      Partners   Net      Loss Per Limited Partnership UnitNumber      of Limited Partnership Units Outstanding |  $  6,166 ----------6,166 ---------- 49,242  67,132 24,841 12,053  0 ----------153,268 ---------- (147,102)(117,893)16,867 ----------$(248,128)========== $(245,647)(2,481)----------$(248,128)==========$  (39.28)==========6,254 ========== |  $  4,437 ----------4,437 ---------- 49,509  52,016 18,273 12,194  127,532 ----------259,524 ---------- (255,087)(101,726)15,731 ----------$(341,082)========== $(337,671)(3,411)----------$(341,082)==========$  (53.99)==========6,254 ========== |  $  7,752 ----------7,752 ---------- 49,509  34,990 11,260 2,377  0 ----------98,136 ---------- (90,384)(157,684)13,222 ----------$(234,846)========== $(232,498)(2,348)----------$(234,846)==========$  (37.18)==========6,254 ========== |

----

| SERIES      10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2007----                                                                                                                                                                                                                                                                                                                                             | 2006----                                                                                                                                                                                                                                                                                                                                              | 2005----                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues:  Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Losses of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Limited      Partners General      Partners   Net      Loss Per Limited Partnership UnitNumber      of Limited Partnership Units Outstanding |  $  2,563 ----------2,563 ---------- 33,643  41,958 19,835 24,106  46,129 ---------165,671 --------- (163,108)(113,347)14,743 ----------$(261,712)========== $(259,095)(2,617)----------$(261,712)==========$  (51.38)==========5,043 ========== |  $  2,561 ----------2,561 ---------- 33,819  32,510 13,039 24,700  156,694 ---------260,762 --------- (258,201)(111,553)13,822 ----------$(355,932)========== $(352,373)(3,559)----------$(355,932)==========$  (69.87)==========5,043 ========== |  $  2,511 ----------2,511 ---------- 33,819  21,868 8,149 4,141  0 ----------67,977 ---------- (65,466)(133,597)12,737 ----------$(186,326)========== $(184,463)(1,863)----------$(186,326)==========$  (36.58)==========5,043 ========== |

----

| SERIES      11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2007----                                                                                                                                                                                                                                                                                                                                                     | 2006----                                                                                                                                                                                                                                                                                                                                                | 2005----                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues:  Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Losses of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Limited      Partners General      Partners   Net      Loss Per Limited Partnership UnitNumber      of Limited Partnership Units Outstanding |  $  3,382 ----------3,382 ---------- 27,989  33,565 20,185 33,497  345,321 ----------460,557 ---------- (457,175)(32,981)19,442 ----------$(470,714)========== $(466,007)(4,707)----------$(470,714)==========$   (90.89)==========5,127 ========== |  $  3,382 ----------3,382 ---------- 28,021  26,008 12,519 33,495  600,802 ----------700,845 ---------- (697,463)(96,562)17,860 ----------$(776,165)========== $(768,404)(7,761)----------$(776,165)==========$  (149.87)==========5,127 ========== |  $  2,783 ----------2,783 ---------- 28,021  17,494 7,404 6,343  0 ----------59,262 ---------- (56,479)(112,606)15,118 ----------$(153,967)========== $(152,427)(1,540)----------$(153,967)==========$  (29.73)==========5,127 ========== |

----

| TOTAL      SERIES 7 - 11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2007----                                                                                                                                                                                                                                                                                                                                      | 2006----                                                                                                                                                                                                                                                                                                                                       | 2005----                                                                                                                                                                                                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues:  Distribution      Income   Total      Revenues Expenses: Asset      Management Fee-General Partner General      and Administrative:  General      Partner  Other Amortization Impairment      of Investment in Project   Partnerships   Total      Expenses Loss      Before Equity in Losses of Project  Partnerships      and Other IncomeEquity      in Losses of Project PartnershipsInterest      Income Net      Loss Allocation      of Net Loss: Limited      Partners General      Partners |  $    55,051 -----------55,051 ----------- 286,170  372,033 145,067 114,152  467,646 -----------1,385,068 ----------- (1,330,017)(358,423)100,609 -----------$(1,587,831)============ $(1,571,954)(15,877)------------$(1,587,831)============ |  $    48,813 -----------48,813 ----------- 287,704  288,255 102,536 113,815  1,078,223 -----------1,870,533 ----------- (1,821,720)(432,149)96,405 -----------$(2,157,464)============ $(2,135,890)(21,574)------------$(2,157,464)============ |  $    53,726 -----------53,726 ----------- 287,704  193,898 64,362 22,503  0 -----------568,467 ----------- (514,741)(584,881)83,830 -----------$(1,015,792)============ $(1,005,634)(10,158)------------$(1,015,792)============ |

----

|  SERIES      7                                                                                                                                                                                                         | LimitedPartners---------                                                                                                                                                                      | GeneralPartners--------                                                                                                                                               |  Total-----                                                                                                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |  $      1,290,808  (258,872)----------- 1,031,936  (463,118)----------- 568,818  (362,982)----------- $  205,836 =========== |  $  (79,162) (2,615)----------- (81,777) (4,678)----------- (86,455) (3,666)----------- $  (90,121)=========== |  $      1,211,646  (261,487)----------- 950,159  (467,796)----------- 482,363  (366,648)----------- $  115,715 =========== |

|  SERIES      8                                                                                                                                                                                                         | LimitedPartners---------                                                                                                                                                                                  | GeneralPartners--------                                                                                                                               |  Total-----                                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |  $  635,468  (177,374)----------- 458,094  (214,324)----------- 243,770  (238,223)----------- $    5,547 =========== |  $ (82,091) (1,792)---------- (83,883) (2,165)---------- (86,048) (2,406)---------- $ (88,454)========== |  $  553,377  (179,166)----------- 374,211  (216,489)----------- 157,722  (240,629)----------- $  (82,907)=========== |

----

|  SERIES      9                                                                                                                                                                                                         | LimitedPartners---------                                                                                                                                                                    | GeneralPartners--------                                                                                                                               |  Total-----                                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |  $      1,055,258  (232,498)----------- 822,760  (337,671)----------- 485,089  (245,647)----------- $  239,442 =========== |  $ (44,731) (2,348)---------- (47,079) (3,411)---------- (50,490) (2,481)---------- $ (52,971)========== |  $      1,010,527  (234,846)----------- 775,681  (341,082)----------- 434,599  (248,128)---------- $  186,471 =========== |

|  SERIES      10                                                                                                                                                                                                        | LimitedPartners---------                                                                                                                                                                    | GeneralPartners--------                                                                                                                               |  Total-----                                                                                                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |  $      2,115,390  (184,463)----------- 1,930,927  (352,373)----------- 1,578,554  (259,095)----------- $      1,319,459 =========== |  $ (23,258) (1,863)---------- (25,121) (3,559)---------- (28,680) (2,617)---------- $ (31,297)========== |  $      2,092,132  (186,326)----------- 1,905,806  (355,932)----------- 1,549,874  (261,712)----------- $      1,288,162 =========== |

----

|  SERIES      11                                                                                                                                                                                                        | LimitedPartners---------                                                                                                                                                                    | GeneralPartners--------                                                                                                                               |  Total-----                                                                                                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |  $      3,202,252  (152,427)----------- 3,049,825  (768,404)----------- 2,281,421  (466,007)----------- $      1,815,414 =========== |  $ (14,109) (1,540)---------- (15,649) (7,761)---------- (23,410) (4,707)---------- $ (28,117)========== |  $      3,188,143  (153,967)----------- 3,034,176  (776,165)----------- 2,258,011  (470,714)----------- $      1,787,297 =========== |

|  TOTAL      SERIES 7 - 11                                                                                                                                                                                              | LimitedPartners---------                                                                                                                                                                              | GeneralPartners--------                                                                                                                                      |  Total-----                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Balance      at March 31, 2004 Net      Loss  Balance      at March 31, 2005 Net      Loss  Balance      at March 31, 2006 Net      Loss  Balance      at March 31, 2007 |  $ 8,299,176  (1,005,634)------------ 7,293,542  (2,135,890)------------ 5,157,652  (1,571,954)------------ $ 3,585,698 ============ |  $      (243,351) (10,158)---------- (253,509) (21,574)---------- (275,083) (15,877)---------- $      (290,960)========== |  $      8,055,825  (1,015,792)----------- 7,040,033  (2,157,464)----------- 4,882,569  (1,587,831)----------- $      3,294,738 =========== |

----

| SERIES      7                                                                                                       | 2007            |   | 2006            |   | 2005            |
|--------------------------------------------------------------------------------------------------------------------------|----------------------|--------|----------------------|--------|----------------------|
| Cash      Flows from Operating Activities:                                                                               |                 |   |                 |   |                 |
|   Net      Loss                                                                                                | $      (366,648)     |   | $      (467,796)     |   | $      (261,487)     |
|   Adjustments      to Reconcile Net Loss to Net  Cash      Used in Operating Activities:             |                 |   |                 |   |                 |
|    Amortization                                                                                           | 31,673          |   | 30,603          |   | 7,089           |
|    Impairment      of Investment in Project   Partnerships                                 | 76,196          |   | 193,195         |   | 0               |
|    Accreted      Interest Income on Investments   in      Securities                       | (10,656)             |   | (15,333)             |   | (19,255)             |
|    Accreted      Discount on Investments in   Securities                                   | (813)                |   | 0               |   | 0               |
|    Equity      in Losses of Project Partnerships                                                          | 78,519          |   | 92,380          |   | 139,599         |
|    Distributions      Included in Other Income                                                            | (27,050)             |   | (21,470)             |   | (23,983)             |
|    Changes      in Operating Assets and   Liabilities:                                     |                 |   |                 |   |                 |
|     Increase      in Interest Receivable                                                             | (3,126)              |   | 0               |   | 0               |
|     Increase      in Payable to General Partners                                                     | 86,093          |   | 92,907          |   | 85,925          |
|                                                                                                                     |                 |   |                 |   |                 |
|      Net      Cash Used in Operating Activities                                                 | (135,812)            |   | (95,514)             |   | (72,112)             |
|                                                                                                                     |                 |   |                 |   |                 |
| Cash      Flows from Investing Activities:                                                                               |                 |   |                 |   |                 |
|  Distributions      Received from Project Partnerships                                                         | 39,620          |   | 29,202          |   | 39,581          |
|  Investment      in Securities                                                                                      | (199,820)            |   | 0               |   | 0               |
|  Redemption      of Investment in Securities                                                                        | 81,000          |   | 77,000          |   | 72,000          |
|                                                                                                                     |                 |   |                 |   |                 |
|      Net      Cash (Used in) Provided by     Investing      Activities | (79,200)             |   | 106,202         |   | 111,581         |
|                                                                                                                     |                 |   |                 |   |                 |
| (Decrease)      Increase in Cash and CashEquivalents                                                                     | (215,012)            |   | 10,688          |   | 39,469          |
| Cash      and Cash Equivalents at Beginning ofYear                                                                       | 394,030         |   | 383,342         |   | 343,873         |
|                                                                                                                     |                 |   |                 |   |                 |
| Cash      and Cash Equivalents at End of Year                                                                            | $ 179,018  |   | $ 394,030  |   | $ 383,342  |
|                                                                                                                     |                 |   |                 |   |                 |

----

| SERIES      8                                                                                                       | 2007            |   | 2006            |   | 2005            |
|--------------------------------------------------------------------------------------------------------------------------|----------------------|--------|----------------------|--------|----------------------|
| Cash      Flows from Operating Activities:                                                                               |                 |   |                 |   |                 |
|   Net      Loss                                                                                                | $      (240,629)     |   | $      (216,489)     |   | $      (179,166)     |
|   Adjustments      to Reconcile Net Loss to Net  Cash      Used in Operating Activities:             |                 |   |                 |   |                 |
|    Amortization                                                                                           | 12,823          |   | 12,823          |   | 2,553           |
|    Impairment      of Investment in Project   Partnerships                                 | 0               |   | 0               |   | 0               |
|    Accreted      Interest Income on Investments   in      Securities                       | (9,687)              |   | (13,833)             |   | (17,293)             |
|    Accreted      Discount on Investments in   Securities                                   | (509)                |   | 0               |   | 0               |
|    Equity      in Losses of Project Partnerships                                                          | 15,683          |   | 29,928          |   | 41,395          |
|    Distributions      Included in Other Income                                                            | (15,890)             |   | (16,963)             |   | (16,447)             |
|    Changes      in Operating Assets and   Liabilities:                                     |                 |   |                 |   |                 |
|     Increase      in Interest Receivable                                                             | (2,119)              |   | 0               |   | 0               |
|     Increase      in Payable to General Partners                                                     | 89,156          |   | 96,162          |   | 29,589          |
|                                                                                                                     |                 |   |                 |   |                 |
|      Net      Cash Used in Operating Activities                                                 | (151,172)            |   | (108,372)            |   | (139,369)            |
|                                                                                                                     |                 |   |                 |   |                 |
| Cash      Flows from Investing Activities:                                                                               |                 |   |                 |   |                 |
|  Distributions      Received from Project Partnerships                                                         | 24,995          |   | 20,029          |   | 24,132          |
|  Investment      in Securities                                                                                      | (125,011)            |   | 0               |   | 0               |
|  Redemption      of Investment in Securities                                                                        | 77,000          |   | 71,999          |   | 67,000          |
|                                                                                                                     |                 |   |                 |   |                 |
|      Net      Cash (Used in) Provided by     Investing      Activities | (23,016)             |   | 92,028          |   | 91,132          |
|                                                                                                                     |                 |   |                 |   |                 |
| Decrease      in Cash and Cash Equivalents                                                                               | (174,188)            |   | (16,344)             |   | (48,237)             |
| Cash      and Cash Equivalents at Beginning ofYear                                                                       | 309,318         |   | 325,662         |   | 373,899         |
|                                                                                                                     |                 |   |                 |   |                 |
| Cash      and Cash Equivalents at End of Year                                                                            | $ 135,130  |   | $ 309,318  |   | $ 325,662  |
|                                                                                                                     |                 |   |                 |   |                 |

----

| SERIES      9                                                                                                       | 2007                 |   | 2006            |   | 2005            |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------|--------|----------------------|--------|----------------------|
| Cash      Flows from Operating Activities:                                                                               |                      |   |                 |   |                 |
|   Net      Loss                                                                                                | $      (248,128)          |   | $      (341,082)     |   | $      (234,846)     |
|   Adjustments      to Reconcile Net Loss to Net  Cash      Used in Operating Activities:             |                      |   |                 |   |                 |
|    Amortization                                                                                           | 12,053               |   | 12,194          |   | 2,377           |
|    Impairment      of Investment in Project   Partnerships                                 | 0                    |   | 127,532         |   | 0               |
|    Accreted      Interest Income on Investments   in      Securities                       | (7,423)                   |   | (9,410)              |   | (11,133)             |
|    Accreted      Discount on Investments in   Securities                                   | (509)                     |   | 0               |   | 0               |
|    Equity      in Losses of Project Partnerships                                                          | 117,893              |   | 101,726         |   | 157,684         |
|    Distributions      Included in Other Income                                                            | (6,166)                   |   | (4,437)              |   | (7,752)              |
|    Changes      in Operating Assets and   Liabilities:                                     |                      |   |                 |   |                 |
|     Increase      in Interest Receivable                                                             | (2,119)                   |   | 0               |   | 0               |
|     Decrease      in Receivable - Other                                                              | 0                    |   | 0               |   | 600             |
|     Increase      in Payable to General Partners                                                     | 49,087               |   | 54,168          |   | 19,196          |
|                                                                                                                     |                      |   |                 |   |                 |
|      Net      Cash Used in Operating Activities                                                 | (85,312)                  |   | (59,309)             |   | (73,874)             |
|                                                                                                                     |                      |   |                 |   |                 |
| Cash      Flows from Investing Activities:                                                                               |                      |   |                 |   |                 |
|  Distributions      Received from Project Partnerships                                                         | 14,375               |   | 11,405          |   | 15,869          |
|  Investment      in Securities                                                                                      | (125,011)                 |   | 0               |   | 0               |
|  Redemption      of Investment in Securities                                                                        | 42,999               |   | 41,000          |   | 39,000          |
|                                                                                                                     |                      |   |                 |   |                 |
|      Net      Cash (Used in) Provided by     Investing      Activities | (67,637)                  |   | 52,405          |   | 54,869          |
|                                                                                                                     |                      |   |                 |   |                 |
| Decrease      in Cash and Cash Equivalents                                                                               | (152,949)                 |   | (6,904)              |   | (19,005)             |
| Cash      and Cash Equivalents at Beginning ofYear                                                                       | 222,993              |   | 229,897         |   | 248,902         |
|                                                                                                                     |                      |   |                 |   |                 |
| Cash      and Cash Equivalents at End of Year                                                                            | $  70,044  |   | $ 222,993  |   | $ 229,897  |
|                                                                                                                     |                      |   |                 |   |                 |

----

| SERIES      10                                                                                                      | 2007                 |   | 2006            |   | 2005            |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------|--------|----------------------|--------|----------------------|
| Cash      Flows from Operating Activities:                                                                               |                      |   |                 |   |                 |
|   Net      Loss                                                                                                | $      (261,712)          |   | $      (355,932)     |   | $      (186,326)     |
|   Adjustments      to Reconcile Net Loss to Net  Cash      Used in Operating Activities:             |                      |   |                 |   |                 |
|    Amortization                                                                                           | 24,106               |   | 24,700          |   | 4,141           |
|    Impairment      of Investment in Project   Partnerships                                 | 46,129               |   | 156,694         |   | 0               |
|    Accreted      Interest Income on Investments   in      Securities                       | (8,256)                   |   | (9,816)              |   | (11,128)             |
|    Accreted      Discount on Investments in   Securities                                   | (405)                     |   | 0               |   | 0               |
|    Equity      in Losses of Project Partnerships                                                          | 113,347              |   | 111,553         |   | 133,597         |
|    Distributions      Included in Other Income                                                            | (2,563)                   |   | (2,561)              |   | (2,511)              |
|    Changes      in Operating Assets and   Liabilities:                                     |                      |   |                 |   |                 |
|     Increase      in Interest Receivable                                                             | (1,686)                   |   | 0               |   | 0               |
|     Increase      (Decrease) in Payable to General Partners                                     | 33,716               |   | 36,716          |   | (91,179)             |
|                                                                                                                     |                      |   |                 |   |                 |
|      Net      Cash Used in Operating Activities                                                 | (57,324)                  |   | (38,646)             |   | (153,406)            |
|                                                                                                                     |                      |   |                 |   |                 |
| Cash      Flows from Investing Activities:                                                                               |                      |   |                 |   |                 |
|  Distributions      Received from Project Partnerships                                                         | 20,396               |   | 9,703           |   | 19,197          |
|  Investment      in Securities                                                                                      | (99,418)                  |   | 0               |   | 0               |
|  Redemption      of Investment in Securities                                                                        | 32,000               |   | 31,002          |   | 29,000          |
|                                                                                                                     |                      |   |                 |   |                 |
|      Net      Cash (Used in) Provided by     Investing      Activities | (47,022)                  |   | 40,705          |   | 48,197          |
|                                                                                                                     |                      |   |                 |   |                 |
| Increase      (Decrease) in Cash and Cash Equivalents                                                                    | (104,346)                 |   | 2,059           |   | (105,209)            |
| Cash      and Cash Equivalents at Beginning ofYear                                                                       | 144,697              |   | 142,638         |   | 247,847         |
|                                                                                                                     |                      |   |                 |   |                 |
| Cash      and Cash Equivalents at End of Year                                                                            | $  40,351  |   | $ 144,697  |   | $ 142,638  |
|                                                                                                                     |                      |   |                 |   |                 |

----

| SERIES      11                                                                                                      | 2007                 |   | 2006            |   | 2005            |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------|--------|----------------------|--------|----------------------|
| Cash      Flows from Operating Activities:                                                                               |                      |   |                 |   |                 |
|   Net      Loss                                                                                                | $      (470,714)          |   | $      (776,165)     |   | $      (153,967)     |
|   Adjustments      to Reconcile Net Loss to Net  Cash      Used in Operating Activities:             |                      |   |                 |   |                 |
|    Amortization                                                                                           | 33,497               |   | 33,495          |   | 6,343           |
|    Impairment      of Investment in Project   Partnerships                                 | 345,321              |   | 600,802         |   | 0               |
|    Accreted      Interest Income on Investments   in      Securities                       | (10,253)                  |   | (12,070)             |   | (13,595)             |
|    Accreted      Discount on Investments in   Securities                                   | (609)                     |   | 0               |   | 0               |
|    Equity      in Losses of Project Partnerships                                                          | 32,981               |   | 96,562          |   | 112,606         |
|    Distributions      Included in Other Income                                                            | (3,382)                   |   | (3,382)              |   | (2,783)              |
|    Changes      in Operating Assets and   Liabilities:                                     |                      |   |                 |   |                 |
|     Increase      in Interest Receivable                                                             | (2,538)                   |   | 0               |   | 0               |
|     Increase      (Decrease) in Receivable- Other                                                    | 0                    |   | 8,291           |   | (8,291)              |
|     Increase      (Decrease) in Payable to General Partners                                     | 21,044               |   | 13,071          |   | (40,486)             |
|                                                                                                                     |                      |   |                 |   |                 |
|      Net      Cash Used in Operating Activities                                                 | (54,653)                  |   | (39,396)             |   | (100,173)            |
|                                                                                                                     |                      |   |                 |   |                 |
| Cash      Flows from Investing Activities:                                                                               |                      |   |                 |   |                 |
|  Distributions      Received from Project Partnerships                                                         | 11,954               |   | 10,954          |   | 18,466          |
|  Investment      in Securities                                                                                      | (149,619)                 |   | 0               |   | 0               |
|  Redemption      of Investment in Securities                                                                        | 37,998               |   | 36,001          |   | 34,000          |
|                                                                                                                     |                      |   |                 |   |                 |
|      Net      Cash (Used in) Provided by     Investing      Activities | (99,667)                  |   | 46,955          |   | 52,466          |
|                                                                                                                     |                      |   |                 |   |                 |
| Increase      (Decrease) in Cash and Cash Equivalents                                                                    | (154,320)                 |   | 7,559           |   | (47,707)             |
| Cash      and Cash Equivalents at Beginning ofYear                                                                       | 207,490              |   | 199,931         |   | 247,638         |
|                                                                                                                     |                      |   |                 |   |                 |
| Cash      and Cash Equivalents at End of Year                                                                            | $  53,170  |   | $ 207,490  |   | $ 199,931  |
|                                                                                                                     |                      |   |                 |   |                 |

----

| TOTAL SERIES 7 -      11                                                                                            | 2007                  |   | 2006                |   | 2005          |
|--------------------------------------------------------------------------------------------------------------------------|----------------------------|--------|--------------------------|--------|--------------------|
| Cash      Flows from Operating Activities:                                                                               |                       |   |                     |   |               |
|   Net      Loss                                                                                                | $  (1,587,831)   |   | $  (2,157,464) |   | $      (1,015,792) |
|   Adjustments      to Reconcile Net Loss to Net  Cash      Used in Operating Activities:             |                       |   |                     |   |               |
|    Amortization                                                                                           | 114,152               |   | 113,815             |   | 22,503        |
|    Impairment      of Investment in Project   Partnerships                                 | 467,646               |   | 1,078,223           |   | 0             |
|    Accreted      Interest Income on Investments   in      Securities                       | (46,275)                   |   | (60,462)                 |   | (72,404)           |
|    Accreted      Discount on Investments in   Securities                                   | (2,845)                    |   | 0                   |   | 0             |
|    Equity      in Losses of Project Partnerships                                                          | 358,423               |   | 432,149             |   | 584,881       |
|    Distributions      Included in Other Income                                                            | (55,051)                   |   | (48,813)                 |   | (53,476)           |
|    Changes      in Operating Assets and   Liabilities:                                     |                       |   |                     |   |               |
|     Increase      in Interest Receivable                                                             | (11,588)                   |   | 0                   |   | 0             |
|     Increase      (Decrease) in Receivable- Other                                                    | 0                     |   | 8,291               |   | (7,691)            |
|     Increase      in Payable to General Partners                                                | 279,096               |   | 293,024             |   | 3,045         |
|                                                                                                                     |                       |   |                     |   |               |
|      Net      Cash Used in Operating Activities                                                 | (484,273)                  |   | (341,237)                |   | (538,934)          |
|                                                                                                                     |                       |   |                     |   |               |
| Cash      Flows from Investing Activities:                                                                               |                       |   |                     |   |               |
|  Distributions      Received from Project Partnerships                                                         | 111,340               |   | 81,293              |   | 117,245       |
|  Investment      in Securities                                                                                      | (698,879)                  |   | 0                   |   | 0             |
|  Redemption      of Investment in Securities                                                                        | 270,997               |   | 257,002             |   | 241,000       |
|                                                                                                                     |                       |   |                     |   |               |
|      Net      Cash (Used in) Provided by     Investing      Activities | (316,542)                  |   | 338,295             |   | 358,245       |
|                                                                                                                     |                       |   |                     |   |               |
| Decrease      in Cash and Cash Equivalents                                                                               | (800,815)                  |   | (2,942)                  |   | (180,689)          |
| Cash      and Cash Equivalents at Beginning ofYear                                                                       | 1,278,528             |   | 1,281,470           |   | 1,462,159     |
|                                                                                                                     |                       |   |                     |   |               |
| Cash      and Cash Equivalents at End of Year                                                                            | $  477,713  |   | $1,278,528          |   | $1,281,470    |
|                                                                                                                     |                       |   |                     |   |               |

----

----

----

|                                                                                                                                          |   Estimated      MarketValue     --------------- |  Cost      Plus AccretedInterest      and Accreted Discounts    --------------------- |   Gross      Unrealized Gains      and (Losses)---------------- |
|-----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
| Series      7                                                                                                                                 | $ 284,776                                                                      | $ 284,519                                                                                                 | $   257                                                    |
| Series      8                                                                                                                                 | 205,209                                                                             | 204,834                                                                                                        | 375                                                                       |
| Series      9                                                                                                                                 | 212,893                                                                             | 211,941                                                                                                        | 952                                                                       |
| Series      10                                                                                                                                | 201,543                                                                             | 198,782                                                                                                        | 2,761                                                                     |
| Series      11                                                                                                                                | 267,151                                                                             | 262,264                                                                                                        | 4,887                                                                     |
|                                                                                                                                          |                                                                                |                                                                                                           |                                                                           |
| As      of March 31, 2007, the cost and accreted      interest/discount of debt securities      by contractual maturities is as      follows: |   Series      7--------                                                   |   Series      8--------                                                                              |   Series      9--------                                              |
| Due      within 1 year                                                                                                                        | $ 284,519                                                                 | $ 204,835                                                                                            | $ 170,233                                                            |
| After      1 year through 5 years                                                                                                             | 0                                                                              | 0                                                                                                         | 41,709                                                                    |
|                                                                                                                                          | ---------                                                                           | ---------                                                                                                      | ---------                                                                      |
|   Total      amount recorded on Balance Sheet                                                                                       | $ 284,519 =========                                                       | $ 204,835 =========                                                                                  | $ 211,942 =========                                                  |
|                                                                                                                                          |  Series      10--------                                                        |  Series      11--------                                                                                   |  Total--------                                                            |
| Due      within 1 year                                                                                                                        | $ 133,864                                                                 | $ 190,291                                                                                            | $  983,742                                                      |
| After      1 year through 5 years                                                                                                             | 64,917                                                                         | 71,973                                                                                                    | 178,599                                                                   |
|                                                                                                                                          | ---------                                                                           | ---------                                                                                                      | ---------                                                                      |
|   Total      amount recorded on Balance Sheet                                                                                       | $ 198,781 =========                                                       | $ 262,264 =========                                                                                  | $1,162,341 ===========                                                    |

----

|           | 2007 ----           | 2006 ----           | 2005 ----           |
|----------------|-------------------------------|-------------------------------|-------------------------------|
| Series      7  | $ 85,926            | $ 86,447            | $ 86,447            |
| Series      8  | 89,370                   | 89,908                   | 89,908                   |
| Series      9  | 49,242                   | 49,509                   | 49,509                   |
| Series      10 | 33,643                   | 33,819                   | 33,819                   |
| Series      11 | 27,989 ---------         | 28,021 ---------         | 28,021 ---------         |
| Total          | $ 286,170 ========= | $ 287,704 ========= | $ 287,704 ========= |

|           | 2007 ----     | 2006 ----     | 2005 ----     |
|----------------|-------------------------|-------------------------|-------------------------|
| Series      7  | $109,100           | $ 84,526      | $ 56,857      |
| Series      8  | 120,278            | 93,195             | 62,689             |
| Series      9  | 67,132             | 52,016             | 34,990             |
| Series      10 | 41,958             | 32,510             | 21,868             |
| Series      11 | 33,565 ---------   | 26,008 ---------   | 17,494 ---------   |
| Total          | $372,033 ========= | $288,255 ========= | $193,898 ========= |

|           | March      31, 2007-------------- | March      31, 2006-------------- |   |
|----------------|-----------------------------------|-----------------------------------|--------|
| Series      7  | $  790,609         | $  704,516         |   |
| Series      8  | 824,825                      | 735,669                      |   |
| Series      9  | 507,802                      | 458,715                      |   |
| Series      10 | 110,514                      | 76,798                       |   |
| Series      11 | 34,115 -----------           | 13,071 -----------           |   |
| Total          | $2,267,865 ===========       | $1,988,769 ===========       |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | MARCH      31, 2007--------------                                                                                                                                                                                          | MARCH      31, 2006--------------                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships andpurchase      price paid for limited partner interestsin      Project Partnerships Cumulative      equity in losses of Project Partnerships      (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets      acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and expenses Impairment      of Investment in Project Partnerships Investments      in Project Partnerships |  $ 7,732,089   (7,303,018)  (254,317)----------- 174,754    793,335  (255,911) (269,391)-----------$   442,787 ============ |  $ 7,732,089   (7,224,499)  (241,747)----------- 265,843    793,335  (224,238) (193,195)-----------$   641,745 ============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | MARCH      31, 2007--------------                                                                                                                                                                                        | MARCH      31, 2006--------------                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in      Project Partnerships Cumulative      equity in losses of Project Partnerships      (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets      acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and expenses Impairment      of Investment in Project Partnerships  Investments      in Project Partnerships |  $ 7,586,105   (7,430,366)  (183,684)----------- (27,945)   549,773  (144,095) 0 ----------- $   377,733 =========== |  $ 7,586,105   (7,414,683)  (174,579)----------- (3,157)   549,773  (131,272) 0 ----------- $   415,344 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | MARCH      31, 2007--------------                                                                                                                                                                                              | MARCH      31, 2006--------------                                                                                                                                                                                              |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in      Project Partnerships Cumulative      equity in losses of Project Partnerships      (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets      acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and  expenses Impairment      of Investment in Project Partnerships  Investments      in Project Partnerships |  $ 4,914,116   (4,377,991)  (156,970)----------- 379,155    244,087  (83,423) (127,532)----------- $   412,287 =========== |  $ 4,914,116   (4,260,098)  (148,761)----------- 505,257    244,087  (71,370) (127,532)----------- $   550,442 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | MARCH      31, 2007--------------                                                                                                                                                                                       | MARCH      31, 2006--------------                                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and purchase      price paid for limited partner interests in      Project Partnerships Cumulative      equity in losses of Project Partnerships      (1) Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets      acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees and  expenses Impairment      of Investment in Project Partnerships  Investments      in Project Partnerships |  $ 3,914,672   (2,432,267)  (209,368)----------- 1,273,037    196,738  (107,408) (202,823)----------- $ 1,159,544 =========== |  $ 3,914,672   (2,318,920)  (191,535)----------- 1,404,217    196,738  (83,302) (156,694)----------- $ 1,360,959 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | MARCH      31, 2007--------------                                                                                                                                                                                       | MARCH      31, 2006--------------                                                                                                                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and      purchase price paid for limited partner interests      in Project Partnerships Cumulative      equity in losses of Project Partnerships Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets      acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees  and      expenses Impairment      of Investment in Project Partnerships  Investments      in Project Partnerships |  $ 4,128,042   (1,637,144)  (181,137)----------- 2,309,761    290,335  (147,995) (946,123)----------- $ 1,505,978 =========== |  $ 4,128,042   (1,604,163)  (172,565)----------- 2,351,314    290,335  (114,498) (600,802)----------- $ 1,926,349 =========== |

----

| TOTAL      SERIES 7 - 11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | MARCH      31, 2007--------------                                                                                                                                                                                       | MARCH      31, 2006--------------                                                                                                                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Capital      Contributions to Project Partnerships and      purchase price paid for limited partner interests      in Project Partnerships Cumulative      equity in losses of Project Partnerships Cumulative      distributions received from Project Partnerships Investment      in Project Partnerships before Adjustment Excess      of investment cost over the underlying assets      acquired: Acquisition      fees and expenses Accumulated      amortization of acquisition fees  and      expenses Impairment      of Investment in Project Partnerships  Investments      in Project Partnerships |  $28,275,024   (23,180,786)  (985,476)----------- 4,108,762    2,074,268  (738,832) (1,545,869)----------- $ 3,898,329 =========== |  $28,275,024   (22,822,363)  (929,187)----------- 4,523,474    2,074,268  (624,680) (1,078,223)----------- $ 4,894,839 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Gateway  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'          equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners' share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 4,443,999 25,997,567 13,554 -----------$30,455,120 =========== $   863,069 35,419,494 -----------36,282,563 ----------- (5,418,259)(409,184)-----------(5,827,443)----------- $30,455,120 =========== $ 7,002,838 -----------3,675,144 2,500,007 1,475,207 -----------7,650,358 -----------$  (647,520)============$         (5,725)============ $  (641,795)563,276 ------------$   (78,519)============ |   $ 4,085,716 27,269,050 21,083 -----------$31,375,849 =========== $   831,051 35,642,424 -----------36,473,475 ----------- (4,746,260)(351,366)-----------(5,097,626)----------- $31,375,849 =========== $ 6,906,393 -----------3,610,427 2,611,771 1,472,897 -----------7,695,095 -----------$  (788,702)============$   (11,553)============ $  (777,149)684,769 ------------$   (92,380)============ |   $ 3,827,640 28,630,723 13,204 -----------$32,471,567 =========== $   856,813 35,849,766 -----------36,706,579 ----------- (3,929,006)(306,006)-----------(4,235,012)----------- $32,471,567 =========== $ 6,666,046 -----------3,435,485 2,558,539 1,494,903 -----------7,488,927 -----------$  (822,881)============$    (12,017)============ $  (810,864)671,265 ------------$  (139,599)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2005----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2004----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity (Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Limited      Partner  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'          equity (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners' share of net income (loss) Gateway’s      share of net income (loss)Suspended      losses Equity      in Income (Loss) of Project Partnerships |   $   217,354 904,833 0 -----------$ 1,122,187 =========== $    25,390 1,011,834 -----------1,037,224 ----------- 89,143 (4,180)-----------84,963 ----------- $ 1,122,187 =========== $   229,041 -----------142,315 78,632 27,591 -----------248,538 -----------$  (19,497)===========$     (195)=========== $  (19,302)0 ----------- $  (19,302)=========== |   $   201,144 932,425 0 -----------$ 1,133,569 =========== $     9,591 1,016,908 -----------1,026,499 ----------- 109,750 (2,680)-----------107,070 ----------- $ 1,133,569 =========== $   226,977 -----------129,422 79,009 27,575 -----------236,006 -----------$   (9,029)===========$      (90)=========== $   (8,939)0 ----------- $   (8,939)=========== |   $   187,378 960,000 0 -----------$ 1,147,378 =========== $     7,063 1,021,604 -----------1,028,667 ----------- 119,995 (1,284)-----------118,711 ----------- $ 1,147,378 =========== $   212,381 -----------113,234 79,359 27,555 -----------220,148 -----------$   (7,767)===========$      (78)=========== $   (7,689)0 ----------- $   (7,689)=========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      8   (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Gateway  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners' equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners' share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 4,432,607 27,285,833 36,096 -----------$31,754,536 =========== $ 1,307,637 37,297,268 -----------38,604,905 ----------- (6,102,740)(747,629)-----------(6,850,369)-----------$31,754,536 =========== $ 7,087,148 -----------3,618,940 2,621,057 1,514,946 -----------7,754,943 -----------$  (667,795)============$    (8,672)============ $  (659,123)643,440 ------------$   (15,683)============ |   $ 4,016,344 28,642,694 15,794 -----------$32,674,832 =========== $ 1,270,463 37,532,816 -----------38,803,279 ----------- (5,424,268)(704,179)-----------(6,128,447)-----------$32,674,832 =========== $ 6,808,514 -----------3,427,081 2,635,945 1,485,669 -----------7,548,695 -----------$  (740,181)============$    (9,286)============ $  (730,895)700,967 ------------$   (29,928)============ |   $ 3,739,242 29,898,977 43,322 -----------$33,681,541 =========== $ 1,239,508 37,745,148 -----------38,984,656 ----------- (4,664,925)(638,190)-----------(5,303,115)-----------$33,681,541 =========== $ 6,504,960 -----------3,374,344 2,511,212 1,512,305 -----------7,397,861 -----------$  (892,901)============$    (7,845)============ $  (885,056)843,661 ------------$   (41,395)============ |

|                                        |   | December      2006   |   | December      2005   |
|---------------------------------------------|--------|----------------------|--------|----------------------|
|                                        |   |                 |   |                 |
| Total      Assets                           |   | $ 527,248  |   | $ 583,925  |
| Total      Liabilities                      |   | 812,492         |   | 826,484         |
| Gateway      Equity (Deficit)               |   | (168,563)            |   | (126,305)            |
| Other      Partner’s Equity (Deficit) |   | (116,681)            |   | (116,254)            |
| Total      Revenue                          |   | 105,272         |   | 118,006         |
| Net      Income (Loss)                      |   | $ (42,685)      |   | $ (2,359)       |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2004----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity (Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Limited      Partner  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'          equity (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners' share of net income (loss) Gateway’s      share of net income (loss)Suspended      losses Equity      in Income (Loss) of Project Partnerships |   $   274,595 1,146,308 0 -----------$ 1,420,903 =========== $    83,775 1,213,020 -----------1,296,795 ----------- 138,192 (14,084)-----------124,108 ----------- $ 1,420,903 =========== $   239,631 -----------128,762 79,115 29,146 -----------237,023 -----------$    2,608 ===========$       26 =========== $    2,582 0 ----------- $    2,582 =========== |   $   256,429 1,175,454 0 -----------$ 1,431,883 =========== $    86,643 1,220,584 -----------1,307,227 ----------- 137,188 (12,532)-----------124,656 ----------- $ 1,431,883 =========== $   235,638 -----------131,753 79,590 29,146 -----------240,489 -----------$   (4,851)===========$      (49)=========== $   (4,802)0 ----------- $   (4,802)=========== |   $   235,640 1,204,600 0 -----------$ 1,440,240 =========== $    79,904 1,227,673 -----------1,307,577 ----------- 143,568 (10,905)-----------132,663 ----------- $ 1,440,240 =========== $   229,892 -----------118,787 80,035 29,145 -----------227,967 -----------$    1,925 ===========$       19 =========== $    1,906 0 ----------- $    1,906 =========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Gateway  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'     equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners' share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 2,249,554 15,800,449 5,761 -----------$18,055,764 =========== $   334,186 19,818,860 -----------20,153,046 ----------- (1,733,811)(363,471)-----------(2,097,282)----------- $18,055,764 =========== $ 3,621,179 -----------1,859,165 1,370,495 774,921 ------------4,004,581 ------------$  (383,402)============$    (3,834)============ $  (379,568)261,675 ------------$  (117,893)============ |   $ 2,109,283 16,469,701 4,788 -----------$18,583,772 =========== $   321,281 19,934,839 -----------20,256,120 ----------- (1,339,512)(332,836)-----------(1,672,348)----------- $18,583,772 =========== $ 3,496,332 -----------1,715,590 1,381,933 767,851 ------------3,865,374 ------------$  (369,042)============$    (3,691)============ $  (365,351)263,625 ------------$  (101,726)============ |   $ 1,930,617 17,164,568 4,302 -----------$19,099,487 =========== $   324,971 20,040,773 -----------20,365,744 ----------- (960,476)(305,781)-----------(1,266,257)----------- $19,099,487 =========== $ 3,352,708 -----------1,715,832 1,315,209 786,226 ------------3,817,267 ------------$  (464,559)============$    (4,646)============ $  (459,913)302,229 ------------$  (157,684)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2005----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2004----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity (Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Limited      Partner  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'     equity      (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners' share of net income (loss) Gateway’s      share of net income (loss)Suspended      losses Equity      in Income (Loss) of Project Partnerships |   $   194,439 1,011,256 0 -----------$ 1,205,695 =========== $    13,320 1,109,790 -----------1,123,110 ----------- 102,926 (20,341)-----------82,585 ----------- $ 1,205,695 =========== $   208,501 -----------81,198 81,988 33,705 -----------196,891 -----------$   11,610 ===========$      116 =========== $   11,494 0 ----------- $   11,494 =========== |   $   160,960 1,041,273 0 -----------$ 1,202,233 =========== $    13,099 1,115,303 -----------1,128,402 ----------- 92,596 (18,765)-----------73,831 ----------- $ 1,202,233 =========== $   196,819 -----------79,859 84,261 33,506 -----------197,626 -----------$     (807)===========$       (8)=========== $     (799)0 ----------- $     (799)=========== |   $   137,938 1,073,963 0 -----------$ 1,211,901 =========== $    13,976 1,120,431 -----------1,134,407 ----------- 94,559 (17,065)-----------77,494 ----------- $ 1,211,901 =========== $   190,448 -----------84,986 84,173 33,995 -----------203,154 -----------$  (12,706)===========$     (127)=========== $  (12,579)0 ----------- $  (12,579)=========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2005----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2004----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity (Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Limited      Partner  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'     equity      (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners' share of net income (loss) Gateway’s      share of net income (loss)Suspended      losses Equity      in Income (Loss) of Project Partnerships |   $    67,349 802,051 0 -----------$   869,400 =========== $    49,329 643,045 -----------692,374 ----------- 204,994 (27,968)-----------177,026 ----------- $   869,400 =========== $    95,881 -----------105,083 3,426 27,183 -----------135,692 -----------$  (39,811)===========$     (398)=========== $  (39,413)0 ----------- $  (39,413)=========== |   $    85,796 829,234 0 -----------$   915,030 =========== $    45,637 650,556 -----------696,193 ----------- 244,407 (25,570)-----------218,837 ----------- $   915,030 =========== $    91,913 -----------76,891 3,565 27,155 -----------107,611 -----------$  (15,698)===========$     (157)=========== $  (15,541)0 ----------- $  (15,541)=========== |   $    71,827 855,966 0 -----------$   927,793 =========== $    42,702 650,556 -----------693,258 ----------- 259,948 (25,413)-----------234,535 ----------- $   927,793 =========== $    74,055 -----------87,707 1,701 27,785 -----------117,193 -----------$  (43,138)===========$     (431)=========== $  (42,707)0 ----------- $  (42,707)=========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Gateway  General      Partners     Total      Partners' equity     Total      liabilities and partners'     equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners' share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 1,858,876 11,891,327 2,116 -----------$13,752,319 =========== $   352,954 12,982,207 -----------13,335,161 -----------   843,845 (426,687)-----------417,158 ----------- $13,752,319 =========== $ 2,304,668 -----------1,263,208 769,303 465,986 -----------2,498,497 -----------$ (193,829)===========$   (4,845)=========== $ (188,984)75,637 ------------$  (113,347)============ |   $ 1,772,233 12,263,627 2,013 -----------$14,037,873 =========== $   340,730 13,054,976 -----------13,395,706 ----------- 1,046,051 (403,884)-----------642,167 ----------- $14,037,873 =========== $ 2,149,462 -----------1,240,546 697,764 466,542 -----------2,404,852 -----------$ (255,390)===========$   (3,553)=========== $ (251,837)140,284 ------------$  (111,553)============ |   $ 1,724,502 12,653,063 1,974 -----------$14,379,539 =========== $   320,218 13,126,101 -----------13,446,319 ----------- 1,311,594 (378,374)-----------933,220 ----------- $14,379,539 =========== $ 2,195,063 -----------1,153,775 781,972 469,719 -----------2,405,466 -----------$ (210,403)===========$   (3,449)=========== $ (206,954)73,357 ------------$  (133,597)============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2005----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2004----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity (Deficit):  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Limited      Partner  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'     equity      (deficit) SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      income (loss) Other      partners' share of net income (loss) Gateway’s      share of net income (loss)Suspended      losses Equity      in Income (Loss) of Project Partnerships |   $   241,826 1,348,211 0 -----------$ 1,590,037 =========== $    12,552 1,387,265 -----------1,399,817 ----------- 221,646 (31,426)-----------190,220 ----------- $ 1,590,037 =========== $   290,617 -----------161,108 90,476 33,161 -----------284,745 -----------$    5,872 ===========$       59 =========== $    5,813 0 ----------- $    5,813 =========== |   $   223,256 1,381,372 0 -----------$ 1,604,628 =========== $    19,023 1,395,814 -----------1,414,837 ----------- 218,555 (28,764)-----------189,791 ----------- $ 1,604,628 =========== $   275,754 -----------172,197 91,013 33,313 -----------296,523 -----------$  (20,769)===========$     (208)=========== $  (20,561)0 ----------- $  (20,561)=========== |   $   216,353 1,414,685 0 -----------$ 1,631,038 =========== $    11,210 1,403,825 -----------1,415,035 ----------- 241,838 (25,835)-----------216,003 ----------- $ 1,631,038 =========== $   262,955 -----------152,743 91,516 33,465 -----------277,724 -----------$  (14,769)===========$     (148)=========== $  (14,621)0 ----------- $  (14,621)=========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SERIES      11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Limited      Partner  General      Partners     Total      Partners' equity     Total      liabilities and partners'     equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners' share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 1,144,097 10,308,531 256,291 -----------$11,708,919 =========== $   312,089 10,324,803 -----------10,636,892 ----------- 1,375,171 (303,144)-----------1,072,027 ----------- $11,708,919 =========== $ 1,980,664 -----------1,397,288 521,968 498,431 -----------2,417,687 -----------$ (437,023)===========$   (9,541)=========== $ (427,482)394,501 -----------$  (32,981)=========== |   $ 1,029,906 10,348,302 238,281 -----------$11,616,489 =========== $   240,533 9,847,071 -----------10,087,604 ----------- 1,809,656 (280,771)-----------1,528,885 ----------- $11,616,489 =========== $ 1,945,641 -----------1,150,195 576,977 506,550 -----------2,233,722 -----------$ (288,081)===========$  (17,384)=========== $ (270,697)174,135 -----------$  (96,562)=========== |   $   946,787 10,794,371 294,853 -----------$12,036,011 =========== $   236,290 9,982,493 -----------10,218,783 ----------- 2,090,653 (273,425)-----------1,817,228 ----------- $12,036,011 =========== $ 1,807,439 -----------1,113,123 478,503 511,998 -----------2,103,624 -----------$ (296,185)===========$  (19,155)=========== $ (277,030)164,424 -----------$ (112,606)=========== |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | DECEMBER      31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| TOTAL      SERIES 7 - 11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2006----                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2005---- | 2004---- |
| SUMMARIZED      BALANCE SHEETSAssets:  Current      assets  Investment      properties, net  Other      assets     Total      assets Liabilities      and Partners' Equity:  Current      liabilities  Long-term      debt     Total      liabilities Partners'      equity (deficit)  Limited      Partner  General      Partners     Total      Partners' equity (deficit)     Total      liabilities and partners'     equity SUMMARIZED      STATEMENTS OF OPERATIONSRental      and other incomeExpenses:  Operating      expenses  Interest      expense  Depreciation      and amortization     Total      expenses       Net      loss Other      partners' share of net loss Gateway’s      share of net lossSuspended      losses Equity      in Losses of Project Partnerships |   $ 14,129,133 91,283,707 313,818 ------------$105,726,658 ============ $  3,169,935 115,842,632 ------------119,012,567 ------------ (11,035,794)(2,250,115)------------(13,285,909)------------ $105,726,658 ============ $ 21,996,497 ------------11,813,745 7,782,830 4,729,491 ------------24,326,066 ------------$(2,329,569)============$   (32,617)============ $(2,296,952)1,938,529 ------------$  (358,423)============ |   $ 13,013,482 94,993,374 281,959 ------------$108,288,815 ============ $  3,004,058 116,012,126 ------------119,016,184 ------------ (8,654,333)(2,073,036)------------(10,727,369)------------ $108,288,815 ============ $ 21,306,342 ------------11,143,839 7,904,390 4,699,509 ------------23,747,738 ------------$(2,441,396)============$   (45,467)============ $(2,395,929)1,963,780 ------------$  (432,149)============ |   $ 12,168,788 99,141,702 357,655 ------------$111,668,145 ============ $  2,977,800 116,744,281 ------------119,722,081 ------------ (6,152,160)(1,901,776)------------(8,053,936)------------ $111,668,145 ============ $ 20,526,216 ------------10,792,559 7,645,435 4,775,151 ------------23,213,145 ------------$(2,686,929)============$   (47,112)============ $(2,639,817)2,054,936 ------------$  (584,881)============ |

----

|                                                                | Equity      Per Project Partnership   ----------------- | Equity      Per Gateway   -----------                     |
|---------------------------------------------------------------------|------------------------------------------------------------------------|-------------------------------------------------------------------------------|
| Series      7Series      8Series      9Series      10Series      11 | $      (5,418,259)(6,102,740)(1,733,811)843,845 1,375,171    | $  174,752 (27,944)379,153 1,273,039 2,309,761  |

| SERIES      7                                                                                                                                                                                                                                       | 2007----                                                                         | 2006----                                                                  | 2005----                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------|
|  Net      Loss per Financial Statements                                                                                                                                                                                                        |  $      (366,648)                                                           |  $      (467,796)                                                    |  $      (261,487)                                                   |
|  Equity      in Losses of Project Partnerships      for tax purposes in excess      of losses for financial statement      purposes                                                                                                            |     (744,619)                                                |     (827,640)                                         |     (917,936)                                        |
|  Adjustments      to convert March 31, fiscal      year end to December 31, taxable      year end                                                                                                                                              |    (139,599)                                                      |    232,618                                            |    (17,690)                                               |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Impairment      Expense  Other      Adjustments  |     86,138 50,301 193,195 (22,042)----------- |     86,222 6,431 0 (24,185)----------- |     91,474 6,643 0 (5,914)----------- |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                                                           |  $  (943,274)============                                         |  $  (994,350)============                                  |  $      (1,104,910)============                                     |
|                                                                                                                                                                                                                                                |  December      31,2006   ------------                        |  December      31,2005   ------------                 |  December      31,2004   ------------                |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                                                                  |  $     9,934 ===========                      |  $    84,568 ===========                    |  $   975,096 ===========                        |

|                              | Financial             |   | Tax            |   |                                               |
|-----------------------------------|----------------------------|--------|-----------------------------------------------------------------------|--------|----------------------------------------------------|
|                              | Reporting                  |   | Reporting                                                             |   |                                               |
|                              | Purposes                   |   | Purposes                                                              |   | Differences                                        |
| Investments      in Local Limited |                       |   |                                                                  |   |                                               |
| Partnerships                      | $  442,787  |   | $  (6,984,364)                                              |   | $        7,427,151                  |
|                              |                       |   |                                                                  |   |                                               |
| Other      Assets                 | $  463,537  |   | $    1,673,746                               |   | $ (1,210,209)                                 |
|                              |                       |   |                                                                  |   |                                               |
| Liabilities                       | $  790,609  |   | $         12,861    |   | $           777,748  |

----

| SERIES      8                                                                                                                                                                                                    | 2007----                                                            | 2006----                                                           | 2005----                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|--------------------------------------------------------------------|-------------------------------------------------------------------|
|  Net      Loss per Financial Statements                                                                                                                                                                     |  $  (240,629)                                        |  $  (216,489)                                       |  $  (179,166)                                      |
|  Equity      in Losses of Project Partnerships      for tax purposes in excess      of losses for financial statement      purposes                                                                         |     (852,613)                                   |     (928,195)                                  |     (1,010,034)                               |
|  Adjustments      to convert March 31, fiscal      year end to December 31, taxable      year end                                                                                                           |    (8,485)                                           |    22,154                                      |    (8,575)                                         |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Other      Adjustments  |     89,592 20,740 (13,876)----------- |     89,605 1,950 (14,323)----------- |     31,002 3,072 (8,025)----------- |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                        |  $      (1,005,271)============                                |  $      (1,045,298)============                               |  $      (1,171,726)============                              |
|                                                                                                                                                                                                             |  December      31,2006   ------------           |  December      31,2005   ------------          |  December      31,2004   ------------         |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                               |  $    15,422 ===========              |  $   170,591 ===========                  |  $   565,711 ===========                 |

|                                   | Financial             |   | Tax            |   |                                               |
|-----------------------------------|----------------------------|--------|-----------------------------------------------------------------------|--------|----------------------------------------------------|
|                              | Reporting                  |   | Reporting                                                             |   |                                               |
|                              | Purposes                   |   | Purposes                                                              |   | Differences                                        |
| Investments      in Local Limited |                       |   |                                                                  |   |                                               |
| Partnerships                      | $  377,733  |   | $  (7,504,979)                                              |   | $        7,882,712                  |
|                              |                       |   |                                                                  |   |                                               |
| Other      Assets                 | $  364,185  |   | $    1,573,901                               |   | $ (1,209,716)                                 |
|                              |                       |   |                                                                  |   |                                               |
| Liabilities                       | $  824,825  |   | $         13,840    |   | $      810,985  |

----

| SERIES      9                                                                                                                                                                                                                                       | 2007----                                                                         | 2006----                                                                 | 2005----                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|
|  Net      Loss per Financial Statements                                                                                                                                                                                                        |  $  (248,128)                                                     |  $  (341,082)                                             |  $  (234,846)                                             |
|  Equity      in Losses of Project Partnerships      for tax purposes in excess      of losses for financial statement      purposes                                                                                                            |     (417,301)                                                |     (389,575)                                        |     (420,083)                                        |
|  Adjustments      to convert March 31, fiscal      year end to December 31, taxable      year end                                                                                                                                              |    (135,479)                                                 |    148,091                                           |    (7,265)                                                |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Impairment      Expense  Other      Adjustments  |     49,353 19,451 127,532 (5,409)-----------  |     49,357 1,846 0 (6,176)----------- |     16,737 3,082 0 (1,208)----------- |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                                                           |  $  (609,981)============                                         |  $  (537,539)============                                 |  $  (643,583)============                                 |
|                                                                                                                                                                                                                                                |  December      31,2006   ------------                        |  December      31,2005   ------------                |  December      31,2004   ------------                |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                                                                  |  $         0 ============ |  $    40,080 ============                  |  $   644,340 ============                       |

|                                   | Financial             |   | Tax                     |   |                                               |
|-----------------------------------|----------------------------|--------|--------------------------------------------------------------------------------|--------|----------------------------------------------------|
|                              | Reporting                  |   | Reporting                                                                      |   |                                               |
|                              | Purposes                   |   | Purposes                                                                       |   | Differences                                        |
| Investments      in Local Limited |                       |   |                                                                           |   |                                               |
| Partnerships                      | $  412,287  |   | $  (3,009,879)                                                       |   | $   3,422,166                  |
|                              |                       |   |                                                                           |   |                                               |
| Other      Assets                 | $  281,986  |   | $    1,042,892                                        |   | $         (760,906)                 |
|                              |                       |   |                                                                           |   |                                               |
| Liabilities                       | $  507,802  |   | $                7,691  |   | $      500,111  |

----

| SERIES      10                                                                                                                                                                                                                                      | 2007----                                                                         | 2006----                                                                 | 2005----                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------|
|  Net      Loss per Financial Statements                                                                                                                                                                                                        |  $  (261,712)                                                     |  $  (355,932)                                             |  $  (186,326)                                       |
|  Equity      in Losses of Project Partnerships      for tax purposes in excess      of losses for financial statement      purposes                                                                                                            |     (262,403)                                                |     (285,809)                                        |     (259,879)                                  |
|  Adjustments      to convert March 31, fiscal      year end to December 31, taxable      year end                                                                                                                                              |    (125,267)                                                      |    181,059                                           |    (2,089)                                          |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Impairment      Expense  Other      Adjustments  |     33,713 39,206 156,694 (2,562)-----------  |     33,768 4,281 0 (1,062)----------- |     (89,867)4,578 0 (432)----------- |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                                                           |  $  (422,331)============                                         |  $  (423,695)============                                 |  $  (534,015)============                           |
|                                                                                                                                                                                                                                                |  December      31,2006   ------------                        |  December      31,2005   ------------                |  December      31,2004   ------------          |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                                                                  |  $         0 ============ |  $    48,806 ============                  |  $   540,394 ============                 |

|                                   | Financial                               |   | Tax            |   |                                               |
|-----------------------------------|----------------------------------------------|--------|-----------------------------------------------------------------------|--------|----------------------------------------------------|
|                              | Reporting                                    |   | Reporting                                                             |   |                                               |
|                              | Purposes                                     |   | Purposes                                                              |   | Differences                                        |
| Investments      in Local Limited |                                         |   |                                                                  |   |                                               |
| Partnerships                      | $  1,159,544                  |   | $  (997,098)                                                |   | $   2,156,642                  |
|                              |                                         |   |                                                                  |   |                                               |
| Other      Assets                 | $          239,132  |   | $    846,143                                 |   | $         (607,011)                 |
|                              |                                         |   |                                                                  |   |                                               |
| Liabilities                       | $          110,514  |   | $        5,209           |   | $      105,305  |

----

| SERIES      11                                                                                                                                                                                                                                | 2007----                                                                        | 2006----                                                                  | 2005----                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------|-------------------------------------------------------------------------|
|  Net      Loss per Financial Statements                                                                                                                                                                                                  |  $  (470,714)                                                    |  $  (776,165)                                              |  $  (153,967)                                            |
|  Equity      in Losses of Project Partnerships      for tax purposes in excess      of losses for financial statement      purposes                                                                                                      |     (172,636)                                               |     (216,021)                                         |     (208,933)                                       |
|  Adjustments      to convert March 31, fiscal      year end to December 31, taxable      year end                                                                                                                                        |    (276,160)                                                     |    632,332                                            |    (3,760)                                               |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Impairment      Expense  Other      Adjustments |     11,508 54,186 600,802 (3,382)----------- |     114,970 5,725 0 (2,785)----------- |     (131,503)6,726 0 985 ----------- |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                                                     |  $  (256,396)============                                        |  $  (241,944)============                                  |  $  (490,452)============                                |
|                                                                                                                                                                                                                                          |  December      31,2006   ------------                       |  December      31,2005   ------------                 |  December      31,2004   ------------               |
| Federal      Low Income Housing Tax Credits  (Unaudited)                                                                                                                                                                            |  $    43,946 ============                         |  $   570,762 ============                        |  $   754,678 ============                      |

|                                   | Financial                                          |   | Tax            |   |                                                          |
|-----------------------------------|---------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|---------------------------------------------------------------|
|                              | Reporting                                               |   | Reporting                                                             |   |                                                          |
|                              | Purposes                                                |   | Purposes                                                              |   | Differences                                                   |
| Investments      in Local Limited |                                                    |   |                                                                  |   |                                                          |
| Partnerships                      | $  1,505,978                             |   | $  1,282,528                                           |   | $           223,450             |
|                              |                                                    |   |                                                                  |   |                                                          |
| Other      Assets                 | $     315,434             |   | $          777,448                           |   | $         (462,014)                            |
|                              |                                                    |   |                                                                  |   |                                                          |
| Liabilities                       | $            34,115  |   | $         4,509     |   | $             29,606  |

----

| TOTAL      SERIES 7 –11                                                                                                                                                                                                                       | 2007----                                                                             | 2006----                                                                    | 2005----                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|------------------------------------------------------------------------|
|  Net      Loss per Financial Statements                                                                                                                                                                                                        |  $  (1,587,831)                                                       |  $  (2,157,464)                                              |  $      (1,015,792)                                               |
|  Equity      in Losses of Project Partnerships      for tax purposes in excess      of losses for financial statement      purposes                                                                                                            |     (2,449,572)                                                  |     (2,647,240)                                         |     (2,816,865)                                    |
|  Adjustments      to convert March 31, fiscal      year end to December 31, taxable      year end                                                                                                                                              |    (684,990)                                                          |    1,216,254                                            |    (39,379)                                             |
|  Items      Expensed for Financial Statement purposes      not expensed for Tax purposes:  Asset      Management Fee  Amortization      Expense  Impairment      Expense  Other      Adjustments  |     270,304 183,884 1,078,223 (47,271)----------- |     373,921 20,233 0 (48,531)----------- |     (82,157)24,101 0 (14,594)----------- |
| Gateway      loss for tax purposes as of December      31                                                                                                                                                                                           |  $      (3,237,253)============                                                 |  $      (3,242,827)============                                        |  $      (3,944,686)============                                   |

|                                   | Financial               |   | Tax                      |   |                                           |
|-----------------------------------|------------------------------|--------|---------------------------------------------------------------------------------|--------|------------------------------------------------|
|                              | Reporting                    |   | Reporting                                                                       |   |                                           |
|                              | Purposes                     |   | Purposes                                                                        |   | Differences                                    |
| Investments      in Local Limited |                         |   |                                                                            |   |                                           |
| Partnerships                      | $  3,898,329  |   | $  (17,213,791)                                                       |   | $   21,112,120             |
|                              |                         |   |                                                                            |   |                                           |
| Other      Assets                 | $       1,664,274  |   | $           5,914,130                             |   | $   (4,249,856)                 |
|                              |                         |   |                                                                            |   |                                           |
| Liabilities                       | $  2,267,865  |   | $           44,110  |   | $          2,223,755  |

----

| Series      7            |   | Quarter      1                       |   | Quarter      2                        |   | Quarter      3                             |   | Quarter      4                                         |
|--------------------------|--------|--------------------------------------|--------|---------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------------------|
| Year      2007           |   | 6/30/2006                            |   | 9/30/2006                             |   | 12/31/2006                                 |   | 3/31/2007                                              |
|                     |   |                                 |   |                                  |   |                                       |   |                                                   |
| Total      Revenues      |   | $         4,626  |   | $        11,320        |   | $          1,560  |   | $            9,544  |
|                     |   |                                 |   |                                  |   |                                       |   |                                                   |
| Net      Income (Loss)   |   | $ (54,316)                      |   | $      (76,666)                       |   | $ (59,253)                            |   | $      (176,413)                                       |
|                     |   |                                 |   |                                  |   |                                       |   |                                                   |
| Earnings      (Loss) Per |   |                                 |   |                                  |   |                                       |   |                                                   |
| Weighted      Average    |   |                                 |   |                                  |   |                                       |   |                                                   |
| Limited      Partnership |   |                                 |   |                                  |   |                                       |   |                                                   |
| Units      Outstanding   |   | $         (5.17)      |   | $          (7.30) |   | $          (5.64)           |   | $          (16.81)                 |

| Series      8            |   | Quarter      1                       |   | Quarter      2                                             |   | Quarter      3                                                                   |   | Quarter      4                             |
|--------------------------|--------|--------------------------------------|--------|------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|--------------------------------------------|
| Year      2007           |   | 6/30/2006                            |   | 9/30/2006                                                  |   | 12/31/2006                                                                       |   | 3/31/2007                                  |
|                     |   |                                 |   |                                                       |   |                                                                             |   |                                       |
| Total      Revenues      |   | $         7,529  |   | $             800  |   | $                 0  |   | $          7,561  |
|                     |   |                                 |   |                                                       |   |                                                                             |   |                                       |
| Net      Income (Loss)   |   | $ (34,116)                      |   | $ (81,988)                                            |   | $ (73,632)                                                                  |   | $ (50,893)                            |
|                     |   |                                 |   |                                                       |   |                                                                             |   |                                       |
| Earnings      (Loss) Per |   |                                 |   |                                                       |   |                                                                             |   |                                       |
| Weighted      Average    |   |                                 |   |                                                       |   |                                                                             |   |                                       |
| Limited      Partnership |   |                                 |   |                                                       |   |                                                                             |   |                                       |
| Units      Outstanding   |   | $         (3.38)      |   | $          (8.13)                      |   | $          (7.30)                                            |   | $         (5.06)            |

| Series      9            |   | Quarter      1                        |   | Quarter      2                                                             |   | Quarter      3                                                             |   | Quarter      4                                         |
|--------------------------|--------|---------------------------------------|--------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|--------|--------------------------------------------------------|
| Year      2007           |   | 6/30/2006                             |   | 9/30/2006                                                                  |   | 12/31/2006                                                                 |   | 3/31/2007                                              |
|                     |   |                                  |   |                                                                       |   |                                                                       |   |                                                   |
| Total      Revenues      |   | $         4,809   |   | $                0  |   | $                0  |   | $            1,357  |
|                     |   |                                  |   |                                                                       |   |                                                                       |   |                                                   |
| Net      Income (Loss)   |   | $ (33,887)                       |   | $ (76,479)                                                            |   | $ (34,871)                                                            |   | $ (102,891)                                       |
|                     |   |                                  |   |                                                                       |   |                                                                       |   |                                                   |
| Earnings      (Loss) Per |   |                                  |   |                                                                       |   |                                                                       |   |                                                   |
| Weighted      Average    |   |                                  |   |                                                                       |   |                                                                       |   |                                                   |
| Limited      Partnership |   |                                  |   |                                                                       |   |                                                                       |   |                                                   |
| Units      Outstanding   |   | $          (5.36) |   | $         (12.11)                                           |   | $          (5.52)                                      |   | $          (16.29)                 |

----

| Series      10           |   | Quarter      1                        |   | Quarter      2                                                             |   | Quarter      3                                                             |   | Quarter      4                                   |
|--------------------------|--------|---------------------------------------|--------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|--------|--------------------------------------------------|
| Year      2007           |   | 6/30/2006                             |   | 9/30/2006                                                                  |   | 12/31/2006                                                                 |   | 3/31/2007                                        |
|                     |   |                                  |   |                                                                       |   |                                                                       |   |                                             |
| Total      Revenues      |   | $         1,381   |   | $                0  |   | $                0  |   | $      1,182  |
|                     |   |                                  |   |                                                                       |   |                                                                       |   |                                             |
| Net      Income (Loss)   |   | $ (29,540)                       |   | $ (71,547)                                                            |   | $ (32,580)                                                            |   | $ (128,045)                                 |
|                     |   |                                  |   |                                                                       |   |                                                                       |   |                                             |
| Earnings      (Loss) Per |   |                                  |   |                                                                       |   |                                                                       |   |                                             |
| Weighted      Average    |   |                                  |   |                                                                       |   |                                                                       |   |                                             |
| Limited      Partnership |   |                                  |   |                                                                       |   |                                                                       |   |                                             |
| Units      Outstanding   |   | $          (5.80) |   | $        (14.05)                                                 |   | $         (6.40)                                            |   | $         (25.13)                 |

| Series      11           |   | Quarter      1                                                       |   | Quarter      2                       |   | Quarter      3                                       |   | Quarter      4                                                   |
|--------------------------|--------|----------------------------------------------------------------------|--------|--------------------------------------|--------|------------------------------------------------------|--------|------------------------------------------------------------------|
| Year      2007           |   | 6/30/2006                                                            |   | 9/30/2006                            |   | 12/31/2006                                           |   | 3/31/2007                                                        |
|                     |   |                                                                 |   |                                 |   |                                                 |   |                                                             |
| Total      Revenues      |   | $          0  |   | $         2,182  |   | $            600  |   | $         600  |
|                     |   |                                                                 |   |                                 |   |                                                 |   |                                                             |
| Net      Income (Loss)   |   | $  (3,750)                                                 |   | $ (43,444)                      |   | $ (18,523)                                      |   | $ (404,997)                                                 |
|                     |   |                                                                 |   |                                 |   |                                                 |   |                                                             |
| Earnings      (Loss) Per |   |                                                                 |   |                                 |   |                                                 |   |                                                             |
| Weighted      Average    |   |                                                                 |   |                                 |   |                                                 |   |                                                             |
| Limited      Partnership |   |                                                                 |   |                                 |   |                                                 |   |                                                             |
| Units      Outstanding   |   | $    (0.72)                                      |   | $         (8.39)      |   | $         (3.58)                      |   | $          (78.20)                           |

| Series      7 - 11     |   | Quarter      1                        |   | Quarter      2                        |   | Quarter      3                                   |   | Quarter      4                              |
|------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|--------------------------------------------------|--------|---------------------------------------------|
| Year      2007         |   | 6/30/2006                             |   | 9/30/2006                             |   | 12/31/2006                                       |   | 3/31/2007                                   |
|                   |   |                                  |   |                                  |   |                                             |   |                                        |
| Total      Revenues    |   | $         18,345  |   | $         14,302  |   | $           2,160  |   | $          20,244  |
|                   |   |                                  |   |                                  |   |                                             |   |                                        |
| Net      Income (Loss) |   | $      (155,609)                      |   | $      (350,124)                      |   | $      (218,859)                                 |   | $ (863,239)                            |

----

| Series      7            |   | Quarter      1                        |   | Quarter      2                  |   | Quarter      3                  |   | Quarter      4                        |
|--------------------------|--------|---------------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------------|
| Year      2006           |   | 6/30/2005                             |   | 9/30/2005                       |   | 12/31/2005                      |   | 3/31/2006                             |
|                     |   |                                  |   |                            |   |                            |   |                                  |
| Total      Revenues      |   | $        10,434        |   | $        15,550  |   | $        10,586  |   | $    11,081  |
|                     |   |                                  |   |                            |   |                            |   |                                  |
| Net      Income (Loss)   |   | $ (63,480)                       |   | $ (54,304)                 |   | $ (49,060)                 |   | $      (300,952)                      |
|                     |   |                                  |   |                            |   |                            |   |                                  |
| Earnings      (Loss) Per |   |                                  |   |                            |   |                            |   |                                  |
| Weighted      Average    |   |                                  |   |                            |   |                            |   |                                  |
| Limited      Partnership |   |                                  |   |                            |   |                            |   |                                  |
| Units      Outstanding   |   | $          (6.05) |   | $         (5.17) |   | $         (4.67) |   | $         (28.66)      |

| Series      8            |   | Quarter      1                  |   | Quarter      2                        |   | Quarter      3                             |   | Quarter      4                  |
|--------------------------|--------|---------------------------------|--------|---------------------------------------|--------|--------------------------------------------|--------|---------------------------------|
| Year      2006           |   | 6/30/2005                       |   | 9/30/2005                             |   | 12/31/2005                                 |   | 3/31/2006                       |
|                     |   |                            |   |                                  |   |                                       |   |                            |
| Total      Revenues      |   | $       14,880        |   | $         5,808        |   | $          7,765  |   | $        11,321  |
|                     |   |                            |   |                                  |   |                                       |   |                            |
| Net      Income (Loss)   |   | $      (29,217)                 |   | $      (48,636)                       |   | $ (39,117)                            |   | $      (99,519)                 |
|                     |   |                            |   |                                  |   |                                       |   |                            |
| Earnings      (Loss) Per |   |                            |   |                                  |   |                                       |   |                            |
| Weighted      Average    |   |                            |   |                                  |   |                                       |   |                            |
| Limited      Partnership |   |                            |   |                                  |   |                                       |   |                            |
| Units      Outstanding   |   | $         (2.90) |   | $          (4.82) |   | $          (3.88)      |   | $         (9.87) |

| Series      9            |   | Quarter      1                       |   | Quarter      2                       |   | Quarter      3                       |   | Quarter      4                                   |
|--------------------------|--------|--------------------------------------|--------|--------------------------------------|--------|--------------------------------------|--------|--------------------------------------------------|
| Year      2006           |   | 6/30/2005                            |   | 9/30/2005                            |   | 12/31/2005                           |   | 3/31/2006                                        |
|                     |   |                                 |   |                                 |   |                                 |   |                                             |
| Total      Revenues      |   | $         6,693  |   | $         3,981  |   | $         4,867  |   | $      4,627  |
|                     |   |                                 |   |                                 |   |                                 |   |                                             |
| Net      Income (Loss)   |   | $      (44,724)                      |   | $      (50,604)                      |   | $ (51,742)                      |   | $      (194,012)                                 |
|                     |   |                                 |   |                                 |   |                                 |   |                                             |
| Earnings      (Loss) Per |   |                                 |   |                                 |   |                                 |   |                                             |
| Weighted      Average    |   |                                 |   |                                 |   |                                 |   |                                             |
| Limited      Partnership |   |                                 |   |                                 |   |                                 |   |                                             |
| Units      Outstanding   |   | $         (7.08)      |   | $         (8.01)      |   | $         (8.19)      |   | $         (30.71)                 |

----

| Series      10           |   | Quarter      1                       |   | Quarter      2                       |   | Quarter      3                        |   | Quarter      4                                   |
|--------------------------|--------|--------------------------------------|--------|--------------------------------------|--------|---------------------------------------|--------|--------------------------------------------------|
| Year      2006           |   | 6/30/2005                            |   | 9/30/2005                            |   | 12/31/2005                            |   | 3/31/2006                                        |
|                     |   |                                 |   |                                 |   |                                  |   |                                             |
| Total      Revenues      |   | $         4,695  |   | $         3,580  |   | $    3,663   |   | $           4,445  |
|                     |   |                            |   |                                 |   |                                  |   |                                             |
| Net      Income (Loss)   |   | $      (34,070)                      |   | $      (52,849)                      |   | $ (42,389)                       |   | $      (226,624)                                 |
|                     |   |                                 |   |                                 |   |                                  |   |                                             |
| Earnings      (Loss) Per |   |                                 |   |                                 |   |                                  |   |                                             |
| Weighted      Average    |   |                                 |   |                                 |   |                                  |   |                                             |
| Limited      Partnership |   |                                 |   |                                 |   |                                  |   |                                             |
| Units      Outstanding   |   | $         (6.69)      |   | $        (10.37)           |   | $          (8.32) |   | $         (44.49)                 |

| Series      11           |   | Quarter      1                       |   | Quarter      2                       |   | Quarter      3                       |   | Quarter      4                      |
|--------------------------|--------|--------------------------------------|--------|--------------------------------------|--------|--------------------------------------|--------|-------------------------------------|
| Year      2006           |   | 6/30/2005                            |   | 9/30/2005                            |   | 12/31/2005                           |   | 3/31/2006                           |
|                     |   |                                 |   |                                 |   |                                 |   |                                |
| Total      Revenues      |   | $         5,134  |   | $         5,698  |   | $         5,255  |   |     5,155  |
|                     |   |                                 |   |                                 |   |                                 |   |                                |
| Net      Income (Loss)   |   | $      (35,090)                      |   | $      (45,980)                      |   | $ (46,096)                      |   | $ (648,999)                    |
|                     |   |                                 |   |                                 |   |                                 |   |                                |
| Earnings      (Loss) Per |   |                                 |   |                                 |   |                                 |   |                                |
| Weighted      Average    |   |                                 |   |                                 |   |                                 |   |                                |
| Limited      Partnership |   |                                 |   |                                 |   |                                 |   |                                |
| Units      Outstanding   |   | $         (6.78)      |   | $         (8.88)      |   | $         (8.90)      |   | $   (125.32)         |

| Series      11         |   | Quarter      1                        |   | Quarter      2                        |   | Quarter      3                        |   | Quarter      4                                          |
|------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------------------------|
| Year      2006         |   | 6/30/2005                             |   | 9/30/2005                             |   | 12/31/2005                            |   | 3/31/2006                                               |
|                   |   |                                  |   |                                  |   |                                  |   |                                                    |
| Total      Revenues    |   | $         41,836  |   | $         34,617  |   | $         32,136  |   | $            36,629  |
|                   |   |                                  |   |                                  |   |                                  |   |                                                    |
| Net      Income (Loss) |   | $      (206,581)                      |   | $      (252,373)                      |   | $      (228,404)                      |   | $      (1,470,106)                                      |

----

----

----

----

----

----

----

----

|           | 2007----         | 2006----         | 2005----         |
|----------------|------------------|------------------|------------------|
| Series      7  | $ 85,926    | $ 86,447    | $ 86,447    |
| Series      8  | 89,370           | 89,908           | 89,908           |
| Series      9  | 49,242           | 49,509           | 49,509           |
| Series      10 | 33,643           | 33,819           | 33,819           |
| Series      11 | 27,989--------   | 28,021--------   | 28,021--------   |
| Total          | $286,170======== | $287,704======== | $287,704======== |

|           | 2007----         | 2006----         | 2005----         |
|----------------|------------------|------------------|------------------|
| Series      7  | $109,100         | $ 84,526    | $ 56,857    |
| Series      8  | 120,278          | 93,195           | 62,689           |
| Series      9  | 67,132           | 52,016           | 34,990           |
| Series      10 | 41,958           | 32,510           | 21,868           |
| Series      11 | 33,565--------   | 26,008--------   | 17,494--------   |
| Total          | $372,033======== | $288,255======== | $193,898======== |

|           | March      31, 2007-------------- | March      31, 2006-------------- |   |
|----------------|-----------------------------------|-----------------------------------|--------|
| Series      7  | $  790,609         | $  704,516         |   |
| Series      8  | 824,825                      | 735,669                      |   |
| Series      9  | 507,802                      | 458,715                      |   |
| Series      10 | 110,514                      | 76,798                       |   |
| Series      11 | 34,115 -----------           | 13,071 -----------           |   |
| Total          | $2,267,865 ===========       | $1,988,769 ===========       |   |

----

----

----

|  Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                        |  Location--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  #      of Units----------                                                | Mortgage  Loan      Balance-------------                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| NottinghamCedar      HollowSunriseMountain      CityBurbankWashingtonBrookStoneTazewellN.      IrvineHortonManchesterWaynesboroLakeland      IIMt.      VernonMeadow      RunSpring      Creek IIWarm      SpringsBlue      RidgeWalnutPioneerDilleyElsaClinch      ViewJamestownLeanderLouisa      Sr.Orchard      CommonsVardamanHeritage      ParkBrooksHollowCavalry      CrossingCarson      CityMattesonPembrokeRobynwoodAtokaCoalgateHill      CreekCardinal | Pisgah,      ALWaterloo,      NEMission,      SDMountain      City, TNFalls      City, NEBloomfield,      NEMcCaysville,      GANew      Tazewell, TNIrvine,      KYHorton,      KSManchester,      GAWaynesboro,      GALakeland,      GAMt.      Vernon, GADawson,      GAQuitman,      GAWarm      Springs, GABlue      Ridge, GAElk      Point, SDMountain      View, ARDilley,      TXElsa,      TXGate      City, VAJamestown,      TNLeander,      TXLouisa,      KYCrab      Orchard, KYVardaman,      MSPaze,      AZJasper,      GAFt.      Scott, KSCarson      City, KSCapa,      KSPembroke,      KYCynthiana,      KYAtoka,      OKCoalgate,      OKWest      Blocton, ALMountain      Home. AR | 182444402424404424244224302448242241244828404240363612243240402424162424242432 | $   560,076742,6031,972,9501,284,215787,047781,2861,164,1961,366,000772,394750,0191,171,595654,016812,541720,2771,389,160649,724658,9541,068,590802,4881,182,344708,4931,011,8341,419,8381,190,819893,9011,161,050324,382713,5601,214,6471,149,1211,386,082769,610744,283496,889753,370656,802656,830755,037122,471 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                           | -----------                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                           | $35,419,494                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                           | ============                                                                                                                                                                                                                                                                                                                       |

----

| SERIES      7Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                              | Cost      At Acquisition--------------------                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                            |    Land----                                                                                                                                                                                                                                |  Buildings, Improvementsand      Equipment-------------                                                                                                                                                                                                                                             | Net      ImprovementsCapitalizedSubsequent      toAcquisition--------------- |
| NottinghamCedar      HollowSunriseMountain      CityBurbankWashingtonBrookStoneTazewellN.      IrvineHortonManchesterWaynesboroLakeland      IIMt.      VernonMeadow      RunSpring      Creek IIWarm      SpringsBlue      RidgeWalnutPioneerDilleyElsaClinch      ViewJamestownLeanderLouisa      Sr.Orchard      CommonsVardamanHeritage      ParkBrooksHollowCavalry      CrossingCarson      CityMattesonPembrokeRobynwoodAtokaCoalgateHill      CreekCardinal | $   21,07025,00030,00067,00025,00030,00045,00075,00027,60015,61540,00045,31030,00019,50020,00040,00045,000020,00030,00030,00040,00099,00053,80046,00090,00028,78915,000199,00067,15582,30086,42228,43822,00035,00016,00022,50029,33724,207 | $   695,113889,355837,0001,345,826595,780401,435176,183834,811696,407641,460243,179107,860149,453156,335241,802117,323196,691234,193112,0791,092,918847,7551,286,910409,447436,8751,063,200449,409452,55693,8771,243,700183,029894,246354,778556,314190,283315,110819,334806,005622,291650,852 | $   13,40199,0881,808,686245,188422,451558,2911,240,266870,449305,986275,4651,191,722666,155830,194724,6911,483,038651,152581,2431,104,951927,617367,12912,64715,1051,346,0761,093,63157,034979,128(1,684)816,362203,5341,187,723877,343529,507376,041411,021661,57400339,919110,181 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | -----------                                                                                                                                                                                                                                               | ------------                                                                                                                                                                                                                                                                                                  | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $ 1,666,043                                                                                                                                                                                                                                          | $21,441,174                                                                                                                                                                                                                                                                                                   | $23,382,305 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ===========                                                                                                                                                                                                                                               | ============                                                                                                                                                                                                                                                                                                  | ============ |

----

| SERIES      7Apartment      Properties                                                                                                                                                                                                                                                                                                                                                                                                                              | Gross      Amount At Which Carried At December 31, 2006--------------------                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                  |   Land----                                                                                                                                                                                                                                      | Buildings, Improvementsand      Equipment------------- |   Total----- |
| NottinghamCedar      HollowSunriseMountain      CityBurbankWashingtonBrookStoneTazewellN.      IrvineHortonManchesterWaynesboroLakeland      IIMt.      VernonMeadow      RunSpring      Creek IIWarm      SpringsBlue      RidgeWalnutPioneerDilleyElsaClinch      ViewJamestownLeanderLouisa      Sr.Orchard      CommonsVardamanHeritage      ParkBrooksHollowCavalry      CrossingCarson      CityMattesonPembrokeRobynwoodAtokaCoalgateHill      CreekCardinal | $   21,07025,00030,00067,00025,00030,00045,00075,00027,60015,61549,45537,50029,60019,50040,00030,00020,000020,00030,00030,00040,00099,00053,80046,00090,00028,78915,000199,00067,00094,11840,02839,00022,00035,00016,00022,50029,33724,207 | $   708,514988,4432,645,6861,591,0141,018,231959,7261,416,4491,705,2601,002,393916,9251,425,446781,825980,047881,0261,704,840778,475802,9341,339,1441,039,6961,460,047860,4021,302,0151,755,5231,530,5061,120,2341,428,537450,872910,2391,447,2341,370,9071,759,771930,679921,793601,304976,684819,334806,005962,210761,033 | $   729,5841,013,4432,675,6861,658,0141,043,231989,7261,461,4491,780,2601,029,993932,5401,474,901819,3251,009,647900,5261,744,840808,475822,9341,339,1441,059,6961,490,047890,4021,342,0151,854,5231,584,3061,166,2341,518,537479,661925,2391,646,2341,437,9071,853,889970,707960,793623,3041,011,684835,334828,505991,547785,240 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | -----------                                                                                                                                                                                                                                               | ------------ | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $ 1,628,119                                                                                                                                                                                                                                          | $44,861,403 | $46,489,522 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ===========                                                                                                                                                                                                                                               | ============ | ============ |

----

| SERIES      7Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                                                        |  AccumulatedDepreciation------------                                                                                                                                                                                                                                                              |  DepreciableLife-----------                                                                                                                                                                                                                                                                                              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| NottinghamCedar      HollowSunriseMountain      CityBurbankWashingtonBrookStoneTazewellN.      IrvineHortonManchesterWaynesboroLakeland      IIMt.      VernonMeadow      RunSpring      Creek IIWarm      SpringsBlue      RidgeWalnutPioneerDilleyElsaClinch      ViewJamestownLeanderLouisa      Sr.Orchard      CommonsVardamanHeritage      ParkBrooksHollowCavalry      CrossingCarson      CityMattesonPembrokeRobynwoodAtokaCoalgateHill      CreekCardinal | $   270,130394,1091,321,888861,067438,180489,333677,039892,072364,810520,599641,697361,421461,085400,680805,102359,010379,660657,887415,160540,221250,938437,182914,601786,520585,496537,813175,630327,354774,693642,217648,831481,582491,880225,854360,166457,316455,831443,531243,370 | 5.0-40.07.0-40.05.0-27.57.0-27.55.0-30.05.0-30.05.0-27.57.0-27.55.0-40.05.0-25.05.0-25.010.0-30.010.0-30.05.0-30.07.0-27.510.0-30.05.0-40.05.0-25.05.0-40.012.0-40.05.0-50.07.0-50.07.0-27.57.0-27.57.0-30.05.0-40.05.0-40.05.0-40.07.0-27.55.0-27.512.0-40.07.0-27.57.0-27.55.0-40.05.0-40.05.0-25.05.0-25.07.0-27.57.0-27.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | -----------                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $20,491,955                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ===========                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          |

----

| SERIES      8Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   Location--------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   #      of Units----------                                                  |  Mortgage  Loan      Balance------------                                                                                                                                                                                                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| PurdyGalenaAntlers      2HoldenvilleWetumkaMariners      CoveMariners      Cove Sr.AntlersBentonvilleDeerpointAuroraBaxterArbor      GateTimber      RidgeConcordia      Sr.MountainburgLincolnFox      RidgeMeadow      ViewSheridanMorningsideGrand      IsleMeadowviewTaylorBrookwoodPleasant      ValleyReelfootRiver      RestKirskvilleCimmaronKentonLovingstonPontotocSo.      BrenchleyHustonvilleNorthpointBrooks      FieldBrooks      LaneBrooks      PointBrooks      RunLogan      HeightsLakeshore      2Cottondale | Purdy,      MOGalena,      KSAntlers,      OKHoldenville,      OKWetumka,      OKMarine      City, MIMarine      City, MIAntlers,      OKBentonville,      ARElgin,      ALAurora,      MOBaxter      Springs, KSBridgeport,      ALCollinsville,      ALConcordia,      KSMountainburg,      ARPierre,      SDRussellville,      ALBridgeiport,      NEAuburn,      NEKenton,      OHGrand      Isle, MEVan      Buren, ARTaylor,      TXGainesboro,      TNLynchburg,      TNRidgely,      TNNewport,      TNKirksville,      MOArco,      IDKenton,      OHLovingston,      VAPontotoc,      MSRexburg,      IDHustonville,      KYJackson,      KYLouisville,      GAClayton,      GADahlonega,      GAJasper,      GARussellville,      KYTuskegee,      ALCottondale,      FL | 16242424243224362424281624242424252416163216294444332034242446643630162432364124243625 | $   447,676593,776616,872701,799636,3541,011,809783,6411,064,675494,073720,188709,806415,221734,292717,301665,173692,444870,356725,397577,409592,600950,629921,238730,3111,213,0201,425,6971,073,463635,8471,121,140668,339808,3451,396,8882,169,1881,078,6411,209,736507,633875,282934,2861,079,7641,339,529742,886766,2651,129,681748,598 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                   | -----------                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                   | $37,297,268                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                   | ============                                                                                                                                                                                                                                                                                                                                               |

----

| SERIES      8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Cost      At Acquisition--------------------                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    Land----                                                                                                                                                                                                                                                                   |  Buildings, Improvementsand      Equipment-------------                                                                                                                                                                                                                                                                                | Net      ImprovementsCapitalized  Subsequent      to Acquisition  ---------------- |
| PurdyGalenaAntlers      2HoldenvilleWetumkaMariners      CoveMariners      Cove Sr.AntlersBentonvilleDeerpointAuroraBaxterArbor      GateTimber      RidgeConcordia      Sr.MountainburgLincolnFox      RidgeMeadow      ViewSheridanMorningsideGrand      IsleMeadowviewTaylorBrookwoodPleasant      ValleyReelfootRiver      RestKirskvilleCimmaronKentonLovingstonPontotocSo.      BrenchleyHustonvilleNorthpointBrooks      FieldBrooks      LaneBrooks      PointBrooks      RunLogan      HeightsLakeshore      2Cottondale | $   64,82319,20026,00015,00019,977117,19272,25250,52915,22033,250164,35013,80043,21815,14565,00020,000121,00035,00029,00020,10031,16320,00040,000105,33528,14856,26913,00050,75050,00018,00061,699178,98540,50099,65820,000140,00045,76257,500108,00050,00024,60045,00036,000 | $   493,596362,505761,859877,598792,8761,134,974901,7451,270,510743,269912,974716,471418,296873,748879,334776,131863,990933,872867,785686,959373,0181,152,6911,180,210954,7171,185,9231,780,0901,288,452118,127431,259188,140611,963785,7032,215,782312,296492,781672,270942,599113,295123,401135,053158,025422,778273,501911,975 | $   55,118427,98700066,15352,702002,60055,856144,06626,42434,630(14,742)086,618021,959391,6925,96300238,5348,98715,012698,721960,977593,352552,423934,357383,945989,998993,10717,36520,6721,018,6341,177,7221,416,461716,676507,2021,119,224344 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -----------                                                                                                                                                                                                                                                                                  | ------------                                                                                                                                                                                                                                                                                                                                     | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $ 2,280,425                                                                                                                                                                                                                                                                             | $32,092,541                                                                                                                                                                                                                                                                                                                                      | $13,720,739 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ===========                                                                                                                                                                                                                                                                                  | ============                                                                                                                                                                                                                                                                                                                                     | ============ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Gross      Amount At Which Carried At December 31, 2006--------------------                                                                                                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   Land----                                                                                                                                                                                                                                                                      | Buildings, Improvementsand      Equipment------------- |   Total----- |
| PurdyGalenaAntlers      2HoldenvilleWetumkaMariners      CoveMariners      Cove Sr.AntlersBentonvilleDeerpointAuroraBaxterArbor      GateTimber      RidgeConcordia      Sr.MountainburgLincolnFox      RidgeMeadow      ViewSheridanMorningsideGrand      IsleMeadowviewTaylorBrookwoodPleasant      ValleyReelfootRiver      RestKirskvilleCimmaronKentonLovingstonPontotocSo.      BrenchleyHustonvilleNorthpointBrooks      FieldBrooks      LaneBrooks      PointBrooks      RunLogan      HeightsLakeshore      2Cottondale | $   12,20019,20026,00015,00019,97764,00046,21650,52915,22019,50035,00014,84543,21815,14565,00020,000121,00035,00018,00020,10031,16320,00040,000105,33428,14856,26913,82752,06250,0006,00061,699171,77240,50099,65820,000140,00045,76157,500108,00050,36624,60045,00036,000 | $   601,337790,492761,859877,598792,8761,254,319980,4831,270,510743,269929,324901,677561,317900,172913,964761,389863,9901,020,490867,785719,918764,7101,158,6541,180,210954,7171,424,4581,789,0771,303,464816,0211,390,924781,4921,176,3861,720,0602,606,9401,302,2941,485,888689,635963,2711,131,9301,301,1231,551,514874,335929,9801,392,725912,319 | $   613,537809,692787,859892,598812,8531,318,3191,026,6991,321,039758,489948,824936,677576,162943,390929,109826,389883,9901,141,490902,785737,918784,8101,189,8171,200,210994,7171,529,7921,817,2251,359,733829,8481,442,986831,4921,182,3861,781,7592,778,7121,342,7941,585,546709,6351,103,2711,177,6911,358,6231,659,514924,701954,5801,437,725948,319 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -----------                                                                                                                                                                                                                                                                               | ------------ | ------------ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $ 1,978,809                                                                                                                                                                                                                                                                          | $46,114,896 | $48,093,705 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ===========                                                                                                                                                                                                                                                                               | ============ | ============ |

----

| SERIES      8Apartment      PropertiesPartnership-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  Accumulated Depreciation------------                                                                                                                                                                                                                                                                                    |  DepreciableLife   -----------                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| PurdyGalenaAntlers      2HoldenvilleWetumkaMariners      CoveMariners      Cove Sr.AntlersBentonvilleDeerpointAuroraBaxterArbor      GateTimber      RidgeConcordia      Sr.MountainburgLincolnFox      RidgeMeadow      ViewSheridanMorningsideGrand      IsleMeadowviewTaylorBrookwoodPleasant      ValleyReelfootRiver      RestKirskvilleCimmaronKentonLovingstonPontotocSo.      BrenchleyHustonvilleNorthpointBrooks      FieldBrooks      LaneBrooks      PointBrooks      RunLogan      HeightsLakeshore      2Cottondale | $   350,409426,465425,544476,223432,384651,005504,081697,867428,432277,964508,534296,188317,697324,636409,576468,283508,232254,626311,238292,530488,893608,946515,547383,484819,833609,828364,766602,554399,646562,234696,2171,269,507403,289723,829236,476337,380500,169573,159673,782391,788451,520431,267401,844 | 7.0-27.57.0-27.55.0-25.05.0-25.05.0-25.07.0-27.57.0-27.510.0-25.05.0-25.05.0-50.07.0-27.57.0-27.55.0-40.05.0-40.05.0-25.05.0-25.07.0-27.55.0-50.05.0-30.05.0-50.05.0-33.07.0-27.55.0-25.05.0-50.05.0-50.05.0-50.07.0-27.57.0-50.05.0-27.57.0-27.55.0-33.07.0-27.55.0-40.07.0-27.55.0-40.05.0-40.05.0-40.05.0-40.05.0-40.05.0-40.07.0-40.05.0-40.05.0-27.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -----------                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $20,807,872                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ===========                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                      |

----

| SERIES      9Apartment      PropertiesPartnership-----------                                                                                                                                                                                                        |   Location--------                                                                                                                                                                                                                                                                                                                                                                                             |   #      of Units----------            |  Mortgage  Loan      Balance-------------                                                                                                                                              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| JayBoxwoodStilwell      3Arbor      TraceArbor      Trace 2OmegaCornell      2Elm      CreekMarionvilleLamarMt.      GlenCentrevilleSkyviewSycamoreBradfordCedar      LaneStantonAbernathyPembrokeMeadowviewTown      BranchFox      RunMaple      StreetManchester | Jay,      OKLexington,      TXStilwell,      OKLake      Park, GALake      Park, GAOmega,      GAWatertown,      SDPierre,      SDMarionville,      MOLamar,      ARHeppner,      ORCentreville,      ALTroy,      ALCoffeyville,      KSCumberland,      KYLondon,      KYStanton,      KYAbernathy,      TXPembroke,      KYGreenville,      ALMt.      Vernon, KYRagland,      ALEmporium,      PAManchester,      GA | 242416244236242420242424364024242424242424243218 | $   636,124599,487452,220724,4191,426,4951,109,650901,665932,993549,556695,889805,078771,8431,109,7901,384,512773,985710,457783,343604,708780,566643,045751,302757,2411,336,359578,133 |
|                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                     |                                             | -----------                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                     |                                             | $19,818,860                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                     |                                             | ============                                                                                                                                                                                          |

| SERIES      9Apartment      Properties                                                                                                                                                                                                                              | Cost      At Acquisition--------------------                                                                                                                          |                                                                                                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                                                                                                                                                                            |    Land----                                                                                                                                            |  Buildings, Improvementsand      Equipment-------------                                                                                                                              | Net      ImprovementsCapitalized  Subsequent      to Acquisition  --------------- |
| JayBoxwoodStilwell      3Arbor      TraceArbor      Trace 2OmegaCornell      2Elm      CreekMarionvilleLamarMt.      GlenCentrevilleSkyviewSycamoreBradfordCedar      LaneStantonAbernathyPembrokeMeadowviewTown      BranchFox      RunMaple      StreetManchester | $   30,00022,27315,56762,500100,00035,00029,15571,36024,90018,00023,50036,000120,00064,40866,00049,75041,58430,00043,00046,27021,00047,46785,00024,100 | $   103,524718,52982,347185,273361,210188,863576,296233,390409,497202,240480,064220,952220,161415,748285,025952,314959,574751,898955,6871,086,351942,114919,2961,178,856711,035 | $   677,07330,137489,218670,5851,345,2241,183,441634,043945,885339,622684,085579,971729,2111,083,2411,368,849704,6075,958007,6084,71521,29611,432452,025479 |
|                                                                                                                                                                                                                                                                | -----------                                                                                                                                                           | ------------                                                                                                                                                                                   | ------------ |
|                                                                                                                                                                                                                                                                | $ 1,106,834                                                                                                                                                      | $13,140,244                                                                                                                                                                                    | $11,968,705 |
|                                                                                                                                                                                                                                                                | ===========                                                                                                                                                           | ============                                                                                                                                                                                   | ============ |

----

| SERIES      9Apartment      Properties                                                                                                                                                                                                                              | Gross      Amount At Which Carried At December 31, 2006--------------------                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                                                                                                                                  |   Land----                                                                                                                                                  | Buildings, Improvementsand      Equipment------------- |   Total----- |
| JayBoxwoodStilwell      3Arbor      TraceArbor      Trace 2OmegaCornell      2Elm      CreekMarionvilleLamarMt.      GlenCentrevilleSkyviewSycamoreBradfordCedar      LaneStantonAbernathyPembrokeMeadowviewTown      BranchFox      RunMaple      StreetManchester | $   25,00022,27310,00062,500100,00035,00029,15571,36025,00018,00023,50036,000120,00064,60066,00049,75041,58430,00043,00046,27021,00047,46785,00027,200 | $   785,597748,666577,132855,8581,706,4341,372,3041,210,3391,179,275749,019886,3251,060,035950,1631,303,4021,784,405989,632958,272959,574751,898963,2951,091,066963,410930,7281,630,881708,414 | $   810,597770,939587,132918,3581,806,4341,407,3041,239,4941,250,635774,019904,3251,083,535986,1631,423,4021,849,0051,055,6321,008,0221,001,158781,8981,006,2951,137,336984,410978,1951,715,881735,614 |
|                                                                                                                                                                                                                                                                | -----------                                                                                                                                                           | ------------ | ------------ |
|                                                                                                                                                                                                                                                                | $ 1,099,659                                                                                                                                                      | $25,116,124 | $26,215,783 |
|                                                                                                                                                                                                                                                                | ===========                                                                                                                                                           | ============ | ============ |

| SERIES      9Apartment      PropertiesPartnership-----------                                                                                                                                                                                                        |  AccumulatedDepreciation-------------                                                                                                                                                  |  DepreciableLife   -----------                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| JayBoxwoodStilwell      3Arbor      TraceArbor      Trace 2OmegaCornell      2Elm      CreekMarionvilleLamarMt.      GlenCentrevilleSkyviewSycamoreBradfordCedar      LaneStantonAbernathyPembrokeMeadowviewTown      BranchFox      RunMaple      StreetManchester | $   406,257404,090300,479354,553705,962575,953581,210550,951382,516465,735529,118485,066412,146578,323341,524352,495349,776399,050339,223335,285317,583422,518528,207297,314 | 5.0-25.05.0-25.05.0-25.010.0-30.010.0-30.05.0-50.05.0-30.05.0-27.57.0-27.55.0-25.07.0-27.55.0-40.05.0-40.012.0-40.05.0-40.05.0-40.05.0-40.05.0-25.07.0-40.05.0-40.07.0-40.07.0-27.57.0-40.05.0-27.5 |
|                                                                                                                                                                                                                                                                | -----------                                                                                                                                                                                 |                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                | $10,415,334                                                                                                                                                                                 |                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                | ===========                                                                                                                                                                                 |                                                                                                                                                                                                |

----

| SERIES      10Apartment      PropertiesPartnership-----------                                                                                            |   Location--------                                                                                                                                                                                                                                     |   #      of Units----------                                                                                                        |  MortgageLoan      Balance------------                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|
| RedstoneAlbanyOak      TerraceWellshillApplegateHeatherwoodPeachtreeDonnaWellsvilleTecumsehClay      CityIrvine      WestNew      CastleStiglerCourtyard | Challis,      IDAlbany,      KYBonifay,      FLWest      Liberty, KYFlorence,      ALAlexander      City, ALGaffney,      SCDonna,      TXWellsville,      NYTecumseh,      NEClay      City, KYIrvine,      KYNew      Castle, KYStigler,      OKHuron,      SD | 242418323636285024242424242021                                                                                                               | $   822,454753,455528,6841,059,5201,114,105869,600979,3931,387,2651,016,709871,877793,679792,056786,142579,767627,501 |
|                                                                                                                                                     |                                                                                                                                                                                                                                                             |                                                                                                                                         | ------------                                                                                                                         |
|                                                                                                                                                     |                                                                                                                                                                                                                                                             |                                                                                                                                         | $12,982,207                                                                                                                          |
|                                                                                                                                                     |                                                                                                                                                                                                                                                             |                                                                                                                                         | ============                                                                                                                         |
|                                                                                                                                                     | Cost      At Acquisition--------------------                                                                                                                                                                                                                     |                                                                                                                                         |
|    Partnership-----------                                                                                                                 |    Land----                                                                                                                                                                                                                                       |  Buildings, Improvementsand      Equipment-------------                                                                            | Net      ImprovementsCapitalizedSubsequent      toAcquisition----------------                                                        |
| RedstoneAlbanyOak      TerraceWellshillApplegateHeatherwoodPeachtreeDonnaWellsvilleTecumsehClay      CityIrvine      WestNew      CastleStiglerCourtyard | $  24,00039,50027,20075,000125,00055,00025,000112,00038,00020,00022,75025,00040,57524,00012,000                                                                                                                                                        | $   747,591990,162633,2841,270,8441,467,6751,551,6791,021,4661,661,8891,286,3891,038,151998,3341,060,585971,520730,056465,936 | $   396,31912,8674,2475,100272,14236,13554,5304,778114,42084,82122,71428,07913,8370308,281                            |
|                                                                                                                                                     | -------                                                                                                                                                                                                                                                          | ------------                                                                                                                                 | ------------                                                                                                                         |
|                                                                                                                                                     | $ 665,025                                                                                                                                                                                                                                                   | $15,895,561                                                                                                                                  | $ 1,358,270                                                                                                                     |
|                                                                                                                                                     | ========                                                                                                                                                                                                                                                         | ============                                                                                                                                 | ============                                                                                                                         |

----

| SERIES      10Apartment      Properties                                                                                                                  | Gross      Amount At Which Carried At December 31, 2006--------------------                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                                                       |   Land----                                                                                                         | Buildings, Improvementsand      Equipment------------- |   Total----- |
| RedstoneAlbanyOak      TerraceWellshillApplegateHeatherwoodPeachtreeDonnaWellsvilleTecumsehClay      CityIrvine      WestNew      CastleStiglerCourtyard | $   7,60039,50027,20075,000125,00055,00025,000112,00038,00020,00022,75025,00040,57524,00012,000               | $ 1,160,3101,003,029637,5311,275,9441,739,8171,587,8141,075,9961,666,6671,400,8091,122,9721,021,0481,088,664985,357730,056774,217 | $ 1,167,9101,042,529664,7311,350,9441,864,8171,642,8141,100,9961,778,6671,438,8091,142,9721,043,7981,113,6641,025,932754,056786,217 |
|                                                                                                                                                     | -----------                                                                                                                  | ------------ | ------------ |
|                                                                                                                                                     | $ 648,625                                                                                                               | $17,270,231 | $17,918,856 |
|                                                                                                                                                     | ===========                                                                                                                  | ============ | ============ |
|    Partnership-----------                                                                                                                 |   AccumulatedDepreciation------------                                                                              |   DepreciableLife----------- |
| RedstoneAlbanyOak      TerraceWellshillApplegateHeatherwoodPeachtreeDonnaWellsvilleTecumsehClay      CityIrvine      WestNew      CastleStiglerCourtyard | $   580,562368,186294,658436,222533,770487,825343,153430,456670,382343,869335,092350,131317,253240,314295,656 | 7.0-27.55.0-40.05.0-27.55.0-40.05.0-40.05.0-40.05.0-40.07.0-50.07.0-27.55.0-50.05.0-40.05.0-40.05.0-40.05.0-25.05.0-40.0 |
|                                                                                                                                                     | -----------                                                                                                                  |   |
|                                                                                                                                                     | $ 6,027,529                                                                                                             |   |
|                                                                                                                                                     | ===========                                                                                                                  |   |

----

| SERIES      11Apartment      PropertiesPartnership-----------                                                       |   Location--------                                                                                                                                                                                |   #      of Units---------- |  MortgageLoan      Balance-------------                                                 |
|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------|
| HomesteadMountain      OakEloyGila      BendCreekstoneTiftonCass      TowneWarsawRoystonRed      BudCardinalParsons | Pinetop,      AZCollinsville,      ALEloy,      AZGila      Bend, AZDallas,      GATifton,      GACartersville,      GAWarsaw,      VARoyston,      GAMokane,      MOMountain      Home, ARParsons,      KS | 32242436403610562583238               | $ 1,280,603661,436635,5831,626,636631,737779,83702,595,203728,009234,05179,9001,071,808 |
|                                                                                                                |                                                                                                                                                                                                        |                                  | ------------                                                                                 |
|                                                                                                                |                                                                                                                                                                                                        |                                  | $10,324,803                                                                                  |
|                                                                                                                |                                                                                                                                                                                                        |                                  | ============                                                                                 |

|                                                                                                                | Cost      At Acquisition--------------------                                            |                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|    Partnership-----------                                                                            |    Land----                                                              |  Buildings, Improvementsand      Equipment-------------                                           | Net      ImprovementsCapitalizedSubsequent      toAcquisition--------------- |
| HomesteadMountain      OakEloyGila      BendCreekstoneTiftonCass      TowneWarsawRoystonRed      BudCardinalParsons | $  126,00030,00012,00018,000130,62517,60022,690146,80036,0005,50015,79345,188 | $   1,628,502473,033882,913945,233170,655192,853301,4583,200,738785,602295,617424,616953,512 | $   62,193391,422135,092582,7331,707,3241,496,4336,51557,259113,55744771,883385,472 |
|                                                                                                                | ----------                                                                              | ------------                                                                                                | ------------ |
|                                                                                                                | $  606,196                                                                    | $10,254,732                                                                                                 | $5,010,330 |
|                                                                                                                | ===========                                                                             | ============                                                                                                | ============ |

----

| SERIES      11Apartment      Properties                                                                             | Gross      Amount At Which Carried At December 31, 2006--------------------                             |
|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|
|   Partnership-----------                                                                                  |   Land----                                                                                    | Buildings,Improvementsand      Equipment------------- |   Total----- |
| HomesteadMountain      OakEloyGila      BendCreekstoneTiftonCass      TowneWarsawRoystonRed      BudCardinalParsons | $   126,00030,00012,00018,000130,65017,32722,690146,80036,0005,50015,79338,437           | $ 1,690,695864,4551,018,0051,527,9661,877,9541,689,559307,9733,257,997899,159296,064496,4991,345,735 | $ 1,816,695894,4551,030,0051,545,9662,008,6041,706,886330,6633,404,797935,159301,564512,2921,384,172 |
|                                                                                                                | -----------                                                                                             | ------------ | ------------ |
|                                                                                                                | $ 599,197                                                                                          | $15,272,061 | $15,871,258 |
|                                                                                                                | ===========                                                                                             | ============ | ============ |
|    Partnership-----------                                                                            |   AccumulatedDepreciation------------                                                         |   DepreciableLife   ------------ |
| HomesteadMountain      OakEloyGila      BendCreekstoneTiftonCass      TowneWarsawRoystonRed      BudCardinalParsons | $   566,547394,092482,722398,018765,404471,59498,0781,383,550353,36785,604158,775404,976 | 5.0-40.05.0-27.55.0-27.55.0-40.07.0-27.55.0-25.07.0-27.57.0-27.57.0-40.07.0-40.07.0-27.512.0-40.0 |   |
|                                                                                                                | ------------                                                                                            |   |   |
|                                                                                                                | $ 5,562,727                                                                                        |   |   |
|                                                                                                                | ============                                                                                            |   |   |

----

| SERIES      7Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  |    $  205,292 0 0 0 ---------  7,247 ---------  |  $46,291,477       205,292   (7,247) ----------- |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                              |                                                                                                             | $46,489,522 ============                                                                                |
| Reconciliation      of Accumulated Depreciation current year changes: Balance      at beginning of period - December 31, 2005   Current      year expense  Less      Accumulated Depreciation of real estate sold                                                                                           |                                                                                                             |   $19,022,427  1,475,208 (5,679)-----------                                         |
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                              |                                                                                                             | $20,491,956 ============                                                                                |

| Series      8Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |    $ 232,677 0 0 0 -------  0 0 ------- |  $47,861,028       232,677     0 ----------- |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                         |                                                                                                | $48,093,705 ============                                                                                      |
| Reconciliation      of Accumulated Depreciation current year changes: Balance      at beginning of period - December 31, 2005   Current      year expense  Less      Accumulated Depreciation of real estate sold  Other                                                                                          |                                                                                                |   $19,218,334  1,514,499 75,039 0 -----------                                   |
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                         |                                                                                                | $20,807,872 ============                                                                                      |

----

| Series      9Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |    $ 105,668 0 0 0 --------  0 0 -------- |  $26,110,115       105,668    0 ----------- |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                         |                                                                                                  | $26,215,783 ============                                                                                |
| Reconciliation      of Accumulated Depreciation current year changes: Balance      at beginning of period - December 31, 2005   Current      year expense  Less      Accumulated Depreciation of real estate sold  Other                                                                                          |                                                                                                  |   9,640,414  774,921 (1)0 -----------                                          |
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                         |                                                                                                  | $10,415,334 ============                                                                                |

| Series      10Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |    $ 86,168 0 0 0 --------  0 0 -------- |  $17,832,688       86,168    0 ----------- |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|--------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                          |                                                                                                 | $17,918,856 ============                                                                               |   |
| Reconciliation      of Accumulated Depreciation current year changes: Balance      at beginning of period - December 31, 2005   Current      year expense  Less      Accumulated Depreciation of real estate sold  Other                                                                                      |                                                                                                 |   $ 5,569,061  465,794 (7,326)0 -----------                              |
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                          |                                                                                                 | $ 6,027,529 ============                                                                          |

----

| Series      11Balance      at beginning of period - December 31, 2005 Additions      during period:  Acquisitions      through foreclosure  Other      acquisitions  Improvements,      etc.  Other   Deductions      during period:  Cost      of real estate sold  Other |    $ 208,302 0 0 0 --------  0 0 -------- |  $15,662,956       208,302     0 ----------- |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                          |                                                                                                  | $15,871,258 ===========                                                                                       |
| Reconciliation      of Accumulated Depreciation current year changes: Balance      at beginning of period - December 31, 2005   Current      year expense  Less      Accumulated Depreciation of real estate sold  Other                                                                                      |                                                                                                  |   $ 5,314,654  497,357 (249,285)0 -----------                                   |
| Balance      at end of period - December 31, 2006                                                                                                                                                                                                                                                                                                          |                                                                                                  | $ 5,562,726 ===========                                                                                  |

----

| SERIES      7 PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                           |  #      OFUNITS-----                                                      |   BALANCE-------                                                                                                                                                                                                                                                                                                |  INTERESTRATE--------                                                                                                                                                                          | MONTHLYDEBTSERVICE-------                                                                                                                                                                           |  TERM(YEARS)------                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
| NottinghamCedar      HollowSunriseMountain      CityBurbankWashingtonBrookStoneTazewellN.      IrvineHortonManchesterWaynesboroLakeland      IIMt.      VernonMeadow      RunSpring      Creek IIWarm      SpringsBlue      RidgeWalnutPioneerDilleyElsaClinch      ViewJamestownLeanderLouisa      Sr.Orchard      CommonsVardamanHeritage      ParkBrooksHollowCavalry      CrossingCarson      CityMattesonPembrokeRobynwoodAtokaCoalgateHill      CreekCardinal | 182444402424404424244224302448242241244828404240363612243240402424162424242432 | 560,076742,6031,972,9501,284,215787,047781,2861,164,1961,366,000772,394750,0191,171,595654,016812,541720,2771,389,160649,724658,9541,068,590802,4881,182,344708,4931,011,8341,419,8381,190,819893,9011,161,050324,382713,5601,214,6471,149,1211,386,082769,610744,283496,889753,370656,802656,830755,037122,471---------- | 7.75%7.75%7.25%7.75%8.25%8.25%6.50%7.25%7.75%7.75%6.50%6.50%7.25%6.50%6.50%6.50%7.25%7.25%7.75%8.25%8.25%7.75%8.75%7.25%7.75%7.25%7.75%7.25%7.75%6.50%7.75%7.25%7.25%7.25%7.25%7.25%7.25%6.50%6.50% | 4,1823,1289,2265,3992,9902,9236,4916,4633,1642,8456,4173,3983,8003,8997,5643,6232,7754,8693,4014,5242,6504,3477,5095,5653,5066,0615,7323,0065,0776,2945,6763,5003,5002,9515,2513,9173,7933,8305,200 | 505050505050505050505050505050505050505050505050505050505050505050505050505050 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                           | $35,419,494===========                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                           |

----

| SERIES      8 PARTNERSHIP-----------                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  #      OFUNITS-----                                                              |   BALANCE-------                                                                                                                                                                                                                                                                                                                                           |  INTERESTRATE--------                                                                                                                                                                                               | MONTHLYDEBTSERVICE-------                                                                                                                                                                                                 |  TERM(YEARS)------                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|
| PurdyGalenaAntlers      2HoldenvilleWetumkaMariners      CoveMariners      Cove Sr.AntlersBentonvilleDeerpointAuroraBaxterArbor      GateTimber      RidgeConcordia      Sr.MountainburgLincolnFox      RidgeMeadow      ViewSheridanMorningsideGrand      IsleMeadowviewTaylorBrookwoodPleasant      ValleyReelfootRiver      RestKirskvilleCimmaronKentonLovingstonPontotocSo.      BrenchleyHustonvilleNorthpointBrooks      FieldBrooks      LaneBrooks      PointBrooks      RunLogan      HeightsLakeshore      2Cottondale | 16242424243224362424281624242424252416163216294444332034242446643630162432364124243625 | $   447,676593,776616,872701,799636,3541,011,809783,6411,064,675494,073720,188709,806415,221734,292717,301665,173692,444870,356725,397577,409592,600950,629921,238730,3111,213,0201,425,6971,073,463635,8471,121,140668,339808,3451,396,8882,169,1881,078,6411,209,736507,633875,282934,2861,079,7641,339,529742,886766,2651,129,681748,598---------- | 7.75%7.25%7.25%6.50%6.50%7.25%7.25%7.25%7.75%7.75%7.25%6.50%6.50%7.25%6.50%6.50%8.25%7.25%7.25%8.25%7.25%8.25%7.25%7.50%6.50%7.25%7.25%7.25%7.25%10.75%7.25%7.00%7.25%7.25%6.50%7.25%7.25%7.25%7.25%7.25%7.25%7.75%7.75% | 2,2852,7764,0854,3304,3144,6003,5004,61914,4306,2383,2362,7204,0993,4463,3503,8243,3513,3982,6833,2114,3318,8757,5756,6447,8604,8933,8924,7912,5914,4286,04410,9204,4905,2003,1874,1124,0044,2974,8332,9753,0724,1472,711 | 50505050505050504550505050505050505050505050395050505050505050505050505050505050505050 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                   | $37,297,268===========                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                     |                                                                                                                                                                                                                      |                                                                                   |

----

|   PARTNERSHIP-----------                                                                                                                                                                                                                                        |  #      OFUNITS-----                        |   BALANCE-------                                                                                                                                                                                      |  INTERESTRATE--------                                                                                               | MONTHLYDEBTSERVICE-------                                                                                                 |  TERM(YEARS)------                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|
| JayBoxwoodStilwell      3Arbor      TraceArbor      Trace 2OmegaCornell      2Elm      CreekMarionvilleLamarMt.      GlenCentrevilleSkyviewSycamoreBradfordCedar      LaneStantonAbernathyPembrokeMeadowviewTown      BranchFox      RunMaple      StreetManchester  | 242416244236242420242424364024242424242424243218 | $   636,124599,487452,220724,4191,426,4951,109,650901,665932,993549,556695,889805,078771,8431,109,7901,384,512773,985710,457783,343604,708780,566643,045751,302757,2411,336,359578,133---------- | 7.25%6.50%7.25%7.25%7.25%7.25%7.25%7.25%6.50%7.25%6.50%7.25%7.25%7.25%7.03%6.50%7.25%6.50%7.25%0.50%7.25%6.50%7.25%7.25% | 2,8513,8942,7283,3096,1574,6794,1354,2232,97411,4804,3443,3404,7715,9143,2055,4653,8923,7373,4952,1624,3473,6855,4212,438 | 505050505050505050505050505050505050502050505050 |
|                                                                                                                                                                                                                                                                      |                                             | $19,818,860===========                                                                                                                                                                                          |                                                                                                                     |                                                                                                                      |                                             |

----

| SERIES      10 PARTNERSHIP-----------                                                                                                                     |  #      OFUNITS-----      |   BALANCE-------                                                                                                                     |  INTERESTRATE--------                                                  | MONTHLYDEBTSERVICE-------                                           |  TERM(YEARS)------        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------|--------------------------------|
| RedstoneAlbanyOak      TerraceWellshillApplegateHeatherwoodPeachtreeDonnaWellsvilleTecumsehClay      CityIrvine      WestNew      CastleStiglerCourtyard  | 242418323636285024242424242021 | $   822,454753,455528,6841,059,5201,114,105869,600979,3931,387,2651,016,709871,877793,679792,056786,142579,767627,501---------- | 6.50%6.50%6.50%7.25%0.50%0.50%7.25%6.50%6.50%7.25%7.25%7.25%7.25%7.25%6.50% | 4,5054,9922,8614,437004,6087,5098,2313,5313,6193,3615,1313,8132,386 | 505050502020505050505050505050 |
|                                                                                                                                                           |                           | $12,982,207===========                                                                                                                         |                                                                        |                                                                |                           |

| SERIES      11 PARTNERSHIP-----------                                                                                |  #      OFUNITS----- |   BALANCE-------                                                                             |  INTERESTRATE--------                                    | MONTHLYDEBTSERVICE-------                                      |  TERM(YEARS)------  |
|---------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|----------------------------------------------------------------|--------------------------|
| HomesteadMountain      OakEloyGila      BendCreekstoneTiftonCass      TowneWarsawRoystonRed      BudCardinalParsons  | 32242436403610562583238   | $ 1,280,603661,436635,5831,626,636631,737779,83702,595,203728,009234,05179,9001,071,808---------- | 6.50%8.00%6.00%8.00%11.00%0.00%3.00%6.50%6.75%7.25%6.50%8.00% | 6,4084,6662,1093,07056,42724,92917,00012,9843,0098633,3923,943 | 505050503042105050505050 |
|                                                                                                                      |                      | $ 10,324,803===========                                                                           |                                                          |                                                           |                     |

----

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

| Date: December 24,      2008 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President,      Director    |

| Date: December 24,      2008 |   | By:/s/ J. Davenport Mosby      III |
|-----------------------------------|--------|------------------------------------|
|                              |   | J.      Davenport Mosby III        |
|                              |   | Director                           |

| Date: December 24,      2008 |   | By:/s/ Jonathan      Oorlog                    |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Jonathan      Oorlog                           |
|                              |   | Vice      President and Chief FinancialOfficer |

| Date: December 24,      2008 |   | By:/s/ Sandra C.      Humphreys |
|-----------------------------------|--------|---------------------------------|
|                              |   | Sandra      C. Humphreys        |
|                              |   | Secretary      and Treasurer    |