FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

**BOSTON CAPITAL TAX CREDIT FUND IV L.P. -**

**SERIES 20 THROUGH SERIES 42**

 

MARCH 31, 2002 AND 2001

 

----

 

Boston Capital Tax Credit Fund IV L.P.-

Series 20 through Series 42

 

TABLE OF CONTENTS

 
| INDEPENDENT AUDITORS’ REPORT                        |
|----------------------------------------------------------|
|                                                     |
| FINANCIAL  STATEMENTS                                    |
|                                                     |   |
|                                                     | BALANCE  SHEETS |
|                                                     |   |
|                                                     | STATEMENTS OF OPERATIONS |
|                                                     |   |
|                                                     | STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL |
|                                                     |   |
|                                                     | STATEMENTS OF CASH FLOWS |
|                                                     |   |
|                                                     | NOTES TO FINANCIAL STATEMENTS |
|                                                     |   |
| SCHEDULE III  - REAL ESTATE AND ACCUMULATED DEPRECIATION |
|                                                     |   |
| NOTES TO  SCHEDULE III                                   |

 

Schedulesnot listed are omitted because of the absence of the conditions under whichthey are required or the information is included in the financial statements orthe notes thereto.

 

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Reznick Fedder & Silverman

Certified Public Accountants * A ProfessionalCorporation

 

7700 Old Georgetown Road * Suite 400 *Bethesda, MD 20814-6100

(301) 652-9100 * Fax (301) 652-1848

 

INDEPENDENTAUDITORS’ REPORT

 

To the Partners of

Boston Capital Tax Credit Fund IV L.P.

 

We haveaudited the accompanying balance sheets of Boston Capital Tax Credit Fund IVL.P. as of March 31, 2002 and 2001, and the related statements of operations,changes in partners’ capital and cash flows for the years ended March 31, 2002,2001 and 2000 in total and Boston Capital Tax Credit Fund IV L.P. - Series 20through 42 as of March 31, 2002 and Series 20 through 40 as of March 31, 2001and the related statements of operations, partners’ capital and cash flows forthe years ended March 31, 2002, 2001 and 2000 for Series 20 through 35, for theyears ended March 31, 2002 and 2001 and the period July 1, 1999 (date ofinception) through March 31, 2000 for Series 36, for the years ended March 31,2002 and 2001 and the period October 4, 1999 (date of inception) through March31, 2000 for Series 37, for the years ended March 31, 2002 and 2001 and theperiod February 22, 2000 (date of inception) through March 31, 2000 for Series38, for the year ended March 31, 2002 and for the period August 1, 2000 (dateof inception) through March 31, 2001 for Series 39, for the year ended March31, 2002 and for the period February 1, 2001 (date of inception) through March31, 2001 for Series 40, for the period August 1, 2001 (date of inception)through March 31, 2002 for Series 41, and for the period February 1, 2002 (dateof inception) though March 31, 2002 for Series 42.  These financial statements are the responsibility of thepartnership’s management.  Ourresponsibility is to express an opinion on these financial statements based onour audits.  We did not audit thefinancial statements of certain operating limited partnerships in which BostonCapital Tax Credit Fund IV L.P. owns a limited partnership interest.  Investments in such partnerships comprisethe following percentages: Total, 21% and 24% of the assets as of March 31,2002 and 2001, respectively, and 19%, 22% and 27% of the partnership loss forthe years ended March 31, 2002, 2001 and 2000, respectively; of the assets forSeries 20 as of March 31, 2002 and 2001, 17% and 17%, respectively; of thepartnership loss for Series 20 for the years ended March 31, 2002, 2001 and2000, 16%, 19% and 30%, respectively; of the assets for Series 21 as of March31, 2002 and 2001, 38% and 27%, respectively; of the partnership loss forSeries 21 for the years ended March 31, 2002, 2001 and 2000, 10%, 26% and 18%,respectively; of the assets for Series 22 as of March 31, 2002 and 2001, 18%and 17%, respectively; of the partnership loss for Series 22 for the yearsended March 31, 2002, 2001 and 2000, 20%, 8% and 9%, respectively; of theassets for Series 23 as of March 31, 2002 and 2001, 47% and 46%, respectively;of the partnership loss for Series 23 for the years ended March 31, 2002, 2001and 2000, 39%, 31% and 36%, respectively; of the assets for Series 24 as ofMarch 31, 2002 and 2001, 15% and 20%, respectively; of the partnership loss forSeries 24 for the years ended March 31, 2002, 2001 and 2000, 16%, 25% and 38%,respectively; of the assets for Series 25 as of March 31, 2002 and 2001, 37%and 38%,

 

F-3

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respectively; of thepartnership loss for Series 25 for the years ended March 31, 2002, 2001 and2000, 38%, 31% and 41%, respectively; of the assets for Series 26 as of March31, 2002 and 2001, 17% and 33%, respectively; of the partnership loss forSeries 26 for the years ended March 31, 2002, 2001 and 2000, 25%, 38% and 32%,respectively; of the assets for Series 27 as of March 31, 2002 and 2001, 22%and 24%, respectively; of the partnership loss for Series 27 for the yearsended March 31, 2002, 2001 and 2000, 39%, 35% and 21%, respectively; of theassets for Series 28 as of March 31, 2002 and 2001, 45% and 43%, respectively;of the partnership loss for Series 28 for the years ended March 31, 2002, 2001and 2000, 29%, 39% and 41%, respectively; of the assets for Series 29 as ofMarch 31, 2002 and 2001, 30% and 26%, respectively; of the partnership loss forSeries 29 for the years ended March 31, 2002, 2001 and 2000, 13%, 9% and 11%,respectively; of the assets for Series 30 as of March 31, 2002 and 2001, 40%and 40%, respectively; of the partnership loss for Series 30 for the yearsended March 31, 2002, 2001 and 2000, 33%, 40% and 41%, respectively; of theassets for Series 31 as of March 31, 2002 and 2001, 40% and 41%, respectively;of the partnership loss for Series 31 for the years ended March 31, 2002, 2001and 2000, 26%, 16% and 17%, respectively; of the assets for Series 32 as ofMarch 31, 2002 and 2001, 21% and 21%, respectively; of the partnership loss forSeries 32 for the years ended March 31, 2002, 2001 and 2000, 17%, 21% and 14%,respectively; of the assets for Series 33 as of March 31, 2002 and 2001, 27%and 26%, respectively; of the partnership loss for Series 33 for the yearsended March 31, 2002, 2001 and 2000, 31%, 33% and 43%, respectively; of theassets for Series 34 as of March 31, 2002 and 2001, 17% and 14%, respectively;of the partnership loss for Series 34 for the years ended March 31, 2002, 2001and 2000, 12%, 7% and 16%, respectively; of the assets for Series 35 as ofMarch 31, 2002 and 2001, 22% and 18%, respectively; of the partnership loss forSeries 35 for the years ended March 31, 2002, 2001 and 2000, 17%, 7% and 24%,respectively; of the assets for Series 36 as of March 31, 2002 and 2001, 11%and 23%, respectively; of the partnership loss for Series 36 for the yearsended March 31, 2002 and 2001 and for the period July 1, 1999 (date ofinception) through March 31, 2000, 9%, 26% and 25%, respectively; of the assetsfor Series 37 as of March 31, 2002 and 2001, 8% and 15%, respectively; of thepartnership loss for Series 37 for the years ended March 31, 2002 and 2001 andfor the period October 4, 1999 (date of inception) through March 31, 2000, 1%,13% and 34%, respectively; of the assets for Series 38 as of March 31, 2002 and2001, 0% and 0%, respectively; and of the partnership loss for Series 38 forthe years ended March 31, 2002 and 2001 and for the period February 22, 2000 (dateof inception) through March 31, 2000, 0%, 0% and 0%, respectively; of theassets for Series 39 as of March 31, 2002 and 2001, 19% and 1%; of thepartnership loss for Series 39 for the year ended March 31, 2002 and for theperiod August 1, 2000 (date of inception) through March 31, 2001, 12% and 2%;of the assets for Series 40 as of March 31, 2002 and 2001, 21% and 0%; and ofthe partnership loss for Series 40 for the year ended March 31, 2002 and forthe period February 1, 2001 (date of inception) through March 31, 2001, 20% and0%; of the assets for Series 41 as of March 31, 2002, 10%; and of thepartnership loss for Series 41 for the period August 1, 2001 (date ofinception) through March 31, 2002, 0%; of the assets for Series 42 as of March31, 2002, 0%; and of the partnership loss for Series 42 for the period February1, 2002 (date of inception) through March 31, 2002, 0%.  The financial statements of thesepartnerships were audited by other auditors, whose reports have been furnishedto us, and our opinion, insofar as it relates to information relating to thesepartnerships, is based solely on the reports of the other auditors.

 

F-4

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We conductedour audits in accordance with auditing standards generally accepted in theUnited States of America.  Thosestandards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation.  We believe that our audits and the reportsof the other auditors provide a reasonable basis for our opinion.

 

In ouropinion, based on our audits and the reports of the other auditors, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Boston Capital Tax Credit Fund IV L.P. asof March 31, 2002 and 2001 and the results of its operations and its cash flowsfor the years ended March 31, 2002, 2001 and 2000 for Series 20 through 35, forthe years ended March 31, 2002 and 2001 and the period July 1, 1999 (date ofinception) through March 31, 2000 for Series 36, for the years ended March 31,2002 and 2001 and the period October 4, 1999 (date of inception) through March31, 2000 for Series 37, for the years ended March 31, 2002 and 2001 and theperiod February 22, 2000 (date of inception) through March 31, 2000 for Series38, for the year ended March 31, 2002 and for the period August 1, 2000 (dateof inception) through March 31, 2001 for Series 39, for the year ended March31, 2001 and for the period February 1, 2001 (date of inception) through March31, 2001 for Series 40, for the period August 1, 2001 (date of inception)through March 31, 2002 for Series 41 and for the period February 1, 2002 (dateof inception) through March 31, 2002 for Series 42, in conformity withaccounting principles generally accepted in the United States of America.

 

We and otherauditors have also audited the information included in the related financialstatement schedules listed in Form 10-K, Item 14(a) of Boston Capital TaxCredit Fund IV L.P. - Series 20 through Series 42 as of March 31, 2001.  In our opinion, the schedules presentfairly, in all material respects, the information required to be set forththerein, in conformity with accounting principles generally accepted in theUnited States of America.

 

 
|   | /s/ Reznick  Fedder & Silverman |   |
|--------|-------------------------------------|--------|

 

Bethesda, Maryland

July 5, 2002

 

F-5

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BostonCapital Tax Credit Fund IV L.P.

 

BALANCE SHEETS

 

March31, 2002 and 2001

 
|                                                                                                                                                                                                                                                             |   | **Total**   |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|
|                                                                                                                                                                                                                                                             |   | **2002**    |        | **2001** |   |
| ASSETS                                                                                                                                                                                                                                                           |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| INVESTMENTS  IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                                                   |   | $           | 410,857,851 |   | $ | 406,915,006 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| OTHER  ASSETS                                                                                                                                                                                                                                                    |   |        |        |   |   |
| Cash  and cash equivalents (notes A, H and I)                                                                                                                                                                                                                    |   | 18,950,441  |        | 21,596,216 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                                                  |   | 7,474,493   |        | 7,839,034 |   |
| Notes  receivable (note D)                                                                                                                                                                                                                                       |   | 17,736,231  |        | 9,701,571 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                                                             |   | 24,043,671  |        | 18,200,249 |   |
| Other  assets (note E)                                                                                                                                                                                                                                           |   | 14,311,335  |        | 13,295,747 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | $           | 493,374,022 |   | $ | 477,547,823 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| LIABILITIES AND  PARTNERS’ CAPITAL                                                                                                                                                                                                                          |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| LIABILITIES                                                                                                                                                                                                                                                      |   |        |        |   |   |
| Accounts  payable and accrued expenses                                                                                                                                                                                                                           |   | $           | 897,555     |   | $ | 152,623 |   |
| Line  of credit (note J)                                                                                                                                                                                                                                         |   | 5,708,074   |        | 2,125,548 |   |
| Accounts  payable - affiliates (note B)                                                                                                                                                                                                                          |   | 12,227,766  |        | 8,709,180 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                                                          |   | 38,224,714  |        | 42,458,387 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | 57,058,109  |        | 53,445,738 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                                                 |   |        |        |   |   |
| Assignor  limited partner                                                                                                                                                                                                                                        |   |        |        |   |   |
| Units  of limited partnership interest consisting of 87,500,000 authorized  beneficial assignee certificates (BACs), $10 stated value per BAC, 68,028,269  and 62,387,159 at March 31, 2002 and 2001, respectively, are issued and  outstanding to the assignees |   | —      |        | — |   |
| Assignees                                                                                                                                                                                                                                                        |   |        |        |   |   |
| Units  of beneficial interest of the limited partnership interest of the assignor  limited partner, 68,029,269 and 62,387,159 at March 31, 2002 and 2001,  respectively, issued and outstanding                                                                  |   | 437,739,660 |        | 425,102,598 |   |
| General  partner                                                                                                                                                                                                                                                 |   | (1,446,904  | )           | (1,084,457 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                                                          |   | 23,157      |        | 83,944 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | 436,315,913 |        | 424,102,085 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | $           | 493,374,022 |   | $ | 477,547,823 |   |

 

Series41 and 42 were not formed until after March 31, 2001, therefore no comparativeinformation has been included.

 

F-6

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|                                                                                                                                                                                                                             |   | **Series 20** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS  IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 14,695,373 |   | $ | 16,738,536 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER  ASSETS                                                                                                                                                                                                                    |   |          |       |   |   |
| Cash  and cash equivalents (notes A, H and I)                                                                                                                                                                                    |   | 217,550       |       | 179,335 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes  receivable (note D)                                                                                                                                                                                                       |   | —        |       | — |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 87,518        |       | 91,091 |   |
| Other  assets (note E)                                                                                                                                                                                                           |   | 1,087,346     |       | 877,017 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,087,787 |   | $ | 17,885,979 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND  PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts  payable and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line  of credit (note J)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts  payable - affiliates (note B)                                                                                                                                                                                          |   | 2,699,399     |       | 2,109,761 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 388,026       |       | 388,026 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 3,087,425     |       | 2,497,787 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor  limited partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units  of limited partnership interest consisting of 87,500,000 authorized  beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700  at March 31, 2002 and 2001 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units  of beneficial interest of the limited partnership interest of the assignor  limited partner, 3,866,700 at March 31, 2002 and 2001 issued and outstanding                                                                  |   | 13,200,923    |       | 15,564,875 |   |
| General  partner                                                                                                                                                                                                                 |   | (200,561      | )          | (176,683 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 13,000,362    |       | 15,388,192 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,087,787 |   | $ | 17,885,979 |   |

 

F-7

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|                                                                                                                                                                                                                             |   | **Series 21** |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                             |   | **2002**      |      | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |      |   |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 2,929,817 |   | $ | 5,713,575 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |      |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 237,787       |      | 235,224 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 9,223         |      | 232,896 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 641,542       |      | 641,542 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 47,870        |      | 49,823 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 410,611       |      | 403,560 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | $             | 4,276,850 |   | $ | 7,276,620 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |      |   |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |      |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —    |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |      | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 501,190       |      | 475,350 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 641,543       |      | 689,358 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | 1,142,733     |      | 1,164,708 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |      |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |      |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 1,892,700 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |      |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 1,892,700 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 3,264,672     |      | 6,211,561 |   |
| General partner                                                                                                                                                                                                                  |   | (130,612      | )         | (100,845 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 57            |      | 1,196 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | 3,134,117     |      | 6,111,912 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | $             | 4,276,850 |   | $ | 7,276,620 |   |

 

F-8

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|                                                                                                                                                                                                                             |   | **Series 22** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 11,087,299 |   | $ | 12,526,478 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 254,977       |       | 352,021 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 175,011       |       | 126,853 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 450,981       |       | 450,981 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 150,424       |       | 156,564 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 167,361       |       | 162,615 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 12,286,053 |   | $ | 13,775,512 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 1,455,331     |       | 1,200,739 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 487,655       |       | 538,769 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,942,986     |       | 1,739,508 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,564,400 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,564,400 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 10,457,633    |       | 12,134,081 |   |
| General partner                                                                                                                                                                                                                  |   | (115,662      | )          | (98,728 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 1,096         |       | 651 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 10,343,067    |       | 12,036,004 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 12,286,053 |   | $ | 13,775,512 |   |

 

F-9

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|                                                                                                                                                                                                                             |   | **Series 23** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 17,726,828 |   | $ | 19,119,494 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 176,646       |       | 293,829 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | —        |       | 306,751 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 223,704       |       | 232,834 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 269,370       |       | 303,455 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 18,396,548 |   | $ | 20,256,363 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 833,948       |       | 718,684 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 117,796       |       | 458,631 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 951,744       |       | 1,177,315 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 3,336,727 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,336,727 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 17,555,202    |       | 19,173,104 |   |
| General partner                                                                                                                                                                                                                  |   | (110,398      | )          | (94,056 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 17,444,804    |       | 19,079,048 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 18,396,548 |   | $ | 20,256,363 |   |

 

F-10

----

 
|                                                                                                                                                                                                                             |   | **Series 24** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 9,240,905  |   | $ | 10,964,312 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 264,742       |       | 362,301 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 213,962       |       | 155,081 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 534,342       |       | 534,342 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 250,011       |       | 260,216 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 716,362       |       | 711,871 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 11,220,324 |   | $ | 12,988,123 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 1,246,315     |       | 1,012,963 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 1,214,204     |       | 1,214,204 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 2,460,519     |       | 2,227,167 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,169,878 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,169,878 at March 31,  2002 and 2002 issued and outstanding                                                                  |   | 8,856,179     |       | 10,837,860 |   |
| General partner                                                                                                                                                                                                                  |   | (97,714       | )          | (77,697 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 1,340         |       | 793 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 8,759,805     |       | 10,760,956 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 11,220,324 |   | $ | 12,988,123 |   |

 

F-11

----

 
|                                                                                                                                                                                                                             |   | **Series 25** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 16,265,562 |   | $ | 17,559,746 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 463,598       |       | 494,183 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 258,716       |       | 187,522 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 523,193       |       | 523,193 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 251,082       |       | 261,330 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 1,323,019     |       | 1,353,754 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 19,085,170 |   | $ | 20,379,728 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 990,704       |       | 718,028 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 2,073,892     |       | 2,083,892 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 3,064,596     |       | 2,801,920 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 3,026,109 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,026,109 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 16,116,208    |       | 17,658,519 |   |
| General partner                                                                                                                                                                                                                  |   | (97,255       | )          | (81,676 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 1,621         |       | 965 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 16,020,574    |       | 17,577,808 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 19,085,170 |   | $ | 20,379,728 |   |

 

F-12

----

 
|                                                                                                                                                                                                                             |   | **Series 26** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 24,785,250 |   | $ | 26,630,528 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 324,565       |       | 335,066 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 571,335       |       | 571,335 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 439,500       |       | 457,439 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 2,227,346     |       | 2,182,444 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 28,347,996 |   | $ | 30,176,812 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | 90         |   | $ | 90 |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 1,566,588     |       | 1,129,008 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 2,197,433     |       | 2,199,426 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 3,764,111     |       | 3,328,524 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 3,995,900 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,995,900 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 24,678,299    |       | 26,920,058 |   |
| General partner                                                                                                                                                                                                                  |   | (94,414       | )          | (71,770 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 24,583,885    |       | 26,848,288 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 28,347,996 |   | $ | 30,176,812 |   |

 

F-13

----

 
|                                                                                                                                                                                                                             |   | **Series 27** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                                   |   | $             | 15,447,161 |   | $ | 15,763,571 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 430,440       |       | 647,352 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 226,453       |       | 219,105 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | —        |       | — |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 366,195       |       | 381,142 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 172,383       |       | 173,250 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,642,632 |   | $ | 17,184,420 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 1,174,903     |       | 959,699 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 156,389       |       | 315,311 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,331,292     |       | 1,275,010 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,460,700 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,460,700 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 15,363,269    |       | 15,955,653 |   |
| General partner                                                                                                                                                                                                                  |   | (53,348       | )          | (47,364 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 1,419         |       | 1,121 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 15,311,340    |       | 15,909,410 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,642,632 |   | $ | 17,184,420 |   |

 

F-14

----

 
|                                                                                                                                                                                                                             |   | **Series 28** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 26,355,147 |   | $ | 27,883,913 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 510,061       |       | 1,117,380 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 431,404       |       | 1,463,320 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 775,000       |       | — |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 80,861        |       | 84,161 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 2,633         |       | 6,074 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 28,155,106 |   | $ | 30,554,848 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | —        |       | — |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 148,783       |       | 744,786 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 148,783       |       | 744,786 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 4,000,738 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,000,738 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 28,067,294    |       | 29,851,361 |   |
| General partner                                                                                                                                                                                                                  |   | (63,713       | )          | (45,692 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 2,742         |       | 4,393 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 28,006,323    |       | 29,810,062 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 28,155,106 |   | $ | 30,554,848 |   |

 

F-15

----

 
|                                                                                                                                                                                                                             |   | **Series 29** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 24,490,660 |   | $ | 26,617,342 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 577,830       |       | 875,595 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 227,525       |       | 311,083 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 20,935        |       | 20,935 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 81,073        |       | 84,385 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 4,622         |       | 573 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 25,402,645 |   | $ | 27,909,913 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 209,815       |       | — |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 304,770       |       | 596,044 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 514,585       |       | 596,044 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 3,991,800 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,991,800 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 24,976,414    |       | 27,373,353 |   |
| General partner                                                                                                                                                                                                                  |   | (89,780       | )          | (65,569 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 1,426         |       | 6,085 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 24,888,060    |       | 27,313,869 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 25,402,645 |   | $ | 27,909,913 |   |

 

F-16

----

 
|                                                                                                                                                                                                                             |   | **Series 30** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 17,826,875 |   | $ | 18,947,341 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 256,324       |       | 735,208 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 159,267       |       | 237,413 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 385,438       |       | 85,438 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 520,298       |       | 541,522 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 258,095       |       | 666,912 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 19,406,297 |   | $ | 21,213,834 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 176           |       | — |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 528,451       |       | 1,034,250 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 528,627       |       | 1,034,250 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,651,000 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,651,000 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 18,914,962    |       | 20,200,230 |   |
| General partner                                                                                                                                                                                                                  |   | (38,290       | )          | (25,307 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 998           |       | 4,661 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 18,877,670    |       | 20,179,584 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 19,406,297 |   | $ | 21,213,834 |   |

 

F-17

----

 
|                                                                                                                                                                                                                             |   | **Series 31** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 27,720,981 |   | $ | 29,919,423 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 680,648       |       | 1,118,740 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 303,367       |       | 489,108 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 655,675       |       | 855,675 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | —        |       | — |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 497,363       |       | 259,997 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 29,858,034 |   | $ | 32,642,943 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 33,120        |       | — |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 1,030,019     |       | 1,350,694 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,063,139     |       | 1,350,694 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 4,417,857 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,417,857 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 28,884,324    |       | 31,349,114 |   |
| General partner                                                                                                                                                                                                                  |   | (91,330       | )          | (66,433 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 1,901         |       | 9,568 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 28,794,895    |       | 31,292,249 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 29,858,034 |   | $ | 32,642,943 |   |

 

F-18

----

 
|                                                                                                                                                                                                                             |   | **Series 32** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 32,959,161 |   | $ | 35,003,481 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 491,354       |       | 1,111,983 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | —        |       | 483,852 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 630,673       |       | 104,000 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 744,760       |       | 764,950 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 607,309       |       | 482,763 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 35,433,257 |   | $ | 37,951,029 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 213,058       |       | 80,152 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 1,074,248     |       | 1,286,333 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,287,306     |       | 1,366,485 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 4,754,198 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,754,198 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 34,210,853    |       | 36,615,677 |   |
| General partner                                                                                                                                                                                                                  |   | (64,902       | )          | (40,611 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | —        |       | 9,478 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 34,145,951    |       | 36,584,544 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 35,433,257 |   | $ | 37,951,029 |   |

 

F-19

----

 
|                                                                                                                                                                                                                             |   | **Series 33** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 18,625,977 |   | $ | 19,646,067 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 724,344       |       | 1,147,109 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | —        |       | 623,376 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 113,575       |       | 113,575 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 668,347       |       | 695,613 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 261,627       |       | 175,148 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 20,393,870 |   | $ | 22,400,888 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | 2,536 |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 219,438       |       | 145,515 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 751,366       |       | 1,557,634 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 970,804       |       | 1,705,685 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,636,533 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,636,533 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 19,454,616    |       | 20,701,961 |   |
| General partner                                                                                                                                                                                                                  |   | (31,550       | )          | (18,951 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | —        |       | 12,193 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 19,423,066    |       | 20,695,203 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 20,393,870 |   | $ | 22,400,888 |   |

 

F-20

----

 
|                                                                                                                                                                                                                             |   | **Series 34** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 23,851,276 |   | $ | 25,611,061 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 382,970       |       | 349,527 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 164,562       |       | 439,562 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 1,062,184     |       | 1,105,542 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 493,688       |       | 513,890 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 25,954,680 |   | $ | 28,019,582 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 303,802       |       | 10,837 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 807,004       |       | 1,051,622 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,110,806     |       | 1,062,459 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 3,529,319 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,529,319 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 24,895,844    |       | 26,987,961 |   |
| General partner                                                                                                                                                                                                                  |   | (51,970       | )          | (30,838 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 24,843,874    |       | 26,957,123 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 25,954,680 |   | $ | 28,019,582 |   |

 

F-21

----

 
|                                                                                                                                                                                                                             |   | **Series 35** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 20,932,858 |   | $ | 22,009,700 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 708,626       |       | 681,948 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 611,447       |       | 1,047,325 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 918,319       |       | 718,318 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 3,010,116     |       | 3,132,994 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 228,480       |       | 768,378 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 26,409,846 |   | $ | 28,358,663 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | 224 |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 76,932        |       | 92 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 1,716,237     |       | 2,520,290 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,793,169     |       | 2,520,606 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 3,300,463 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,300,463 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 24,652,271    |       | 25,851,826 |   |
| General partner                                                                                                                                                                                                                  |   | (35,861       | )          | (23,744 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 267           |       | 9,975 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 24,616,677    |       | 25,838,057 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 26,409,846 |   | $ | 28,358,663 |   |

 

F-22

----

 
|                                                                                                                                                                                                                             |   | **Series 36** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 13,473,738 |   | $ | 14,753,049 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 45,839        |       | 440,801 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 322,784       |       | 539,353 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 2,066,827     |       | 2,146,752 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 407,465       |       | 583,368 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,316,653 |   | $ | 18,463,323 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | 6,669      |   | $ | 4,410 |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 290,825       |       | 130,247 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 680,429       |       | 1,460,200 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 977,923       |       | 1,594,857 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,106,837 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,106,837 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 15,364,006    |       | 16,878,445 |   |
| General partner                                                                                                                                                                                                                  |   | (25,276       | )          | (9,979 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 15,338,730    |       | 16,868,466 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,316,653 |   | $ | 18,463,323 |   |

 

F-23

----

 
|                                                                                                                                                                                                                             |   | **Series 37** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 17,469,596 |   | $ | 18,470,074 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 559,002       |       | 1,357,135 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | —        |       | 581,399 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 1,814,211     |       | 2,812,196 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 2,294,151     |       | 2,372,609 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 345,617       |       | 1,564,777 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 22,482,577 |   | $ | 27,158,190 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | 100,000    |   | $ | 26,871 |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 81,688        |       | 85 |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 2,165,429     |       | 5,838,932 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 2,347,117     |       | 5,865,888 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,512,500 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,512,500 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 20,149,669    |       | 21,290,614 |   |
| General partner                                                                                                                                                                                                                  |   | (14,209       | )          | (3,694 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | —        |       | 5,382 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 20,135,460    |       | 21,292,302 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 22,482,577 |   | $ | 27,158,190 |   |

 

F-24

----

 
|                                                                                                                                                                                                                              |   | **Series 38** |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                              |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                            |   |          |       |   |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                    |   | $             | 17,632,089 |   | $ | 18,847,690 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                      |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                     |   | 644,013       |       | 3,300,784 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                   |   | 502,334       |       | 216,934 |   |
| Notes receivable (note D)                                                                                                                                                                                                         |   | —        |       | 755,920 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                               |   | 2,588,159     |       | 2,655,867 |   |
| Other assets (note E)                                                                                                                                                                                                             |   | 130,369       |       | 160,038 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | $             | 21,496,964 |   | $ | 25,937,233 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                       |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                             |   | $             | —     |   | $ | 2,733 |   |
| Line of credit (note J)                                                                                                                                                                                                           |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                            |   | 69,025        |       | — |   |
| Capital contributions payable (note C)                                                                                                                                                                                            |   | 1,232,066     |       | 4,429,476 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | 1,301,091     |       | 4,432,209 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                   |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                          |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,543,100 at March 31, 2002 and 2001, are issued  and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                         |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,543,100 at March 31,  2002 and 2001, issued and outstanding                                                                  |   | 20,211,572    |       | 21,503,064 |   |
| General partner                                                                                                                                                                                                                   |   | (16,332       | )          | (2,277 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                            |   | 633           |       | 4,237 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | 20,195,873    |       | 21,505,024 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | $             | 21,496,964 |   | $ | 25,937,233 |   |

 

F-25

----

 
|                                                                                                                                                                                                                             |   | **Series 39** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2002**      |       | **2001** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 16,095,151 |   | $ | 16,411,959 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                    |   | 532,334       |       | 5,907,337 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                  |   | 27,025        |       | 1,463,767 |   |
| Notes receivable (note D)                                                                                                                                                                                                        |   | 543,567       |       | 228,455 |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                              |   | 2,390,716     |       | 2,337,478 |   |
| Other assets (note E)                                                                                                                                                                                                            |   | 902,108       |       | 29,308 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 20,490,901 |   | $ | 26,378,304 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                          |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | 28,722 |   |
| Line of credit (note J)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                           |   | 50,845        |       | — |   |
| Capital contributions payable (note C)                                                                                                                                                                                           |   | 2,065,285     |       | 6,821,583 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 2,116,130     |       | 6,850,305 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,292,152 at March 31, 2002 and 2001 are issued and  outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,292,152 at March 31,  2002 and 2001 issued and outstanding                                                                  |   | 18,387,300    |       | 19,516,181 |   |
| General partner                                                                                                                                                                                                                  |   | (12,696       | )          | (1,428 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                           |   | 167           |       | 13,246 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 18,374,771    |       | 19,527,999 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 20,490,901 |   | $ | 26,378,304 |   |

 

F-26

----

 
|                                                                                                                                                                                                                                                        |   | **Series 40** |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                                                        |   | **2002**      |       | **2001** |
| ASSETS                                                                                                                                                                                                                                                      |   |          |       |   |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                                                              |   | $             | 18,540,930 |   | $ | 7,777,666 |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                                                |   |          |       |   |   |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                                                               |   | 795,646       |       | 553,358 |   |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                                                             |   | 1,918,956     |       | — |   |
| Notes receivable (note D)                                                                                                                                                                                                                                   |   | 1,321,601     |       | — |   |
| Deferred acquisition costs (note A)                                                                                                                                                                                                                         |   | 2,812,641     |       | 387,937 |   |
| Other assets (note E)                                                                                                                                                                                                                                       |   | 46,216        |       | 1,916,555 |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
|                                                                                                                                                                                                                                                        |   | $             | 25,435,990 |   | $ | 10,635,516 |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                                                     |   |          |       |   |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                                                 |   |          |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                                       |   | $             | 67,062     |   | $ | 87,037 |   |
| Line of credit (note J)                                                                                                                                                                                                                                     |   | —        |       | 2,125,548 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                                                                      |   | 125,733       |       | 18,020 |   |
| Capital contributions payable (note C)                                                                                                                                                                                                                      |   | 3,449,417     |       | 5,878,926 |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
|                                                                                                                                                                                                                                                        |   | 3,642,212     |       | 8,109,531 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                                                             |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                                                                    |   |          |       |   |   |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,630,256 and 337,600 at March 31, 2002 and 2001,  respectivley, are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                                                   |   |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,630,256 and 337,600  at March 31, 2002 and 2001, respectively, issued and outstanding                                                                  |   | 21,789,671    |       | 2,527,100 |   |
| General partner                                                                                                                                                                                                                                             |   | (7,089        | )          | (1,115 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                                                      |   | 11,196        |       | — |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
|                                                                                                                                                                                                                                                        |   | 21,793,778    |       | 2,525,985 |   |
|                                                                                                                                                                                                                                                        |   |          |       |   |   |
|                                                                                                                                                                                                                                                        |   | $             | 25,435,990 |   | $ | 10,635,516 |   |

 

F-27

----

 
|                                                                                                                                                                                                                    |   | **Series 41** |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                    |   | **2002**      |       |
| ASSETS                                                                                                                                                                                                                  |   |          |       |
|                                                                                                                                                                                                                    |   |          |       |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                          |   | $             | 20,029,680 |   |
|                                                                                                                                                                                                                    |   |          |       |
| OTHER ASSETS                                                                                                                                                                                                            |   |          |       |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                           |   | 8,231,905     |       |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                         |   | 2,409,803     |       |
| Notes receivable (note D)                                                                                                                                                                                               |   | 6,058,498     |       |
| Deferred acquisition costs (note A)                                                                                                                                                                                     |   | 3,186,688     |       |
| Other assets (note E)                                                                                                                                                                                                   |   | 895,834       |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | $             | 40,812,408 |   |
|                                                                                                                                                                                                                    |   |          |       |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                                 |   |          |       |
|                                                                                                                                                                                                                    |   |          |       |
| LIABILITIES                                                                                                                                                                                                             |   |          |       |
| Accounts payable and accrued expenses                                                                                                                                                                                   |   | $             | 105,274    |   |
| Line of credit (note J)                                                                                                                                                                                                 |   | 3,010,000     |       |
| Accounts payable - affiliates (note B)                                                                                                                                                                                  |   | 78,897        |       |
| Capital contributions payable (note C)                                                                                                                                                                                  |   | 12,919,212    |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | 16,113,383    |       |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                         |   |          |       |
| Assignor limited partner                                                                                                                                                                                                |   |          |       |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 2,891,626 at March 31, 2002 are issued and  outstanding to the assignees |   | —        |       |
| Assignees                                                                                                                                                                                                               |   |          |       |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,891,626 at March 31,  2002 issued and outstanding                                                                  |   | 24,703,570    |       |
| General partner                                                                                                                                                                                                         |   | (2,839        | )          |
| Accumulated other comprehensive income                                                                                                                                                                                  |   | (1,706        | )          |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | 24,699,025    |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | $             | 40,812,408 |   |

 

Series 41 and 42 were notformed until after March 31, 2001, therefore no comparative information hasbeen included.

 

F-28

----

 
|                                                                                                                                                                                                                  |   | **Series 42** |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                  |   | **2002**      |      |
| ASSETS                                                                                                                                                                                                                |   |          |      |
|                                                                                                                                                                                                                  |   |          |      |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                        |   | $             | 2,675,537 |   |
|                                                                                                                                                                                                                  |   |          |      |
| OTHER ASSETS                                                                                                                                                                                                          |   |          |      |
| Cash and cash equivalents (notes A, H and  I)                                                                                                                                                                         |   | 1,439,240     |      |
| Investments available-for-sale (notes A and  G)                                                                                                                                                                       |   | —        |      |
| Notes receivable (note D)                                                                                                                                                                                             |   | 1,290,000     |      |
| Deferred acquisition costs (note A)                                                                                                                                                                                   |   | 720,546       |      |
| Other assets (note E)                                                                                                                                                                                                 |   | 2,856,111     |      |
|                                                                                                                                                                                                                  |   |          |      |
|                                                                                                                                                                                                                  |   | $             | 8,981,434 |   |
|                                                                                                                                                                                                                  |   |          |      |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                               |   |          |      |
|                                                                                                                                                                                                                  |   |          |      |
| LIABILITIES                                                                                                                                                                                                           |   |          |      |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $             | 618,460   |   |
| Line of credit (note J)                                                                                                                                                                                               |   | 2,698,074     |      |
| Accounts payable - affiliates (note B)                                                                                                                                                                                |   | 6,034         |      |
| Capital contributions payable (note C)                                                                                                                                                                                |   | 2,075,060     |      |
|                                                                                                                                                                                                                  |   |          |      |
|                                                                                                                                                                                                                  |   | 5,397,628     |      |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                       |   |          |      |
| Assignor limited partner                                                                                                                                                                                              |   |          |      |
| Units of limited partnership interest  consisting of 87,500,000 authorized beneficial assignee certificates (BACs),  $10 stated value per BAC, 457,776 at March 31, 2002 are issued and  outstanding to the assignees |   | —        |      |
| Assignees                                                                                                                                                                                                             |   |          |      |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 457,776 at March 31,  2002 issued and outstanding                                                                  |   | 3,584,909     |      |
| General partner                                                                                                                                                                                                       |   | (1,103        | )         |
| Accumulated other comprehensive income                                                                                                                                                                                |   | —        |      |
|                                                                                                                                                                                                                  |   |          |      |
|                                                                                                                                                                                                                  |   | 3,583,806     |      |
|                                                                                                                                                                                                                  |   |          |      |
|                                                                                                                                                                                                                  |   | $             | 8,981,434 |   |

 

Series 41 and 42 were notformed until after March 31, 2001, therefore no comparative information hasbeen included.

 

See notes to financial statements

 

F-29

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OFOPERATIONS

 
|                                                            |   | **Total**                       |        |
|-----------------------------------------------------------------|--------|---------------------------------|-------------|
|                                                            |   | **Year ended  March 31,  2002** |        | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |        |   |   |   |   |
| Interest income                                                 |   | $                               | 884,348     |   | $ | 2,433,397 |   | $ | 3,072,265 |   |
| Miscellaneous                                                   |   | 42,091                          |        | 45,188 |   | 17,700 |   |
|                                                            |   |                            |        |   |   |   |   |
|                                                            |   | 926,439                         |        | 2,478,585 |   | 3,089,965 |   |
|                                                            |   |                            |        |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (30,093,432                     | )           | (27,258,366 | ) | (22,255,032 | ) |
|                                                            |   |                            |        |   |   |   |   |
| Expenses                                                        |   |                            |        |   |   |   |   |
| Fund management fee (note B)                                    |   | 4,762,222                       |        | 4,759,655 |   | 4,169,227 |   |
| Amortization (note A)                                           |   | 603,339                         |        | 520,593 |   | 505,485 |   |
| General and administrative expenses (note  B)                   |   | 893,561                         |        | 947,534 |   | 1,316,628 |   |
| Professional fees                                               |   | 634,694                         |        | 489,423 |   | 658,192 |   |
| Organization expense (note A)                                   |   | 183,946                         |        | 154,973 |   | 218,756 |   |
|                                                            |   |                            |        |   |   |   |   |
|                                                            |   | 7,077,762                       |        | 6,872,178 |   | 6,868,288 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |        | — |   | 623,193 |   |
|                                                            |   |                            |        |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (36,244,755 | ) | $ | (31,651,959 | ) | $ | (26,656,548 | ) |
|                                                            |   |                            |        |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (362,447    | ) | $ | (316,520 | ) | $ | (266,567 | ) |
|                                                            |   |                            |        |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (35,882,308 | ) | $ | (31,335,439 | ) | $ | (26,389,981 | ) |
|                                                            |   |                            |        |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.54       | ) | $ | (0.52 | ) | $ | (0.47 | ) |

 

Series 39 and 40 were notformed until after March 31, 2000, therefore only two periods of comparativeinformation has been included.  Series41 and 42 were not formed until after March 31, 2001, therefore no comparativeinformation has been included.

 

F-30

----

 
|                                                            |   | **Series 20**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 2,236      |   | $ | 4,185 |   | $ | 9,979 |   |
| Miscellaneous                                                   |   | 5,936                           |       | 4,650 |   | 8,850 |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 8,172                           |       | 8,835 |   | 18,829 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (2,032,664                      | )          | (1,998,506 | ) | (2,039,505 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 299,467                         |       | 320,496 |   | 292,963 |   |
| Amortization (note A)                                           |   | 3,573                           |       | 3,572 |   | 3,572 |   |
| General and administrative expenses (note  B)                   |   | 33,731                          |       | 31,041 |   | 35,244 |   |
| Professional fees                                               |   | 26,567                          |       | 21,601 |   | 38,264 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 363,338                         |       | 376,710 |   | 370,043 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 10,607 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (2,387,830 | ) | $ | (2,366,381 | ) | $ | (2,401,326 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (23,878    | ) | $ | (23,664 | ) | $ | (24,013 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (2,363,952 | ) | $ | (2,342,717 | ) | $ | (2,377,313 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.61      | ) | $ | (0.61 | ) | $ | (0.61 | ) |

 

F-31

----

 
|                                                            |   | **Series 21**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 8,761      |   | $ | 42,540 |   | $ | 55,157 |   |
| Miscellaneous                                                   |   | 4,800                           |       | 150 |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 13,561                          |       | 42,690 |   | 55,157 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (2,720,700                      | )          | (885,755 | ) | (1,224,831 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 218,756                         |       | 202,560 |   | 157,432 |   |
| Amortization (note A)                                           |   | 1,953                           |       | 1,954 |   | 1,954 |   |
| General and administrative expenses (note  B)                   |   | 24,649                          |       | 22,730 |   | 36,616 |   |
| Professional fees                                               |   | 24,159                          |       | 17,091 |   | 27,667 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 269,517                         |       | 244,335 |   | 223,669 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (2,976,656 | ) | $ | (1,087,400 | ) | $ | (1,393,343 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (29,767    | ) | $ | (10,874 | ) | $ | (13,933 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (2,946,889 | ) | $ | (1,076,526 | ) | $ | (1,379,410 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (1.57      | ) | $ | (0.57 | ) | $ | (0.73 | ) |

 

F-32

----

 
|                                                            |   | **Series 22**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 12,263     |   | $ | 24,514 |   | $ | 23,002 |   |
| Miscellaneous                                                   |   | 3,150                           |       | 3,450 |   | 3,900 |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 15,413                          |       | 27,964 |   | 26,902 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,429,401                      | )          | (1,225,393 | ) | (1,211,051 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 215,442                         |       | 233,351 |   | 227,588 |   |
| Amortization (note A)                                           |   | 6,140                           |       | 6,140 |   | 6,140 |   |
| General and administrative expenses (note  B)                   |   | 30,451                          |       | 26,055 |   | 32,553 |   |
| Professional fees                                               |   | 27,361                          |       | 21,676 |   | 35,747 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 279,394                         |       | 287,222 |   | 302,028 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 9,694 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,693,382 | ) | $ | (1,484,651 | ) | $ | (1,495,871 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (16,934    | ) | $ | (14,847 | ) | $ | (14,959 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,676,448 | ) | $ | (1,469,804 | ) | $ | (1,480,912 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.65      | ) | $ | (0.57 | ) | $ | (0.58 | ) |

 

F-33

----

 
|                                                            |   | **Series 23**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 4,117      |   | $ | 8,491 |   | $ | 10,693 |   |
| Miscellaneous                                                   |   | 4,500                           |       | 4,289 |   | 4,800 |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 8,617                           |       | 12,780 |   | 15,493 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited partnerships  (note A)   |   | (1,381,392                      | )          | (1,137,319 | ) | (1,416,388 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 194,492                         |       | 200,200 |   | 197,530 |   |
| Amortization (note A)                                           |   | 9,130                           |       | 7,688 |   | 6,246 |   |
| General and administrative expenses (note  B)                   |   | 32,789                          |       | 28,745 |   | 31,781 |   |
| Professional fees                                               |   | 25,058                          |       | 19,767 |   | 31,272 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 261,469                         |       | 256,400 |   | 266,829 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 16,933 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,634,244 | ) | $ | (1,380,939 | ) | $ | (1,684,657 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (16,342    | ) | $ | (13,809 | ) | $ | (16,847 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,617,902 | ) | $ | (1,367,130 | ) | $ | (1,667,810 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.49      | ) | $ | (0.41 | ) | $ | (0.50 | ) |

 

F-34

----

 
|                                                            |   | **Series 24**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 14,372     |   | $ | 21,739 |   | $ | 19,012 |   |
| Miscellaneous                                                   |   | —                          |       | 5,700 |   | 150 |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 14,372                          |       | 27,439 |   | 19,162 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,716,153                      | )          | (1,528,706 | ) | (1,388,143 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 208,943                         |       | 199,421 |   | 160,446 |   |
| Amortization (note A)                                           |   | 10,205                          |       | 10,205 |   | 10,204 |   |
| General and administrative expenses (note  B)                   |   | 29,367                          |       | 25,943 |   | 30,062 |   |
| Professional fees                                               |   | 51,402                          |       | 40,466 |   | 31,589 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 299,917                         |       | 276,035 |   | 232,301 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 19,470 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (2,001,698 | ) | $ | (1,777,302 | ) | $ | (1,620,752 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (20,017    | ) | $ | (17,773 | ) | $ | (16,208 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,981,681 | ) | $ | (1,759,529 | ) | $ | (1,604,544 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.91      | ) | $ | (0.81 | ) | $ | (0.74 | ) |

 

F-35

----

 
|                                                            |   | **Series 25**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 18,584     |   | $ | 75,561 |   | $ | 50,146 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 18,584                          |       | 75,561 |   | 50,146 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,274,826                      | )          | (1,297,955 | ) | (1,926,540 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 229,126                         |       | 242,146 |   | 203,746 |   |
| Amortization (note A)                                           |   | 15,218                          |       | 15,218 |   | 15,218 |   |
| General and administrative expenses (note  B)                   |   | 32,637                          |       | 29,765 |   | 39,833 |   |
| Professional fees                                               |   | 24,667                          |       | 31,335 |   | 33,444 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 301,648                         |       | 318,464 |   | 292,241 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 18,354 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,557,890 | ) | $ | (1,540,858 | ) | $ | (2,186,989 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (15,579    | ) | $ | (15,409 | ) | $ | (21,870 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,542,311 | ) | $ | (1,525,449 | ) | $ | (2,165,119 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.51      | ) | $ | (0.50 | ) | $ | (0.72 | ) |

 

F-36

----

 
|                                                            |   | **Series 26**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 4,287      |   | $ | 57,264 |   | $ | 55,149 |   |
| Miscellaneous                                                   |   | —                          |       | 11,850 |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 4,287                           |       | 69,114 |   | 55,149 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,829,836                      | )          | (2,038,026 | ) | (1,312,467 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 350,204                         |       | 368,280 |   | 365,001 |   |
| Amortization (note A)                                           |   | 17,939                          |       | 17,650 |   | 17,362 |   |
| General and administrative expenses (note  B)                   |   | 36,237                          |       | 32,559 |   | 48,905 |   |
| Professional fees                                               |   | 34,474                          |       | 32,596 |   | 53,085 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 438,854                         |       | 451,085 |   | 484,353 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 42,595 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (2,264,403 | ) | $ | (2,419,997 | ) | $ | (1,784,266 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (22,644    | ) | $ | (24,200 | ) | $ | (17,843 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (2,241,759 | ) | $ | (2,395,797 | ) | $ | (1,766,423 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.56      | ) | $ | (0.60 | ) | $ | (0.44 | ) |

 

F-37

----

 
|                                                            |   | **Series 27**                   |     |
|-----------------------------------------------------------------|--------|---------------------------------|----------|
|                                                            |   | **Year ended  March 31,  2002** |     | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |     |   |   |   |   |
| Interest income                                                 |   | $                               | 18,493   |   | $ | 76,968 |   | $ | 33,758 |   |
| Miscellaneous                                                   |   | 23,705                          |     | — |   | — |   |
|                                                            |   |                            |     |   |   |   |   |
|                                                            |   | 42,198                          |     | 76,968 |   | 33,758 |   |
|                                                            |   |                            |     |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (293,465                        | )        | (595,643 | ) | (971,679 | ) |
|                                                            |   |                            |     |   |   |   |   |
| Expenses                                                        |   |                            |     |   |   |   |   |
| Fund management fee (note B)                                    |   | 269,712                         |     | 288,374 |   | 289,658 |   |
| Amortization (note A)                                           |   | 15,655                          |     | 15,655 |   | 14,946 |   |
| General and administrative expenses (note  B)                   |   | 28,204                          |     | 23,693 |   | 33,120 |   |
| Professional fees                                               |   | 33,530                          |     | 18,381 |   | 29,568 |   |
| Organization expense (note A)                                   |   | —                          |     | — |   | — |   |
|                                                            |   |                            |     |   |   |   |   |
|                                                            |   | 347,101                         |     | 346,103 |   | 367,292 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |     | — |   | 38,806 |   |
|                                                            |   |                            |     |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (598,368 | ) | $ | (864,778 | ) | $ | (1,344,019 | ) |
|                                                            |   |                            |     |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (5,984   | ) | $ | (8,648 | ) | $ | (13,440 | ) |
|                                                            |   |                            |     |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (592,384 | ) | $ | (856,130 | ) | $ | (1,330,579 | ) |
|                                                            |   |                            |     |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.24    | ) | $ | (0.35 | ) | $ | (0.54 | ) |

 

F-38

----

 
|                                                           |   | **Series 28**                   |       |
|----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                           |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                         |   |                            |       |   |   |   |   |
| Interest income                                                |   | $                               | 63,990     |   | $ | 164,915 |   | $ | 237,326 |   |
| Miscellaneous                                                  |   | —                          |       | — |   | — |   |
|                                                           |   |                            |       |   |   |   |   |
|                                                           |   | 63,990                          |       | 164,915 |   | 237,326 |   |
|                                                           |   |                            |       |   |   |   |   |
| Share of losses from operating limited  artnerships (note A)   |   | (1,503,553                      | )          | (1,714,275 | ) | (1,993,839 | ) |
|                                                           |   |                            |       |   |   |   |   |
| Expenses                                                       |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                   |   | 278,658                         |       | 322,781 |   | 287,734 |   |
| Amortization (note A)                                          |   | 3,300                           |       | 3,300 |   | 3,300 |   |
| General and administrative expenses (note  B)                  |   | 43,906                          |       | 43,289 |   | 98,160 |   |
| Professional fees                                              |   | 36,661                          |       | 32,037 |   | 48,250 |   |
| Organization expense (note A)                                  |   | —                          |       | — |   | — |   |
|                                                           |   |                            |       |   |   |   |   |
|                                                           |   | 362,525                         |       | 401,407 |   | 437,444 |   |
| Cumulative effect of a change in accounting  rinciple (note K) |   | —                          |       | — |   | 55,896 |   |
|                                                           |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                              |   | $                               | (1,802,088 | ) | $ | (1,950,767 | ) | $ | (2,249,853 | ) |
|                                                           |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                          |   | $                               | (18,021    | ) | $ | (19,508 | ) | $ | (22,499 | ) |
|                                                           |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                |   | $                               | (1,784,067 | ) | $ | (1,931,259 | ) | $ | (2,227,354 | ) |
|                                                           |   |                            |       |   |   |   |   |
| Net loss per BAC                                               |   | $                               | (0.45      | ) | $ | (0.48 | ) | $ | (0.56 | ) |

 

F-39

----

 
|                                                            |   | **Series 29**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 44,936     |   | $ | 95,276 |   | $ | 194,496 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 44,936                          |       | 95,276 |   | 194,496 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  artnerships (note A)    |   | (2,116,714                      | )          | (2,074,428 | ) | (2,192,069 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 277,424                         |       | 315,514 |   | 308,972 |   |
| Amortization (note A)                                           |   | 3,312                           |       | 3,277 |   | 3,206 |   |
| General and administrative expenses (note  B)                   |   | 39,496                          |       | 47,198 |   | 93,091 |   |
| Professional fees                                               |   | 29,140                          |       | 24,841 |   | 44,652 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 349,372                         |       | 390,830 |   | 449,921 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 49,448 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (2,421,150 | ) | $ | (2,369,982 | ) | $ | (2,496,942 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (24,211    | ) | $ | (23,700 | ) | $ | (24,969 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (2,396,939 | ) | $ | (2,346,282 | ) | $ | (2,471,973 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.60      | ) | $ | (0.59 | ) | $ | (0.62 | ) |

 

F-40

----

 
|                                                            |   | **Series 30**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 39,414     |   | $ | 184,266 |   | $ | 204,382 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 39,414                          |       | 184,266 |   | 204,382 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,085,876                      | )          | (1,177,274 | ) | (1,074,429 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 142,376                         |       | 187,698 |   | 201,815 |   |
| Amortization (note A)                                           |   | 21,240                          |       | 21,209 |   | 21,139 |   |
| General and administrative expenses (note  B)                   |   | 28,859                          |       | 54,788 |   | 89,532 |   |
| Professional fees                                               |   | 59,314                          |       | 27,130 |   | 42,262 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 251,789                         |       | 290,825 |   | 354,748 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 48,501 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,298,251 | ) | $ | (1,283,833 | ) | $ | (1,273,296 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (12,983    | ) | $ | (12,838 | ) | $ | (12,733 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,285,268 | ) | $ | (1,270,995 | ) | $ | (1,260,563 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.48      | ) | $ | (0.48 | ) | $ | (0.48 | ) |

 

F-41

----

 
|                                                            |   | **Series 31**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 67,579     |   | $ | 127,556 |   | $ | 248,452 |   |
| Miscellaneous                                                   |   | —                          |       | 14,123 |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 67,579                          |       | 141,679 |   | 248,452 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (2,172,471                      | )          | (2,698,823 | ) | (2,795,630 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 309,298                         |       | 336,774 |   | 391,201 |   |
| Amortization (note A)                                           |   | —                          |       | — |   | — |   |
| General and administrative expenses (note  B)                   |   | 40,509                          |       | 57,045 |   | 91,626 |   |
| Professional fees                                               |   | 34,988                          |       | 28,307 |   | 50,173 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 384,795                         |       | 422,126 |   | 533,000 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 51,385 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (2,489,687 | ) | $ | (2,979,270 | ) | $ | (3,131,563 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (24,897    | ) | $ | (29,792 | ) | $ | (31,316 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (2,464,790 | ) | $ | (2,949,478 | ) | $ | (3,100,247 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.56      | ) | $ | (0.67 | ) | $ | (0.70 | ) |

 

F-42

----

 
|                                                            |   | **Series 32**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 46,041     |   | $ | 316,656 |   | $ | 342,051 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 46,041                          |       | 316,656 |   | 342,051 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (2,062,829                      | )          | (2,669,373 | ) | (1,245,350 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 295,155                         |       | 323,500 |   | 323,495 |   |
| Amortization (note A)                                           |   | 36,625                          |       | 36,303 |   | 29,738 |   |
| General and administrative expenses (note  B)                   |   | 48,211                          |       | 77,531 |   | 133,165 |   |
| Professional fees                                               |   | 32,336                          |       | 31,887 |   | 47,667 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 412,327                         |       | 469,221 |   | 534,065 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 50,418 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET INCOME (LOSS) (note A)                                      |   | $                               | (2,429,115 | ) | $ | (2,821,938 | ) | $ | (1,487,782 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) allocated to general  partner                 |   | $                               | (24,291    | ) | $ | (28,219 | ) | $ | (14,878 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) allocated to assignees                        |   | $                               | (2,404,824 | ) | $ | (2,793,719 | ) | $ | (1,472,904 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) per BAC                                       |   | $                               | (0.51      | ) | $ | (0.59 | ) | $ | (0.31 | ) |

 

F-43

----

 
|                                                            |   | **Series 33**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 21,827     |   | $ | 197,659 |   | $ | 312,853 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 21,827                          |       | 197,659 |   | 312,853 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,059,178                      | )          | (1,294,005 | ) | (595,041 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 131,568                         |       | 166,360 |   | 169,331 |   |
| Amortization (note A)                                           |   | 27,266                          |       | 27,066 |   | 26,578 |   |
| General and administrative expenses (note  B)                   |   | 30,020                          |       | 72,226 |   | 107,612 |   |
| Professional fees                                               |   | 33,739                          |       | 22,136 |   | 35,625 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 222,593                         |       | 287,788 |   | 339,146 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 83,770 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET INCOME (LOSS) (note A)                                      |   | $                               | (1,259,944 | ) | $ | (1,384,134 | ) | $ | (705,104 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) allocated to general  partner                 |   | $                               | (12,599    | ) | $ | (13,841 | ) | $ | (7,051 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) allocated to assignees                        |   | $                               | (1,247,345 | ) | $ | (1,370,293 | ) | $ | (698,053 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) per BAC                                       |   | $                               | (0.47      | ) | $ | (0.52 | ) | $ | (0.26 | ) |

 

F-44

----

 
|                                                            |   | **Series 34**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 5,402      |   | $ | 124,513 |   | $ | 385,293 |   |
| Miscellaneous                                                   |   | —                          |       | 976 |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 5,402                           |       | 125,489 |   | 385,293 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,760,695                      | )          | (2,140,987 | ) | (468,712 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 255,289                         |       | 284,285 |   | 281,564 |   |
| Amortization (note A)                                           |   | 43,940                          |       | 44,236 |   | 41,853 |   |
| General and administrative expenses (note  B)                   |   | 40,889                          |       | 56,620 |   | 133,832 |   |
| Professional fees                                               |   | 17,838                          |       | 23,855 |   | 48,073 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 357,956                         |       | 408,996 |   | 505,322 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 110,441 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET INCOME (LOSS) (note A)                                      |   | $                               | (2,113,249 | ) | $ | (2,424,494 | ) | $ | (699,182 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) allocated to general  partner                 |   | $                               | (21,132    | ) | $ | (24,245 | ) | $ | (6,992 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) allocated to assignees                        |   | $                               | (2,092,117 | ) | $ | (2,400,249 | ) | $ | (692,190 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net income (loss) per BAC                                       |   | $                               | (0.59      | ) | $ | (0.68 | ) | $ | (0.20 | ) |

 

F-45

----

 
|                                                            |   | **Series 35**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Year ended  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 81,661     |   | $ | 236,430 |   | $ | 567,711 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 81,661                          |       | 236,430 |   | 567,711 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (875,205                        | )          | (1,875,497 | ) | (194,048 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 226,671                         |       | 215,860 |   | 195,257 |   |
| Amortization (note A)                                           |   | 129,251                         |       | 128,479 |   | 225,179 |   |
| General and administrative expenses (note  B)                   |   | 48,714                          |       | 98,387 |   | 158,694 |   |
| Professional fees                                               |   | 13,492                          |       | 24,245 |   | 39,262 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 418,128                         |       | 466,971 |   | 618,392 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | 16,875 |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,211,672 | ) | $ | (2,106,038 | ) | $ | (261,604 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (12,117    | ) | $ | (21,060 | ) | $ | (2,616 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,199,555 | ) | $ | (2,084,978 | ) | $ | (258,988 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.36      | ) | $ | (0.63 | ) | $ | (0.09 | ) |

 

F-46

----

 
|                                                            |   | **Series 36**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Period  July 1,  1999 (date of  inception)  through  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 9,428      |   | $ | 83,521 |   | $ | 175,394 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 9,428                           |       | 83,521 |   | 175,394 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,268,122                      | )          | (457,746 | ) | (160,352 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 139,721                         |       | 160,756 |   | 83,620 |   |
| Amortization (note A)                                           |   | 88,463                          |       | 86,996 |   | 78,850 |   |
| General and administrative expenses (note  B)                   |   | 31,702                          |       | 37,943 |   | 72,423 |   |
| Professional fees                                               |   | 11,156                          |       | 33,140 |   | 14,970 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | 69,968 |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 271,042                         |       | 318,835 |   | 319,831 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,529,736 | ) | $ | (693,060 | ) | $ | (304,789 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (15,297    | ) | $ | (6,931 | ) | $ | (3,048 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,514,439 | ) | $ | (686,129 | ) | $ | (301,741 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.72      | ) | $ | (0.33 | ) | $ | (0.18 | ) |

 

F-47

----

 
|                                                            |   | **Series 37**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Period  October  4, 1999 (date of  inception)  through  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 11,642     |   | $ | 331,766 |   | $ | 145,974 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 11,642                          |       | 331,766 |   | 145,974 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (750,493                        | )          | (318,507 | ) | (44,958 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 167,806                         |       | 141,045 |   | 26,698 |   |
| Amortization (note A)                                           |   | 94,713                          |       | 91,645 |   | — |   |
| General and administrative expenses (note  B)                   |   | 37,592                          |       | 72,810 |   | 49,399 |   |
| Professional fees                                               |   | 12,498                          |       | 23,622 |   | 6,622 |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | 71,813 |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 312,609                         |       | 329,122 |   | 154,532 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,051,460 | ) | $ | (315,863 | ) | $ | (53,516 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (10,515    | ) | $ | (3,159 | ) | $ | (535 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,040,945 | ) | $ | (312,704 | ) | $ | (52,981 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.41      | ) | $ | (0.12 | ) | $ | (0.03 | ) |

 

F-48

----

 
|                                                            |   | **Series 38**                   |       |
|-----------------------------------------------------------------|--------|---------------------------------|------------|
|                                                            |   | **Year ended  March 31,  2002** |       | **Year ended  March 31,  2001** |   | **Period  February  22, 2000 (date of  inception)  through  March 31,  2000** |   |
| Income                                                          |   |                            |       |   |   |   |   |
| Interest income                                                 |   | $                               | 92,319     |   | $ | 207,525 |   | $ | 1,437 |   |
| Miscellaneous                                                   |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 92,319                          |       | 207,525 |   | 1,437 |   |
|                                                            |   |                            |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (1,230,809                      | )          | (133,908 | ) | — |   |
|                                                            |   |                            |       |   |   |   |   |
| Expenses                                                        |   |                            |       |   |   |   |   |
| Fund management fee (note B)                                    |   | 157,190                         |       | 162,131 |   | 5,176 |   |
| Amortization (note A)                                           |   | 50,939                          |       | — |   | — |   |
| General and administrative expenses (note  B)                   |   | 43,789                          |       | 46,242 |   | 980 |   |
| Professional fees                                               |   | 15,101                          |       | 11,217 |   | — |   |
| Organization expense (note A)                                   |   | —                          |       | — |   | 76,975 |   |
|                                                            |   |                            |       |   |   |   |   |
|                                                            |   | 267,019                         |       | 219,590 |   | 83,131 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —                          |       | — |   | — |   |
|                                                            |   |                            |       |   |   |   |   |
| NET LOSS (note A)                                               |   | $                               | (1,405,509 | ) | $ | (145,973 | ) | $ | (81,694 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to general partner                           |   | $                               | (14,055    | ) | $ | (1,460 | ) | $ | (817 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss allocated to assignees                                 |   | $                               | (1,391,454 | ) | $ | (144,513 | ) | $ | (80,877 | ) |
|                                                            |   |                            |       |   |   |   |   |
| Net loss per BAC                                                |   | $                               | (0.55      | ) | $ | (0.07 | ) | $ | (0.26 | ) |

 

F-49

----

 
|                                                                   |   | **Series 39**       |       |
|------------------------------------------------------------------------|--------|---------------------|------------|
|                                                                   |   | **March 31,  2002** |       | **Period  August 1, 2000  (date of  inception)  through  March 31,  2001** |   |
| Income                                                                 |   |                |       |   |   |
| Interest income                                                        |   | $                   | 116,518    |   | $ | 49,735 |   |
| Miscellaneous                                                          |   | —              |       | — |   |
|                                                                   |   |                |       |   |   |
|                                                                   |   | 116,518             |       | 49,735 |   |
|                                                                   |   |                |       |   |   |
| Share of income (losses) from operating  limited partnerships (note A) |   | (996,269            | )          | 3,760 |   |
|                                                                   |   |                |       |   |   |
| Expenses                                                               |   |                |       |   |   |
| Fund management fee (note B)                                           |   | 136,795             |       | 88,123 |   |
| Amortization (note A)                                                  |   | 24,477              |       | — |   |
| General and administrative expenses (note  B)                          |   | 61,793              |       | 48,374 |   |
| Professional fees                                                      |   | 24,031              |       | 3,564 |   |
| Organization expense (note A)                                          |   | —              |       | 56,271 |   |
|                                                                   |   |                |       |   |   |
|                                                                   |   | 247,096             |       | 196,332 |   |
| Cumulative effect of a change in accounting  principle (note K)        |   | —              |       | — |   |
|                                                                   |   |                |       |   |   |
| NET LOSS (note A)                                                      |   | $                   | (1,126,847 | ) | $ | (142,837 | ) |
|                                                                   |   |                |       |   |   |
| Net loss allocated to general partner                                  |   | $                   | (11,268    | ) | $ | (1,428 | ) |
|                                                                   |   |                |       |   |   |
| Net loss allocated to assignees                                        |   | $                   | (1,115,579 | ) | $ | (141,409 | ) |
|                                                                   |   |                |       |   |   |
| Net loss per BAC                                                       |   | $                   | (0.49      | ) | $ | (0.11 | ) |

 

Series 39 and 40 were notformed until after March 31, 2000, therefore only two periods of comparative information has been included.

 

F-50

----

 
|                                                            |   | **Series 40**       |     |
|-----------------------------------------------------------------|--------|---------------------|----------|
|                                                            |   | **March 31,  2002** |     | **Period  February 1,**

**2001 (date  of  inception)  through  March 31,  2001** |   |
| Income                                                          |   |                |     |   |   |
| Interest income                                                 |   | $                   | 147,345  |   | $ | 2,317 |   |
| Miscellaneous                                                   |   | —              |     | — |   |
|                                                            |   |                |     |   |   |
|                                                            |   | 147,345             |     | 2,317 |   |
|                                                            |   |                |     |   |   |
| Share of losses from operating limited  partnerships (note A)   |   | (438,656            | )        | — |   |
|                                                            |   |                |     |   |   |
| Expenses                                                        |   |                |     |   |   |
| Fund management fee (note B)                                    |   | 167,367             |     | — |   |
| Amortization (note A)                                           |   | —              |     | — |   |
| General and administrative expenses (note  B)                   |   | 81,747              |     | 14,550 |   |
| Professional fees                                               |   | 29,025              |     | 529 |   |
| Organization expense (note A)                                   |   | 27,936              |     | 98,702 |   |
|                                                            |   |                |     |   |   |
|                                                            |   | 306,075             |     | 113,781 |   |
| Cumulative effect of a change in accounting  principle (note K) |   | —              |     | — |   |
|                                                            |   |                |     |   |   |
| NET LOSS (note A)                                               |   | $                   | (597,386 | ) | $ | (111,464 | ) |
|                                                            |   |                |     |   |   |
| Net loss allocated to general partner                           |   | $                   | (5,974   | ) | $ | (1,115 | ) |
|                                                            |   |                |     |   |   |
| Net loss allocated to assignees                                 |   | $                   | (591,412 | ) | $ | (110,349 | ) |
|                                                            |   |                |     |   |   |
| Net loss per BAC                                                |   | $                   | (0.28    | ) | $ | (0.91 | ) |

 

Series 39 and 40 were notformed until after March 31, 2000, therefore only two periods of comparative information has been included.

 

F-51

----

 
|                                                            |   | **Series 41**                                                              |     |
|-----------------------------------------------------------------|--------|----------------------------------------------------------------------------|----------|
|                                                            |   | **Period  August 1, 2001  (date of  inception)  through  March 31,  2002** |     |
| Income                                                          |   |                                                                       |     |
| Interest income                                                 |   | $                                                                          | 52,147   |   |
| Miscellaneous                                                   |   | —                                                                     |     |
|                                                            |   |                                                                       |     |
|                                                            |   | 52,147                                                                     |     |
|                                                            |   |                                                                       |     |
| Share of losses from operating limited  partnerships (note A)   |   | (94,125                                                                    | )        |
|                                                            |   |                                                                       |     |
| Expenses                                                        |   |                                                                       |     |
| Fund management fee (note B)                                    |   | 90,762                                                                     |     |
| Amortization (note A)                                           |   | —                                                                     |     |
| General and administrative expenses (note  B)                   |   | 53,115                                                                     |     |
| Professional fees                                               |   | 20,518                                                                     |     |
| Organization expense (note A)                                   |   | 77,550                                                                     |     |
|                                                            |   |                                                                       |     |
|                                                            |   | 241,945                                                                    |     |
| Cumulative effect of a change in accounting  principle (note K) |   | —                                                                     |     |
|                                                            |   |                                                                       |     |
| NET LOSS (note A)                                               |   | $                                                                          | (283,923 | ) |
|                                                            |   |                                                                       |     |
| Net loss allocated to general partner                           |   | $                                                                          | (2,839   | ) |
|                                                            |   |                                                                       |     |
| Net loss allocated to assignees                                 |   | $                                                                          | (281,084 | ) |
|                                                            |   |                                                                       |     |
| Net loss per BAC                                                |   | $                                                                          | (0.18    | ) |

 

Series 41 and 42 were notformed until after March 31, 2001, therefore no comparative information hasbeen included.

 

F-52

----

 
|                                                            |   | **Series 42**                                                                |     |
|-----------------------------------------------------------------|--------|------------------------------------------------------------------------------|----------|
|                                                            |   | **Period  February 1, 2002  (date of  inception)  through  March 31,  2002** |     |
| Income                                                          |   |                                                                         |     |
| Interest income                                                 |   | $                                                                            | 986      |   |
| Miscellaneous                                                   |   | —                                                                       |     |
|                                                            |   |                                                                         |     |
|                                                            |   | 986                                                                          |     |
|                                                            |   |                                                                         |     |
| Share of losses from operating limited  partnerships (note A)   |   | —                                                                       |     |
|                                                            |   |                                                                         |     |
| Expenses                                                        |   |                                                                         |     |
| Fund management fee (note B)                                    |   | —                                                                       |     |
| Amortization (note A)                                           |   | —                                                                       |     |
| General and administrative expenses (note  B)                   |   | 15,154                                                                       |     |
| Professional fees                                               |   | 17,639                                                                       |     |
| Organization expense (note A)                                   |   | 78,460                                                                       |     |
|                                                            |   |                                                                         |     |
|                                                            |   | 111,253                                                                      |     |
| Cumulative effect of a change in accounting  principle (note K) |   | —                                                                       |     |
|                                                            |   |                                                                         |     |
| NET LOSS (note A)                                               |   | $                                                                            | (110,267 | ) |
|                                                            |   |                                                                         |     |
| Net loss allocated to general partner                           |   | $                                                                            | (1,103   | ) |
|                                                            |   |                                                                         |     |
| Net loss allocated to assignees                                 |   | $                                                                            | (109,164 | ) |
|                                                            |   |                                                                         |     |
| Net loss per BAC                                                |   | $                                                                            | (0.58    | ) |

 

Series 41 and 42 were notformed until after March 31, 2001, therefore no comparative information hasbeen included.

 

See notes to financial statements

 

F-53

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF CHANGES IN PARTNERS’ CAPITAL

 

Yearsended March 31, 2002, 2001 and 2000

 
| **Total**                                               |   | **Assignees** |        | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |        | **Total**   |        |
|---------------------------------------------------------|--------|---------------|-------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|-------------|-------------|-------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 377,341,887 |                 | $      | (501,370                                      | )      | $                         | 226,994     |        |        |   | $ | 377,067,511 |   |
| Capital contributions                                   |   | 76,619,000    |        | —               |   | —                                        |   |                      |        | 76,619,000  |        |
| Selling commissions and registration costs              |   | (11,307,246   | )           | —               |   | —                                        |   |                      |        | (11,307,246 | )           |
| Distributions                                           |   | (238,040      | )           | —               |   | —                                        |   |                      |        | (238,040    | )           |
| Comprehensive income (loss)                             |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Net income (loss)                                       |   | (26,389,981   | )           | (266,567             | )      | —                                        |   | $                         | (26,656,548 | )           | (26,656,548 | ) |
| Other comprehensive income (loss)                       |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Unrealized gain (loss) on securities available-for-sale |   | —        |        | —               |   | 603,521                                       |   | 603,521                   |        | 603,521     |        |
|                                                    |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Total comprehensive income (loss)                       |   |          |        |                 |   |                                          |   | $                         | (26,053,027 | )           |        |   |
|                                                    |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Partners’ capital (deficit), March 31, 2000        |   | 416,025,620   |        | (767,937             | )      | 830,515                                       |   |                      |        | 416,088,198 |        |
| Capital contributions                                   |   | 47,265,000    |        | —               |   | —                                        |   |                      |        | 47,265,000  |        |
| Selling commissions and registration costs              |   | (6,852,583    | )           | —               |   | —                                        |   |                      |        | (6,852,583  | )           |
| Distributions                                           |   | —        |        | —               |   | —                                        |   |                      |        | —      |        |
| Comprehensive income (loss)                             |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Net income (loss)                                       |   | (31,335,439   | )           | (316,520             | )      | —                                        |   | $                         | (31,651,959 | )           | (31,651,959 | ) |
| Other comprehensive income (loss)                       |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Unrealized gain (loss) on securities available-for-sale |   | —        |        | —               |   | (746,571                                      | )      | (746,571                  | )           | (746,571    | )           |
|                                                    |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Total comprehensive income (loss)                       |   |          |        |                 |   |                                          |   | $                         | (32,398,530 | )           |        |   |
|                                                    |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Partners’ capital (deficit), March 31, 2001        |   | 425,102,598   |        | (1,084,457           | )      | 83,944                                        |   |                      |        | 424,102,085 |        |
| Capital contributions                                   |   | 56,387,270    |        | —               |   | —                                        |   |                      |        | 56,387,270  |        |
|                                                    |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Selling commissions and registration costs              |   | (7,867,900    | )           | —               |   | —                                        |   |                      |        | (7,867,900  | )           |
| Distributions                                           |   | —        |        | —               |   | —                                        |   |                      |        | —      |        |
| Comprehensive income (loss)                             |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Net income (loss)                                       |   | (35,882,308   | )           | (362,447             | )      | —                                        |   | $                         | (36,244,755 | )           | (36,244,755 | ) |
| Other comprehensive income (loss)                       |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Unrealized gain (loss) on securities available-for-sale |   | —        |        | —               |   | (60,787                                       | )      | (60,787                   | )           | (60,787     | )           |
|                                                    |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Total comprehensive income (loss)                       |   |          |        |                 |   |                                          |   | $                         | (36,305,542 | )           |        |   |
|                                                    |   |          |        |                 |   |                                          |   |                      |        |        |        |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 437,739,660 |                 | $      | (1,446,904                                    | )      | $                         | 23,157      |        |        |   | $ | 436,315,913 |   |

 

Series 39 and 40 were not formed until afterMarch 31, 2000, therefore only two periods of comparative information has beenincluded.  Series 41 and 42 were notformed until after March 31, 2001, therefore no comparative information hasbeen included.

 

F-54

----

 
| **Series 20**                                           |   | **Assignees** |       | **General partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|---------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 20,284,905 |                | $      | (129,006                                      | )      | $                         | —     |       |       |   | $ | 20,155,899 |   |
| Capital contributions                                   |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,377,313    | )          | (24,013             | )      | —                                        |   | $                         | (2,401,326 | )          | (2,401,326 | ) |
| Other comprehensive income (loss)                       |   |          |       |                |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —              |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                |   |                                          |   | $                         | (2,401,326 | )     |       |   |
|                                                    |   |          |       |                |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 17,907,592    |       | (153,019            | )      | —                                        |   |                      |       | 17,754,573 |       |
| Capital contributions                                   |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,342,717    | )          | (23,664             | )      | —                                        |   | $                         | (2,366,381 | )          | (2,366,381 | ) |
| Other comprehensive income (loss)                       |   |          |       |                |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —              |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                |   |                                          |   | $                         | (2,366,381 | )          |       |   |
|                                                    |   |          |       |                |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 15,564,875    |       | (176,683            | )      | —                                        |   |                      |       | 15,388,192 |       |
| Capital contributions                                   |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —              |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,363,952    | )          | (23,878             | )      | —                                        |   | $                         | (2,387,830 | )          | (2,387,830 | ) |
| Other comprehensive income (loss)                       |   |          |       |                |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —              |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                |   |                                          |   | $                         | (2,387,830 | )          |       |   |
|                                                    |   |          |       |                |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 13,200,923 |                | $      | (200,561                                      | )      | $                         | —     |       |       |   | $ | 13,000,362 |   |

 

F-55

----

 
| **Series 21**                                           |   | **Assignees** |      | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total** |       |
|---------------------------------------------------------|--------|---------------|-----------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|-----------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 8,667,497 |                 | $      | (76,038                                       | )      | $                         | 5,498      |      |       |   | $ | 8,596,957 |   |
| Capital contributions                                   |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Selling commissions and registration costs              |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Distributions                                           |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Comprehensive income (loss)                             |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Net income (loss)                                       |   | (1,379,410    | )         | (13,933              | )      | —                                        |   | $                         | (1,393,343 | )         | (1,393,343 | ) |
| Other comprehensive income (loss)                       |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |      | —               |   | 12,966                                        |   | 12,966                    |       | 12,966    |       |
|                                                    |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Total comprehensive income (loss)                       |   |          |      |                 |   |                                          |   | $                         | (1,380,377 | )         |       |   |
|                                                    |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Partners’ capital (deficit), March 31, 2000        |   | 7,288,087     |      | (89,971              | )      | 18,464                                        |   |                      |       | 7,216,580 |       |
| Capital contributions                                   |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Selling commissions and registration costs              |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Distributions                                           |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Comprehensive income (loss)                             |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Net income (loss)                                       |   | (1,076,526    | )         | (10,874              | )      | —                                        |   | $                         | (1,087,400 | )         | (1,087,400 | ) |
| Other comprehensive income (loss)                       |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |      | —               |   | (17,268                                       | )      | (17,268                   | )          | (17,268   | )          |
|                                                    |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Total comprehensive income (loss)                       |   |          |      |                 |   |                                          |   | $                         | (1,104,668 | )         |       |   |
|                                                    |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Partners’ capital (deficit), March 31, 2001        |   | 6,211,561     |      | (100,845             | )      | 1,196                                         |   |                      |       | 6,111,912 |       |
| Capital contributions                                   |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Selling commissions and registration costs              |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Distributions                                           |   | —        |      | —               |   | —                                        |   |                      |       | —    |       |
| Comprehensive income (loss)                             |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Net income (loss)                                       |   | (2,946,889    | )         | (29,767              | )      | —                                        |   | $                         | (2,976,656 | )         | (2,976,656 | ) |
| Other comprehensive income (loss)                       |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |      | —               |   | (1,139                                        | )      | (1,139                    | )          | (1,139    | )          |
|                                                    |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Total comprehensive income (loss)                       |   |          |      |                 |   |                                          |   | $                         | (2,977,795 | )         |       |   |
|                                                    |   |          |      |                 |   |                                          |   |                      |       |      |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 3,264,672 |                 | $      | (130,612                                      | )      | $                         | 57         |      |       |   | $ | 3,134,117 |   |

 

F-56

----

 
| **Series 22**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 15,084,797 |                 | $      | (68,922                                       | )      | $                         | 1,925      |       |       |   | $ | 15,017,800 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,480,912    | )          | (14,959              | )      | —                                        |   | $                         | (1,495,871 | )          | (1,495,871 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 7,851                                         |   | 7,851                     |       | 7,851      |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,488,020 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 13,603,885    |       | (83,881              | )      | 9,776                                         |   |                      |       | 13,529,780 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,469,804    | )          | (14,847              | )      | —                                        |   | $                         | (1,484,651 | )          | (1,484,651 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (9,125                                        | )      | (9,125                    | )          | (9,125     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,493,776 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 12,134,081    |       | (98,728              | )      | 651                                           |   |                      |       | 12,036,004 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,676,448    | )          | (16,934              | )      | —                                        |   | $                         | (1,693,382 | )          | (1,693,382 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 445                                           |   | 445                       |       | 445        |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,692,937 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 10,457,633 |                 | $      | (115,662                                      | )      | $                         | 1,096      |       |       |   | $ | 10,343,067 |   |

 

F-57

----

 
| **Series 23**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 22,208,044 |                 | $      | (63,400                                       | )      | $                         | —     |       |       |   | $ | 22,144,644 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,667,810    | )          | (16,847              | )      | —                                        |   | $                         | (1,684,657 | )          | (1,684,657 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,684,657 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 20,540,234    |       | (80,247              | )      | —                                        |   |                      |       | 20,459,987 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,367,130    | )          | (13,809              | )      | —                                        |   | $                         | (1,380,939 | )          | (1,380,939 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,380,939 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 19,173,104    |       | (94,056              | )      | —                                        |   |                      |       | 19,079,048 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,617,902    | )          | (16,342              | )      | —                                        |   | $                         | (1,634,244 | )          | (1,634,244 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,634,244 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 17,555,202 |                 | $      | (110,398                                      | )      | $                         | —     |       |       |   | $ | 17,444,804 |   |

 

F-58

----

 
| **Series 24**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 14,201,933 |                 | $      | (43,716                                       | )      | $                         | 1,329      |       |       |   | $ | 14,159,546 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,604,544    | )          | (16,208              | )      | —                                        |   | $                         | (1,620,752 | )          | (1,620,752 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 6,963                                         |   | 6,963                     |       | 6,963      |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,613,789 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 12,597,389    |       | (59,924              | )      | 8,292                                         |   |                      |       | 12,545,757 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,759,529    | )          | (17,773              | )      | —                                        |   | $                         | (1,777,302 | )          | (1,777,302 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (7,499                                        | )      | (7,499                    | )          | (7,499     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,784,801 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 10,837,860    |       | (77,697              | )      | 793                                           |   |                      |       | 10,760,956 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,981,681    | )          | (20,017              | )      | —                                        |   | $                         | (2,001,698 | )          | (2,001,698 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 547                                           |   | 547                       |       | 547        |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,001,151 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 8,856,179  |                 | $      | (97,714                                       | )      | $                         | 1,340      |       |       |   | $ | 8,759,805 |   |

 

F-59

----

 
| **Series 25**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 21,349,087 |                 | $      | (44,397                                       | )      | $                         | 3,826      |       |       |   | $ | 21,308,516 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,165,119    | )          | (21,870              | )      | —                                        |   | $                         | (2,186,989 | )          | (2,186,989 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 15,171                                        |   | 15,171                    |       | 15,171     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,171,818 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 19,183,968    |       | (66,267              | )      | 18,997                                        |   |                      |       | 19,136,698 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,525,449    | )          | (15,409              | )      | —                                        |   | $                         | (1,540,858 | )          | (1,540,858 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (18,032                                       | )      | (18,032                   | )          | (18,032    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,558,890 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 17,658,519    |       | (81,676              | )      | 965                                           |   |                      |       | 17,577,808 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,542,311    | )          | (15,579              | )      | —                                        |   | $                         | (1,557,890 | )          | (1,557,890 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 656                                           |   | 656                       |       | 656        |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,557,234 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 16,116,208 |                 | $      | (97,255                                       | )      | $                         | 1,621      |       |       |   | $ | 16,020,574 |   |

 

F-60

----

 
| **Series 26**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 31,085,523 |                 | $      | (29,727                                       | )      | $                         | 6,526      |       |       |   | $ | 31,062,322 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (3,245        | )          | —               |   | —                                        |   |                      |       | (3,245     | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,766,423    | )          | (17,843              | )      | —                                        |   | $                         | (1,784,266 | )          | (1,784,266 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 518                                           |   | 518                       |       | 518        |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,783,748 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 29,315,855    |       | (47,570              | )      | 7,044                                         |   |                      |       | 29,275,329 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,395,797    | )          | (24,200              | )      | —                                        |   | $                         | (2,419,997 | )          | (2,419,997 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (7,044                                        | )      | (7,044                    | )          | (7,044     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,427,041 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 26,920,058    |       | (71,770              | )      | —                                        |   |                      |       | 26,848,288 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,241,759    | )          | (22,644              | )      | —                                        |   | $                         | (2,264,403 | )          | (2,264,403 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,264,403 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 24,678,299 |                 | $      | (94,414                                       | )      | $                         | —     |       |       |   | $ | 24,583,885 |   |

 

F-61

----

 
| **Series 27**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 18,142,362 |                 | $      | (25,276                                       | )      | $                         | 1,683      |       |       |   | $ | 18,118,769 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,330,579    | )          | (13,440              | )      | —                                        |   | $                         | (1,344,019 | )          | (1,344,019 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 16,142                                        |   | 16,142                    |       | 16,142     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,327,877 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 16,811,783    |       | (38,716              | )      | 17,825                                        |   |                      |       | 16,790,892 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (856,130      | )          | (8,648               | )      | —                                        |   | $                         | (864,778   | )          | (864,778   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (16,704                                       | )      | (16,704                   | )          | (16,704    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (881,482   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 15,955,653    |       | (47,364              | )      | 1,121                                         |   |                      |       | 15,909,410 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (592,384      | )          | (5,984               | )      | —                                        |   | $                         | (598,368   | )          | (598,368   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 298                                           |   | 298                       |       | 298        |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (598,070   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 15,363,269 |                 | $      | (53,348                                       | )      | $                         | 1,419      |       |       |   | $ | 15,311,340 |   |

 

F-62

----

 
| **Series 28**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other comprehensive income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|---------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 34,013,990 |                 | $      | (3,685                                      | )      | $                         | 30,722     |       |       |   | $ | 34,041,027 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (4,016        | )          | —               |   | —                                      |   |                      |       | (4,016     | )          |
| Distributions                                           |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,227,354    | )          | (22,499              | )      | —                                      |   | $                         | (2,249,853 | )          | (2,249,853 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 32,788                                      |   | 32,788                    |       | 32,788     |       |
|                                                    |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                        |   | $                         | (2,217,065 | )          |       |   |
|                                                    |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 31,782,620    |       | (26,184              | )      | 63,510                                      |   |                      |       | 31,819,946 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,931,259    | )          | (19,508              | )      | —                                      |   | $                         | (1,950,767 | )          | (1,950,767 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (59,117                                     | )      | (59,117                   | )          | (59,117    | )          |
|                                                    |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                        |   | $                         | (2,009,884 | )          |       |   |
|                                                    |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 29,851,361    |       | (45,692              | )      | 4,393                                       |   |                      |       | 29,810,062 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                      |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,784,067    | )          | (18,021              | )      | —                                      |   | $                         | (1,802,088 | )          | (1,802,088 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (1,651                                      | )      | (1,651                    | )          | (1,651     | )          |
|                                                    |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                        |   | $                         | (1,803,739 | )          |       |   |
|                                                    |   |          |       |                 |   |                                        |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 28,067,294 |                 | $      | (63,713                                     | )      | $                         | 2,742      |       |       |   | $ | 28,006,323 |   |

 

F-63

----

 
| **Series 29**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 32,431,904 |                 | $      | (16,900                                       | )      | $                         | 26,243     |       |       |   | $ | 32,441,247 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (2,256        | )          | —               |   | —                                        |   |                      |       | (2,256     | )          |
| Distributions                                           |   | (238,040      | )          | —               |   | —                                        |   |                      |       | (238,040   | )          |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,471,973    | )          | (24,969              | )      | —                                        |   | $                         | (2,496,942 | )          | (2,496,942 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 7,715                                         |   | 7,715                     |       | 7,715      |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,489,227 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 29,719,635    |       | (41,869              | )      | 33,958                                        |   |                      |       | 29,711,724 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,346,282    | )          | (23,700              | )      | —                                        |   | $                         | (2,369,982 | )          | (2,369,982 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (27,873                                       | )      | (27,873                   | )          | (27,873    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,397,855 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 27,373,353    |       | (65,569              | )      | 6,085                                         |   |                      |       | 27,313,869 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,396,939    | )          | (24,211              | )      | —                                        |   | $                         | (2,421,150 | )          | (2,421,150 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (4,659                                        | )      | (4,659                    | )          | (4,659     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,425,809 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 24,976,414 |                 | $      | (89,780                                       | )      | $                         | 1,426      |       |       |   | $ | 24,888,060 |   |

 

F-64

----

 
| **Series 30**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 22,733,909 |                 | $      | 264                                           |   | $                         | 24,870     |       |       |   | $ | 22,759,043 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (2,121        | )          | —               |   | —                                        |   |                      |       | (2,121     | )     |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,260,563    | )          | (12,733              | )      | —                                        |   | $                         | (1,273,296 | )          | (1,273,296 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 38,360                                        |   | 38,360                    |       | 38,360     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,234,936 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 21,471,225    |       | (12,469              | )      | 63,230                                        |   |                      |       | 21,521,986 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,270,995    | )          | (12,838              | )      | —                                        |   | $                         | (1,283,833 | )          | (1,283,833 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (58,569                                       | )      | (58,569                   | )          | (58,569    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,342,402 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 20,200,230    |       | (25,307              | )      | 4,661                                         |   |                      |       | 20,179,584 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,285,268    | )          | (12,983              | )      | —                                        |   | $                         | (1,298,251 | )          | (1,298,251 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (3,663                                        | )      | (3,663                    | )          | (3,663     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,301,914 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 18,914,962 |                 | $      | (38,290                                       | )      | $                         | 998        |       |       |   | $ | 18,877,670 |   |

 

F-65

----

 
| **Series 31**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 37,405,408 |                 | $      | (5,325                                        | )      | $                         | 18,138     |       |       |   | $ | 37,418,221 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (6,569        | )          | —               |   | —                                        |   |                      |       | (6,569     | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (3,100,247    | )          | (31,316              | )      | —                                        |   | $                         | (3,131,563 | )          | (3,131,563 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 52,269                                        |   | 52,269                    |       | 52,269     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (3,079,294 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 34,298,592    |       | (36,641              | )      | 70,407                                        |   |                      |       | 34,332,358 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,949,478    | )          | (29,792              | )      | —                                        |   | $                         | (2,979,270 | )          | (2,979,270 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (60,839                                       | )      | (60,839                   | )          | (60,839    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (3,040,109 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 31,349,114    |       | (66,433              | )      | 9,568                                         |   |                      |       | 31,292,249 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,464,790    | )          | (24,897              | )      | —                                        |   | $                         | (2,489,687 | )          | (2,489,687 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (7,667                                        | )      | (7,667                    | )          | (7,667     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,497,354 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 28,884,324 |                 | $      | (91,330                                       | )      | $                         | 1,901      |       |       |   | $ | 28,794,895 |   |

 

F-66

----

 
| **Series 32**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 40,911,216 |                 | $      | 2,486                                         |   | $                         | 36,054     |       |       |   | $ | 40,949,756 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (28,916       | )          | —               |   | —                                        |   |                      |       | (28,916    | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,472,904    | )          | (14,878              | )      | —                                        |   | $                         | (1,487,782 | )          | (1,487,782 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 44,282                                        |   | 44,282                    |       | 44,282     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,443,500 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 39,409,396    |       | (12,392              | )      | 80,336                                        |   |                      |       | 39,477,340 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,793,719    | )          | (28,219              | )      | —                                        |   | $                         | (2,821,938 | )          | (2,821,938 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (70,858                                       | )      | (70,858                   | )          | (70,858    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,892,796 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 36,615,677    |       | (40,611              | )      | 9,478                                         |   |                      |       | 36,584,544 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,404,824    | )          | (24,291              | )      | —                                        |   | $                         | (2,429,115 | )          | (2,429,115 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (9,478                                        | )      | (9,478                    | )          | (9,478     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,438,593 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 34,210,853 |                 | $      | (64,902                                       | )      | $                         | —     |       |       |   | $ | 34,145,951 |   |

 

F-67

----

 
| **Series 33**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 22,776,691 |                 | $      | 1,941                                         |   | $                         | 35,318     |       |       |   | $ | 22,813,950 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (6,384        | )          | —               |   | —                                        |   |                      |       | (6,384     | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (698,053      | )          | (7,051               | )      | —                                        |   | $                         | (705,104   | )          | (705,104   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 54,071                                        |   | 54,071                    |       | 54,071     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (651,033   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 22,072,254    |       | (5,110               | )      | 89,389                                        |   |                      |       | 22,156,533 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,370,293    | )          | (13,841              | )      | —                                        |   | $                         | (1,384,134 | )          | (1,384,134 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (77,196                                       | )      | (77,196                   | )          | (77,196    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,461,330 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 20,701,961    |       | (18,951              | )      | 12,193                                        |   |                      |       | 20,695,203 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,247,345    | )          | (12,599              | )      | —                                        |   | $                         | (1,259,944 | )          | (1,259,944 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (12,193                                       | )      | (12,193                   | )          | (12,193    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,272,137 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 19,454,616 |                 | $      | (31,550                                       | )      | $                         | —     |       |       |   | $ | 19,423,066 |   |

 

F-68

----

 
| **Series 34**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 30,136,760 |                 | $      | 399                                           |   | $                         | 33,283     |       |       |   | $ | 30,170,442 |   |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (56,360       | )          | —               |   | —                                        |   |                      |       | (56,360    | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (692,190      | )          | (6,992               | )      | —                                        |   | $                         | (699,182   | )          | (699,182   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 62,069                                        |   | 62,069                    |       | 62,069     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (637,113   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 29,388,210    |       | (6,593               | )      | 95,352                                        |   |                      |       | 29,476,969 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,400,249    | )          | (24,245              | )      | —                                        |   | $                         | (2,424,494 | )          | (2,424,494 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (95,352                                       | )      | (95,352                   | )          | (95,352    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,519,846 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 26,987,961    |       | (30,838              | )      | —                                        |   |                      |       | 26,957,123 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,092,117    | )          | (21,132              | )      | —                                        |   | $                         | (2,113,249 | )          | (2,113,249 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,113,249 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 24,895,844 |                 | $      | (51,970                                       | )      | $                         | —     |       |       |   | $ | 24,843,874 |   |

 

F-69

----

 
| **Series 35**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | 5,907,861  |                 | $      | (68                                           | )      | $                         | 1,579      |       |       |   | $ | 5,909,372 |   |
| Capital contributions                                   |   | 25,962,625    |       | —               |   | —                                        |   |                      |       | 25,962,625 |       |
| Selling commissions and registration costs              |   | (3,674,194    | )          | —               |   | —                                        |   |                      |       | (3,674,194 | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (258,988      | )          | (2,616               | )      | —                                        |   | $                         | (261,604   | )          | (261,604   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 75,193                                        |   | 75,193                    |       | 75,193     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (186,411   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 27,937,304    |       | (2,684               | )      | 76,772                                        |   |                      |       | 28,011,392 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (500          | )          | —               |   | —                                        |   |                      |       | (500       | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (2,084,978    | )          | (21,060              | )      | —                                        |   | $                         | (2,106,038 | )          | (2,106,038 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (66,797                                       | )      | (66,797                   | )          | (66,797    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (2,172,835 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 25,851,826    |       | (23,744              | )      | 9,975                                         |   |                      |       | 25,838,057 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,199,555    | )          | (12,117              | )      | —                                        |   | $                         | (1,211,672 | )          | (1,211,672 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (9,708                                        | )      | (9,708                    | )          | (9,708     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,221,380 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 24,652,271 |                 | $      | (35,861                                       | )      | $                         | 267        |       |       |   | $ | 24,616,677 |   |

 

F-70

----

 

Years ended March 31, 2002 and 2001 and for the period July 1, 1999(date of inception) through March 31, 2000

 
| **Series 36**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | —     |                 | $      | —                                        |   | $                         | —     |       |       |   | $ | — |   |
| Capital contributions                                   |   | 21,068,375    |       | —               |   | —                                        |   |                      |       | 21,068,375 |       |
| Selling commissions and registration costs              |   | (3,196,890    | )          | —               |   | —                                        |   |                      |       | (3,196,890 | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (301,741      | )          | (3,048               | )      | —                                        |   | $                         | (304,789   | )          | (304,789   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 53,275                                        |   | 53,275                    |       | 53,275     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (251,514   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 17,569,744    |       | (3,048               | )      | 53,275                                        |   |                      |       | 17,619,971 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (5,170        | )          | —               |   | —                                        |   |                      |       | (5,170     | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (686,129      | )          | (6,931               | )      | —                                        |   | $                         | (693,060   | )          | (693,060   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (53,275                                       | )      | (53,275                   | )          | (53,275    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (746,335   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 16,878,445    |       | (9,979               | )      | —                                        |   |                      |       | 16,868,466 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,514,439    | )          | (15,297              | )      | —                                        |   | $                         | (1,529,736 | )          | (1,529,736 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                    |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,529,736 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 15,364,006 |                 | $      | (25,276                                       | )      | $                         | —     |       |       |   | $ | 15,338,730 |   |

 

F-71

----

 

Years ended March 31, 2002 and 2001 and for the period October 4, 1999(date of inception) through March 31, 2000

 
| **Series 37**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|---------------------------|------------|------------|------------|
| Partners’ capital (deficit), March 31, 1999        |   | $             | —     |                 | $      | —                                        |   | $                         | —     |       |       |   | $ | — |   |
| Capital contributions                                   |   | 25,125,000    |       | —               |   | —                                        |   |                      |       | 25,125,000 |       |
| Selling commissions and registration costs              |   | (3,449,825    | )          | —               |   | —                                        |   |                      |       | (3,449,825 | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (52,981       | )          | (535                 | )      | —                                        |   | $                         | (53,516    | )          | (53,516    | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 123,888                                       |   | 123,888                   |       | 123,888    |       |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | 70,372     |       |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 21,622,194    |       | (535                 | )      | 123,888                                       |   |                      |       | 21,745,547 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (18,876       | )          | —               |   | —                                        |   |                      |       | (18,876    | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (312,704      | )          | (3,159               | )      | —                                        |   | $                         | (315,863   | )          | (315,863   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (118,506                                      | )      | (118,506                  | )          | (118,506   | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (434,369   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 21,290,614    |       | (3,694               | )      | 5,382                                         |   |                      |       | 21,292,302 |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Selling commissions and registration costs              |   | (100,000      | )          | —               |   | —                                        |   |                      |       | (100,000   | )          |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                      |       | —     |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Net income (loss)                                       |   | (1,040,945    | )          | (10,515              | )      | —                                        |   | $                         | (1,051,460 | )          | (1,051,460 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (5,382                                        | )      | (5,382                    | )          | (5,382     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                         | (1,056,842 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                      |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 20,149,669 |                 | $      | (14,209                                       | )      | $                         | —     |       |       |   | $ | 20,135,460 |   |

 

F-72

----

 

Years ended March 31, 2002 and 2001 and for the period February 22,2000 (date of inception) through March 31, 2000

 
| **Series 38**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive    income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|-----------------------------|------------|------------|------------|
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Partners’ capital (deficit), March 31, 1999        |   | $             | —     |                 | $      | —                                        |   | $                           | —     |       |       |   | $ | — |   |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Capital contributions                                   |   | 4,463,000     |       | —               |   | —                                        |   |                        |       | 4,463,000  |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Selling commissions and registration costs              |   | (876,470      | )          | —               |   | —                                        |   |                        |       | (876,470   | )          |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                        |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Net income (loss)                                       |   | (80,877       | )          | (817                 | )      | —                                        |   | $                           | (81,694    | )          | (81,694    | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                      |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                        | $          | (81,694    | )          |   |   |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | 3,505,653     |       | (817                 | )      | —                                        |   |                        |       | 3,504,836  |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Capital contributions                                   |   | 20,968,000    |       | —               |   | —                                        |   |                        |       | 20,968,000 |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Selling commissions and registration costs              |   | (2,826,076    | )          | —               |   | —                                        |   |                        |       | (2,826,076 | )          |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                        |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Net income (loss)                                       |   | (144,513      | )          | (1,460               | )      | —                                        |   | $                           | (145,973   | )          | (145,973   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 4,237                                         |   | 4,237                       |       | 4,237      |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                           | (141,736   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 21,503,064    |       | (2,277               | )      | 4,237                                         |   |                        |       | 21,505,024 |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                        |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Selling commissions and registration costs              |   | 99,962        |       | —               |   | —                                        |   |                        |       | 99,962     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                        |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Net income (loss)                                       |   | (1,391,454    | )          | (14,055              | )      | —                                        |   | $                           | (1,405,509 | )          | (1,405,509 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (3,604                                        | )      | (3,604                      | )          | (3,604     | )          |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                           | (1,409,113 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 20,211,572 |                 | $      | (16,332                                       | )      | $                           | 633        |       |       |   | $ | 20,195,873 |   |
|                                                         |        |               |            |                      |        |                                               |        |                             |            |            |            |  |  |  |  |  |  |

 

F-73

----

 

Years ended March 31, 2002 and for the period August 1, 2000 (date ofinception) through March 31, 2000

 
| **Series 39**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive    income** |       | **Total**  |       |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|-----------------------------|------------|------------|------------|
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Partners’ capital (deficit), March 31, 2000        |   | $             | —     |                 | $      | —                                        |   | $                           | —     |       |       |   | $ | — |   |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Capital contributions                                   |   | 22,921,000    |       | —               |   | —                                        |   |                        |       | 22,921,000 |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Selling commissions and registration costs              |   | (3,263,410    | )          | —               |   | —                                        |   |                        |       | (3,263,410 | )          |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                        |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Net income (loss)                                       |   | (141,409      | )          | (1,428               | )      | —                                        |   | $                           | (142,837   | )          | (142,837   | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 13,246                                        |   | 13,246                      |       | 13,246     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                           | (129,591   | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Partners’ capital (deficit), March 31, 2001        |   | 19,516,181    |       | (1,428               | )      | 13,246                                        |   |                        |       | 19,527,999 |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Capital contributions                                   |   | —        |       | —               |   | —                                        |   |                        |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Selling commissions and registration costs              |   | (13,302       | )          | —               |   | —                                        |   |                        |       | (13,302    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Distributions                                           |   | —        |       | —               |   | —                                        |   |                        |       | —     |       |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Net income (loss)                                       |   | (1,115,579    | )          | (11,268              | )      | —                                        |   | $                           | (1,126,847 | )          | (1,126,847 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (13,079                                       | )      | (13,079                     | )          | (13,079    | )          |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                           | (1,139,926 | )          |       |   |
|                                                    |   |          |       |                 |   |                                          |   |                        |       |       |       |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 18,387,300 |                 | $      | (12,696                                       | )      | $                           | 167        |       |       |   | $ | 18,374,771 |   |

 

Series 39 and 40 were not formed until afterMarch 31, 2000, therefore only two periods of comparative information has beenincluded.

 

F-74

----

 

Years ended March 31, 2002 and for the period February 1, 2001 (date ofinception) through March 31, 2001

 
| **Series 40**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive   income** |   | **Comprehensive  income** |     | **Total**  |     |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|------------------------------------------------|--------|---------------------------|----------|------------|----------|
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Partners’ capital (deficit), March 31, 2000        |   | $             | —     |                 | $      | —                                         |   | $                         | —   |       |     |   | $ | — |   |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Capital contributions                                   |   | 3,376,000     |       | —               |   | —                                         |   |                      |     | 3,376,000  |     |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Selling commissions and registration costs              |   | (738,551      | )          | —               |   | —                                         |   |                      |     | (738,551   | )        |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Distributions                                           |   | —        |       | —               |   | —                                         |   |                      |     | —     |     |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Net income (loss)                                       |   | (110,349      | )          | (1,115               | )      | —                                         |   | $                         | (111,464 | )          | (111,464 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | —                                         |   | —                    |     | —     |     |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                         | (111,464 | )          |     |   |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Partners’ capital (deficit), March 31, 2001        |   | 2,527,100     |       | (1,115               | )      | —                                         |   |                      |     | 2,525,985  |     |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Capital contributions                                   |   | 22,893,250    |       | —               |   | —                                         |   |                      |     | 22,893,250 |     |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Selling commissions and registration costs              |   | (3,039,267    | )          | —               |   | —                                         |   |                      |     | (3,039,267 | )        |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Distributions                                           |   | —        |       | —               |   | —                                         |   |                      |     | —     |     |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Net income (loss)                                       |   | (591,412      | )          | (5,974               | )      | —                                         |   | $                         | (597,386 | )          | (597,386 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | 11,196                                         |   | 11,196                    |     | 11,196     |     |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                         | (586,190 | )          |     |   |
|                                                    |   |          |       |                 |   |                                           |   |                      |     |       |     |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 21,789,671 |                 | $      | (7,089                                         | )      | $                         | 11,196   |       |     |   | $ | 21,793,778 |   |

 

Series 39 and 40 were not formed until afterMarch 31, 2000, therefore only two periods of comparative information has beenincluded.

 

F-75

----

 

For the period August 1, 2001 (date of inception) through March 31,2002

 
| **Series 41**                                           |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive   income** |   | **Comprehensive    income** |     | **Total**  |     |
|---------------------------------------------------------|--------|---------------|------------|----------------------|--------|------------------------------------------------|--------|-----------------------------|----------|------------|----------|
|                                                    |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Partners’ capital (deficit), March 31, 2001        |   | $             | —     |                 | $      | —                                         |   | $                           | —   |       |     |   | $ | — |   |
|                                                    |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Capital contributions                                   |   | 28,916,260    |       | —               |   | —                                         |   |                        |     | 28,916,260 |     |
|                                                    |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Selling commissions and registration costs              |   | (3,931,606    | )          | —               |   | —                                         |   |                        |     | (3,931,606 | )        |
|                                                    |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Distributions                                           |   | —        |       | —               |   | —                                         |   |                        |     | —     |     |
|                                                    |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Comprehensive income (loss)                             |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Net income (loss)                                       |   | (281,084      | )          | (2,839               | )      | —                                         |   | $                           | (283,923 | )          | (283,923 | ) |
| Other comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Unrealized gain (loss) on securities available-for-sale |   | —        |       | —               |   | (1,706                                         | )      | (1,706                      | )        | (1,706     | )        |
|                                                    |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Total comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                           | (285,629 | )          |     |   |
|                                                    |   |          |       |                 |   |                                           |   |                        |     |       |     |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 24,703,570 |                 | $      | (2,839                                         | )      | $                           | (1,706   | )          |     |   | $ | 24,699,025 |   |

 

Series 41 and 42 were not formed until afterMarch 31, 2001, therefore no comparative information has been included.

 

F-76

----

 

For the period February 1, 2002 (date of inception) through March 31,2002

 
| **Series 42**                                           |   | **Assignees** |      | **General  partner** |   | **Accumulated  other  comprehensive   income** |   | **Comprehensive  income** |     | **Total** |     |
|---------------------------------------------------------|--------|---------------|-----------|----------------------|--------|------------------------------------------------|--------|---------------------------|----------|-----------|----------|
|                                                    |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Partners’ capital (deficit), March 31, 2001        |   | $             | —    |                 | $      | —                                         |   | $                         | —   |      |     |   | $ | — |   |
|                                                    |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Capital contributions                                   |   | 4,577,760     |      | —               |   | —                                         |   |                      |     | 4,577,760 |     |
|                                                    |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Selling commissions and registration costs              |   | (883,687      | )         | —               |   | —                                         |   |                      |     | (883,687  | )        |
|                                                    |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Distributions                                           |   | —        |      | —               |   | —                                         |   |                      |     | —    |     |
|                                                    |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Comprehensive income (loss)                             |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Net income (loss)                                       |   | (109,164      | )         | (1,103               | )      | —                                         |   | $                         | (110,267 | )         | (110,267 | ) |
| Other comprehensive income (loss)                       |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Unrealized gain (loss) on securities available-for-sale |   | —        |      | —               |   | —                                         |   | —                    |     | —    |     |
|                                                    |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Total comprehensive income (loss)                       |   |          |      |                 |   |                                           |   | $                         | (110,267 | )         |     |   |
|                                                    |   |          |      |                 |   |                                           |   |                      |     |      |     |
| Partners’ capital (deficit), March 31, 2002        |   | $             | 3,584,909 |                 | $      | (1,103                                         | )      | $                         | —   |      |     |   | $ | 3,583,806 |   |

 

Series 41 and 42 were not formed until afterMarch 31, 2001, therefore no comparative information has been included.

 

See notes to financial statements

 

F-77

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS

 
|                                                                                               |   | **Total**                      |        |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|-------------|
|                                                                                               |   | **Year ended  March 31, 2002** |        | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |        |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (36,244,755 | ) | $ | (31,651,959 | ) | $ | (26,656,548 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |        |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 30,093,432                     |        | 27,258,366 |   | 22,255,032 |   |
| Distributions received from operating limited partnerships                                         |   | 169,728                        |        | 94,023 |   | 122,781 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |        | — |   | 623,193 |   |
| Amortization                                                                                       |   | 603,339                        |        | 520,593 |   | 505,485 |   |
| Changes in assets and liabilities                                                                  |   |                           |        |   |   |   |   |
| Other assets                                                                                       |   | (1,808,453                     | )           | (1,338,459 | ) | 2,738,419 |   |
| Accounts payable and accrued expenses                                                              |   | 744,932                        |        | (275,327 | ) | 329,044 |   |
| Accounts payable - affiliates                                                                      |   | 3,518,586                      |        | 1,587,362 |   | 1,841,077 |   |
|                                                                                               |   |                           |        |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (2,923,191                     | )           | (3,805,401 | ) | 1,758,483 |   |
|                                                                                               |   |                           |        |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |        |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | (6,616,734                     | )           | (5,336,815 | ) | (8,703,362 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (34,494,994                    | )           | (49,544,266 | ) | (61,037,600 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | (470,389                       | )           | (1,530,054 | ) | (10,720 | ) |
| (Advances to) repayments from operating limited partnerships                                       |   | (10,546,117                    | )           | 105,466 |   | (11,091,302 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 303,754                        |        | 24,661,281 |   | 15,334,560 |   |
|                                                                                               |   |                           |        |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (51,824,480                    | )           | (31,644,388 | ) | (65,508,424 | ) |
|                                                                                               |   |                           |        |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |        |   |   |   |   |
| Capital contributions received                                                                     |   | 56,387,270                     |        | 47,265,000 |   | 75,851,000 |   |
| Selling commissions and registration costs paid                                                    |   | (7,867,900                     | )           | (6,852,583 | ) | (11,307,246 | ) |
| Distributions paid                                                                                 |   | —                         |        | — |   | (238,040 | ) |
| Proceeds from (repayment of) line of credit                                                        |   | 3,582,526                      |        | 1,149,199 |   | 776,349 |   |
|                                                                                               |   |                           |        |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | 52,101,896                     |        | 41,561,616 |   | 65,082,063 |   |
|                                                                                               |   |                           |        |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (2,645,775                     | )           | 6,111,827 |   | 1,332,122 |   |
|                                                                                               |   |                           |        |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 21,596,216                     |        | 15,484,389 |   | 14,152,267 |   |
|                                                                                               |   |                           |        |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 18,950,441  |   | $ | 21,596,216 |   | $ | 15,484,389 |   |

 

F-78

----

 
|                                                                                                                                                                                                     |   | **Total**                      |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |       |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 35,068,694 |   | $ | 46,777,452 |   | $ | 59,623,468 |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 692,800    |   | $ | 537,038 |   | $ | 2,353,194 |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —     |   | $ | — |   | $ | 768,000 |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 4,166,025  |   | $ | 8,171,871 |   | $ | 16,095,331 |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | 364,300    |   | $ | 220,514 |   | $ | 256,072 |   |

 

Series 39 and 40 were not formed until afterMarch 31, 2000, therefore only two periods of comparative information has beenincluded.  Series 41 and 42 were notformed until after March 31, 2001, therefore no comparative information hasbeen included.

 

F-79

----

 
|                                                                                               |   | **Series 20**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,387,830 | ) | $ | (2,366,381 | ) | $ | (2,401,326 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 2,032,664                      |       | 1,998,506 |   | 2,039,505 |   |
| Distributions received from operating limited partnerships                                         |   | 10,499                         |       | 15,172 |   | 25,171 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 10,607 |   |
| Amortization                                                                                       |   | 3,573                          |       | 3,572 |   | 3,572 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (210,329                       | )          | (182,806 | ) | 98,409 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 589,638                        |       | 398,549 |   | 379,248 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | 38,215                         |       | (133,388 | ) | 155,186 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | — |   |
| Capital contributions paid to operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | — |   | (65,749 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | —                         |       | — |   | (65,749 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | — |   |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 38,215                         |       | (133,388 | ) | 89,437 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 179,335                        |       | 312,723 |   | 223,286 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 217,550    |   | $ | 179,335 |   | $ | 312,723 |   |

 

F-80

----

 
|                                                                                                                                                                                                     |   | **Series 20**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** | ** ** | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | 778 |   |

 

F-81

----

 
|                                                                                               |   | **Series 21**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,976,656 | ) | $ | (1,087,400 | ) | $ | (1,393,343 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 2,720,700                      |       | 885,755 |   | 1,224,831 |   |
| Distributions received from operating limited partnerships                                         |   | 7,251                          |       | 437 |   | 3,941 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | — |   |
| Amortization                                                                                       |   | 1,953                          |       | 1,954 |   | 1,954 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | 941                            |       | (818 | ) | 1,365 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 25,840                         |       | (174,160 | ) | 25,840 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (219,971                       | )          | (374,232 | ) | (135,412 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | — |   |
| Capital contributions paid to operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 222,534                        |       | 337,233 |   | 203,494 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | 222,534                        |       | 337,233 |   | 203,494 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | — |   |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 2,563                          |       | (36,999 | ) | 68,082 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 235,224                        |       | 272,223 |   | 204,141 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 237,787    |   | $ | 235,224 |   | $ | 272,223 |   |

 

F-82

----

 
|                                                                                                                                                                                                     |   | **Series 21**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 47,815 |   | $ | — |   | $ | 25,505 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | 7,991  |   | $ | 59,725 |   | $ | 76,316 |   |

 

F-83

----

 
|                                                                                               |   | **Series 22**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,693,382 | ) | $ | (1,484,651 | ) | $ | (1,495,871 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,429,401                      |       | 1,225,393 |   | 1,211,051 |   |
| Distributions received from operating limited partnerships                                         |   | 9,778                          |       | 3,912 |   | 3,768 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 9,694 |   |
| Amortization                                                                                       |   | 6,140                          |       | 6,140 |   | 6,140 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (4,746                         | )          | (450 | ) | 457 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 254,592                        |       | 154,594 |   | 254,590 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | 1,783                          |       | (95,062 | ) | (10,171 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | — |   |
| Capital contributions paid to operating limited partnerships                                       |   | (51,114                        | )          | — |   | (18,190 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | — |   | 11,705 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | (47,713                        | )          | 175,429 |   | (31,023 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (98,827                        | )          | 175,429 |   | (37,508 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | — |   |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (97,044                        | )          | 80,367 |   | (47,679 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 352,021                        |       | 271,654 |   | 319,333 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 254,977    |   | $ | 352,021 |   | $ | 271,654 |   |

 

F-84

----

 
|                                                                                                                                                                                                     |   | **Series 22**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | — |   |

 

F-85

----

 
|                                                                                               |   | **Series 23**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,634,244 | ) | $ | (1,380,939 | ) | $ | (1,684,657 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,381,392                      |       | 1,137,319 |   | 1,416,388 |   |
| Distributions received from operating limited partnerships                                         |   | 11,274                         |       | 315 |   | 333 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 16,933 |   |
| Amortization                                                                                       |   | 9,130                          |       | 7,688 |   | 6,246 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | 1                              |       | — |   | 12,062 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 115,264                        |       | 190,267 |   | 115,264 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (117,183                       | )          | (45,350 | ) | (117,431 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | — |   |
| Capital contributions paid to operating limited partnerships                                       |   | —                         |       | — |   | (304,148 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | — |   | 150,000 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | —                         |       | — |   | (154,148 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | — |   |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (117,183                       | )          | (45,350 | ) | (271,579 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 293,829                        |       | 339,179 |   | 610,758 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 176,646    |   | $ | 293,829 |   | $ | 339,179 |   |

 

F-86

----

 
|                                                                                                                                                                                                     |   | **Series 23**                  |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |    | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | —  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | —  |   | $ | — |   | $ | (7,247 | ) |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 340,835 |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | —  |   | $ | — |   | $ | — |   |

 

F-87

----

 
|                                                                                               |   | **Series 24**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,001,698 | ) | $ | (1,777,302 | ) | $ | (1,620,752 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,716,153                      |       | 1,528,706 |   | 1,388,143 |   |
| Distributions received from operating limited partnerships                                         |   | 7,254                          |       | 4,634 |   | 31,968 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 19,470 |   |
| Amortization                                                                                       |   | 10,205                         |       | 10,205 |   | 10,204 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (4,491                         | )          | (33,903 | ) | 304 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 233,352                        |       | 233,352 |   | 233,352 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (39,225                        | )          | (34,308 | ) | 62,689 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | (23 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | —                         |       | — |   | (16,242 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | — |   | 13,199 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | (58,334                        | )          | 101,756 |   | (69,334 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (58,334                        | )          | 101,756 |   | (72,400 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | — |   |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (97,559                        | )          | 67,448 |   | (9,711 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 362,301                        |       | 294,853 |   | 304,564 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 264,742    |   | $ | 362,301 |   | $ | 294,853 |   |

 

F-88

----

 
|                                                                                                                                                                                                     |   | **Series 24**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | — |   | $ | 45,141 |   | $ | 10,149 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | — |   |

 

F-89

----

 
|                                                                                               |   | **Series 25**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,557,890 | ) | $ | (1,540,858 | ) | $ | (2,186,989 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,274,826                      |       | 1,297,955 |   | 1,926,540 |   |
| Distributions received from operating limited partnerships                                         |   | 25,888                         |       | 6,251 |   | 12,390 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 18,354 |   |
| Amortization                                                                                       |   | 15,218                         |       | 15,218 |   | 15,218 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | 30,735                         |       | (30,629 | ) | 879 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 272,676                        |       | 172,676 |   | 272,676 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | 61,453                         |       | (79,387 | ) | 59,068 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | (23 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (21,500                        | )          | (352,859 | ) | (158,340 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | — |   | 26,414 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | (70,538                        | )          | 399,597 |   | (60,287 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (92,038                        | )          | 46,738 |   | (192,236 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | — |   |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (30,585                        | )          | (32,649 | ) | (133,168 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 494,183                        |       | 526,832 |   | 660,000 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 463,598    |   | $ | 494,183 |   | $ | 526,832 |   |

 

F-90

----

 
|                                                                                                                                                                                                     |   | **Series 25**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 11,500 |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | — |   | $ | 79,685 |   | $ | 29,447 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | — |   |

 

F-91

----

 
|                                                                                               |   | **Series 26**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,264,403 | ) | $ | (2,419,997 | ) | $ | (1,784,266 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,829,836                      |       | 2,038,026 |   | 1,312,467 |   |
| Distributions received from operating limited partnerships                                         |   | 13,449                         |       | 22,612 |   | 15,446 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 42,595 |   |
| Amortization                                                                                       |   | 17,939                         |       | 17,650 |   | 17,362 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (44,902                        | )          | 49 |   | 210,030 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 437,580                        |       | 437,580 |   | 424,820 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (10,501                        | )          | 95,920 |   | 238,454 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | (2,439 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | —                         |       | (180,117 | ) | (1,785,708 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | — |   | 67,574 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | —                         |       | 217,461 |   | 497,163 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | —                         |       | 37,344 |   | (1,223,410 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (3,245 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (3,245 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (10,501                        | )          | 133,264 |   | (988,201 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 335,066                        |       | 201,802 |   | 1,190,003 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 324,565    |   | $ | 335,066 |   | $ | 201,802 |   |

 

F-92

----

 
|                                                                                                                                                                                                     |   | **Series 26**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | 17,593 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 1,993  |   | $ | — |   | $ | 60,509 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 329,618 |   | $ | 1,131,871 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | 2,643 |   |

 

F-93

----

 
|                                                                                               |   | **Series 27**                  |     |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|----------|
|                                                                                               |   | **Year ended  March 31, 2002** |     | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |     |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (598,368 | ) | $ | (864,778 | ) | $ | (1,344,019 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |     |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 293,465                        |     | 595,643 |   | 971,679 |   |
| Distributions received from operating limited partnerships                                         |   | 10,532                         |     | 5,862 |   | 3,580 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |     | — |   | 38,806 |   |
| Amortization                                                                                       |   | 15,655                         |     | 15,655 |   | 14,946 |   |
| Changes in assets and liabilities                                                                  |   |                           |     |   |   |   |   |
| Other assets                                                                                       |   | 867                            |     | 247,993 |   | 95 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |     | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 215,204                        |     | 215,205 |   | 313,757 |   |
|                                                                                               |   |                           |     |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (62,645                        | )        | 215,580 |   | (1,156 | ) |
|                                                                                               |   |                           |     |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |     |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |     | — |   | (8,714 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (147,217                       | )        | (249,384 | ) | (818,359 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |     | — |   | (10,720 | ) |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |     | 99,549 |   | 171,100 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | (7,050                         | )        | 331,546 |   | (410,231 | ) |
|                                                                                               |   |                           |     |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (154,267                       | )        | 181,711 |   | (1,076,924 | ) |
|                                                                                               |   |                           |     |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |     |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |     | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |     | — |   | — |   |
| Distributions paid                                                                                 |   | —                         |     | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |     | — |   | — |   |
|                                                                                               |   |                           |     |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |     | — |   | — |   |
|                                                                                               |   |                           |     |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (216,912                       | )        | 397,291 |   | (1,078,080 | ) |
|                                                                                               |   |                           |     |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 647,352                        |     | 250,061 |   | 1,328,141 |   |
|                                                                                               |   |                           |     |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 430,440  |   | $ | 647,352 |   | $ | 250,061 |   |

 

F-94

----

 
|                                                                                                                                                                                                     |   | **Series 27**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | 725,675 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 11,705 |   | $ | 38,328 |   | $ | 322,787 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 537,000 |   | $ | 166,780 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | 65,183 |   | $ | 31,396 |   |

 

F-95

----

 
|                                                                                               |   | **Series 28**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,802,088 | ) | $ | (1,950,767 | ) | $ | (2,249,853 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,503,553                      |       | 1,714,275 |   | 1,993,839 |   |
| Distributions received from operating limited partnerships                                         |   | 25,213                         |       | 2,643 |   | 12,595 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 55,896 |   |
| Amortization                                                                                       |   | 3,300                          |       | 3,300 |   | 3,300 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | 3,441                          |       | (3,056 | ) | 7,457 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | (104 | ) | — |   |
| Accounts payable - affiliates                                                                      |   | —                         |       | — |   | (256,044 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (266,581                       | )          | (233,709 | ) | (432,810 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | — |   | (20,670 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (596,003                       | )          | (1,718,582 | ) | (1,195,033 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | (775,000                       | )          | 1,477,458 |   | — |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 1,030,265                      |       | 495,591 |   | 2,179,331 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (340,738                       | )          | 254,467 |   | 963,628 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (4,016 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (4,016 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (607,319                       | )          | 20,758 |   | 526,802 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 1,117,380                      |       | 1,096,622 |   | 569,820 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 510,061    |   | $ | 1,117,380 |   | $ | 1,096,622 |   |

 

F-96

----

 
|                                                                                                                                                                                                     |   | **Series 28**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | 20,750 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | — |   | $ | 21,136 |   | $ | 584,409 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | 197,726 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | 2,595 |   |

 

F-97

----

 
|                                                                                               |   | **Series 29**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,421,150 | ) | $ | (2,369,982 | ) | $ | (2,496,942 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 2,116,714                      |       | 2,074,428 |   | 2,192,069 |   |
| Distributions received from operating limited partnerships                                         |   | 2,613                          |       | 1,050 |   | 6,399 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 49,448 |   |
| Amortization                                                                                       |   | 3,312                          |       | 3,277 |   | 3,206 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (4,049                         | )          | 17,223 |   | 8,778 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 209,815                        |       | (36 | ) | (6,475 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (92,745                        | )          | (274,040 | ) | (243,517 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | (1,615 | ) | (75,659 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (283,919                       | )          | (1,419,352 | ) | (3,670,379 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | 814,943 |   | — |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 78,899                         |       | 1,367,980 |   | 3,551,126 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (205,020                       | )          | 761,956 |   | (194,912 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (2,256 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | (238,040 | ) |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (240,296 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (297,765                       | )          | 487,916 |   | (678,725 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 875,595                        |       | 387,679 |   | 1,066,404 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 577,830    |   | $ | 875,595 |   | $ | 387,679 |   |

 

F-98

----

 
|                                                                                                                                                                                                     |   | **Series 29**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | — |   | $ | — |   | $ | 7,260 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 7,355  |   | $ | 45,585 |   | $ | 76,085 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | 573 |   |

 

F-99

----

 
|                                                                                               |   | **Series 30**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,298,251 | ) | $ | (1,283,833 | ) | $ | (1,273,296 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,085,876                      |       | 1,177,274 |   | 1,074,429 |   |
| Distributions received from operating limited partnerships                                         |   | 18,931                         |       | 11,818 |   | 6,748 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 48,501 |   |
| Amortization                                                                                       |   | 21,240                         |       | 21,209 |   | 21,139 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | —                         |       | 1,718 |   | 48,083 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 176                            |       | (7,524 | ) | 1,328 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (172,028                       | )          | (79,338 | ) | (73,068 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | (16                            | )          | (1,468 | ) | (72,071 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (451,620                       | )          | (1,114,708 | ) | (5,294,251 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | 70,297                         |       | (405,743 | ) | 1,329,758 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 74,483                         |       | 1,933,137 |   | 3,175,938 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (306,856                       | )          | 411,218 |   | (860,626 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (2,121 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (2,121 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (478,884                       | )          | 331,880 |   | (935,815 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 735,208                        |       | 403,328 |   | 1,339,143 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 256,324    |   | $ | 735,208 |   | $ | 403,328 |   |

 

F-100

----

 
|                                                                                                                                                                                                     |   | **Series 30**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 5,099  |   | $ | — |   | $ | 2,926,590 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 56,194 |   | $ | — |   | $ | 80,385 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 38,520 |   | $ | 343,443 |   | $ | 237,590 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | — |   | $ | 7,050 |   |

 

F-101

----

 
|                                                                                               |   | **Series 31**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,489,687 | ) | $ | (2,979,270 | ) | $ | (3,131,563 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 2,172,471                      |       | 2,698,823 |   | 2,795,630 |   |
| Distributions received from operating limited partnerships                                         |   | 10,372                         |       | 1,754 |   | 442 |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 51,385 |   |
| Amortization                                                                                       |   | —                         |       | — |   | — |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (215,305                       | )          | 144,220 |   | 77,199 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | (2,975 | ) | 1,315 |   |
| Accounts payable - affiliates                                                                      |   | 33,120                         |       | (26,655 | ) | 25,265 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (489,029                       | )          | (164,103 | ) | (180,327 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | (39,059 | ) | (34,826 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (327,137                       | )          | (1,954,972 | ) | (2,756,542 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | 200,000                        |       | (200,000 | ) | 292,233 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 178,074                        |       | 2,026,895 |   | 2,841,554 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | 50,937                         |       | (167,136 | ) | 342,419 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (6,569 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (6,569 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (438,092                       | )          | (331,239 | ) | 155,523 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 1,118,740                      |       | 1,449,979 |   | 1,294,456 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 680,648    |   | $ | 1,118,740 |   | $ | 1,449,979 |   |

 

F-102

----

 
|                                                                                                                                                                                                     |   | **Series 31**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 6,462  |   | $ | 91,419 |   | $ | 209,118 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating limited  partnerships for low-income tax credits not generated. |   | $                              | — |   | $ | 107,199 |   | $ | 490,020 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 1,866,296 |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | 22,061 |   | $ | 28,793 |   | $ | 128,780 |   |

 

F-103

----

 
|                                                                                               |   | **Series 32**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,429,115 | ) | $ | (2,821,938 | ) | $ | (1,487,782 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 2,062,829                      |       | 2,669,373 |   | 1,245,350 |   |
| Distributions received from operating limited partnerships                                         |   | 500                            |       | 16,004 |   | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 50,418 |   |
| Amortization                                                                                       |   | 36,625                         |       | 36,303 |   | 29,738 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (88,730                        | )          | (122,814 | ) | 275,715 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable - affiliates                                                                      |   | 132,906                        |       | (68,502 | ) | 148,551 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (284,985                       | )          | (291,574 | ) | 261,990 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | (10,108                        | )          | (1,822 | ) | (267,165 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (237,421                       | )          | (1,563,696 | ) | (6,540,687 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | (562,489                       | )          | 451,067 |   | (1,269,521 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 474,374                        |       | 2,277,424 |   | 6,458,977 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (335,644                       | )          | 1,162,973 |   | (1,618,396 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (28,916 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (28,916 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (620,629                       | )          | 871,399 |   | (1,385,322 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 1,111,983                      |       | 240,584 |   | 1,625,906 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 491,354    |   | $ | 1,111,983 |   | $ | 240,584 |   |

 

F-104

----

 
|                                                                                                                                                                                                     |   | **Series 32**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 52,601 |   | $ | 199,254 |   | $ | 3,618,161 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 43,281 |   | $ | 110,279 |   | $ | 391,567 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 1,714,980 |   | $ | 2,364,941 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | 35,370 |   | $ | — |   |

 

F-105

----

 
|                                                                                               |   | **Series 33**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,259,944 | ) | $ | (1,384,134 | ) | $ | (705,104 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,059,178                      |       | 1,294,005 |   | 595,041 |   |
| Distributions received from operating limited partnerships                                         |   | —                         |       | — |   | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 83,770 |   |
| Amortization                                                                                       |   | 27,266                         |       | 27,066 |   | 26,578 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (78,970                        | )          | (121,915 | ) | 10,209 |   |
| Accounts payable and accrued expenses                                                              |   | (2,536                         | )          | 2,536 |   | — |   |
| Accounts payable - affiliates                                                                      |   | 73,923                         |       | 73,780 |   | 65,293 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (181,083                       | )          | (108,662 | ) | 75,787 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | (17,119 | ) | (63,785 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (852,865                       | )          | (1,658,030 | ) | (2,889,468 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | (122,900 | ) | 5,455 |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 611,183                        |       | 2,456,085 |   | 2,790,273 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (241,682                       | )          | 658,036 |   | (157,525 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (6,384 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (6,384 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (422,765                       | )          | 549,374 |   | (88,122 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 1,147,109                      |       | 597,735 |   | 685,857 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 724,344    |   | $ | 1,147,109 |   | $ | 597,735 |   |

 

F-106

----

 
|                                                                                                                                                                                                     |   | **Series 33**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 49,249 |   | $ | — |   | $ | 1,917,700 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 2,652  |   | $ | 21,314 |   | $ | 198,492 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 1,295 |   | $ | 1,063,972 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | 8,131  |   | $ | — |   | $ | — |   |

 

F-107

----

 
|                                                                                               |   | **Series 34**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (2,113,249 | ) | $ | (2,424,494 | ) | $ | (699,182 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,760,695                      |       | 2,140,987 |   | 468,712 |   |
| Distributions received from operating limited partnerships                                         |   | 631                            |       | — |   | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 110,441 |   |
| Amortization                                                                                       |   | 43,940                         |       | 44,236 |   | 41,853 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | 14,248                         |       | 2,595 |   | 67,651 |   |
| Accounts payable and accrued expenses                                                              |   | —                         |       | — |   | (493 | ) |
| Accounts payable - affiliates                                                                      |   | 292,965                        |       | 181 |   | (22,238 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (770                           | )          | (236,495 | ) | (33,256 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | (31,402 | ) | (270,538 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (240,787                       | )          | (3,320,686 | ) | (6,742,893 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | 275,000                        |       | — |   | (1,074,707 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | —                         |       | 3,266,100 |   | 6,367,185 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | 34,213                         |       | (85,988 | ) | (1,720,953 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | — |   | (56,360 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | — |   | (56,360 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 33,443                         |       | (322,483 | ) | (1,810,569 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 349,527                        |       | 672,010 |   | 2,482,579 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 382,970    |   | $ | 349,527 |   | $ | 672,010 |   |

 

F-108

----

 
|                                                                                                                                                                                                     |   | **Series 34**                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 5,903  |   | $ | 108,667 |   | $ | 5,943,259 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 3,780  |   | $ | 37,557 |   | $ | 43,270 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 5,954  |   | $ | 1,663,458 |   | $ | 5,224,840 |   |
|                                                                                                                                                                                                     |   |                           |   |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | — |   | $ | 6,476 |   | $ | 5,941 |   |

 

F-109

----

 
|                                                                                               |   | **Series 35**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,211,672 | ) | $ | (2,106,038 | ) | $ | (261,604 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 875,205                        |       | 1,875,497 |   | 194,048 |   |
| Distributions received from operating limited partnerships                                         |   | —                         |       | — |   | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | 16,875 |   |
| Amortization                                                                                       |   | 129,251                        |       | 128,479 |   | 225,179 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | 15,969                         |       | (6,136 | ) | 2,030,454 |   |
| Accounts payable and accrued expenses                                                              |   | (224                           | )          | (1,719 | ) | (94,617 | ) |
| Accounts payable - affiliates                                                                      |   | 76,840                         |       | (78,703 | ) | (215,744 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (114,631                       | )          | (188,620 | ) | 1,894,591 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | (44,455 | ) | (2,683,319 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (84,860                        | )          | (3,893,407 | ) | (11,759,790 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | (200,001                       | )          | (794,296 | ) | (3,539,239 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 426,170                        |       | 4,901,470 |   | (5,546,794 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | 141,309                        |       | 169,312 |   | (23,529,142 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | 25,962,625 |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | (500 | ) | (3,674,194 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | (200,000 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | (500 | ) | 22,088,431 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 26,678                         |       | (19,808 | ) | 453,880 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 681,948                        |       | 701,756 |   | 247,876 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 708,626    |   | $ | 681,948 |   | $ | 701,756 |   |

 

F-110

----

 
|                                                                                                                                                                                                     |   | **Series 35**                  |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |    | **Year ended  March 31, 2001** |   | **Year ended  March 31, 2000** |   |
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                     |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | —  |   | $ | 1,310,104 |   | $ | 12,028,772 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 103,459 |   | $ | 2,558 |   | $ | 47,816 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 615,734 |   | $ | 422,261 |   | $ | 3,494,529 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | 91,805  |   | $ | 11,043 |   | $ | — |   |

 

F-111

----

 
|                                                                                               |   | **Series 36**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Period  July 1,  1999 (date of  inception)  through  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,529,736 | ) | $ | (693,060 | ) | $ | (304,789 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,268,122                      |       | 457,746 |   | 160,352 |   |
| Distributions received from operating limited partnerships                                         |   | 1,644                          |       | — |   | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | — |   |
| Amortization                                                                                       |   | 88,463                         |       | 86,996 |   | 78,850 |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (67,433                        | )          | 82,822 |   | (84,579 | ) |
| Accounts payable and accrued expenses                                                              |   | 2,259                          |       | 4,410 |   | — |   |
| Accounts payable - affiliates                                                                      |   | 160,578                        |       | 99,303 |   | 30,944 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (76,103                        | )          | 38217 |   | (119,222 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | (4,435                         | )          | (97,045 | ) | (2,324,273 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (314,424                       | )          | (3,036,776 | ) | (7,853,791 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | —                         |       | 835,963 |   | (4,868,587 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | —                         |       | 2,377,517 |   | (2,377,517 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (318,859                       | )          | 79,659 |   | (17,424,168 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | 21,068,375 |   |
| Selling commissions and registration costs paid                                                    |   | —                         |       | (5,170 | ) | (3,196,890 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | —                         |       | (5,170 | ) | 17,871,485 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (394,962                       | )          | 112,706 |   | 328,095 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 440,801                        |       | 328,095 |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 45,839     |   | $ | 440,801 |   | $ | 328,095 |   |

 

F-112

----

 
|                                                                                                                                                                                                     |   | **Series 36**                  |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |    | **Year ended  March 31, 2001** |   | **Period  July 1,  1999 (date of  inception)  through  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | —  |   | $ | — |   | $ | 15,385,970 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 2,381   |   | $ | 10,720 |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 462,966 |   | $ | 1,001,838 |   | $ | 1,909,822 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | 3,061   |   | $ | — |   | $ | — |   |

 

F-113

----

 
|                                                                                               |   | **Series 37**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Period  October 4,  1999 (date of  inception)  through  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,051,460 | ) | $ | (315,863 | ) | $ | (53,516 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 750,493                        |       | 318,507 |   | 44,958 |   |
| Distributions received from operating limited partnerships                                         |   | 13,899                         |       | — |   | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | — |   |
| Amortization                                                                                       |   | 94,713                         |       | 91,645 |   | — |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                       |   | (93,567                        | )          | 5,348 |   | (26,148 | ) |
| Accounts payable and accrued expenses                                                              |   | 73,129                         |       | 26,522 |   | 350 |   |
| Accounts payable - affiliates                                                                      |   | 81,603                         |       | (29,717 | ) | 29,802 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (131,190                       | )          | 96,442 |   | (4,554 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | (11,420                        | )          | (146,024 | ) | (2,446,361 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (2,129,525                     | )          | (5,590,378 | ) | (6,695,081 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | (1,530,054 | ) | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | 997,985                        |       | (1,066,200 | ) | (2,340,937 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 576,017                        |       | 3,659,278 |   | (4,235,295 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (566,943                       | )          | (4,673,378 | ) | (15,717,674 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | — |   | 25,125,000 |   |
| Selling commissions and registration costs paid                                                    |   | (100,000                       | )          | (18,876 | ) | (3,449,825 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | (100,000                       | )          | (18,876 | ) | 21,675,175 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (798,133                       | )          | (4,595,812 | ) | 5,952,947 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 1,357,135                      |       | 5,952,947 |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 559,002    |   | $ | 1,357,135 |   | $ | 5,952,947 |   |

 

F-114

----

 
|                                                                                                                                                                                                     |   | **Series 37**                  |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|-----------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |      | **Year ended  March 31, 2001** |   | **Period  October 4,  1999 (date of  inception)  through  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |      |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |      |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | —    |   | $ | 5,481,597 |   | $ | 13,370,702 |   |
|                                                                                                                                                                                                     |   |                           |      |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | —    |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |      |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —    |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |      |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 1,543,978 |   | $ | 291,682 |   | $ | 303,260 |   |
|                                                                                                                                                                                                     |   |                           |      |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | 231,251   |   | $ | 13,924 |   | $ | — |   |

 

F-115

----

 
|                                                                                               |   | **Series 38**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Year ended  March 31, 2001** |   | **Period  February 22,  2000 (date of  inception)  through  March 31, 2000** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,405,509 | ) | $ | (145,973 | ) | $ | (81,694 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 1,230,809                      |       | 133,908 |   | — |   |
| Distributions received from operating limited partnerships                                         |   | —                         |       | 1,559 |   | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   | — |   |
| Amortization                                                                                       |   | 50,939                         |       | — |   | — |   |
| Changes in assets and liabilities                                                                  |   | —                         |       |   |   |   |   |
| Other assets                                                                                       |   | (104,115                       | )          | 607,963 |   | (1 | ) |
| Accounts payable and accrued expenses                                                              |   | (2,733                         | )          | (419,756 | ) | 422,489 |   |
| Accounts payable - affiliates                                                                      |   | 69,025                         |       | (20,848 | ) | 20,848 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                                |   | (161,584                       | )          | 156,853 |   | 361,642 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | —                         |       | (2,231,391 | ) | (433,496 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (3,062,065                     | )          | (12,005,963 | ) | (2,538,698 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | 755,920                        |       | (755,920 | ) | — |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | (289,004                       | )          | (212,697 | ) | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   | (2,595,149                     | )          | (15,205,971 | ) | (2,972,194 | ) |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions received                                                                     |   | —                         |       | 20,968,000 |   | 3,695,000 |   |
| Selling commissions and registration costs paid                                                    |   | 99,962                         |       | (2,826,076 | ) | (876,470 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | (976,349 | ) | 976,349 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Net cash provided by (used in) financing activities                                                |   | 99,962                         |       | 17,165,575 |   | 3,794,879 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (2,656,771                     | )          | 2,116,457 |   | 1,184,327 |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                               |   | 3,300,784                      |       | 1,184,327 |   | — |   |
|                                                                                               |   |                           |       |   |   |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 644,013    |   | $ | 3,300,784 |   | $ | 1,184,327 |   |

 

F-116

----

 
|                                                                                                                                                                                                     |   | **Series 38**                  |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |    | **Year ended  March 31, 2001** |   | **Period  February 22,  2000 (date of  inception)  through  March 31, 2000** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 116,325 |   | $ | 15,470,521 |   | $ | 3,451,918 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 93,632  |   | $ | 17,536 |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —  |   | $ | — |   | $ | 768,000 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 158,038 |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | —  |   | $ | — |   | $ | — |   |

 

F-117

----

 
|                                                                                               |   | **Series 39**                  |       |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                               |   | **Year ended  March 31, 2002** |       | **Period  August 1, 2000  (date of  inception)  through  March 31, 2001** |   |
| Cash flows from operating activities                                                               |   |                           |       |   |   |
| Net income (loss)                                                                                  |   | $                              | (1,126,847 | ) | $ | (142,837 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |       |   |   |
| Share of  (income) losses from  operating limited partnerships                                |   | 996,269                        |       | (3,760 | ) |
| Distributions received from operating limited partnerships                                         |   | —                         |       | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |       | — |   |
| Amortization                                                                                       |   | 24,477                         |       | — |   |
| Changes in assets and liabilities                                                                  |   |                           |       |   |   |
| Other assets                                                                                       |   | 12,796                         |       | (29,308 | ) |
| Accounts payable and accrued expenses                                                              |   | (28,722                        | )          | 28,722 |   |
| Accounts payable - affiliates                                                                      |   | 50,845                         |       | — |   |
|                                                                                               |   |                           |       |   |   |
| Net cash provided by (used in) operating activities                                                |   | (71,182                        | )          | (147,183 | ) |
|                                                                                               |   |                           |       |   |   |
| Cash flows from investing activities                                                               |   |                           |       |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | (75,171                        | )          | (2,337,478 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (5,441,684                     | )          | (9,586,616 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |       | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | (1,197,327                     | )          | (228,455 | ) |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | 1,423,663                      |       | (1,450,521 | ) |
|                                                                                               |   |                           |       |   |   |
| Net cash provided by (used in) investing activities                                                |   | (5,290,519                     | )          | (13,603,070 | ) |
|                                                                                               |   |                           |       |   |   |
| Cash flows from financing activities                                                               |   |                           |       |   |   |
| Capital contributions received                                                                     |   | —                         |       | 22,921,000 |   |
| Selling commissions and registration costs paid                                                    |   | (13,302                        | )          | (3,263,410 | ) |
| Distributions paid                                                                                 |   | —                         |       | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | —                         |       | — |   |
|                                                                                               |   |                           |       |   |   |
| Net cash provided by (used in) financing activities                                                |   | (13,302                        | )          | 19,657,590 |   |
|                                                                                               |   |                           |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (5,375,003                     | )          | 5,907,337 |   |
|                                                                                               |   |                           |       |   |   |
| Cash and cash equivalents, beginning                                                               |   | 5,907,337                      |       | — |   |
|                                                                                               |   |                           |       |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 532,334    |   | $ | 5,907,337 |   |

 

F-118

----

 
|                                                                                                                                                                                                     |   | **Series 39**                  |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |    | **Period  August 1, 2000  (date of  inception)  through  March 31, 2001** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 970,254 |   | $ | 16,338,224 |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 284,868 |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —  |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | —  |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |    |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | —  |   | $ | — |   |

 

Series 39 and 40 were not formed until after March 31, 2000, thereforeonly two periods of comparative information has been included.

 

F-119

----

 
|                                                                                               |   | **Series 40**                  |     |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------|----------|
|                                                                                               |   | **Year ended  March 31, 2002** |     | **Period  February 1,  2001 (date of  inception)  through  March31, 2001** |   |
| Cash flows from operating activities                                                               |   |                           |     |   |   |
| Net income (loss)                                                                                  |   | $                              | (597,386 | ) | $ | (111,464 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                           |     |   |   |
| Share of (income) losses from operating limited partnerships                                       |   | 438,656                        |     | — |   |
| Distributions received from operating limited partnerships                                         |   | —                         |     | — |   |
| Cumulative effect of a change in accounting principle                                              |   | —                         |     | — |   |
| Amortization                                                                                       |   | —                         |     | — |   |
| Changes in assets and liabilities                                                                  |   |                           |     |   |   |
| Other assets                                                                                       |   | 907,919                        |     | (1,916,555 | ) |
| Accounts payable and accrued expenses                                                              |   | (19,975                        | )        | 87,037 |   |
| Accounts payable - affiliates                                                                      |   | 107,713                        |     | 18,020 |   |
|                                                                                               |   |                           |     |   |   |
| Net cash provided by (used in) operating activities                                                |   | 836,927                        |     | (1,922,962 | ) |
|                                                                                               |   |                           |     |   |   |
| Cash flows from investing activities                                                               |   |                           |     |   |   |
| Acquisition costs paid for operating limited partnerships                                          |   | (2,549,744                     | )        | (387,937 | ) |
| Capital contributions paid to operating limited partnerships                                       |   | (12,506,389                    | )        | (1,898,740 | ) |
| Deposits for purchases of operating limited partnerships                                           |   | —                         |     | — |   |
| (Advances to) repayments from operating limited partnerships                                       |   | (1,359,181                     | )        | — |   |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | (1,907,760                     | )        | — |   |
|                                                                                               |   |                           |     |   |   |
| Net cash provided by (used in) investing activities                                                |   | (18,323,074                    | )        | (2,286,677 | ) |
|                                                                                               |   |                           |     |   |   |
| Cash flows from financing activities                                                               |   |                           |     |   |   |
| Capital contributions received                                                                     |   | 22,893,250                     |     | 3,376,000 |   |
| Selling commissions and registration costs paid                                                    |   | (3,039,267                     | )        | (738,551 | ) |
| Distributions paid                                                                                 |   | —                         |     | — |   |
| Proceeds from (repayment of) line of credit                                                        |   | (2,125,548                     | )        | 2,125,548 |   |
|                                                                                               |   |                           |     |   |   |
| Net cash provided by (used in) financing activities                                                |   | 17,728,435                     |     | 4,762,997 |   |
|                                                                                               |   |                           |     |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 242,288                        |     | 553,358 |   |
|                                                                                               |   |                           |     |   |   |
| Cash and cash equivalents, beginning                                                               |   | 553,358                        |     | — |   |
|                                                                                               |   |                           |     |   |   |
| Cash and cash equivalents, ending                                                                  |   | $                              | 795,646  |   | $ | 553,358 |   |

 

F-120

----

 
|                                                                                                                                                                                                     |   | **Series 40**                  |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                                                                                                                     |   | **Year ended  March 31, 2002** |       | **Period  February 1,  2001 (date of  inception)  through  March 31, 2001** |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                           |       |   |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                              | 11,110,565 |   | $ | 7,777,666 |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                              | 33,685     |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                              | —     |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                              | 1,000,000  |   | $ | — |   |
|                                                                                                                                                                                                     |   |                           |       |   |   |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                              | —     |   | $ | — |   |

 

Series 39 and 40 were not formed until afterMarch 31, 2000, therefore only two periods of comparative information has beenincluded.

 

F-121

----

 
|                                                                                               |   | **Series 41**                                                             |      |
|----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|-----------|
|                                                                                               |   | **Period  August 1, 2001  (date of  inception)  through  March 31, 2002** |      |
| Cash flows from operating activities                                                               |   |                                                                      |      |
| Net income (loss)                                                                                  |   | $                                                                         | (283,923  | ) |
| Adjustments to reconcile net income (loss) to net cash provided by  (used in) operating activities |   |                                                                      |      |
| Share of (income) income from operating limited partnerships                                       |   | 94,125                                                                    |      |
| Distributions received from operating limited partnerships                                         |   | —                                                                    |      |
| Cumulative effect of a change in accounting principle                                              |   | —                                                                    |      |
| Amortization                                                                                       |   | —                                                                    |      |
| Changes in assets and liabilities                                                                  |   |                                                                      |      |
| Other assets                                                                                       |   | (42,324                                                                   | )         |
| Accounts payable and accrued expenses                                                              |   | 105,274                                                                   |      |
| Accounts payable - affiliates                                                                      |   | 78,897                                                                    |      |
|                                                                                               |   |                                                                      |      |
| Net cash provided by (used in) operating activities                                                |   | (47,951                                                                   | )         |
|                                                                                               |   |                                                                      |      |
| Cash flows from investing activities                                                               |   |                                                                      |      |
| Acquisition costs paid for operating limited partnerships                                          |   | (3,234,342                                                                | )         |
| Capital contributions paid to operating limited partnerships                                       |   | (7,156,939                                                                | )         |
| Deposits for purchases of operating limited partnerships                                           |   | (470,389                                                                  | )         |
| (Advances to) repayments from operating limited partnerships                                       |   | (6,441,619                                                                | )         |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | (2,411,509                                                                | )         |
|                                                                                               |   |                                                                      |      |
| Net cash provided by (used in) investing activities                                                |   | (19,714,798                                                               | )         |
|                                                                                               |   |                                                                      |      |
| Cash flows from financing activities                                                               |   |                                                                      |      |
| Capital contributions received                                                                     |   | 28,916,260                                                                |      |
| Selling commissions and registration costs paid                                                    |   | (3,931,606                                                                | )         |
| Distributions paid                                                                                 |   | —                                                                    |      |
| Proceeds from (repayment of) line of credit                                                        |   | 3,010,000                                                                 |      |
|                                                                                               |   |                                                                      |      |
| Net cash provided by (used in) financing activities                                                |   | 27,994,654                                                                |      |
|                                                                                               |   |                                                                      |      |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 8,231,905                                                                 |      |
|                                                                                               |   |                                                                      |      |
| Cash and cash equivalents, beginning                                                               |   | —                                                                    |      |
|                                                                                               |   |                                                                      |      |
| Cash and cash equivalents, ending                                                                  |   | $                                                                         | 8,231,905 |   |

 

F-122

----

 
|                                                                                                                                                                                                     |   | **Series 41**                                                             |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|------------|
|                                                                                                                                                                                                     |   | **Period  August 1, 2001  (date of  inception)  through  March 31, 2002** |       |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                                                                      |       |
|                                                                                                                                                                                                     |   |                                                                      |       |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                                                                         | 20,076,151 |   |
|                                                                                                                                                                                                     |   |                                                                      |       |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                                                                         | —     |   |
|                                                                                                                                                                                                     |   |                                                                      |       |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                                                                         | —     |   |
|                                                                                                                                                                                                     |   |                                                                      |       |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                                                                         | —     |   |
|                                                                                                                                                                                                     |   |                                                                      |       |
| The fund has decreased its investments in operating limited partnerships  and and recorded a receivable for tax credits not generated by the operating  limited partnerships.                            |   | $                                                                         | —     |   |

 

Series 41 and 42 were not formed until afterMarch 31, 2001, therefore no comparative information has been included.

 

F-123

----

 
|                                                                                               |   | **Series 42**                                                               |      |
|----------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-----------|
|                                                                                               |   | **Period  February 1,  2002 (date of  inception)  through  March 31, 2002** |      |
| Cash flows from operating activities                                                               |   |                                                                        |      |
| Net income (loss)                                                                                  |   | $                                                                           | (110,267  | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used  in) operating activities |   |                                                                        |      |
| Share of (income) losses from operating limited partnerships                                       |   | —                                                                      |      |
| Distributions received from operating limited partnerships                                         |   | —                                                                      |      |
| Cumulative effect of a change in accounting principle                                              |   | —                                                                      |      |
| Amortization                                                                                       |   | —                                                                      |      |
| Changes in assets and liabilities                                                                  |   |                                                                        |      |
| Other assets                                                                                       |   | (1,836,409                                                                  | )         |
| Accounts payable and accrued expenses                                                              |   | 618,460                                                                     |      |
| Accounts payable - affiliates                                                                      |   | 6,034                                                                       |      |
|                                                                                               |   |                                                                        |      |
| Net cash provided by (used in) operating activities                                                |   | (1,322,182                                                                  | )         |
|                                                                                               |   |                                                                        |      |
| Cash flows from investing activities                                                               |   |                                                                        |      |
| Acquisition costs paid for operating limited partnerships                                          |   | (731,498                                                                    | )         |
| Capital contributions paid to operating limited partnerships                                       |   | (589,525                                                                    | )         |
| Deposits for purchases of operating limited partnerships                                           |   | —                                                                      |      |
| (Advances to) repayments from operating limited partnerships                                       |   | (2,309,702                                                                  | )         |
| Purchase of investments (net of proceeds from sales and maturities of  investments)                |   | —                                                                      |      |
|                                                                                               |   |                                                                        |      |
| Net cash provided by (used in) investing activities                                                |   | (3,630,725                                                                  | )         |
|                                                                                               |   |                                                                        |      |
| Cash flows from financing activities                                                               |   |                                                                        |      |
| Capital contributions received                                                                     |   | 4,577,760                                                                   |      |
| Selling commissions and registration costs paid                                                    |   | (883,687                                                                    | )         |
| Distributions paid                                                                                 |   | —                                                                      |      |
| Proceeds from (repayment of) line of credit                                                        |   | 2,698,074                                                                   |      |
|                                                                                               |   |                                                                        |      |
| Net cash provided by (used in) financing activities                                                |   | 6,392,147                                                                   |      |
|                                                                                               |   |                                                                        |      |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 1,439,240                                                                   |      |
|                                                                                               |   |                                                                        |      |
| Cash and cash equivalents, beginning                                                               |   | —                                                                      |      |
|                                                                                               |   |                                                                        |      |
| Cash and cash equivalents, ending                                                                  |   | $                                                                           | 1,439,240 |   |

 

F-124

----

 
|                                                                                                                                                                                                     |   | **Series 42**                                                               |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-----------|
|                                                                                                                                                                                                     |   | **Period  February 1,  2002 (date of  inception)  through  March 31, 2002** |      |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                      |   |                                                                        |      |
|                                                                                                                                                                                                     |   |                                                                        |      |
| The fund has increased its investments in operating limited  partnerships for unpaid capital contributions due to the operating limited  partnerships.                                                   |   | $                                                                           | 2,664,585 |   |
|                                                                                                                                                                                                     |   |                                                                        |      |
| The fund has decreased its investments in operating limited  partnerships and decreased its capital contribution obligation in operating  limited partnerships for low-income tax credits not generated. |   | $                                                                           | —    |   |
|                                                                                                                                                                                                     |   |                                                                        |      |
| The fund has recorded capital contributions (syndication proceeds)  being held and subsequently released by the escrow agent.                                                                            |   | $                                                                           | —    |   |
|                                                                                                                                                                                                     |   |                                                                        |      |
| The fund has applied notes receivable and advances to its capital  contribution obligation in operating limited partnerships.                                                                            |   | $                                                                           | —    |   |
|                                                                                                                                                                                                     |   |                                                                        |      |
| The fund has decreased its investments in operating limited  partnerships and and recorded a receivable for tax credits not generated by  the operating limited partnerships.                            |   | $                                                                           | —    |   |

 

Series 41 and 42 were not formed until afterMarch 31, 2001, therefore no comparative information has been included.

 

Seenotes to financial statements

 

F-125

----

Boston Capital Tax CreditFund IV L.P.

 

NOTES TOFINANCIAL STATEMENTS

 

March 31, 2002, 2001 and 2000

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston CapitalTax Credit Fund IV L.P. (the “fund”) was organized under the laws of the Stateof Delaware as of October 5, 1993, for the purpose of acquiring, holding, anddisposing of limited partnership interests in operating limited partnershipswhich will acquire, develop, rehabilitate, operate and own newly-constructed,existing or rehabilitated apartment complexes which qualify for the Low-IncomeHousing Tax Credit established by the Tax Reform Act of 1986.  Certain of the apartment complexes may alsoqualify for the Historic Rehabilitation Tax Credit for their rehabilitation ofcertified historic structures; accordingly, the apartment complexes arerestricted as to rent charges and operating methods and are subject to theprovisions of Section 42(g)(2) of the Internal Revenue Code relating to theRehabilitation Investment Credit.  Thegeneral partner of the fund is Boston Capital Associates IV L.P. and thelimited partner is BCTC IV Assignor Corp. (the assignor limited partner).

 

In accordancewith the limited partnership agreement, profits, losses, and cash flow (subjectto certain priority allocations and distributions) and tax credits areallocated 99% to the assignees and 1% to the general partner.

 

Pursuant tothe Securities Act of 1933, the fund filed a Form S-11 Registration Statementwith the Securities and Exchange Commission, effective December 16, 1993, whichcovered the offering (the “Public Offering”) of the beneficial assigneecertificates (“BACs”) representing assignments of units of the beneficialinterest of the limited partnership interest of the assignor limitedpartner.  The fund has registered65,000,000 BACs at $10 per BAC for sale to the public in one or moreseries.  BACs sold in bulk are offeredto investors at a reduced cost per BAC.

 

F-126

----

 

The BACs issued and outstanding in each series at March 31, 2002 and2001 are as follows:

 
|      |   | **2002**   |   | **2001**   |   |
|-----------|--------|------------|--------|------------|--------|
|      |   |       |   |       |   |
| Series 20 |   | 3,866,700  |   | 3,866,700  |   |
| Series 21 |   | 1,892,700  |   | 1,892,700  |   |
| Series 22 |   | 2,564,400  |   | 2,564,400  |   |
| Series 23 |   | 3,336,727  |   | 3,336,727  |   |
| Series 24 |   | 2,169,878  |   | 2,169,878  |   |
| Series 25 |   | 3,026,109  |   | 3,026,109  |   |
| Series 26 |   | 3,995,900  |   | 3,995,900  |   |
| Series 27 |   | 2,460,700  |   | 2,460,700  |   |
| Series 28 |   | 4,000,738  |   | 4,000,738  |   |
| Series 29 |   | 3,991,800  |   | 3,991,800  |   |
| Series 30 |   | 2,651,000  |   | 2,651,000  |   |
| Series 31 |   | 4,417,857  |   | 4,417,857  |   |
| Series 32 |   | 4,754,198  |   | 4,754,198  |   |
| Series 33 |   | 2,636,533  |   | 2,636,533  |   |
| Series 34 |   | 3,529,319  |   | 3,529,319  |   |
| Series 35 |   | 3,300,463  |   | 3,300,463  |   |
| Series 36 |   | 2,106,837  |   | 2,106,837  |   |
| Series 37 |   | 2,512,500  |   | 2,512,500  |   |
| Series 38 |   | 2,543,100  |   | 2,543,100  |   |
| Series 39 |   | 2,292,152  |   | 2,292,100  |   |
| Series 40 |   | 2,630,256  |   | 337,600    |   |
| Series 41 |   | 2,891,626  |   | —     |   |
| Series 42 |   | 457,776    |   | —     |   |
|      |   |       |   |       |   |
|      |   | 68,029,269 |   | 62,387,159 |   |

 

F-127

----

 

Investments in Operating Limited Partnerships

 

The fundaccounts for the investments in the operating limited partnerships using theequity method, whereby the fund adjusts the investment cost for its share ofthe operating limited partnership’s results of operations and for anydistributions received or accrued. However, the fund recognizes individual operating limited partnership’slosses only to the extent that the fund’s share of losses of the operatinglimited partnerships does not exceed the carrying amount of itsinvestment.  Unrecognized losses will besuspended and offset against future individual operating limited partnershipincome.

 

A loss invalue of an investment in an operating limited partnership other than atemporary decline would be recorded as an impairment loss.  Impairment is measured by comparing theinvestment carrying amount to the sum of the total amount of the remaining tax creditsallocated to the fund and the estimated residual value of the investment.

 

Capitalcontributions to operating limited partnerships are adjusted by tax creditadjusters.  Tax credit adjusters aredefined as adjustments to operating limited partnership capital contributionsdue to reductions in actual tax credits from those originally projected.  The fund records tax credit adjusters as areduction in investments in operating limited partnerships and capital contributionspayable.

 

The operatinglimited partnerships maintain their financial statements based on a calendaryear and the fund utilizes a March 31 year end.  The fund records losses and income from the operating limitedpartnerships on a calendar year basis which is not materially different fromlosses and income generated if the operating limited partnerships utilized aMarch 31 year end. 

 

The fundrecords capital contributions payable to the operating limited partnershipsonce there is a binding obligation to fund a specified amount.  The operating limited partnerships recordcapital contributions from the fund when received.

 

Prior toJanuary 1, 1999 the fund recorded acquisition costs as an increase in itsinvestments in operating limited partnerships. These costs are amortized by the operating limited partnerships over27.5 years on the straight-line method. Certain operating limited partnerships have not recorded the acquisitioncosts as a capital contribution from the fund. These differences are shown as reconciling items in note C.  As of January 1, 1999, the fund recordsacquisition costs incurred after January 1, 1999 as deferred acquisitioncosts.  These costs are amortized on thestraight-line method over 27.5 years. 

 

F-128

----

 

During the years ended March31, 2002 and 2001, the fund acquired interests in operating limitedpartnerships as follows:

 
|      |   | **2002** |   | **2001** |   |
|-----------|--------|----------|--------|----------|--------|
|      |   |     |   |     |   |
| Series 20 |   | —   |   | —   |   |
| Series 21 |   | —   |   | —   |   |
| Series 22 |   | —   |   | —   |   |
| Series 23 |   | —   |   | —   |   |
| Series 24 |   | —   |   | —   |   |
| Series 25 |   | —   |   | —   |   |
| Series 26 |   | —   |   | —   |   |
| Series 27 |   | —   |   | —   |   |
| Series 28 |   | —   |   | —   |   |
| Series 29 |   | —   |   | —   |   |
| Series 30 |   | —   |   | —   |   |
| Series 31 |   | —   |   | 1        |   |
| Series 32 |   | 1        |   | —   |   |
| Series 33 |   | —   |   | —   |   |
| Series 34 |   | —   |   | —   |   |
| Series 35 |   | —   |   | 1        |   |
| Series 36 |   | —   |   | —   |   |
| Series 37 |   | —   |   | 2        |   |
| Series 38 |   | 1        |   | 6        |   |
| Series 39 |   | 2        |   | 7        |   |
| Series 40 |   | 9        |   | 6        |   |
| Series 41 |   | 12       |   | —   |   |
| Series 42 |   | 2        |   | —   |   |
|      |   |     |   |     |   |
|      |   | 27       |   | 23       |   |

 

During the year ended March31, 2002, Series 40 and 41 acquired a limited partnership equity interest infive (5) and one (1) limited liability companies, respectively, which are thegeneral partners of other operating limited partnerships which own or areconstructing, rehabilitating or operating apartment complexes.

 

F-129

----

 

 

During theyear ended March 31, 2001, Series 38 and 39 each acquired a limited partnershipequity interest in one (1) and one (1) limited liability companies,respectively, which are the general partners of other operating limitedpartnerships which own or are constructing, rehabilitating or operatingapartment complexes.

 

Organization Costs

 

Initialorganization and offering expenses common to all Series, are allocated on apercentage of equity raised to each Series.

 

In accordancewith SOP 98-5, effective April 1, 1999, organization costs are being expensedas incurred.  Before this date,organization costs were amortized on the straight-line method over 60 months. 

 

Deferred Acquisition Costs

 

Deferredacquisition costs are amortized on the straight-line method over 27.5 years.

 

Income Taxes

 

No provisionor benefit for income taxes has been included in these financial statementssince taxable income or loss passes through to, and is reportable by, thegeneral partner and assignees individually.

 

F-130

----

 

Selling Commissions and Registration Costs

 

Sellingcommissions paid in connection with the public offering are charged against theassignees’ capital upon admission of investors as assignees.  Registration costs associated with thepublic offering are charged against assignees’ capital as incurred.

 

Cash Equivalents

 

Cashequivalents include overnight repurchase agreements, tax-exempt sweep accountsand money market accounts having original maturities at date of acquisition ofthree months or less.  The carryingvalue approximates fair value because of the short maturity of theseinstruments.

 

Fiscal Year

 

For financialreporting purposes, the fund uses a March 31 year end, whereas for income taxreporting purposes, the fund uses a calendar year.  The operating limited partnerships use a calendar year for bothfinancial and income tax reporting.

 

F-131

----

 

Net Loss Per Beneficial Assignee Certificate Unit

 

Net loss perbeneficial assignee certificate unit is calculated based upon the weightedaverage number of units outstanding during the year or period.  The weighted average number of units in eachseries at March 31, 2002, 2001 and 2000 are as follows:

 
|      |   | **2002**   |   | **2001**   |   | **2000**   |   |
|-----------|--------|------------|--------|------------|--------|------------|--------|
|      |   |       |   |       |   |       |   |
| Series 20 |   | 3,866,700  |   | 3,866,700  |   | 3,866,700  |   |
| Series 21 |   | 1,892,700  |   | 1,892,700  |   | 1,892,700  |   |
| Series 22 |   | 2,564,400  |   | 2,564,400  |   | 2,564,400  |   |
| Series 23 |   | 3,336,727  |   | 3,336,727  |   | 3,336,727  |   |
| Series 24 |   | 2,169,878  |   | 2,169,878  |   | 2,169,878  |   |
| Series 25 |   | 3,026,109  |   | 3,026,109  |   | 3,026,109  |   |
| Series 26 |   | 3,995,900  |   | 3,995,900  |   | 3,995,900  |   |
| Series 27 |   | 2,460,700  |   | 2,460,700  |   | 2,460,700  |   |
| Series 28 |   | 4,000,738  |   | 4,000,738  |   | 4,000,738  |   |
| Series 29 |   | 3,991,800  |   | 3,991,800  |   | 3,991,800  |   |
| Series 30 |   | 2,651,000  |   | 2,651,000  |   | 2,651,000  |   |
| Series 31 |   | 4,417,857  |   | 4,417,857  |   | 4,417,857  |   |
| Series 32 |   | 4,754,198  |   | 4,754,198  |   | 4,754,198  |   |
| Series 33 |   | 2,636,533  |   | 2,636,533  |   | 2,636,533  |   |
| Series 34 |   | 3,529,319  |   | 3,529,319  |   | 3,529,319  |   |
| Series 35 |   | 3,300,463  |   | 3,300,463  |   | 2,876,439  |   |
| Series 36 |   | 2,106,837  |   | 2,106,837  |   | 1,723,720  |   |
| Series 37 |   | 2,512,500  |   | 2,512,500  |   | 1,602,663  |   |
| Series 38 |   | 2,543,100  |   | 2,150,085  |   | 308,300    |   |
| Series 39 |   | 2,292,152  |   | 1,251,903  |   | —     |   |
| Series 40 |   | 2,118,814  |   | 120,983    |   | —     |   |
| Series 41 |   | 1,576,505  |   | —     |   | —     |   |
| Series 42 |   | 189,176    |   | —     |   | —     |   |
|      |   |       |   |       |   |       |   |
|      |   | 65,934,106 |   | 60,737,330 |   | 55,805,681 |   |

 

F-132

----

 

Investments

 

Investmentsavailable-for-sale are being carried at fair market value.  Unrealized gains or losses are reported asother comprehensive income (loss). Realized gains or losses, determined on the basis of the costs ofspecific securities sold, are included in earnings.

 

Use of Estimates

 

Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenue and expensesduring the reporting period.  Actualresults could differ from those estimates.

 

Recent Accounting Pronouncements

 

In August2001, the Financial Accounting Standards Board (FASB) issued SFAS No. 144, “Accountingfor the Impairment of Disposal of Long-Lived Assets”.  SFAS No. 144 provides accounting guidance for financialaccounting and reporting for the impairment of disposal of long-lived assets.  SFAS No. 144 supersedes SFAS No. 121,“Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assetsto be Disposed Of”.  SFAS No. 144 iseffective for fiscal years beginning after December 15, 2001.  The managing general partner does notanticipate that its adoption will have a material effect on the financialposition or results of operations of the fund.

 

F-133

----

 

NOTE B - RELATED PARTYTRANSACTIONS

 

During theyears ended March 31, 2002, 2001 and 2000, the fund entered into severaltransactions with various affiliates of the general partner, including BostonCapital Partners, Inc. (BCP), Boston Capital Holdings Limited Partnership(BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital AssetManagement Limited Partnership (BCAM) as follows:

 

Boston CapitalAsset Management Limited Partnership is entitled to an annual fund managementfee based on .5 percent of the aggregate cost of all apartment complexesacquired by the operating limited partnerships, less the amount of certainpartnership management and reporting fees paid or payable by the operatinglimited partnerships.  The aggregatecost is comprised of the capital contributions made by each Series to theoperating limited partnerships and 99% of the permanent financing at theoperating limited partnership level. The annual fund fees charged to operations during the years ended March31, 2002, 2001 and 2000, are as follows:

 
|      |   | **2002** |      | **2001** |   | **2000**  |   |
|-----------|--------|----------|-----------|----------|--------|-----------|--------|
|      |   |     |      |     |   |      |   |
| Series 20 |   | $        | 299,467   |     | $      | 320,496   |   | $ | 292,963 |   |
| Series 21 |   | 218,756  |      | 202,560  |   | 157,432   |   |
| Series 22 |   | 215,442  |      | 233,351  |   | 227,588   |   |
| Series 23 |   | 194,492  |      | 200,200  |   | 197,530   |   |
| Series 24 |   | 208,943  |      | 199,421  |   | 160,446   |   |
| Series 25 |   | 229,126  |      | 242,146  |   | 203,746   |   |
| Series 26 |   | 350,204  |      | 368,280  |   | 365,001   |   |
| Series 27 |   | 269,712  |      | 288,374  |   | 289,658   |   |
| Series 28 |   | 278,658  |      | 322,781  |   | 287,734   |   |
| Series 29 |   | 277,424  |      | 315,514  |   | 308,972   |   |
| Series 30 |   | 142,376  |      | 187,698  |   | 201,815   |   |
| Series 31 |   | 309,298  |      | 336,774  |   | 391,201   |   |
| Series 32 |   | 295,155  |      | 323,500  |   | 323,495   |   |
| Series 33 |   | 131,568  |      | 166,360  |   | 169,331   |   |
| Series 34 |   | 255,289  |      | 284,285  |   | 281,564   |   |
| Series 35 |   | 226,671  |      | 215,860  |   | 195,257   |   |
| Series 36 |   | 139,721  |      | 160,756  |   | 83,620    |   |
| Series 37 |   | 167,806  |      | 141,045  |   | 26,698    |   |
| Series 38 |   | 157,190  |      | 162,131  |   | 5,176     |   |
| Series 39 |   | 136,795  |      | 88,123   |   | —    |   |
| Series 40 |   | 167,367  |      | —   |   | —    |   |
| Series 41 |   | 90,762   |      | —   |   | —    |   |
| Series 42 |   | —   |      | —   |   | —    |   |
|      |   |     |      |     |   |      |   |
|      |   | $        | 4,762,222 |     | $      | 4,759,655 |   | $ | 4,169,227 |   |

 

F-134

----

 

 

Boston CapitalServices, Inc. received dealer-manager fees for the marketing advice andinvestment banking services performed at the time of the fund’s offering ofBACs.  The dealer-manager fees areincluded in partners’ capital as selling commissions and registration costs.  During the years ended March 31, 2002, 2001and 2000, dealer manager fees received by Boston Capital Services, Inc. byseries are as follows:

 
|      |   | **2002** |      | **2001** |   | **2000** |   |
|-----------|--------|----------|-----------|----------|--------|----------|--------|
|      |   |     |      |     |   |     |   |
| Series 20 |   | $        | —    |     | $      | —   |   | $ | — |   |
| Series 21 |   | —   |      | —   |   | —   |   |
| Series 22 |   | —   |      | —   |   | —   |   |
| Series 23 |   | —   |      | —   |   | —   |   |
| Series 24 |   | —   |      | —   |   | —   |   |
| Series 25 |   | —   |      | —   |   | —   |   |
| Series 26 |   | —   |      | —   |   | —   |   |
| Series 27 |   | —   |      | —   |   | —   |   |
| Series 28 |   | —   |      | —   |   | —   |   |
| Series 29 |   | —   |      | —   |   | —   |   |
| Series 30 |   | —   |      | —   |   | —   |   |
| Series 31 |   | —   |      | —   |   | —   |   |
| Series 32 |   | —   |      | —   |   | —   |   |
| Series 33 |   | —   |      | —   |   | —   |   |
| Series 34 |   | —   |      | —   |   | —   |   |
| Series 35 |   | —   |      | —   |   | 489,168  |   |
| Series 36 |   | —   |      | —   |   | 399,530  |   |
| Series 37 |   | —   |      | —   |   | 475,690  |   |
| Series 38 |   | —   |      | 395,180  |   | 84,695   |   |
| Series 39 |   | —   |      | 431,205  |   | —   |   |
| Series 40 |   | 465,162  |      | 64,235   |   | —   |   |
| Series 41 |   | 573,460  |      | —   |   | —   |   |
| Series 42 |   | 84,625   |      | —   |   | —   |   |
|      |   |     |      |     |   |     |   |
|      |   | $        | 1,123,247 |     | $      | 890,620  |   | $ | 1,449,083 |   |

 

F-135

----

 

Boston CapitalHoldings Limited Partnership is entitled to asset acquisition fees forselecting, evaluating, structuring, negotiating, and closing the fund’sacquisition of interests in the operating limited partnerships.  During the years ended March 31, 2002, 2001and 2000, acquisition fees incurred to Boston Capital Holdings LimitedPartnership by series are as follows:

 
|      |   | **2002**  |      | **2001**  |   | **2000**  |   |
|-----------|--------|-----------|-----------|-----------|--------|-----------|--------|
|      |   |      |      |      |   |      |   |
| Series 20 |   | $         | —    |      | $      | —    |   | $ | — |   |
| Series 21 |   | —    |      | —    |   | —    |   |
| Series 22 |   | —    |      | —    |   | —    |   |
| Series 23 |   | —    |      | —    |   | —    |   |
| Series 24 |   | —    |      | —    |   | —    |   |
| Series 25 |   | —    |      | —    |   | —    |   |
| Series 26 |   | —    |      | —    |   | —    |   |
| Series 27 |   | —    |      | —    |   | —    |   |
| Series 28 |   | —    |      | —    |   | —    |   |
| Series 29 |   | —    |      | —    |   | —    |   |
| Series 30 |   | —    |      | —    |   | —    |   |
| Series 31 |   | —    |      | —    |   | —    |   |
| Series 32 |   | —    |      | —    |   | —    |   |
| Series 33 |   | —    |      | —    |   | —    |   |
| Series 34 |   | —    |      | —    |   | —    |   |
| Series 35 |   | —    |      | —    |   | 2,206,824 |   |
| Series 36 |   | —    |      | —    |   | 1,790,812 |   |
| Series 37 |   | —    |      | —    |   | 2,135,625 |   |
| Series 38 |   | —    |      | 1,782,280 |   | 379,355   |   |
| Series 39 |   | 75,172    |      | 1,948,285 |   | —    |   |
| Series 40 |   | 1,945,926 |      | 286,960   |   | —    |   |
| Series 41 |   | 2,457,882 |      | —    |   | —    |   |
| Series 42 |   | 389,110   |      | —    |   | —    |   |
|      |   |      |      |      |   |      |   |
|      |   | $         | 4,868,090 |      | $      | 4,017,525 |   | $ | 6,512,616 |   |

 

F-136

----

 

During theyears ended March 31, 2002, 2001 and 2000, general and administrative expensesincurred by Boston Capital Partners, Inc., Boston Capital Holdings LimitedPartnership and/or  Boston Capital AssetManagement Limited Partnership were charged to each series’ operations asfollows:

 
|      |   | **2002** |    | **2001** |   | **2000** |   |
|-----------|--------|----------|---------|----------|--------|----------|--------|
|      |   |     |    |     |   |     |   |
| Series 20 |   | $        | 18,068  |     | $      | 14,463   |   | $ | 20,587 |   |
| Series 21 |   | 16,186   |    | 10,372   |   | 13,018   |   |
| Series 22 |   | 17,950   |    | 11,727   |   | 16,481   |   |
| Series 23 |   | 19,698   |    | 13,646   |   | 18,993   |   |
| Series 24 |   | 17,043   |    | 10,545   |   | 14,106   |   |
| Series 25 |   | 17,365   |    | 14,730   |   | 16,951   |   |
| Series 26 |   | 20,145   |    | 16,941   |   | 21,052   |   |
| Series 27 |   | 15,897   |    | 10,863   |   | 16,582   |   |
| Series 28 |   | 18,780   |    | 14,255   |   | 19,254   |   |
| Series 29 |   | 19,312   |    | 14,665   |   | 19,316   |   |
| Series 30 |   | 16,085   |    | 11,769   |   | 16,876   |   |
| Series 31 |   | 18,967   |    | 15,123   |   | 15,770   |   |
| Series 32 |   | 24,334   |    | 19,064   |   | 23,403   |   |
| Series 33 |   | 20,422   |    | 14,488   |   | 16,793   |   |
| Series 34 |   | 22,152   |    | 16,492   |   | 24,161   |   |
| Series 35 |   | 21,335   |    | 17,639   |   | 28,829   |   |
| Series 36 |   | 23,278   |    | 18,645   |   | 34,054   |   |
| Series 37 |   | 23,939   |    | 22,898   |   | 14,406   |   |
| Series 38 |   | 28,208   |    | 31,730   |   | 480      |   |
| Series 39 |   | 30,428   |    | 56,607   |   | —   |   |
| Series 40 |   | 67,613   |    | 14,238   |   | —   |   |
| Series 41 |   | 62,094   |    | —   |   | —   |   |
| Series 42 |   | 28,960   |    | —   |   | —   |   |
|      |   |     |    |     |   |     |   |
|      |   | $        | 568,259 |     | $      | 370,900  |   | $ | 351,112 |   |

 

Accountspayable - affiliates at March 31, 2002, 2001 and 2000 represents general andadministrative expenses, fund management fees, and commissions which arepayable to Boston Capital Partners, Inc., Boston Capital Holdings LimitedPartnership, Boston Capital Services, Inc., and Boston Capital Asset ManagementLimited Partnership.

 

F-137

----

 

During the yearsended March 31, 2002, 2001 and 2000, the fund reimbursed affiliates of thegeneral partner for amounts in connection with the offering of BACs.  These reimbursements include, but are notlimited to, postage, printing, travel and overhead allocations and are includedin partners’ capital as selling commissions and registrations costs at March31, 2002, 2001 and 2000.  During theyears ended March 31, 2002, 2001 and 2000, the selling commission andregistration costs incurred to affiliates by series are as follows:

 
|      |   | **2002** |    | **2001** |   | **2000** |   |
|-----------|--------|----------|---------|----------|--------|----------|--------|
|      |   |     |    |     |   |     |   |
| Series 20 |   | $        | —  |     | $      | —   |   | $ | — |   |
| Series 21 |   | —   |    | —   |   | —   |   |
| Series 22 |   | —   |    | —   |   | —   |   |
| Series 23 |   | —   |    | —   |   | —   |   |
| Series 24 |   | —   |    | —   |   | —   |   |
| Series 25 |   | —   |    | —   |   | —   |   |
| Series 26 |   | —   |    | —   |   | —   |   |
| Series 27 |   | —   |    | —   |   | —   |   |
| Series 28 |   | —   |    | —   |   | 1,977    |   |
| Series 29 |   | —   |    | —   |   | 2,257    |   |
| Series 30 |   | —   |    | —   |   | 1,301    |   |
| Series 31 |   | —   |    | —   |   | 5,484    |   |
| Series 32 |   | —   |    | —   |   | 23,830   |   |
| Series 33 |   | —   |    | —   |   | 1,499    |   |
| Series 34 |   | —   |    | —   |   | 29,133   |   |
| Series 35 |   | —   |    | —   |   | 115,841  |   |
| Series 36 |   | —   |    | —   |   | 79,753   |   |
| Series 37 |   | —   |    | 7,215    |   | 140,617  |   |
| Series 38 |   | —   |    | 108,292  |   | 53,283   |   |
| Series 39 |   | 744      |    | 130,194  |   | —   |   |
| Series 40 |   | 107,557  |    | 41,850   |   | —   |   |
| Series 41 |   | 164,458  |    | —   |   | —   |   |
| Series 42 |   | 72,026   |    | —   |   | —   |   |
|      |   |     |    |     |   |     |   |
|      |   | $        | 344,785 |     | $      | 287,551  |   | $ | 454,975 |   |

 

F-138

----

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS

 

At March 31,2002 and 2001, the fund has limited partnership interests in operating limitedpartnerships, which own or are constructing or rehabilitating operatingapartment complexes.  During the yearended March 31, 2002, one of the operating limited partnerships owned by Series24 was foreclosed on by the mortgage holder (see footnote L).  The number of operating limited partnershipsin which the fund has limited partnership interests at March 31, 2002 and 2001by series are as follows:

 
|      |   | **2002** |   | **2001** |   |
|-----------|--------|----------|--------|----------|--------|
|      |   |     |   |     |   |
| Series 20 |   | 24       |   | 24       |   |
| Series 21 |   | 14       |   | 14       |   |
| Series 22 |   | 29       |   | 29       |   |
| Series 23 |   | 22       |   | 22       |   |
| Series 24 |   | 23       |   | 24       |   |
| Series 25 |   | 22       |   | 22       |   |
| Series 26 |   | 45       |   | 45       |   |
| Series 27 |   | 16       |   | 16       |   |
| Series 28 |   | 26       |   | 26       |   |
| Series 29 |   | 22       |   | 22       |   |
| Series 30 |   | 20       |   | 20       |   |
| Series 31 |   | 27       |   | 27       |   |
| Series 32 |   | 17       |   | 16       |   |
| Series 33 |   | 10       |   | 10       |   |
| Series 34 |   | 14       |   | 14       |   |
| Series 35 |   | 11       |   | 11       |   |
| Series 36 |   | 11       |   | 11       |   |
| Series 37 |   | 7        |   | 7        |   |
| Series 38 |   | 10       |   | 9        |   |
| Series 39 |   | 9        |   | 7        |   |
| Series 40 |   | 15       |   | 6        |   |
| Series 41 |   | 11       |   | —   |   |
| Series 42 |   | 2        |   | —   |   |
|      |   |     |   |     |   |
|      |   | 407      |   | 382      |   |

 

F-139

----

 

Under theterms of the fund’s investment in each operating limited partnership, the fund isrequired to make capital contributions to the operating limitedpartnerships.  These contributions arepayable in installments over several years upon each operating limitedpartnership achieving specified levels of construction or operations.  At March 31, 2002 and 2001, contributionsare payable to operating limited partnerships as follows:

 
|      |   | **2002**   |       | **2001**  |   |
|-----------|--------|------------|------------|-----------|--------|
|      |   |       |       |      |   |
| Series 20 |   | $          | 388,026    |      | $      | 388,026 |   |
| Series 21 |   | 641,543    |       | 689,358   |   |
| Series 22 |   | 487,655    |       | 538,769   |   |
| Series 23 |   | 117,796    |       | 458,631   |   |
| Series 24 |   | 1,214,204  |       | 1,214,204 |   |
| Series 25 |   | 2,073,892  |       | 2,083,892 |   |
| Series 26 |   | 2,197,433  |       | 2,199,426 |   |
| Series 27 |   | 156,389    |       | 315,311   |   |
| Series 28 |   | 148,783    |       | 744,786   |   |
| Series 29 |   | 304,770    |       | 596,044   |   |
| Series 30 |   | 528,451    |       | 1,034,250 |   |
| Series 31 |   | 1,030,019  |       | 1,350,694 |   |
| Series 32 |   | 1,074,248  |       | 1,286,333 |   |
| Series 33 |   | 751,366    |       | 1,557,634 |   |
| Series 34 |   | 807,004    |       | 1,051,622 |   |
| Series 35 |   | 1,716,237  |       | 2,520,290 |   |
| Series 36 |   | 680,429    |       | 1,460,200 |   |
| Series 37 |   | 2,165,429  |       | 5,838,932 |   |
| Series 38 |   | 1,232,066  |       | 4,429,476 |   |
| Series 39 |   | 2,065,285  |       | 6,821,583 |   |
| Series 40 |   | 3,449,417  |       | 5,878,926 |   |
| Series 41 |   | 12,919,212 |       | —    |   |
| Series 42 |   | 2,075,060  |       | —    |   |
|      |   |       |       |      |   |
|      |   | $          | 38,224,714 |      | $      | 42,458,387 |   |

 

F-140

----

 

The fund’s investments in operatinglimited partnerships at March 31, 2002 is summarized as follows (Series 42invested in operating limited partnerships subsequent to December 31, 2001):

 
|                                                                                                                                                                                                                                                                                                             |   | **Total**    |        | **Series 20** |   | **Series 21** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                        |   | $            | 490,167,039 |          | $      | 28,279,735    |   | $ | 12,448,749 |   |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                              |   | 46,954,889   |        | 3,726,293     |   | 1,923,140     |   |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                     |   | (516,053     | )           | (73,449       | )      | (27,204       | )      |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                            |   | (125,748,024 | )           | (17,237,206   | )      | (11,414,868   | )      |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                  |   | 410,857,851  |        | 14,695,373    |   | 2,929,817     |   |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2002  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2001 (see note A) |   | (38,323,461  | )           | —        |   | (474,354      | )      |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| The fund has recorded acquisition costs at  March 31, 2002 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                   |   | (7,582,381   | )           | (444,246      | )      | (110,624      | )      |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                  |   | 2,775,473    |        | 404,710       |   | 651,466       |   |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                           |   | (8,285,544   | )           | (211,670      | )      | (6,257,772    | )      |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   | 1,867,118    |        | 249,627       |   | 82,561        |   |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                            |   | (3,714,231   | )           | (35,750       | )      | (1,050        | )      |
|                                                                                                                                                                                                                                                                                                             |   |         |        |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                   |   | $            | 357,594,825 |          | $      | 14,658,044    |   | $ | (3,179,956 | ) |

 

F-141

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 18,295,534 |          | $      | 23,797,395    |   | $ | 15,665,033 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | 2,504,765     |       | 3,504,553     |   | 2,030,314     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (68,522       | )          | (15,838       | )      | (56,838       | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (9,644,478    | )          | (9,559,282    | )      | (8,397,604    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 11,087,299    |       | 17,726,828    |   | 9,240,905     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2002  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2001 (see note A). |   | (684,398      | )          | (11,581       | )      | (773,022      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2002 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | (365,605      | )          | (436,119      | )      | (516,941      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                   |   | 259,228       |       | 179,850       |   | 95,695        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | (170,267      | )          | —        |   | (362,514      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 116,346       |       | 46,426        |   | 61,209        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (136,550      | )          | (41,148       | )      | 49,076        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 10,106,053 |          | $      | 17,464,256    |   | $ | 7,794,408 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-142

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 21,958,241 |          | $      | 28,872,636    |   | $ | 16,985,315 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | 2,803,677     |       | 3,968,917     |   | 2,467,629     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (48,141       | )          | (65,203       | )      | (24,623       | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (8,448,215    | )          | (7,991,100    | )      | (3,981,160    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 16,265,562    |       | 24,785,250    |   | 15,447,161    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2002  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2001 (see note A). |   | (1,244,750    | )          | (831,489      | )      | (348,552      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2002 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | (689,409      | )          | (73,143       | )      | (534,689      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                   |   | 335,542       |       | 123,194       |   | 205,532       |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | (553,303      | )          | (225,038      | )      | (320,867      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 46,911        |       | 321,722       |   | 88,477        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (198,993      | )          | (72,679       | )      | 54,428        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                     |   | $             | 13,961,560 |          | $      | 24,027,817    |   | $ | 14,591,490 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-143

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid to operating limited  partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 28,566,056 |          | $      | 28,777,755    |   | $ | 19,306,955 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | 4,191,674     |       | 4,151,886     |   | 2,226,856     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (44,377       | )          | (10,062       | )      | (37,497       | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (6,358,206    | )          | (8,428,919    | )      | (3,669,439    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 26,355,147    |       | 24,490,660    |   | 17,826,875    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2002 which have not been  included in the partnership’s capital account included in the operating  limited partnerships’ financial statements as of December 31, 2001 (see note  A). |   | (392,653      | )          | (255,440      | )      | (626,664      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2002 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | (665,053      | )          | (772,541      | )      | (235,701      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                   |   | 129,668       |       | 265,241       |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 5,653         |       | 7,355         |   | 73,730        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (238,089      | )          | (67,713       | )      | 4,917         |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 25,194,673 |          | $      | 23,667,562    |   | $ | 17,043,157 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-144

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid to operating limited  partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 31,876,958 |          | $      | 34,602,928    |   | $ | 19,375,924 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | 4,586,765     |       | 4,291,123     |   | 2,010,987     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (12,568       | )          | (13,998       | )      | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from  operating limited partnerships                                                                                                                                                                                                                                                            |   | (8,730,174    | )          | (5,920,892    | )      | (2,760,934    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 27,720,981    |       | 32,959,161    |   | 18,625,977    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2002 which  have not been included in the partnership’s capital account included in the  operating limited partnerships’ financial statements as of December 31, 2001  (see note A). |   | (466,321      | )          | (1,982,110    | )      | (2,083,984    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at  March 31, 2002 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                    |   | (77,600       | )          | (1,741,159    | )      | (624,017      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                   |   | 125,347       |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable under the  equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | (184,113      | )      | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 80,765        |       | 42,262        |   | 2,652         |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | 7,394         |       | (867,373      | )      | (10,799       | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                     |   | $             | 27,390,566 |          | $      | 28,226,668    |   | $ | 15,909,829 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-145

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 25,656,209 |          | $      | 23,877,608    |   | $ | 15,361,602 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | 2,566,310     |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (631          | )          | —        |   | (1,644        | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (4,370,612    | )          | (2,944,750    | )      | (1,886,220    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 23,851,276    |       | 20,932,858    |   | 13,473,738    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2002 which have not been  included in the partnership’s capital account included in the operating  limited partnerships’ financial statements as of December 31, 2001 (see note  A). |   | (315,426      | )          | (1,383,138    | )      | (36,100       | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2002 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | (295,534      | )          | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                   |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 8,576         |       | 91,805        |   | 56,903        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (139,108      | )          | (158,284      | )      | (110,224      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 23,109,784 |          | $      | 19,483,241    |   | $ | 13,384,317 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-146

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 18,597,453 |          | $      | 18,998,365    |   | $ | 17,087,660 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (13,899       | )          | (1,559        | )      | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (1,113,958    | )          | (1,364,717    | )      | (992,509      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 17,469,596    |       | 17,632,089    |   | 16,095,151    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2002 which have not been  included in the partnership’s capital account included in the operating  limited partnerships’ financial statements as of December 31, 2001 (see note  A). |   | (2,045,431    | )          | (1,230,575    | )      | (1,997,147    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2002 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                   |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 259,074       |       | —        |   | 191,379       |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (123,137      | )          | (435,107      | )      | (253,819      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 15,560,102 |          | $      | 15,966,407    |   | $ | 14,035,564 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-147

----

 
|                                                                                                                                                                                                                                                                                                             |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                        |   | $             | 18,979,586 |          | $      | 20,123,805    |   | $ | 2,675,537 |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Cumulative distributions from operating  limited partnerships                                                                                                                                                                                                                                                    |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                            |   | (438,656      | )          | (94,125       | )      | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                  |   | 18,540,930    |       | 20,029,680    |   | 2,675,537     |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| The fund has recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2002 which have not been  included in the partnership’s capital account included in the operating limited  partnerships’ financial statements as of December 31, 2001 (see note A). |   | (4,244,472    | )          | (14,220,317   | )      | (2,675,537    | )      |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2002 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                   |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year ends  (see note A).                                                                  |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                           |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   | 33,685        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                            |   | (693,931      | )          | (246,292      | )      | —        |   |
|                                                                                                                                                                                                                                                                                                             |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                   |   | $             | 13,636,212 |          | $      | 5,563,071     |   | $ | — |   |
|                                                                                                                                                                                                                                                                                                                  |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-148

----

 

The fund’s investments inoperating limited partnerships at March 31, 2001 is summarized as follows(Series 40 invested in operating limited partnerships subsequent to December31, 2000):

 
|                                                                                                                                                                                                                                                                                                              |   | **Total**   |        | **Series 20** |   | **Series 21** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Capital contributions paid and to be paid to operating limited  partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $           | 455,963,540 |          | $      | 28,279,735    |   | $ | 12,504,556 |   |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Acquisition costs of operating limited  partnerships                                                                                                                                                                                                                                                              |   | 46,954,889  |        | 3,726,293     |   | 1,923,140     |   |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Cumulative distributions from operating  limited partnerships                                                                                                                                                                                                                                                     |   | (348,831    | )           | (62,950       | )      | (19,953       | )      |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                                                                                                                                                                                                                            |   | (95,654,592 | )           | (15,204,542   | )      | (8,694,168    | )      |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 406,915,006 |        | 16,738,536    |   | 5,713,575     |   |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2001  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2000 (see note A). |   | (43,181,845 | )           | —        |   | (474,354      | )      |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| The fund has recorded acquisition costs at  March 31, 2001 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                    |   | (8,171,017  | )           | (444,246      | )      | (110,624      | )      |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2001 which the operating limited partnerships have not  included in their capital as of December 31, 2000 due to different year ends  (see note A).                                                                   |   | 2,775,473   |        | 404,710       |   | 651,466       |   |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | (686,311    | )           | (129,002      | )      | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 1,470,477   |        | 249,627       |   | 200,536       |   |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (3,264,421  | )           | (33,392       | )      | 13,176        |   |
|                                                                                                                                                                                                                                                                                                              |   |        |        |          |   |          |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                     |   | $           | 355,857,362 |          | $      | 16,786,233    |   | $ | 5,993,775 |   |

 

F-149

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid to operating limited  partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 18,295,534 |          | $      | 23,797,395    |   | $ | 15,665,033 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | 2,504,765     |       | 3,504,553     |   | 2,030,314     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (58,744       | )          | (4,564        | )      | (49,584       | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (8,215,077    | )          | (8,177,890    | )      | (6,681,451    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 12,526,478    |       | 19,119,494    |   | 10,964,312    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2001  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2000 (see note A). |   | (684,398      | )          | (352,416      | )      | (446,604      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at  March 31, 2001 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                    |   | (386,506      | )          | (436,119      | )      | (516,941      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2001 which the operating limited partnerships have not  included in their capital as of December 31, 2000 due to different year ends  (see note A).                                                                   |   | 259,228       |       | 179,850       |   | 95,695        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | (87,481       | )          | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 116,346       |       | 50,547        |   | 61,209        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (136,889      | )          | (43,711       | )      | 55,036        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 11,606,778 |          | $      | 18,517,645    |   | $ | 10,212,707 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-150

----

 
|                                                                                                                                                                                                                                                                                                                  |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid to operating limited  partnerships, net of tax credit adjusters                                                                                                                                                                                                             |   | $             | 21,951,711 |          | $      | 28,874,629    |   | $ | 16,997,728 |   |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                                   |   | 2,803,677     |       | 3,968,917     |   | 2,467,629     |   |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                          |   | (22,253       | )          | (51,754       | )      | (14,091       | )      |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                                 |   | (7,173,389    | )          | (6,161,264    | )      | (3,687,695    | )      |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Investments in operating limited  partnerships per balance sheet                                                                                                                                                                                                                                                      |   | 17,559,746    |       | 26,630,528    |   | 15,763,571    |   |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2001  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2000 (see note A**).** |   | (815,460      | )          | (258,856      | )      | (568,079      | **)**  |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2001 which have not been recorded in the net  assets of the operating limited partnerships (see note A).                                                                                                                                                         |   | (689,409      | )          | (73,143       | )      | (534,689      | )      |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, 2001  which the operating limited partnerships have not included in their capital  as of December 31, 2000 due to different year ends (see note A).                                                                        |   | 335,542       |       | 123,194       |   | 205,532       |   |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting  (see note A).                                                                                                                                                                                               |   | (256,952      | )          | (4,034        | )      | (205,547      | )      |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| The fund has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                          |   | 46,911        |       | 227,117       |   | —        |   |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                 |   | (191,922      | )          | (73,738       | )      | 52,644        |   |
|                                                                                                                                                                                                                                                                                                                  |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                        |   | $             | 15,988,456 |          | $      | 26,571,068    |   | $ | 14,713,432 |   |

 

F-151

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 28,566,056 |          | $      | 28,785,110    |   | $ | 19,322,614 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | 4,191,674     |       | 4,151,886     |   | 2,226,856     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (19,164       | )          | (7,449        | )      | (18,566       | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (4,854,653    | )          | (6,312,205    | )      | (2,583,563    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 27,883,913    |       | 26,617,342    |   | 18,947,341    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2001 which have not been  included in the partnership’s capital account included in the operating  limited partnerships’ financial statements as of December 31, 2000 (see note  A). |   | (933,513      | )          | (535,947      | )      | (1,284,529    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2001 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | (665,053      | )          | (772,541      | )      | (235,701      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2001 which the operating limited partnerships have not  included in their capital as of December 31, 2000 due to different year ends  (see note A).                                                                   |   | 129,668       |       | 265,241       |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 5,653         |       | —        |   | 36,171        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (239,099      | )          | (77,361       | )      | (136          | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 26,181,569 |          | $      | 25,496,734    |   | $ | 17,463,146 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-152

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid to operating limited  partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 31,892,557 |          | $      | 34,586,425    |   | $ | 19,336,836 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of  operating limited partnerships                                                                                                                                                                                                                                                              |   | 4,586,765     |       | 4,291,123     |   | 2,010,987     |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | (2,196        | )          | (16,004       | )      | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating  limited partnerships                                                                                                                                                                                                                                                            |   | (6,557,703    | )          | (3,858,063    | )      | (1,701,756    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 29,919,423    |       | 35,003,481    |   | 19,646,067    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2001 which have not been  included in the partnership’s capital account included in the operating  limited partnerships’ financial statements as of December 31, 2000 (see note  A). |   | (786,996      | )          | (2,474,287    | )      | (3,548,859    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2001 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | (77,600       | )          | (2,308,894    | )      | (624,017      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2001 which the operating limited partnerships have not  included in their capital as of December 31, 2000 due to different year ends  (see note A).                                                                   |   | 125,347       |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | (3,295        | )      | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 58,704        |       | 261,216       |   | 124,980       |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | 6,648         |       | (1,281,827    | )      | (6,403        | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 29,245,526 |          | $      | 29,196,394    |   | $ | 15,591,768 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-153

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid to operating limited  partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 25,654,668 |          | $      | 24,079,245    |   | $ | 15,371,147 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating  limited partnerships                                                                                                                                                                                                                                                              |   | 2,566,310     |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (2,609,917    | )          | (2,069,545    | )      | (618,098      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 25,611,061    |       | 22,009,700    |   | 14,753,049    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2001  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2000 (see note A). |   | (656,205      | )          | (2,177,700    | )      | (885,029      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at  March 31, 2001 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                    |   | (295,534      | )          | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2001 which the operating limited partnerships have not  included in their capital as of December 31, 2000 due to different year ends  (see note A).                                                                   |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (135,427      | )          | (162,607      | )      | (112,462      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 24,523,895 |          | $      | 19,669,393    |   | $ | 13,755,558 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-154

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 18,833,539 |          | $      | 18,983,157    |   | $ | 16,408,199 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | —        |       | (1,559        | )      | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | (363,465      | )          | (133,908      | )      | 3,760         |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 18,470,074    |       | 18,847,690    |   | 16,411,959    |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2001 which have not been  included in the partnership’s capital account included in the operating  limited partnerships’ financial statements as of December 31, 2000 (see note  A). |   | (5,511,530    | )          | (5,558,637    | )      | (7,450,780    | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded acquisition costs at March 31, 2001 which have  not been recorded in the net assets of the operating limited partnerships  (see note A).                                                                                                                                                    |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Cumulative losses from operating limited partnerships for the three  months ended March 31, 2001 which the operating limited partnerships have not  included in their capital as of December 31, 2000 due to different year ends  (see note A).                                                                   |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity in loss of operating limited partnerships not recognizable  under the equity method of accounting (see note A).                                                                                                                                                                                            |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| The fund has recorded low-income housing tax credit adjusters not  recorded by operating limited partnerships (see note A).                                                                                                                                                                                       |   | 13,924        |       | 17,536        |   | —        |   |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                             |   | (127,981      | )          | (506,010      | )      | (262,960      | )      |
|                                                                                                                                                                                                                                                                                                              |   |          |       |          |   |          |   |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | 12,844,487 |          | $      | 12,800,579    |   | $ | 8,698,219 |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |            |               |        |               |        |  |  |  |  |  |  |

 

F-155

----

 
|                                                                                                                                                                                                                                                                                                              |   | **Series 40** |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                         |   | $             | 7,777,666 |   |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                               |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                      |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                             |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Investments in operating limited partnerships per balance sheet                                                                                                                                                                                                                                                   |   | 7,777,666     |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| The fund has recorded capital contributions  to the operating limited partnerships during the year ended March 31, 2001  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2000 (see note A). |   | (7,777,666    | )         |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| The fund has recorded acquisition costs at  March 31, 2001 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                    |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Cumulative losses from operating limited  partnerships for the three months ended March 31, 2001 which the operating  limited partnerships have not included in their capital as of December 31,  2000 due to different year ends (see note A).                                                                   |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Equity in loss of operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                           |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| The fund has recorded low-income housing  tax credit adjusters not recorded by operating limited partnerships (see note  A).                                                                                                                                                                                      |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Other                                                                                                                                                                                                                                                                                                             |   | —        |      |
|                                                                                                                                                                                                                                                                                                              |   |          |      |
| Equity per operating limited partnerships’ combined financial  statements                                                                                                                                                                                                                                    |   | $             | —    |   |
|                                                                                                                                                                                                                                                                                                                   |        |               |           |  |  |

 

F-156

----

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 41 hold an interest as of December 31,2001 are as follows (Series 42 invested in operating limited partnershipssubsequent to December 31, 2001):

 

COMBINED SUMMARIZED BALANCE SHEETS

 
|                                                         |   | **Total**   |          | **Series 20** |   | **Series 21** |   |
|--------------------------------------------------------------|--------|-------------|---------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |        |          |          |   |          |   |
|                                                         |   |        |          |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $           | 1,276,986,787 |          | $      | 73,661,465    |   | $ | 26,777,939 |   |
| Construction in progress                                     |   | 21,649,111  |          | —        |   | —        |   |
| Land                                                         |   | 82,942,354  |          | 6,345,961     |   | 2,837,606     |   |
| Other assets                                                 |   | 92,702,097  |          | 5,473,725     |   | 2,378,765     |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | $           | 1,474,280,349 |          | $      | 85,481,151    |   | $ | 31,994,310 |   |
|                                                         |   |        |          |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |        |          |          |   |          |   |
|                                                         |   |        |          |          |   |          |   |
| Mortgages and construction loans payable                     |   | $           | 836,173,617   |          | $      | 57,488,628    |   | $ | 27,872,528 |   |
| Accounts payable and accrued expenses                        |   | 29,415,768  |          | 3,060,234     |   | 1,237,842     |   |
| Other liabilities                                            |   | 120,870,988 |          | 5,493,870     |   | 4,635,453     |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | 986,460,373 |          | 66,042,732    |   | 33,745,823    |   |
| PARTNERS’ CAPITAL                                       |   |        |          |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 357,594,825 |          | 14,658,044    |   | (3,179,956    | )      |
| Other partners                                               |   | 130,225,151 |          | 4,780,375     |   | 1,428,443     |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | 487,819,976 |          | 19,438,419    | )      | (1,751,513    |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | $           | 1,474,280,349 |          | $      | 85,481,151    |   | $ | 31,994,310 |   |

 

F-157

----

 
|                                                         |   | **Series 22** |                                            | **Series 23** |   | **Series 24**                                   |   |
|--------------------------------------------------------------|--------|---------------|-------------------------------------------------|---------------|--------|-------------------------------------------------|--------|
| ASSETS                                                       |   |          |                                            |          |   |                                            |   |
|                                                         |   |          |                                            |          |   |                                            |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 70,404,427                                      |          | $      | 66,762,604                                      |   | $ | 54,275,834 |   |
| Construction in progress                                     |   | —        |                                            | —        |   | —                                          |   |
| Land                                                         |   | 4,242,201     |                                            | 3,957,131     |   | 3,941,855                                       |   |
| Other assets                                                 |   | 4,762,601     |                                            | 4,184,553     |   | 5,229,664                                       |   |
|                                                         |   |          |                                            |          |   |                                            |   |
|                                                         |   | $             | 79,409,229                                      |          | $      | 74,904,288                                      |   | $ | 63,447,353 |   |
|                                                         |   |          |                                            |          |   |                                            |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |                                            |          |   |                                            |   |
|                                                         |   |          |                                            |          |   |                                            |   |
| Mortgages and construction loans payable                     |   | $             | 52,764,423                                      |          | $      | 42,282,144                                      |   | $ | 40,591,928 |   |
| Accounts payable and accrued expenses                        |   | 3,114,452     |                                            | 3,427,486     |   | 1,805,213                                       |   |
| Other liabilities                                            |   | 3,355,070     |                                            | 5,283,754     |   | 8,269,088                                       |   |
|                                                         |   |          |                                            |          |   |                                            |   |
|                                                         |   | 59,233,945    |                                            | 50,993,384    |   | 50,666,229                                      |   |
| PARTNERS’ CAPITAL                                       |   |          |                                            |          |   |                                            |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 10,106,053    |                                            | 17,464,256    |   | 7,794,408                                       |   |
| Other partners                                               |   | 10,069,231    |                                            | 6,446,648     |   | 4,986,716                                       |   |
|                                                         |   |          |                                            |          |   |                                            |   |
|                                                         |   | 20,175,284    |                                            | 23,910,904    |   | 12,781,124                                      |   |
|                                                         |   |          |                                            |          |   |                                            |   |
|                                                         |   | $             |        79,409,229 |          | $      |        74,904,288 |   | $ |        63,447,353 |   |
|                                                              |        |               |                                                 |               |        |                                                 |        |  |  |  |  |  |  |  |  |  |

 

F-158

----

 
|                                                         |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 57,711,877 |          | $      | 84,973,268    |   | $ | 71,630,865 |   |
| Construction  in progress                                    |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 3,695,640     |       | 5,310,128     |   | 6,005,394     |   |
| Other assets                                                 |   | 6,796,587     |       | 7,335,534     |   | 6,097,224     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 68,204,104 |          | $      | 97,618,930    |   | $ | 83,733,483 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages  and construction loans payable                    |   | $             | 37,469,696 |          | $      | 61,914,557    |   | $ | 52,616,662 |   |
| Accounts  payable and accrued expenses                       |   | 2,176,934     |       | 2,034,466     |   | 1,037,515     |   |
| Other  liabilities                                           |   | 9,359,700     |       | 5,064,938     |   | 7,226,324     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 49,006,330    |       | 69,013,961    |   | 60,880,501    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 13,961,560    |       | 24,027,817    |   | 14,591,490    |   |
| Other partners                                               |   | 5,236,214     |       | 4,577,152     |   | 8,261,492     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 19,197,774    |       | 28,604,969    |   | 22,852,982    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 68,204,104 |          | $      | 97,618,930    |   | $ | 83,733,483 |   |
|                                                              |        |               |            |               |        |               |        |  |  |  |  |

 

F-159

----

 
|                                                         |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 73,564,262 |          | $      | 64,337,212    |   | $ | 52,193,320 |   |
| Construction in progress                                     |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 5,513,936     |       | 2,841,806     |   | 2,658,139     |   |
| Other assets                                                 |   | 4,594,636     |       | 3,787,582     |   | 3,490,364     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 83,672,834 |          | $      | 70,966,600    |   | $ | 58,341,823 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 44,313,867 |          | $      | 39,799,987    |   | $ | 30,279,461 |   |
| Accounts payable and accrued expenses                        |   | 1,473,102     |       | 1,278,477     |   | 891,927       |   |
| Other liabilities                                            |   | 3,687,108     |       | 4,730,873     |   | 4,762,603     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 49,474,077    |       | 45,809,337    |   | 35,933,991    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 25,194,673    |       | 23,667,562    |   | 17,043,157    |   |
| Other partners                                               |   | 9,004,084     |       | 1,489,701     |   | 5,364,675     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 34,198,757    |       | 25,157,263    |   | 22,407,832    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 83,672,834 |          | $      | 70,966,600    |   | $ | 58,341,823 |   |

 

F-160

----

 
|                                                         |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 78,468,773 |          | $      | 79,990,807    |   | $ | 66,683,609 |   |
| Construction in progress                                     |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 4,506,248     |       | 4,333,042     |   | 5,245,180     |   |
| Other assets                                                 |   | 6,829,471     |       | 4,505,418     |   | 3,423,842     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 89,804,492 |          | $      | 88,829,267    |   | $ | 75,352,631 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 53,800,759 |          | $      | 44,802,341    |   | $ | 36,596,048 |   |
| Accounts payable and accrued expenses                        |   | 1,120,655     |       | 1,151,373     |   | 930,735       |   |
| Other liabilities                                            |   | 7,341,164     |       | 6,218,546     |   | 4,235,529     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 62,262,578    |       | 52,172,260    |   | 41,762,312    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 27,390,566    |       | 28,226,668    |   | 15,909,829    |   |
| Other partners                                               |   | 151,348       |       | 8,430,339     |   | 17,680,490    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 27,541,914    |       | 36,657,007    |   | 33,590,319    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 89,804,492 |          | $      | 88,829,267    |   | $ | 75,352,631 |   |

 

F-161

----

 
|                                                         |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of accumulated  depreciation |   | $             | 72,593,306 |          | $      | 59,611,456    |   | $ | 53,503,681 |   |
| Construction in progress                                     |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 5,358,490     |       | 3,734,936     |   | 3,007,609     |   |
| Other assets                                                 |   | 4,151,428     |       | 2,794,991     |   | 3,084,139     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 82,103,224 |          | $      | 66,141,383    |   | $ | 59,595,429 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 46,931,327 |          | $      | 29,536,167    |   | $ | 34,085,850 |   |
| Accounts payable and accrued expenses                        |   | 1,079,893     |       | 701,514       |   | 591,556       |   |
| Other liabilities                                            |   | 5,061,369     |       | 8,244,544     |   | 3,841,734     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 53,072,589    |       | 38,482,225    |   | 38,519,140    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 23,109,784    |       | 19,483,241    |   | 13,384,317    |   |
| Other partners                                               |   | 5,920,851     |       | 8,175,917     |   | 7,691,972     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 29,030,635    |       | 27,659,158    |   | 21,076,289    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 82,103,224 |          | $      | 66,141,383    |   | $ | 59,595,429 |   |

 

F-162

----

 
|                                                         |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 54,866,526 |          | $      | 41,771,992    |   | $ | 32,515,781 |   |
| Construction in progress                                     |   | —        |       | —        |   | 3,736,024     |   |
| Land                                                         |   | 2,423,561     |       | 2,253,007     |   | 1,909,789     |   |
| Other assets                                                 |   | 3,451,161     |       | 1,443,601     |   | 1,319,399     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 60,741,248 |          | $      | 45,468,600    |   | $ | 39,480,993 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 33,857,644 |          | $      | 17,816,425    |   | $ | 14,660,485 |   |
| Accounts payable and accrued expenses                        |   | 998,431       |       | 420,064       |   | 287,196       |   |
| Other liabilities                                            |   | 3,839,077     |       | 4,849,550     |   | 4,569,996     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 38,695,152    |       | 23,086,039    |   | 19,517,677    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 15,560,102    |       | 15,966,407    |   | 14,035,564    |   |
| Other partners                                               |   | 6,485,994     |       | 6,416,154     |   | 5,927,752     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 22,046,096    |       | 22,382,561    |   | 19,963,316    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 60,741,248 |          | $      | 45,468,600    |   | $ | 39,480,993 |   |

 

F-163

----

 
|                                                         |   | **Series 40** |       | **Series 41** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |
|                                                         |   |          |       |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 34,185,586 |          | $      | 6,502,197 |   |
| Construction in progress                                     |   | 6,376,753     |       | 11,536,334    |   |
| Land                                                         |   | 1,746,945     |       | 1,073,750     |   |
| Other assets                                                 |   | 3,623,726     |       | 3,943,686     |   |
|                                                         |   |          |       |          |   |
|                                                         |   | $             | 45,933,010 |          | $      | 23,055,967 |   |
|                                                         |   |          |       |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |
|                                                         |   |          |       |          |   |
| Mortgages and construction loans payable                     |   | $             | 23,201,808 |          | $      | 13,490,882 |   |
| Accounts payable and accrued expenses                        |   | 571,423       |       | 25,280        |   |
| Other liabilities                                            |   | 7,544,610     |       | 3,256,088     |   |
|                                                         |   |          |       |          |   |
|                                                         |   | 31,317,841    |       | 16,772,250    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 13,636,212    |       | 5,563,071     |   |
| Other partners                                               |   | 978,957       |       | 720,646       |   |
|                                                         |   |          |       |          |   |
|                                                         |   | 14,615,169    |       | 6,283,717     |   |
|                                                         |   |          |       |          |   |
|                                                         |   | $             | 45,933,010 |          | $      | 23,055,967 |   |

 

F-164

----

 

The combinedsummarized balance sheets of the operating limited partnerships in which Series20 through 39 hold an interest as of December 31, 2000 are as follows (Series40 invested in operating limited partnerships subsequent to December 31, 2000):

 

COMBINED SUMMARIZED BALANCE SHEETS

 
|                                                         |   | **Total**   |          | **Series 20** |   | **Series 21** |   |
|--------------------------------------------------------------|--------|-------------|---------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |        |          |          |   |          |   |
|                                                         |   |        |          |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $           | 1,189,045,618 |          | $      | 77,289,772    |   | $ | 35,524,608 |   |
| Construction in progress                                     |   | 33,612,594  |          | —        |   | —        |   |
| Land                                                         |   | 79,775,225  |          | 6,345,961     |   | 2,937,606     |   |
| Other assets                                                 |   | 106,393,681 |          | 5,297,790     |   | 2,556,664     |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | $           | 1,408,827,118 |          | $      | 88,933,523    |   | $ | 41,018,878 |   |
|                                                         |   |        |          |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |        |          |          |   |          |   |
|                                                         |   |        |          |          |   |          |   |
| Mortgages and construction loans payable                     |   | $           | 782,877,051   |          | $      | 58,037,246    |   | $ | 28,213,744 |   |
| Accounts payable and accrued expenses                        |   | 28,312,983  |          | 2,654,909     |   | 1,072,660     |   |
| Other liabilities                                            |   | 110,968,249 |          | 5,875,894     |   | 4,145,009     |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | 922,158,283 |          | 66,568,049    |   | 33,431,413    |   |
| PARTNERS’ CAPITAL                                       |   |        |          |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 355,857,362 |          | 16,786,233    |   | 5,993,775     |   |
| Other partners                                               |   | 130,811,473 |          | 5,579,241     |   | 1,593,690     |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | 486,668,835 |          | 22,365,474    |   | 7,587,465     |   |
|                                                         |   |        |          |          |   |          |   |
|                                                         |   | $           | 1,408,827,118 |          | $      | 88,933,523    |   | $ | 41,018,878 |   |

 

F-165

----

 
|                                                         |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 73,155,498 |          | $      | 69,029,230    |   | $ | 56,441,757 |   |
| Construction in progress                                     |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 4,234,961     |       | 3,947,911     |   | 3,941,855     |   |
| Other assets                                                 |   | 4,593,505     |       | 4,060,088     |   | 5,019,148     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 81,983,964 |          | $      | 77,037,229    |   | $ | 65,402,760 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 52,836,244 |          | $      | 42,700,752    |   | $ | 41,064,095 |   |
| Accounts payable and accrued expenses                        |   | 2,701,599     |       | 2,876,480     |   | 1,613,803     |   |
| Other liabilities                                            |   | 3,507,627     |       | 5,611,197     |   | 6,346,933     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 59,045,470    |       | 51,188,429    |   | 49,024,831    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 11,606,778    |       | 18,517,645    |   | 10,212,707    |   |
| Other partners                                               |   | 11,331,716    |       | 7,331,155     |   | 6,165,222     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 22,938,494    |       | 25,848,800    |   | 16,377,929    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 81,983,964 |          | $      | 77,037,229    |   | $ | 65,402,760 |   |

 

F-166

----

 
|                                                         |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 60,101,456 |          | $      | 88,232,147    |   | $ | 74,102,623 |   |
| Construction in progress                                     |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 3,695,640     |       | 5,310,128     |   | 6,005,394     |   |
| Other assets                                                 |   | 6,837,634     |       | 7,336,649     |   | 5,952,751     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 70,634,730 |          | $      | 100,878,924   |   | $ | 86,060,768 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 38,052,833 |          | $      | 62,646,663    |   | $ | 53,812,930 |   |
| Accounts payable and accrued expenses                        |   | 1,891,427     |       | 2,050,374     |   | 962,902       |   |
| Other liabilities                                            |   | 8,680,065     |       | 4,751,950     |   | 7,559,127     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 48,624,325    |       | 69,448,987    |   | 62,334,959    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 15,988,456    |       | 26,571,068    |   | 14,713,432    |   |
| Other partners                                               |   | 6,021,949     |       | 4,858,869     |   | 9,012,377     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 22,010,405    |       | 31,429,937    |   | 23,725,809    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 70,634,730 |          | $      | 100,878,924   |   | $ | 86,060,768 |   |

 

F-167

----

 

COMBINED SUMMARIZED BALANCE SHEETS

 
|                                                         |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 76,370,736 |          | $      | 66,757,860    |   | $ | 54,171,757 |   |
| Construction in progress                                     |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 5,513,936     |       | 2,841,806     |   | 2,406,880     |   |
| Other assets                                                 |   | 4,879,177     |       | 3,828,840     |   | 3,660,970     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 86,763,849 |          | $      | 73,428,506    |   | $ | 60,239,607 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 44,952,538 |          | $      | 39,785,159    |   | $ | 30,679,309 |   |
| Accounts payable and accrued expenses                        |   | 1,417,841     |       | 1,090,063     |   | 1,683,929     |   |
| Other liabilities                                            |   | 4,395,477     |       | 5,603,641     |   | 4,872,596     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 50,765,856    |       | 46,478,863    |   | 37,235,834    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 26,181,569    |       | 25,496,734    |   | 17,463,146    |   |
| Other partners                                               |   | 9,816,424     |       | 1,452,909     |   | 5,540,627     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 35,997,993    |       | 26,949,643    |   | 23,003,773    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 86,763,849 |          | $      | 73,428,506    |   | $ | 60,239,607 |   |

 

F-168

----

 
|                                                         |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 81,445,707 |          | $      | 78,659,972    |   | $ | 66,161,412 |   |
| Construction in progress                                     |   | —        |       | 3,894,210     |   | 2,187,358     |   |
| Land                                                         |   | 4,506,248     |       | 4,300,042     |   | 5,245,180     |   |
| Other assets                                                 |   | 6,574,423     |       | 4,278,523     |   | 3,219,032     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 92,526,378 |          | $      | 91,132,747    |   | $ | 76,812,982 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 54,290,903 |          | $      | 45,040,543    |   | $ | 38,658,921 |   |
| Accounts payable and accrued expenses                        |   | 1,347,520     |       | 807,503       |   | 912,327       |   |
| Other liabilities                                            |   | 7,269,165     |       | 7,539,475     |   | 5,098,778     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 62,907,588    |       | 53,387,521    |   | 44,670,026    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 29,245,526    |       | 29,196,394    |   | 15,591,768    |   |
| Other partners                                               |   | 373,264       |       | 8,548,832     |   | 16,551,188    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 29,618,790    |       | 37,745,226    |   | 32,142,956    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 92,526,378 |          | $      | 91,132,747    |   | $ | 76,812,982 |   |

 

F-169

----

 
|                                                         |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of accumulated  depreciation |   | $             | 75,556,778 |          | $      | 51,189,769    |   | $ | 55,220,400 |   |
| Construction in progress                                     |   | —        |       | 1,759,829     |   | —        |   |
| Land                                                         |   | 5,358,490     |       | 3,710,028     |   | 3,007,609     |   |
| Other assets                                                 |   | 4,818,147     |       | 4,699,157     |   | 2,567,379     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 85,733,415 |          | $      | 61,358,783    |   | $ | 60,795,388 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 47,171,961 |          | $      | 25,392,840    |   | $ | 32,218,822 |   |
| Accounts payable and accrued expenses                        |   | 1,053,907     |       | 725,253       |   | 2,337,929     |   |
| Other liabilities                                            |   | 6,921,358     |       | 7,470,022     |   | 5,633,985     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 55,147,226    |       | 33,588,115    |   | 40,190,736    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 24,523,895    |       | 19,669,393    |   | 13,755,558    |   |
| Other partners                                               |   | 6,062,294     |       | 8,101,275     |   | 6,849,094     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 30,586,189    |       | 27,770,668    |   | 20,604,652    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 85,733,415 |          | $      | 61,358,783    |   | $ | 60,795,388 |   |

 

F-170

----

 
|                                                         |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 35,061,441 |          | $      | 12,185,674    |   | $ | 2,387,021 |   |
| Construction in progress                                     |   | 6,463,176     |       | 8,944,847     |   | 10,363,174    |   |
| Land                                                         |   | 2,273,653     |       | 2,213,900     |   | 1,977,997     |   |
| Other assets                                                 |   | 7,569,381     |       | 7,842,312     |   | 10,802,111    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 51,367,651 |          | $      | 31,186,733    |   | $ | 25,530,303 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and construction loans payable                     |   | $             | 29,166,249 |          | $      | 8,705,647     |   | $ | 9,449,652 |   |
| Accounts payable and accrued expenses                        |   | 843,432       |       | 51,820        |   | 217,305       |   |
| Other liabilities                                            |   | 3,241,971     |       | 4,321,697     |   | 2,122,282     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 33,251,652    |       | 13,079,164    |   | 11,789,239    |   |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |   |
| Boston Capital Tax Credit Fund IV L.P.                       |   | 12,844,487    |       | 12,800,579    |   | 8,698,219     |   |
| Other partners                                               |   | 5,271,512     |       | 5,306,990     |   | 5,042,845     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 18,115,999    |       | 18,107,569    |   | 13,741,064    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 51,367,651 |          | $      | 31,186,733    |   | $ | 25,530,303 |   |

 

F-171

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2001 for operating limited partnerships in whichSeries 20 through Series 41 had an interest as of December 31, 2001 are asfollows (Series 42 invested in operating limited partnerships subsequent to December31, 2001):

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
|                                                                  |   | **Total**   |        | **Series 20** |   | **Series 21** |   |
|-----------------------------------------------------------------------|--------|-------------|-------------|---------------|--------|---------------|--------|
| Revenue                                                               |   |        |        |          |   |          |   |
| Rent                                                                  |   | $           | 140,146,170 |          | $      | 11,782,224    |   | $ | 5,156,253 |   |
| Interest and other                                                    |   | 9,224,481   |        | 925,334       |   | 108,745       |   |
|                                                                  |   |        |        |          |   |          |   |
|                                                                  |   | 149,370,651 |        | 12,707,558    |   | 5,264,998     |   |
| Expenses                                                              |   |        |        |          |   |          |   |
| Interest                                                              |   | 48,575,592  |        | 4,148,677     |   | 2,004,829     |   |
| Depreciation and amortization                                         |   | 50,792,098  |        | 3,808,467     |   | 958,693       |   |
| Taxes and insurance                                                   |   | 19,626,534  |        | 1,501,553     |   | 727,845       |   |
| Repairs and maintenance                                               |   | 22,090,929  |        | 2,314,342     |   | 1,169,585     |   |
| Operating expenses                                                    |   | 44,398,393  |        | 3,573,075     |   | 1,531,416     |   |
| Other expenses                                                        |   | 13,422,852  |        | 252,996       |   | 8,093,623     |   |
|                                                                  |   |        |        |          |   |          |   |
|                                                                  |   | 198,906,398 |        | 15,599,110    |   | 14,485,991    |   |
|                                                                  |   |        |        |          |   |          |   |
| NET LOSS                                                              |   | $           | (49,535,747 | )             | $      | (2,891,552    | )      | $ | (9,220,993 | ) |
|                                                                  |   |        |        |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $           | (37,692,674 | )             | $      | (2,115,335    | )      | $ | (8,978,470 | ) |
|                                                                  |   |        |        |          |   |          |   |
| Net loss allocated to other partners                                  |   | $           | (11,843,073 | )             | $      | (776,217      | )      | $ | (242,523 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 forSeries 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognizedunder the equity method of accounting as described in note A.

 

F-172

----

 
|                                                            |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 8,861,641  |          | $      | 8,076,453     |   | $ | 7,805,291 |   |
| Interest and other                                              |   | 577,318       |       | 493,150       |   | 289,426       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 9,438,959     |       | 8,569,603     |   | 8,094,717     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,920,640     |       | 2,796,703     |   | 2,773,982     |   |
| Depreciation and amortization                                   |   | 2,889,650     |       | 2,499,984     |   | 2,522,023     |   |
| Taxes and insurance                                             |   | 1,386,285     |       | 1,282,013     |   | 1,094,578     |   |
| Repairs and maintenance                                         |   | 1,795,340     |       | 1,461,595     |   | 1,346,721     |   |
| Operating expenses                                              |   | 2,877,030     |       | 2,594,130     |   | 2,296,329     |   |
| Other expenses                                                  |   | 342,979       |       | 175,764       |   | 892,307       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 12,211,924    |       | 10,810,189    |   | 10,925,940    |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,772,965 | )             | $      | (2,240,586    | )      | $ | (2,831,223 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (1,512,187 | )             | $      | (1,381,392    | )      | $ | (2,078,667 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (1,260,778 | )             | $      | (859,194      | )      | $ | (752,556 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 forSeries 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognizedunder the equity method of accounting as described in note A.

 

F-173

----

 
|                                                            |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 10,066,447 |          | $      | 9,764,609     |   | $ | 8,790,296 |   |
| Interest and other                                              |   | 522,742       |       | 756,535       |   | 656,378       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 10,589,189    |       | 10,521,144    |   | 9,446,674     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 3,057,584     |       | 3,078,537     |   | 3,416,690     |   |
| Depreciation and amortization                                   |   | 2,819,472     |       | 3,446,023     |   | 2,586,905     |   |
| Taxes and insurance                                             |   | 1,299,609     |       | 1,434,905     |   | 914,540       |   |
| Repairs and maintenance                                         |   | 2,307,756     |       | 1,563,640     |   | 874,461       |   |
| Operating expenses                                              |   | 2,918,409     |       | 3,099,197     |   | 2,354,046     |   |
| Other expenses                                                  |   | 125,453       |       | 327,855       |   | 229,524       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 12,528,283    |       | 12,950,157    |   | 10,376,166    |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (1,939,094 | )             | $      | (2,429,013    | )      | $ | (929,492 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (1,571,179 | )             | $      | (2,050,844    | )      | $ | (408,787 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (367,915   | )             | $      | (378,169      | )      | $ | (520,705 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 forSeries 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognizedunder the equity method of accounting as described in note A.

 

F-174

----

 
|                                                            |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 8,184,885  |          | $      | 6,673,215     |   | $ | 5,949,111 |   |
| Interest and other                                              |   | 301,762       |       | 360,779       |   | 337,246       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 8,486,647     |       | 7,033,994     |   | 6,286,357     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,556,131     |       | 2,358,240     |   | 1,709,980     |   |
| Depreciation and amortization                                   |   | 3,106,704     |       | 2,642,084     |   | 1,973,222     |   |
| Taxes and insurance                                             |   | 992,059       |       | 962,215       |   | 827,912       |   |
| Repairs and maintenance                                         |   | 1,130,317     |       | 927,916       |   | 839,569       |   |
| Operating expenses                                              |   | 2,870,816     |       | 2,114,888     |   | 1,835,977     |   |
| Other expenses                                                  |   | 139,847       |       | 154,573       |   | 645,221       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 10,795,874    |       | 9,159,916     |   | 7,831,881     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,309,227 | )             | $      | (2,125,922    | )      | $ | (1,545,524 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (1,503,553 | )             | $      | (2,116,714    | )      | $ | (1,085,876 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (805,674   | )             | $      | (9,208        | )      | $ | (459,648 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 forSeries 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognizedunder the equity method of accounting as described in note A.

 

F-175

----

 
|                                                            |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 9,293,631  |          | $      | 7,622,766     |   | $ | 6,651,807 |   |
| Interest and other                                              |   | 429,173       |       | 462,377       |   | 404,016       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 9,722,804     |       | 8,085,143     |   | 7,055,823     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,343,388     |       | 2,602,586     |   | 2,577,149     |   |
| Depreciation and amortization                                   |   | 3,345,552     |       | 3,687,868     |   | 2,947,959     |   |
| Taxes and insurance                                             |   | 1,461,824     |       | 1,114,486     |   | 976,062       |   |
| Repairs and maintenance                                         |   | 1,447,195     |       | 1,094,611     |   | 863,622       |   |
| Operating expenses                                              |   | 3,012,066     |       | 2,275,053     |   | 1,788,010     |   |
| Other expenses                                                  |   | 411,086       |       | 306,179       |   | 141,300       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 12,021,111    |       | 11,080,783    |   | 9,294,102     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,298,307 | )             | $      | (2,995,640    | )      | $ | (2,238,279 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (2,172,471 | )             | $      | (2,243,647    | )      | $ | (1,059,178 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (125,836   | )             | $      | (751,993      | )      | $ | (1,179,101 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 forSeries 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognizedunder the equity method of accounting as described in note A.

 

F-176

----

 
|                                                            |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 7,462,093  |          | $      | 4,540,642     |   | $ | 5,048,498 |   |
| Interest and other                                              |   | 598,384       |       | 802,350       |   | 669,984       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 8,060,477     |       | 5,342,992     |   | 5,718,482     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,836,315     |       | 1,706,333     |   | 2,608,190     |   |
| Depreciation and amortization                                   |   | 3,174,166     |       | 1,862,678     |   | 2,188,690     |   |
| Taxes and insurance                                             |   | 1,178,447     |       | 766,530       |   | 548,149       |   |
| Repairs and maintenance                                         |   | 882,027       |       | 540,467       |   | 543,027       |   |
| Operating expenses                                              |   | 1,965,649     |       | 1,561,426     |   | 2,118,368     |   |
| Other expenses                                                  |   | 257,055       |       | 134,366       |   | 127,745       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 10,293,659    |       | 6,571,800     |   | 8,134,169     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,233,182 | )             | $      | (1,228,808    | )      | $ | (2,415,687 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (1,760,695 | )             | $      | (875,205      | )      | $ | (1,268,122 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (472,487   | )             | $      | (353,603      | )      | $ | (1,147,565 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 forSeries 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognizedunder the equity method of accounting as described in note A.

 

F-177

----

 
|                                                            |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 4,064,548  |          | $      | 1,675,836     |   | $ | 883,755 |   |
| Interest and other                                              |   | 215,572       |       | 67,815        |   | 69,246        |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 4,280,120     |       | 1,743,651     |   | 953,001       |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 1,140,598     |       | 818,118       |   | 518,687       |   |
| Depreciation and amortization                                   |   | 1,891,196     |       | 1,007,582     |   | 748,951       |   |
| Taxes and insurance                                             |   | 553,798       |       | 301,946       |   | 121,793       |   |
| Repairs and maintenance                                         |   | 420,069       |       | 229,782       |   | 113,511       |   |
| Operating expenses                                              |   | 1,500,914     |       | 828,729       |   | 633,307       |   |
| Other expenses                                                  |   | 45,000        |       | 239,565       |   | 254,943       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 5,551,575     |       | 3,425,722     |   | 2,391,192     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (1,271,455 | )             | $      | (1,682,071    | )      | $ | (1,438,191 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (750,493   | )             | $      | (1,230,809    | )      | $ | (996,269 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net income (loss) allocated to other  partners                  |   | $             | (520,962   | )             | $      | (451,262      | )      | $ | (441,922 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 forSeries 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognizedunder the equity method of accounting as described in note A.

 

F-178

----

 
|                                                                           |   | **Series 40** |      | **Series 41** |   |
|--------------------------------------------------------------------------------|--------|---------------|-----------|---------------|--------|
| Revenue                                                                        |   |          |      |          |   |
| Rent                                                                           |   | $             | 1,563,882 |          | $      | 228,287 |   |
| Interest and other                                                             |   | 164,255       |      | 11,894        |   |
|                                                                           |   |          |      |          |   |
|                                                                           |   | 1,728,137     |      | 240,181       |   |
| Expenses                                                                       |   |          |      |          |   |
| Interest                                                                       |   | 542,122       |      | 60,113        |   |
| Depreciation and amortization                                                  |   | 579,419       |      | 104,810       |   |
| Taxes and insurance                                                            |   | 160,832       |      | 19,153        |   |
| Repairs and maintenance                                                        |   | 183,495       |      | 41,881        |   |
| Operating expenses                                                             |   | 564,353       |      | 85,205        |   |
| Other expenses                                                                 |   | 102,111       |      | 23,360        |   |
|                                                                           |   |          |      |          |   |
|                                                                           |   | 2,132,332     |      | 334,522       |   |
|                                                                           |   |          |      |          |   |
| NET LOSS                                                                       |   | $             | (404,195  | )             | $      | (94,341 | ) |
|                                                                           |   |          |      |          |   |
| Net income (loss) allocated to Boston  Capital Tax Credit Fund IV L.P.  * |   | $             | (438,656  | )             | $      | (94,125 | ) |
|                                                                           |   |          |      |          |   |
| Net income (loss) allocated to other  partners                                 |   | $             | 34,461    |          | $      | (216 | ) |

 

----

*    Amounts include $82,671,$6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and $180,818 for Series20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss not recognized underthe equity method of accounting as described in note A.

 

F-179

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2000 for operating limited partnerships in whichSeries 20 through Series 39 had an interest as of December 31, 2000 are asfollows (Series 40 invested in operating limited partnerships subsequent toDecember 31, 2000):

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
|                                                            |   | **Total**   |        | **Series 20** |   | **Series 21** |   |
|-----------------------------------------------------------------|--------|-------------|-------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |        |        |          |   |          |   |
| Rent                                                            |   | $           | 120,709,402 |          | $      | 11,222,138    |   | $ | 5,129,582 |   |
| Interest and other                                              |   | 9,590,670   |        | 988,886       |   | 255,449       |   |
|                                                            |   |        |        |          |   |          |   |
|                                                            |   | 130,300,072 |        | 12,211,024    |   | 5,385,031     |   |
| Expenses                                                        |   |        |        |          |   |          |   |
| Interest                                                        |   | 47,233,466  |        | 4,311,365     |   | 2,061,035     |   |
| Depreciation and amortization                                   |   | 46,025,684  |        | 3,857,459     |   | 1,213,472     |   |
| Taxes and insurance                                             |   | 15,863,916  |        | 1,419,485     |   | 571,445       |   |
| Repairs and maintenance                                         |   | 18,949,527  |        | 2,093,947     |   | 965,774       |   |
| Operating expenses                                              |   | 38,361,024  |        | 3,154,684     |   | 1,454,994     |   |
| Other expenses                                                  |   | 2,819,350   |        | 206,548       |   | 66,464        |   |
|                                                            |   |        |        |          |   |          |   |
|                                                            |   | 169,252,967 |        | 15,043,488    |   | 6,333,184     |   |
|                                                            |   |        |        |          |   |          |   |
| NET LOSS                                                        |   | $           | (38,952,895 | )             | $      | (2,832,464    | )      | $ | (948,153 | ) |
|                                                            |   |        |        |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $           | (27,801,953 | )             | $      | (2,033,098    | )      | $ | (885,755 | ) |
|                                                            |   |        |        |          |   |          |   |
| Net loss allocated to other partners                            |   | $           | (11,150,942 | )             | $      | (799,366      | )      | $ | (62,398 | ) |

 

----

*    Amounts include $34,592,$53,295, $242,824, $4,034, $205,547 and $3,295 for Series 20, 22, 25, 26, 27and 32, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-180

----

 
|                                                            |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 8,366,424  |          | $      | 7,756,815     |   | $ | 7,657,124 |   |
| Interest and other                                              |   | 741,516       |       | 658,068       |   | 265,885       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 9,107,940     |       | 8,414,883     |   | 7,923,009     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,909,677     |       | 2,780,715     |   | 3,171,751     |   |
| Depreciation and amortization                                   |   | 3,043,219     |       | 2,622,912     |   | 2,548,469     |   |
| Taxes and insurance                                             |   | 1,224,748     |       | 1,098,158     |   | 988,850       |   |
| Repairs and maintenance                                         |   | 1,608,667     |       | 1,175,818     |   | 1,279,479     |   |
| Operating expenses                                              |   | 2,721,888     |       | 2,648,533     |   | 2,101,349     |   |
| Other expenses                                                  |   | 353,046       |       | 135,921       |   | 179,600       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 11,861,245    |       | 10,462,057    |   | 10,269,498    |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,753,305 | )             | $      | (2,047,174    | )      | $ | (2,346,489 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (1,278,688 | )             | $      | (1,137,319    | )      | $ | (1,528,706 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (1,474,617 | )             | $      | (909,855      | )      | $ | (817,783 | ) |

 

----

*    Amounts include $34,592,$53,295, $242,824, $4,034, $205,547 and $3,295 for Series 20, 22, 25, 26, 27and 32, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-181

----

 
|                                                            |   | **Series 25** |       | **Series 26** |   | **Series 27** | ** ** |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|------------|
| Revenue                                                         |   |          |       |          |   |          |       |
| Rent                                                            |   | $             | 9,799,455  |          | $      | 9,384,853     |       | $ | 8,433,161 |   |
| Interest and other                                              |   | 502,073       |       | 763,424       |   | 294,078       |       |
|                                                            |   |          |       |          |   |          |       |
|                                                            |   | 10,301,528    |       | 10,148,277    |   | 8,727,239     |       |
| Expenses                                                        |   |          |       |          |   |          |       |
| Interest                                                        |   | 3,133,315     |       | 3,382,352     |   | 3,518,165     |       |
| Depreciation and amortization                                   |   | 2,926,117     |       | 3,417,186     |   | 2,597,287     |       |
| Taxes and insurance                                             |   | 1,202,786     |       | 1,419,975     |   | 863,640       |       |
| Repairs and maintenance                                         |   | 2,195,994     |       | 1,452,999     |   | 901,919       |       |
| Operating expenses                                              |   | 2,745,067     |       | 2,793,578     |   | 2,038,020     |       |
| Other expenses                                                  |   | 99,023        |       | 277,197       |   | 201,408       |       |
|                                                            |   |          |       |          |   |          |       |
|                                                            |   | 12,302,302    |       | 12,743,287    |   | 10,120,439    |       |
|                                                            |   |          |       |          |   |          |       |
| NET LOSS                                                        |   | $             | (2,000,774 | )             | $      | (2,595,010    | )          | $ | (1,393,200 | ) |
|                                                            |   |          |       |          |   |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (1,540,779 | )             | $      | (2,042,060    | )          | $ | (801,190 | ) |
|                                                            |   |          |       |          |   |          |       |
| Net loss allocated to other partners                            |   | $             | (459,995   | )             | $      | (552,950      | )          | $ | (592,010 | ) |

 

----

*    Amounts include $34,592,$53,295, $242,824, $4,034, $205,547 and $3,295 for Series 20, 22, 25, 26, 27and 32, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-182

----

 
|                                                            |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 7,978,231  |          | $      | 6,486,268     |   | $ | 5,103,300 |   |
| Interest and other                                              |   | 256,455       |       | 364,163       |   | 272,677       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 8,234,686     |       | 6,850,431     |   | 5,375,977     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,593,109     |       | 2,549,602     |   | 1,496,948     |   |
| Depreciation and amortization                                   |   | 3,295,574     |       | 2,673,182     |   | 1,861,924     |   |
| Taxes and insurance                                             |   | 969,985       |       | 774,292       |   | 676,204       |   |
| Repairs and maintenance                                         |   | 959,973       |       | 844,359       |   | 799,175       |   |
| Operating expenses                                              |   | 2,541,493     |       | 2,077,478     |   | 1,899,848     |   |
| Other expenses                                                  |   | 132,983       |       | 163,295       |   | 218,357       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 10,493,117    |       | 9,082,208     |   | 6,952,456     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,258,431 | )             | $      | (2,231,777    | )      | $ | (1,576,479 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (1,714,275 | )             | $      | (2,074,428    | )      | $ | (1,177,274 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (544,156   | )             | $      | (157,349      | )      | $ | (399,205 | ) |

 

----

*    Amounts include $34,592,$53,295, $242,824, $4,034, $205,547 and $3,295 for Series 20, 22, 25, 26, 27and 32, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-183

----

 
|                                                            |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 8,849,728  |          | $      | 6,562,886     |   | $ | 5,994,805 |   |
| Interest and other                                              |   | 478,470       |       | 357,296       |   | 331,291       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 9,328,198     |       | 6,920,182     |   | 6,326,096     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,779,313     |       | 3,060,552     |   | 2,877,717     |   |
| Depreciation and amortization                                   |   | 3,432,486     |       | 3,436,630     |   | 2,769,394     |   |
| Taxes and insurance                                             |   | 1,226,925     |       | 1,005,450     |   | 866,216       |   |
| Repairs and maintenance                                         |   | 1,421,745     |       | 848,899       |   | 729,115       |   |
| Operating expenses                                              |   | 3,008,128     |       | 2,120,242     |   | 1,788,413     |   |
| Other expenses                                                  |   | 171,864       |       | 226,979       |   | 76,000        |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 12,040,461    |       | 10,698,752    |   | 9,106,855     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,712,263 | )             | $      | (3,778,570    | )      | $ | (2,780,759 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (2,698,823 | )             | $      | (2,672,668    | )      | $ | (1,294,005 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss allocated to other partners                            |   | $             | (13,440    | )             | $      | (1,105,902    | )      | $ | (1,486,754 | ) |

 

----

*    Amounts include $34,592,$53,295, $242,824, $4,034, $205,547 and $3,295 for Series 20, 22, 25, 26, 27and 32, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-184

----

 
|                                                            |   | **Series 34** |       | **Series 35** |   | **Series 36** | ** ** |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|------------|
| Revenue                                                         |   |          |       |          |   |          |       |
| Rent                                                            |   | $             | 5,507,004  |          | $      | 1,818,966     |       | $ | 2,974,874 |   |
| Interest and other                                              |   | 598,101       |       | 332,051       |   | 1,214,274     |       |
|                                                            |   |          |       |          |   |          |       |
|                                                            |   | 6,105,105     |       | 2,151,017     |   | 4,189,148     |       |
| Expenses                                                        |   |          |       |          |   |          |       |
| Interest                                                        |   | 2,629,967     |       | 1,453,169     |   | 1,387,609     |       |
| Depreciation and amortization                                   |   | 2,780,616     |       | 1,316,721     |   | 1,316,088     |       |
| Taxes and insurance                                             |   | 806,682       |       | 381,834       |   | 245,556       |       |
| Repairs and maintenance                                         |   | 616,693       |       | 292,667       |   | 545,788       |       |
| Operating expenses                                              |   | 1,759,985     |       | 1,248,547     |   | 1,396,448     |       |
| Other expenses                                                  |   | 273,611       |       | 8,000         |   | 29,054        |       |
|                                                            |   |          |       |          |   |          |       |
|                                                            |   | 8,867,554     |       | 4,700,938     |   | 4,920,543     |       |
|                                                            |   |          |       |          |   |          |       |
| NET LOSS                                                        |   | $             | (2,762,449 | )             | $      | (2,549,921    | )          | $ | (731,395 | ) |
|                                                            |   |          |       |          |   |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P. * |   | $             | (2,140,987 | )             | $      | (1,875,497    | )          | $ | (457,746 | ) |
|                                                            |   |          |       |          |   |          |       |
| Net loss allocated to other partners                            |   | $             | (621,462   | )             | $      | (674,424      | )          | $ | (273,649 | ) |

 

----

*    Amounts include $34,592,$53,295, $242,824, $4,034, $205,547 and $3,295 for Series 20, 22, 25, 26, 27and 32, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-185

----

 
|                                                                     |   | **Series 37** |      | **Series 38** |   | **Series 39** | ** ** |
|--------------------------------------------------------------------------|--------|---------------|-----------|---------------|--------|---------------|------------|
| Revenue                                                                  |   |          |      |          |   |          |       |
| Rent                                                                     |   | $             | 1,283,722 |          | $      | 384,789       |       | $ | 15,277 |   |
| Interest and other                                                       |   | 636,984       |      | 8,159         |   | 271,370       |       |
|                                                                     |   |          |      |          |   |          |       |
|                                                                     |   | 1,920,706     |      | 392,948       |   | 286,647       |       |
| Expenses                                                                 |   |          |      |          |   |          |       |
| Interest                                                                 |   | 750,353       |      | 163,267       |   | 223,485       |       |
| Depreciation and amortization                                            |   | 757,003       |      | 147,342       |   | 12,603        |       |
| Taxes and insurance                                                      |   | 87,572        |      | 32,695        |   | 1,418         |       |
| Repairs and maintenance                                                  |   | 166,267       |      | 50,249        |   | —        |       |
| Operating expenses                                                       |   | 664,512       |      | 169,507       |   | 28,310        |       |
| Other expenses                                                           |   | —        |      | —        |   | —        |       |
|                                                                     |   |          |      |          |   |          |       |
|                                                                     |   | 2,425,707     |      | 563,060       |   | 265,816       |       |
|                                                                     |   |          |      |          |   |          |       |
| NET INCOME (LOSS)                                                        |   | $             | (505,001  | )             | $      | (170,112      | )          | $ | 20,831 |   |
|                                                                     |   |          |      |          |   |          |       |
| Net income (loss) allocated to Boston  Capital Tax Credit Fund IV L.P. * |   | $             | (318,507  | )             | $      | (133,908      | )          | $ | 3,760 |   |
|                                                                     |   |          |      |          |   |          |       |
| Net income (loss) allocated to other  partners                           |   | $             | (186,494  | )             | $      | (36,204       | )          | $ | 17,071 |   |

 

----

*    Amounts include $34,592,$53,295, $242,824, $4,034, $205,547 and $3,295 for Series 20, 22, 25, 26, 27and 32, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-186

----

 

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 1999 for operating limited partnerships in whichSeries 20 through Series 37 had an interest as of December 31, 1999 are asfollows (Series 38 invested in operating limited partnerships subsequent toDecember 31, 1999)

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
|                                                                  |   | **Total**   |        | **Series 20** |   | **Series 21** |   |
|-----------------------------------------------------------------------|--------|-------------|-------------|---------------|--------|---------------|--------|
| Revenue                                                               |   |        |        |          |   |          |   |
| Rent                                                                  |   | $           | 92,462,064  |          | $      | 11,036,532    |   | $ | 5,058,350 |   |
| Interest and other                                                    |   | 6,567,408   |        | 889,909       |   | 204,327       |   |
|                                                                  |   |        |        |          |   |          |   |
|                                                                  |   | 99,029,472  |        | 11,926,441    |   | 5,262,677     |   |
| Expenses                                                              |   |        |        |          |   |          |   |
| Interest                                                              |   | 35,552,659  |        | 4,414,076     |   | 2,036,522     |   |
| Depreciation and amortization                                         |   | 33,998,218  |        | 3,896,152     |   | 1,258,928     |   |
| Taxes and insurance                                                   |   | 11,700,928  |        | 1,239,395     |   | 515,012       |   |
| Repairs and maintenance                                               |   | 14,792,184  |        | 1,795,561     |   | 1,092,042     |   |
| Operating expenses                                                    |   | 28,394,301  |        | 2,889,434     |   | 1,520,264     |   |
| Other expenses                                                        |   | 3,834,693   |        | 493,780       |   | 114,113       |   |
|                                                                  |   |        |        |          |   |          |   |
|                                                                  |   | 128,272,983 |        | 14,728,398    |   | 6,536,881     |   |
|                                                                  |   |        |        |          |   |          |   |
| NET LOSS                                                              |   | $           | (29,243,511 | )             | $      | (2,801,957    | )      | $ | (1,274,204 | ) |
|                                                                  |   |        |        |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $           | (22,319,346 | )             | $      | (2,055,507    | )      | $ | (1,224,831 | ) |
|                                                                  |   |        |        |          |   |          |   |
| Net loss allocated to other partners                                  |   | $           | (6,924,165  | )             | $      | (746,450      | )      | $ | (49,373 | ) |

 

----

*    Amounts include $16,002,$34,187, and $14,125 for Series 20, 22, and 25, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-187

----

 
|                                                                  |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-----------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                               |   |          |       |          |   |          |   |
| Rent                                                                  |   | $             | 8,313,452  |          | $      | 7,586,268     |   | $ | 7,584,912 |   |
| Interest and other                                                    |   | 755,586       |       | 424,092       |   | 318,309       |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 9,069,038     |       | 8,010,360     |   | 7,903,221     |   |
| Expenses                                                              |   |          |       |          |   |          |   |
| Interest                                                              |   | 2,868,696     |       | 2,875,079     |   | 3,226,599     |   |
| Depreciation and amortization                                         |   | 3,137,644     |       | 2,712,061     |   | 2,612,636     |   |
| Taxes and insurance                                                   |   | 1,215,012     |       | 1,168,174     |   | 978,289       |   |
| Repairs and maintenance                                               |   | 1,517,601     |       | 1,151,700     |   | 1,098,032     |   |
| Operating expenses                                                    |   | 2,445,092     |       | 2,278,142     |   | 1,940,826     |   |
| Other expenses                                                        |   | 335,514       |       | 253,952       |   | 144,508       |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 11,519,559    |       | 10,439,108    |   | 10,000,890    |   |
|                                                                  |   |          |       |          |   |          |   |
| NET LOSS                                                              |   | $             | (2,450,521 | )             | $      | (2,428,748    | )      | $ | (2,097,669 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $             | (1,245,238 | )             | $      | (1,416,388    | )      | $ | (1,388,143 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss allocated to other partners                                  |   | $             | (1,205,283 | )             | $      | (1,012,360    | )      | $ | (709,526 | ) |

 

----

*    Amounts include $16,002,$34,187, and $14,125 for Series 20, 22, and 25, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-188

----

 
|                                                                  |   | **Series 25** |       | **Series 26** |   | **Series 27** | ** ** |
|-----------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|------------|
| Revenue                                                               |   |          |       |          |   |          |       |
| Rent                                                                  |   | $             | 9,736,198  |          | $      | 8,341,969     |       | $ | 7,086,762 |   |
| Interest and other                                                    |   | 315,557       |       | 509,196       |   | 340,820       |       |
|                                                                  |   |          |       |          |   |          |       |
|                                                                  |   | 10,051,755    |       | 8,851,165     |   | 7,427,582     |       |
| Expenses                                                              |   |          |       |          |   |          |       |
| Interest                                                              |   | 3,384,310     |       | 2,733,933     |   | 3,001,333     |       |
| Depreciation and amortization                                         |   | 2,870,243     |       | 2,801,233     |   | 2,276,762     |       |
| Taxes and insurance                                                   |   | 1,194,051     |       | 1,030,856     |   | 674,233       |       |
| Repairs and maintenance                                               |   | 2,274,455     |       | 1,089,986     |   | 689,542       |       |
| Operating expenses                                                    |   | 2,668,435     |       | 2,314,796     |   | 1,970,430     |       |
| Other expenses                                                        |   | 124,847       |       | 233,901       |   | 229,094       |       |
|                                                                  |   |          |       |          |   |          |       |
|                                                                  |   | 12,516,341    |       | 10,204,705    |   | 8,841,394     |       |
|                                                                  |   |          |       |          |   |          |       |
| NET LOSS                                                              |   | $             | (2,464,586 | )             | $      | (1,353,540    | )          | $ | (1,413,812 | ) |
|                                                                  |   |          |       |          |   |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $             | (1,940,665 | )             | $      | (1,312,467    | )          | $ | (971,679 | ) |
|                                                                  |   |          |       |          |   |          |       |
| Net loss allocated to other partners                                  |   | $             | (523,921   | )             | $      | (41,073       | )          | $ | (442,133 | ) |

 

----

*    Amounts include $16,02,$34,187, and $14,125 for Series 20, 22, and 25, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-189

----

 
|                                                                  |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-----------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                               |   |          |       |          |   |          |   |
| Rent                                                                  |   | $             | 6,699,893  |          | $      | 5,223,402     |   | $ | 2,887,045 |   |
| Interest and other                                                    |   | 280,286       |       | 433,667       |   | 224,913       |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 6,980,179     |       | 5,657,069     |   | 3,111,958     |   |
| Expenses                                                              |   |          |       |          |   |          |   |
| Interest                                                              |   | 2,401,222     |       | 2,060,423     |   | 923,727       |   |
| Depreciation and amortization                                         |   | 2,784,868     |       | 2,316,549     |   | 1,149,638     |   |
| Taxes and insurance                                                   |   | 766,362       |       | 773,369       |   | 476,841       |   |
| Repairs and maintenance                                               |   | 948,232       |       | 664,040       |   | 487,539       |   |
| Operating expenses                                                    |   | 2,637,249     |       | 1,891,083     |   | 1,206,058     |   |
| Other expenses                                                        |   | 241,465       |       | 206,578       |   | 33,393        |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 9,779,398     |       | 7,912,042     |   | 4,277,196     |   |
|                                                                  |   |          |       |          |   |          |   |
| NET LOSS                                                              |   | $             | (2,799,219 | )             | $      | (2,254,973    | )      | $ | (1,165,238 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $             | (1,993,839 | )             | $      | (2,192,069    | )      | $ | (1,074,429 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss allocated to other partners                                  |   | $             | (805,380   | )             | $      | (62,904       | )      | $ | (90,809 | ) |

 

----

*    Amounts include $16,002,$34,187, and $14,125 for Series 20, 22, and 25, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-190

----

 
|                                                                  |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-----------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                               |   |          |       |          |   |          |   |
| Rent                                                                  |   | $             | 6,946,038  |          | $      | 2,662,319     |   | $ | 1,990,830 |   |
| Interest and other                                                    |   | 464,008       |       | 571,039       |   | 251,171       |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 7,410,046     |       | 3,233,358     |   | 2,242,001     |   |
| Expenses                                                              |   |          |       |          |   |          |   |
| Interest                                                              |   | 2,603,084     |       | 1,266,081     |   | 857,991       |   |
| Depreciation and amortization                                         |   | 2,783,590     |       | 1,587,660     |   | 1,060,708     |   |
| Taxes and insurance                                                   |   | 1,015,437     |       | 342,166       |   | 204,486       |   |
| Repairs and maintenance                                               |   | 1,101,595     |       | 426,564       |   | 252,913       |   |
| Operating expenses                                                    |   | 2,535,323     |       | 426,564       |   | 794,851       |   |
| Other expenses                                                        |   | 179,013       |       | 1,140,549     |   | 36,636        |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 10,218,042    |       | 5,189,584     |   | 3,207,585     |   |
|                                                                  |   |          |       |          |   |          |   |
| NET LOSS                                                              |   | $             | (2,807,996 | )             | $      | (1,956,226    | )      | $ | (965,584 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $             | (2,795,630 | )             | $      | (1,245,350    | )      | $ | (595,041 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss allocated to other partners                                  |   | $             | (12,366    | )             | $      | (710,876      | )      | $ | (370,543 | ) |

 

----

*    Amounts include $16,002,$34,187, and $14,125 for Series 20, 22, and 25, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-191

----

 
|                                                                  |   | **Series 34** |     | **Series 35** |   | **Series 36** |   |
|-----------------------------------------------------------------------|--------|---------------|----------|---------------|--------|---------------|--------|
| Revenue                                                               |   |          |     |          |   |          |   |
| Rent                                                                  |   | $             | 768,393  |          | $      | 130,161       |   | $ | 409,540 |   |
| Interest and other                                                    |   | 162,030       |     | 216,721       |   | 173,274       |   |
|                                                                  |   |          |     |          |   |          |   |
|                                                                  |   | 930,423       |     | 346,882       |   | 582,814       |   |
| Expenses                                                              |   |          |     |          |   |          |   |
| Interest                                                              |   | 240,171       |     | 241,816       |   | 371,579       |   |
| Depreciation and amortization                                         |   | 517,182       |     | 112,696       |   | 119,668       |   |
| Taxes and insurance                                                   |   | 59,633        |     | 10,403        |   | 36,545        |   |
| Repairs and maintenance                                               |   | 109,492       |     | 21,770        |   | 68,204        |   |
| Operating expenses                                                    |   | 478,182       |     | 193,908       |   | 151,852       |   |
| Other expenses                                                        |   | 56,912        |     | 5,266         |   | 5,172         |   |
|                                                                  |   |          |     |          |   |          |   |
|                                                                  |   | 1,461,572     |     | 585,859       |   | 753,020       |   |
|                                                                  |   |          |     |          |   |          |   |
| NET LOSS                                                              |   | $             | (531,149 | )             | $      | (238,977      | )      | $ | (170,206 | ) |
|                                                                  |   |          |     |          |   |          |   |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $             | (468,712 | )             | $      | (194,048      | )      | $ | (160,352 | ) |
|                                                                  |   |          |     |          |   |          |   |
| Net loss allocated to other partners                                  |   | $             | (62,437  | )             | $      | (44,929       | )      | $ | (9,854 | ) |

 

----

*    Amounts include $16,002,$34,187, and $14,125 for Series 20, 22, and 25, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-192

----

 
|                                                                  |   | **Series 37** |    |
|-----------------------------------------------------------------------|--------|---------------|---------|
| Revenue                                                               |   |          |    |
| Rent                                                                  |   | $             | —  |   |
| Interest and other                                                    |   | 32,503        |    |
|                                                                  |   |          |    |
|                                                                  |   | 32,503        |    |
| Expenses                                                              |   |          |    |
| Interest                                                              |   | 46,017        |    |
| Depreciation and amortization                                         |   | —        |    |
| Taxes and insurance                                                   |   | 664           |    |
| Repairs and maintenance                                               |   | 2,916         |    |
| Operating expenses                                                    |   | 51,812        |    |
| Other expenses                                                        |   | —        |    |
|                                                                  |   |          |    |
|                                                                  |   | 101,409       |    |
|                                                                  |   |          |    |
| NET LOSS                                                              |   | $             | (68,906 | ) |
|                                                                  |   |          |    |
| Net loss allocated to Boston Capital Tax  Credit Fund IV L.P.  * |   | $             | (44,958 | ) |
|                                                                  |   |          |    |
| Net loss allocated to other partners                                  |   | $             | (23,948 | ) |

 

----

*    Amounts include $16,002,$34,187, and $14,125 for Series 20, 22, and 25, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-193

----

 

NOTE D - NOTES RECEIVABLE

 

Notesreceivable at March 31, 2002 and 2001 consist of advance installments of$17,736,231 and $9,701,571, respectively, of capital contributions to operatinglimited partnerships.  Series 20 throughSeries 42 notes are comprised of noninterest bearing and interest bearing noteswith rates ranging from prime plus _% to 1%. Prime was _% and 8% as of March 31, 2002 and 2001, respectively.  These notes will be applied against futurepayments of capital contributions or paid upon demand.  The carrying value of the notes receivableat March 31, 2002 and 2001 approximates fair value.  The notes at March 31, 2002 and 2001 by series are as follows:

 
|      |   | **2002**  |       | **2001**  |   |
|-----------|--------|-----------|------------|-----------|--------|
|      |   |      |       |      |   |
| Series 20 |   | $         | —     |      | $      | — |   |
| Series 21 |   | 641,542   |       | 641,542   |   |
| Series 22 |   | 450,981   |       | 450,981   |   |
| Series 23 |   | —    |       | 306,751   |   |
| Series 24 |   | 534,342   |       | 534,342   |   |
| Series 25 |   | 523,193   |       | 523,193   |   |
| Series 26 |   | 571,335   |       | 571,335   |   |
| Series 27 |   | —    |       | —    |   |
| Series 28 |   | 775,000   |       | —    |   |
| Series 29 |   | 20,935    |       | 20,935    |   |
| Series 30 |   | 385,438   |       | 85,438    |   |
| Series 31 |   | 655,675   |       | 855,675   |   |
| Series 32 |   | 630,673   |       | 104,000   |   |
| Series 33 |   | 113,575   |       | 113,575   |   |
| Series 34 |   | 164,562   |       | 439,562   |   |
| Series 35 |   | 918,319   |       | 718,318   |   |
| Series 36 |   | 322,784   |       | 539,353   |   |
| Series 37 |   | 1,814,211 |       | 2,812,196 |   |
| Series 38 |   | —    |       | 755,920   |   |
| Series 39 |   | 543,567   |       | 228,455   |   |
| Series 40 |   | 1,321,601 |       | —    |   |
| Series 41 |   | 6,058,498 |       | —    |   |
| Series 42 |   | 1,290,000 |       | —    |   |
|      |   |      |       |      |   |
|      |   | $         | 17,736,231 |      | $      | 9,701,571 |   |

 

F-194

----

 

NOTE E - OTHER ASSETS

 

Other assetsinclude $2,372,306 and $929,877 of cash held by an escrow agent at March 31,2002 and 2001, respectively.  The cashheld for Series 20 through 42 at March 31, 2002 and for Series 20 through 40 atMarch 31, 2001 represents capital contributions to be released to the operatinglimited partnerships when certain criteria have been met.  The escrows held at March 31, 2002 and 2001by series are as follows:

 
|      |   | **2002**  |      | **2001** |   |
|-----------|--------|-----------|-----------|----------|--------|
|      |   |      |      |     |   |
| Series 20 |   | $         | —    |     | $      | — |   |
| Series 21 |   | —    |      | —   |   |
| Series 22 |   | —    |      | —   |   |
| Series 23 |   | —    |      | —   |   |
| Series 24 |   | —    |      | —   |   |
| Series 25 |   | —    |      | —   |   |
| Series 26 |   | —    |      | —   |   |
| Series 27 |   | —    |      | —   |   |
| Series 28 |   | —    |      | —   |   |
| Series 29 |   | —    |      | —   |   |
| Series 30 |   | —    |      | —   |   |
| Series 31 |   | —    |      | —   |   |
| Series 32 |   | —    |      | —   |   |
| Series 33 |   | —    |      | —   |   |
| Series 34 |   | —    |      | —   |   |
| Series 35 |   | —    |      | —   |   |
| Series 36 |   | —    |      | —   |   |
| Series 37 |   | —    |      | —   |   |
| Series 38 |   | —    |      | —   |   |
| Series 39 |   | 882,215   |      | 13,562   |   |
| Series 40 |   | —    |      | 916,315  |   |
| Series 41 |   | 470,389   |      | —   |   |
| Series 42 |   | 1,019,702 |      | —   |   |
|      |   |      |      |     |   |
|      |   | $         | 2,372,306 |     | $      | 929,877 |   |

 

F-195

----

 

NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAXRETURN

 

For income taxpurposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2002 is reconciledas follows:

 
|                                                                                                                    |   | **Total**  |        | **Series 20** |   | **Series 21** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $          | (36,244,755 | )             | $      | (2,387,830    | )      | $ | (2,976,656 | ) |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | (7,983     | )           | 5,316         |   | 1,461         |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 3,308,065  |        | 379,248       |   | 25,840        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Other                                                                                                                   |   | 3,017,739  |        | 273,441       |   | 206,746       |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (7,599,233 | )           | (82,668       | )      | (6,257,772    | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (6,802,111 | )           | (94,590       | )      | (243,198      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | 7,891,976  |        | —        |   | 7,891,976     |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —     |        | —        |   | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (1,912,380 | )           | (30,345       | )      | (527,651      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $          | (38,348,682 | )             | $      | (1,937,428    | )      | $ | (1,879,254 | ) |

 

F-196

----

 
|                                                                                                                    |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (1,693,382 | )             | $      | (1,634,244    | )      | $ | (2,001,698 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | (1,208        | )          | (5,334        | )      | 18,007        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 254,592       |       | 115,264       |   | 233,252       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 43,579        |       | 17,252        |   | 713,906       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (82,786       | )          | —        |   | (362,514      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (282,713      | )          | (525,795      | )      | 80,687        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (117,336      | )          | (62,547       | )      | (42,926       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $             | (1,879,254 | )             | $      | (2,095,404    | )      | $ | (1,361,286 | ) |

 

F-197

----

 
|                                                                                                                    |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (1,557,890 | )             | $      | (2,264,403    | )      | $ | (598,368 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 168           |       | 5,871         |   | 1,787         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 272,676       |       | 437,580       |   | 215,204       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 55,956        |       | (30,943       | )      | (89,014       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (296,351      | )          | (221,004      | )      | (115,320      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (84,566       | )          | (645,799      | )      | (551,454      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (100,980      | )          | (20,080       | )      | (84,054       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $             | (1,710,987 | )             | $      | (2,738,778    | )      | $ | (1,221,219 | ) |

 

F-198

----

 
|                                                                                                                    |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (1,802,088 | )             | $      | (2,421,150    | )      | $ | (1,298,251 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 368           |       | (4,568        | )      | (4,370        | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | —        |       | 209,815       |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | (338,171      | )          | 126,243       |   | (13,689       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (333,389      | )          | (387,606      | )      | (372,582      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |   | (11,544       | )          | (181,155      | )      | (33,084       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $             | (2,484,824 | )             | $      | (2,658,421    | )      | $ | (1,721,976 | ) |

 

F-199

----

 
|                                                                                                                    |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (2,489,687 | )             | $      | (2,429,115    | )      | $ | (1,259,944 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | (4,301        | )          | (11,320       | )      | 634           |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 33,120        |       | 132,904       |   | 73,923        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 50,483        |       | 193,257       |   | (28,676       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | (180,818      | )      | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (650,770      | )          | (339,204      | )      | (264,396      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (64,373       | )          | (403,367      | )      | (102,580      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $             | (3,125,528 | )             | $      | (3,037,663    | )      | $ | (1,581,039 | ) |

 

F-200

----

 
|                                                                                                                    |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (2,113,249 | )             | $      | (1,211,672    | )      | $ | (1,529,736 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | (5,589        | )          | (945          | )      | 1,431         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 293,190       |       | 76,931        |   | 160,578       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 38,032        |       | 13,183        |   | 1,109,319     |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (491,338      | )          | (541,076      | )      | (244,453      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (85,106       | )          | 90,404        |   | (5,944        | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $             | (2,364,060 | )             | $      | (1,573,175    | )      | $ | (508,805 | ) |

 

F-201

----

 
|                                                                                                                    |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (1,051,460 | )             | $      | (1,405,509    | )      | $ | (1,126,847 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents received  in advance                                                                |   | (5,435        | )          | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 81,688        |       | 69,026        |   | 50,845        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 367,272       |       | 76,861        |   | 113,357       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (238,508      | )          | (340,292      | )      | (155,890      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (65,194       | )          | (85,798       | )      | (46,733       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $             | (911,637   | )             | $      | (1,685,712    | )      | $ | (1,165,268 | ) |

 

F-202

----

 
|                                                                                                                    |   | **Series 40** |     | **Series 41** |   | **Series 42** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (597,386 | )             | $      | (283,923      | )      | $ | (110,267 | ) |
|                                                                                                                    |   |          |     |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 44            |     | —        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 125,733       |     | 66,656        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Other                                                                                                                   |   | (31,631       | )        | 40,709        |   | 110,267       |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |     | —        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (80,880       | )        | (14,299       | )      | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Impairment loss not recognized for tax  purposes                                                                        |   | —        |     | —        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Tax exempt interest income                                                                                              |   | —        |     | —        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (2,776        | )        | 70,789        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2001                                                               |   | $             | (586,896 | )             | $      | (120,068      | )      | $ | — |   |

 

F-203

----

 

NOTE F - RECONCILIATION OFFINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

 

For income taxpurposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2001 isreconciled as follows:

 
|                                                                                                                    |   | **Total**  |        | **Series 20** |   | **Series 21** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $          | (31,651,959 | )             | $      | (2,366,381    | )      | $ | (1,087,400 | ) |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | (39,583    | )           | 21,936        |   | (1,126        | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 2,103,549  |        | 379,248       |   | (174,160      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Other                                                                                                                   |   | 55,759     |        | 4,917         |   | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (536,998   | )           | (34,591       | )      | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (6,111,241 | )           | 154,771       |   | (268,938      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Tax exempt interest income                                                                                              |   | 1,552,367  |        | —        |   | 32,958        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (3,948,465 | )           | (137,202      | )      | (282,757      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2000                                                               |   | $          | (38,576,571 | )             | $      | (1,977,302    | )      | $ | (1,781,423 | ) |

 

F-204

----

 
|                                                                                                                    |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (1,484,651 | )             | $      | (1,380,939    | )      | $ | (1,777,302 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | (2,688        | )          | (4,372        | )      | 8,927         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 154,592       |       | 190,264       |   | 233,352       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 8,225         |       | (66,568       | )      | 9,503         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (53,294       | )          | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (240,690      | )          | (468,215      | )      | (119,418      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | 16,303        |       | 6,552         |   | 13,844        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (5,845        | )          | (100,822      | )      | (156,289      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2000                                                               |   | $             | (1,608,048 | )             | $      | (1,824,100    | )      | $ | (1,787,383 | ) |

 

F-205

----

 
|                                                                                                                    |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (1,540,858 | )             | $      | (2,419,997    | )      | $ | (864,778 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | (145,302      | )          | 5,967         |   | 3,591         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 272,676       |       | 437,580       |   | 315,204       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 7,011         |       | (16,036       | )      | 7,259         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (242,827      | )          | (4,034        | )      | (205,547      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (32,467       | )          | (470,823      | )      | (688,741      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                             |   | 44,320        |       | 8,213         |   | 25,803        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (239,205      | )          | 84,252        |   | 57,523        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2000                                                               |   | $             | (1,876,652 | )             | $      | (2,374,878    | )      | $ | (1,349,686 | ) |

 

F-206

----

 
|                                                                                                                    |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (1,950,767 | )             | $      | (2,369,982    | )      | $ | (1,283,833 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 838           |       | 21,455        |   | 4,908         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | (12,000       | )          | (2,695        | )      | (13,558       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (266,761      | )          | (550,475      | )      | (421,067      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                             |   | 138,591       |       | 63,123        |   | 111,376       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (548,728      | )          | (171,071      | )      | (270,437      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income  (loss) for tax return purposes, December 31, 2000                                                               |   | $             | (2,638,827 | )             | $      | (3,009,645    | )      | $ | (1,872,611 | ) |

 

F-207

----

 
|                                                                                                                    |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                     |   | $             | (2,979,270 | )             | $      | (2,821,938    | )      | $ | (1,384,134 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                |   | 4,521         |       | 15,213        |   | 146           |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership  fund management fee                                                                                        |   | —        |       | 80,154        |   | 73,780        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 9,840         |       | 40,640        |   | 5,611         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | 3,295         |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (809,291      | )          | (402,389      | )      | (288,614      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                             |   | 119,183       |       | 142,723       |   | 167,488       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (253,569      | )          | 39,075        |   | (266,846      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income  (loss) for tax return purposes, December 31, 2000                                                               |   | $             | (3,908,586 | )             | $      | (2,903,227    | )      | $ | (1,692,569 | ) |

 

F-208

----

 
|                                                                                                                    |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                     |   | $             | (2,424,494 | )             | $      | (2,106,038    | )      | $ | (693,060 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                |   | 12,831        |       | 1,092         |   | (971          | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership  fund management fee                                                                                        |   | 10,612        |       | —        |   | 130,247       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 12,872        |       | 15,200        |   | 11,231        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (559,386      | )          | (333,953      | )      | (231,680      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                             |   | 138,618       |       | 190,841       |   | 73,145        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (155,794      | )          | (399,568      | )      | (1,190,475    | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 2000                                                               |   | $             | (2,964,741 | )             | $      | (2,632,426    | )      | $ | (1,901,563 | ) |

 

F-209

----

 
|                                                                                                                    |   | **Series 37** |     | **Series 38** |   | **Series 39** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (315,863 | )             | $      | (145,973      | )      | $ | (142,837 | ) |
|                                                                                                                    |   |          |     |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 12,126        |     | 647           |   | 678           |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Partnership fund management fee                                                                                         |   | —        |     | —        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Other                                                                                                                   |   | 3,148         |     | 31,159        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |     | —        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (25,870       | )        | (85,886       | )      | (1,348        | )      |
|                                                                                                                    |   |          |     |          |   |          |   |
| Tax exempt interest income                                                                                              |   | 198,895       |     | 59,534        |   | 857           |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (262,941      | )        | (11,222       | )      | 211,992       |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Income  (loss) for tax return purposes, December 31, 2000                                                               |   | $             | (390,505 | )             | $      | (151,741      | )      | $ | 69,342 |   |

 

F-210

----

 
|                                                                                                                    |   | **Series 40** |     |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (111,464 | ) |
|                                                                                                                    |   |          |     |
| Operating limited partnership rents  received in advance                                                                |   | —        |     |
|                                                                                                                    |   |          |     |
| Partnership fund management fee                                                                                         |   | —        |     |
|                                                                                                                    |   |          |     |
| Other                                                                                                                   |   | —        |     |
|                                                                                                                    |   |          |     |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |     |
|                                                                                                                    |   |          |     |
| Excess of  tax depreciation over book depreciation on operating limited partnership  assets                             |   | —        |     |
|                                                                                                                    |   |          |     |
| Tax exempt  interest income                                                                                             |   | —        |     |
|                                                                                                                    |   |          |     |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                     |   | 111,464       |     |
|                                                                                                                    |   |          |     |
| Income  (loss) for tax return purposes, December 31, 2000                                                               |   | $             | —   |   |

 

F-211

----

 

For income taxpurposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2000 isreconciled as follows:

 
|                                                                                                                    |   | **Total**  |        | **Series 20** |   | **Series 21** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $          | (26,656,548 | )             | $      | (2,401,326    | )      | $ | (1,393,343 | ) |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 27,037     |        | (3,795        | )      | (16,369       | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 2,424,363  |        | 379,248       |   | 25,840        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Other                                                                                                                   |   | 1,443,452  |        | 49,759        |   | 131,913       |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (64,314    | )           | (16,002       | )      | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (4,622,249 | )           | (157,254      | )      | (341,614      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Tax exempt  interest income                                                                                             |   | (1,708,772 | )           | (6,900        | )      | (37,589       | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | 790,480    |        | 122,393       |   | (13,572       | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Income  (loss) for tax return purposes, December 31, 1999                                                               |   | $          | (28,366,551 | )             | $      | (2,033,877    | )      | $ | (1,644,734 | ) |

 

F-212

----

 
|                                                                                                                    |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                     |   | $             | (1,495,871 | )             | $      | (1,684,657    | )      | $ | (1,620,752 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 1,311         |       | (1,141        | )      | (2,703        | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 254,592       |       | 115,264       |   | 233,352       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | (6,385        | )          | 81,686        |   | (75,253       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (34,187       | )          | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (258,075      | )          | (497,527      | )      | (126,209      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | (13,155       | )          | (1,814        | )      | (10,376       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | 9,928         |       | 32,305        |   | (12,343       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 1999                                                               |   | $             | (1,541,842 | )             | $      | (1,955,884    | )      | $ | (1,614,284 | ) |

 

F-213

----

 
|                                                                                                                    |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (2,186,989 | )             | $      | (1,784,266    | )      | $ | (1,344,019 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 4,803         |       | —        |   | (953          | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 272,676       |       | 424,820       |   | 313,757       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 69,635        |       | (118,704      | )      | 115,383       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | (14,125       | )          | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (134,413      | )          | (523,643      | )      | (593,772      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | (22,480       | )          | (57,510       | )      | (21,775       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (31,411       | )          | (85,788       | )      | 53,010        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income  (loss) for tax return purposes, December 31, 1999                                                               |   | $             | (2,042,304 | )             | $      | (2,145,091    | )      | $ | (1,478,369 | ) |

 

F-214

----

 
|                                                                                                                    |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (2,249,853 | )             | $      | (2,496,942    | )      | $ | (1,273,296 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | 32,943        |       | 2,824         |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | —        |       | —        |   | 7,524         |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 219,978       |       | 381,257       |   | (92,606       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (286,876      | )          | (428,061      | )      | (324,783      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | (170,506      | )          | (143,387      | )      | (167,722      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | 72,693        |       | 42,433        |   | 88,084        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 1999                                                               |   | $             | (2,381,621 | )             | $      | (2,641,876    | )      | $ | (1,762,799 | ) |

 

F-215

----

 
|                                                                                                                    |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (3,131,563 | )             | $      | (1,487,782    | )      | $ | (705,104 | ) |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | —        |       | 7,146         |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 26,655        |       | 148,654       |   | 71,735        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | (87,350       | )          | 322,470       |   | 250,332       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (432,184      | )          | (283,807      | )      | (36,733       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Tax exempt interest income                                                                                              |   | (52,189       | )          | (327,944      | )      | (229,145      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (15,124       | )          | 106,528       |   | (12,313       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 1999                                                               |   | $             | (3,691,755 | )             | $      | (1,514,735    | )      | $ | (661,228 | ) |

 

F-216

----

 
|                                                                                                                    |   | **Series 34** |     | **Series 35** |   | **Series 36** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|---------------|--------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (699,182 | )             | $      | (261,604      | )      | $ | (304,789 | ) |
|                                                                                                                    |   |          |     |          |   |          |   |
| Operating limited partnership rents  received in advance                                                                |   | —        |     | 10            |   | 2,961         |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Partnership fund management fee                                                                                         |   | 10,431        |     | 73,893        |   | 30,944        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Other                                                                                                                   |   | 81,415        |     | 21,360        |   | 66,035        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |     | —        |   | —        |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | (136,029      | )        | (23,774       | )      | (37,495       | )      |
|                                                                                                                    |   |          |     |          |   |          |   |
| Tax exempt interest income                                                                                              |   | (164,970      | )        | (213,931      | )      | (51,142       | )      |
|                                                                                                                    |   |          |     |          |   |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | 120,887       |     | 94,744        |   | 143,729       |   |
|                                                                                                                    |   |          |     |          |   |          |   |
| Income (loss) for tax return purposes,  December 31, 1999                                                               |   | $             | (787,448 | )             | $      | (309,302      | )      | $ | (149,757 | ) |

 

F-217

----

 
|                                                                                                                    |   | **Series 37** |    | **Series 38** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|---------------|--------|
| Net income (loss) for financial reporting  purposes                                                                     |   | $             | (53,516 | )             | $      | (81,694 | ) |
|                                                                                                                    |   |          |    |          |   |
| Operating limited partnership rents  received in advance                                                                |   | —        |    | —        |   |
|                                                                                                                    |   |          |    |          |   |
| Partnership fund management fee                                                                                         |   | 29,802        |    | 5,176         |   |
|                                                                                                                    |   |          |    |          |   |
| Other                                                                                                                   |   | 32,527        |    | —        |   |
|                                                                                                                    |   |          |    |          |   |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |   | —        |    | —        |   |
|                                                                                                                    |   |          |    |          |   |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                              |   | —        |    | —        |   |
|                                                                                                                    |   |          |    |          |   |
| Tax exempt interest income                                                                                              |   | (16,237       | )       | —        |   |
|                                                                                                                    |   |          |    |          |   |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                                     |   | (2,221        | )       | 76,518        |   |
|                                                                                                                    |   |          |    |          |   |
| Income (loss) for tax return purposes,  December 31, 1999                                                               |   | $             | (9,645  | )             | $      | — |   |

 

F-218

----

 

The differencebetween the investments in operating limited partnerships for tax purposes andfinancial statement purposes at March 31, 2002, are as follows: 

 
|                                                                                                                    |   | **Total**  |        | **Series 20** |   | **Series 21** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $          | 385,095,638 |          | $      | 14,374,211    |   | $ | 5,393,717 |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | 7,896,556  |        | —        |   | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | 8,285,544  |        | 211,670       |   | 6,257,772     |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Historic tax credits - cumulative                                                                                       |   | 794,154    |        | 570,617       |   | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Less share of loss - three months ended  March 31, 2002                                                                 |   | (2,775,473 | )           | (404,710      | )      | (651,466      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Other                                                                                                                   |   | 11,561,432 |        | (56,415       | )      | (8,070,206    | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Investments in operating limited  partnerships - as reported                                                            |   | $          | 410,857,851 |          | $      | 14,695,373    |   | $ | 2,929,817 |   |

 

F-219

----

 
|                                                                                                                    |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $             | 9,613,029  |          | $      | 15,167,202    |   | $ | 8,796,837 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | 170,267       |       | —        |   | 362,514       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | 223,537       |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2002                                                                 |   | (259,228      | )          | (179,850      | )      | (95,695       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 1,339,694     |       | 2,739,476     |   | 177,249       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 11,087,299 |          | $      | 17,726,828    |   | $ | 9,240,905 |   |

 

F-220

----

 
|                                                                                                                    |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $             | 15,258,271 |          | $      | 22,298,903    |   | $ | 13,799,914 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | 553,303       |       | 225,038       |   | 320,867       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2002                                                                 |   | (335,542      | )          | (123,194      | )      | (205,532      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 789,530       |       | 2,384,503     |   | 1,531,912     |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 16,265,562 |          | $      | 24,785,250    |   | $ | 15,447,161 |   |

 

F-221

----

 
|                                                                                                                    |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $             | 24,870,667 |          | $      | 23,627,280    |   | $ | 16,302,490 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2002                                                                 |   | (129,668      | )          | (265,241      | )      | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 1,614,148     |       | 1,128,621     |   | 1,524,385     |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 26,355,147 |          | $      | 24,490,660    |   | $ | 17,826,875 |   |

 

F-222

----

 
|                                                                                                                    |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $             | 25,834,800 |          | $      | 31,894,531    |   | $ | 17,919,409 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | 184,113       |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax credits - cumulative                                                                                       |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2002                                                                 |   | (125,347      | )          | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 2,011,528     |       | 880,517       |   | 706,568       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 27,720,981 |          | $      | 32,959,161    |   | $ | 18,625,977 |   |

 

F-223

----

 
|                                                                                                                    |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $             | 22,874,351 |          | $      | 20,119,504    |   | $ | 13,129,727 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2002                                                                 |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 976,925       |       | 813,354       |   | 344,011       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 23,851,276 |          | $      | 20,932,858    |   | $ | 13,473,738 |   |

 

F-224

----

 
|                                                                                                                    |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $             | 17,758,286 |          | $      | 17,352,065    |   | $ | 16,281,310 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2002                                                                 |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | (288,690      | )          | 280,024       |   | (186,159      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 17,469,596 |          | $      | 17,632,089    |   | $ | 16,095,151 |   |

 

F-225

----

 
|                                                                                                                    |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2001                                           |   | $             | 18,332,221 |          | $      | 14,096,913    |   | $ | — |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2002                             |   | —        |       | 5,221,019     |   | 2,675,537     |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2002                                                                 |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 208,709       |       | 711,748       |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 18,540,930 |          | $      | 20,029,680    |   | $ | 2,675,537 |   |

 

F-226

----

 

The differencebetween the investments in operating limited partnerships for tax purposes andfinancial statement purposes at March 31, 2001, are as follows: 

 
|                                                                                                                    |   | **Total**  |        | **Series 20** |   | **Series 21** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2000                                           |   | $          | 388,480,297 |          | $      | 16,315,786    |   | $ | 6,581,519 |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2001                             |   | 4,440,499  |        | —        |   | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | 686,311    |        | 129,002       |   | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | 794,154    |        | 570,617       |   | —        |   |
|                                                                                                                    |   |       |        |          |   |          |   |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | (2,775,473 | )           | (404,710      | )      | (651,466      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Other                                                                                                                   |   | 15,289,218 |        | 127,841       |   | (216,478      | )      |
|                                                                                                                    |   |       |        |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $          | 406,915,006 |          | $      | 16,738,536    |   | $ | 5,713,575 |   |

 

F-227

----

 
|                                                                                                                    |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2000                                           |   | $             | 11,372,449 |          | $      | 17,067,824    |   | $ | 10,232,852 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2001                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | 87,481        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | 223,537       |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | (259,228      | )          | (179,850      | )      | (95,695       | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 1,102,239     |       | 2,231,520     |   | 827,155       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments in operating limited  partnerships - as reported                                                            |   | $             | 12,526,478 |          | $      | 19,119,494    |   | $ | 10,964,312 |   |

 

F-228

----

 
|                                                                                                                    |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2000                                           |   | $             | 16,873,101 |          | $      | 25,032,004    |   | $ | 14,858,254 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2001                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | 256,952       |       | 4,034         |   | 205,547       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | (335,542      | )          | (123,194      | )      | (205,532      | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 765,235       |       | 1,717,684     |   | 905,302       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 17,559,746 |          | $      | 26,630,528    |   | $ | 15,763,571 |   |

 

F-229

----

 
|                                                                                                                    |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2000                                           |   | $             | 27,067,393 |          | $      | 26,079,255    |   | $ | 17,894,515 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2001                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | (129,668      | )          | (265,241      | )      | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 946,188       |       | 803,328       |   | 1,052,826     |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 27,883,913 |          | $      | 26,617,342    |   | $ | 18,947,341 |   |

 

F-230

----

 
|                                                                                                                    |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2000                                           |   | $             | 28,615,035 |          | $      | 34,377,550    |   | $ | 19,221,602 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2001                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | 3,295         |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | (125,347      | )          | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 1,429,735     |       | 622,636       |   | 424,465       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 29,919,423 |          | $      | 35,003,481    |   | $ | 19,646,067 |   |

 

F-231

----

 
|                                                                                                                    |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited  partnerships - tax return December 31, 2000                                           |   | $             | 25,103,017 |          | $      | 21,845,892    |   | $ | 13,541,897 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2001                             |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 508,044       |       | 163,808       |   | 1,211,152     |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 25,611,061 |          | $      | 22,009,700    |   | $ | 14,753,049 |   |

 

F-232

----

 
|                                                                                                                    |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Investments in operating limited partnerships  - tax return December 31, 2000                                           |   | $             | 18,144,542 |          | $      | 18,756,287    |   | $ | 19,499,523 |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Operating limited partnerships acquired  during the three month period ended March 31, 2001                             |   | —        |       | —        |   | (3,337,167    | )      |
|                                                                                                                    |   |          |       |          |   |          |   |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Historic tax  credits - cumulative                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | —        |       | —        |   | —        |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Other                                                                                                                   |   | 325,532       |       | 91,403        |   | 249,603       |   |
|                                                                                                                    |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 18,470,074 |          | $      | 18,847,690    |   | $ | 16,411,959 |   |

 

F-233

----

 
|                                                                                                                    |   | **Series 40** |      |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
| Investments  in operating limited partnerships - tax return December 31, 2000                                           |   | $             | —    |   |
|                                                                                                                    |   |          |      |
| Operating  limited partnerships acquired during the three month period ended March 31,  2001                            |   | 7,777,666     |      |
|                                                                                                                    |   |          |      |
| Add back operating limited partnership  losses not recognized for financial reporting purposes under the equity  method |   | —        |      |
|                                                                                                                    |   |          |      |
| Historic tax  credits - cumulative                                                                                      |   | —        |      |
|                                                                                                                    |   |          |      |
| Less share  of loss - three months ended March 31, 2001                                                                 |   | —        |      |
|                                                                                                                    |   |          |      |
| Other                                                                                                                   |   | —        |      |
|                                                                                                                    |   |          |      |
| Investments in operating limited  partnerships - as reported                                                            |   | $             | 7,777,666 |   |

 

F-234

----

 

NOTE G - INVESTMENTSAVAILABLE-FOR-SALE

 

At March 31,2002, the amortized cost and fair value of investments available-for-sale areas follows:

 
|                        |   | **Amortized  cost** |      | **Gross  unrealized  gains** |   | **Gross  unrealized  gains** |   | **Fair value** |   |
|-----------------------------|--------|---------------------|-----------|------------------------------|--------|------------------------------|--------|----------------|--------|
| Tax-exempt  municipal bonds |   | $                   | 6,879,909 |                         | $      | 23,157                       |   | $              | — |   | $ | 6,903,066 |   |
|                        |   |                |      |                         |   |                         |   |           |   |
| Other                       |   | 571,427             |      | —                       |   | —                       |   | 571,427        |   |
|                        |   |                |      |                         |   |                         |   |           |   |
|                        |   | $                   | 7,451,336 |                         | $      | 23,157                       |   | $              | — |   | $ | 7,474,493 |   |

 

The amortizedcost and fair value of investments available-for-sale by maturity as of March31, 2002 is shown below:

 
|                                |   | **Amortized  cost** |      | **Fair value** |   |
|-------------------------------------|--------|---------------------|-----------|----------------|--------|
| Due in one  year or less            |   | $                   | 2,878,297 |           | $      | 2,882,300 |   |
| Due in one  year through five years |   | 4,573,039           |      | 4,592,193      |   |
|                                |   |                |      |           |   |
|                                |   | $                   | 7,451,336 |           | $      | 7,474,493 |   |

 

Proceeds fromsales and maturities of investments during the year ended March 31, 2002 were$5,692,758, resulting in a realized loss of $63,626, included in interestincome.

 

The tax-exemptcoupon rates for the investments held during the year ranged from 1.55% to7.375%.

 

F-235

----

 

At March 31,2001, the amortized cost and fair value of investments available-for-sale areas follows:

 
|                        |   | **Amortized  cost** |      | **Gross  unrealized  gains** |   | **Gross  unrealized  losses** |   | **Fair  value** |   |
|-----------------------------|--------|---------------------|-----------|------------------------------|--------|-------------------------------|--------|-----------------|--------|
| Tax-exempt  municipal bonds |   | $                   | 6,613,419 |                         | $      | 83,944                        |   | $               | — |   | $ | 6,697,363 |   |
|                        |   |                |      |                         |   |                          |   |            |   |
| Other                       |   | 1,141,671           |      | —                       |   | —                        |   | 1,141,671       |   |
|                        |   |                |      |                         |   |                          |   |            |   |
|                        |   | $                   | 7,755,090 |                         | $      | 83,944                        |   | $               | — |   | $ | 7,839,034 |   |

 

The amortizedcost and fair value of investments available-for-sale by maturity as of March31, 2001 is shown below:

 
|                                |   | **Amortized  cost** |      | **Fair value** |   |
|-------------------------------------|--------|---------------------|-----------|----------------|--------|
| Due in one  year or less            |   | $                   | 5,146,012 |           | $      | 5,164,352 |   |
| Due in one  year through five years |   | 2,609,078           |      | 2,674,682      |   |
|                                |   |                |      |           |   |
|                                |   | $                   | 7,755,090 |           | $      | 7,839,034 |   |

 

Proceeds fromsales and maturities of investments during the year ended March 31, 2001 were$27,219,521, resulting in a realized loss of $296,028, included in interestincome.

 

The tax-exemptcoupon rates for the investments held during the year ranged from 4.1% to 6.5%.

 

F-236

----

 

NOTE H - CASH EQUIVALENTS

 

On March 31,2002 and 2001, the fund purchased $11,400,259 and $8,100,000 of U.S. GovernmentSecurities under agreements for resale on April 1, 2002 and April 3, 2001,respectively.  Interest is earned atrates ranging from 2.7% to 3.3% per annum.

 

Cashequivalents of $7,509,564 and $13,490,633 as of March 31, 2002 and 2001,respectively, include tax-exempt sweep accounts and money market accounts withinterest rates ranging from 2.6% to 5.05% per annum.

 

NOTE I - CONCENTRATION OFCREDIT RISK

 

The fundmaintains its cash balances at a number of banks.  The deposits are insured by the Federal Deposit InsuranceCorporation (FDIC) up to $100,000 at each bank.  The balances in and between banks fluctuate daily.  The amount of deposits, as well as theinstitutions that they are deposited in, are continually monitored by thegeneral partner.  As of March 31, 2002,the uninsured portion of the cash balances on deposit was $3,099,777.

 

NOTE J - LINE OF CREDIT

 

During theyears ended March 31, 2002 and 2001, the partnership has a line of credit witha bank in the amount of $40,000,000 and $5,000,000, respectively, of which$5,708,074 and $2,125,548 was outstanding as of March 31, 2002 and 2001,respectively.  The line bears interestat the prime rate (4.75% at March 31, 2002) plus .25%.  Interest is payable monthly.  During the years ended March 31, 2002 and2001, $69,039 and $0, respectively, of interest was incurred and paid.  As of March 31, 2002, interest of $58,606 isincluded in investments in operating limited entities and $10,433 is includedin other assets.  The line is guaranteedby Boston Capital Holdings, L.P. and various affiliates and expires on July 31,2002.

 

F-237

----

 

NOTE K - CHANGE IN ACCOUNTINGPRINCIPLE

 

EffectiveApril 1, 1999, the partnership changed its method of accounting fororganization costs to conform to a pronouncement issued by the AmericanInstitute of Certified Public Accountants. As a result, the partnership expenses organization costs asincurred.  Previously, these expenseswere capitalized and amortized over 60 months. The effect of the change was to decrease loss before cumulative effectby $209,492 and increase net loss for 2000 by $413,701.  The cumulative effect of the change on prioryears of $623,193 is a one-time charge to income.

 

NOTE L - CONTINGENCY

 

Los LunasApartments Limited, an operating limited partnership, was foreclosed on by theNew Mexico Mortgage Finance Authority on January 11, 2002.  The foreclosure will result in a recaptureby the Internal Revenue Service of a portion of the low income housing taxcredits previously taken.  Suchrecapture is estimated to be $380,000. The Investment General Partner is in the process of completing arescission of the foreclosure, in an effort to avoid the recapture.  In the event the rescission is granted, thecredit recapture would be avoided, but the property will be transferred to anew investment entity and future tax benefits will be transferred to the entityas well.  As the investment balance inthis operating property is $0 at March 31, 2002, no adjustment has been made inthe accompanying financial statements.

 

F-238

----