| California                               | 33-0596399          |
|------------------------------------------|---------------------|
| (State or other jurisdiction of          | (I.R.S. Employer    |
| incorporation or organization)           | Identification No.) |
|                                     |                |
| 17782 Sky Park Circle,                   | 92614-6404          |
| Irvine, CA                               | (zip code)          |
| (Address of principal executive offices) |                |

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| Expiration Date for 15-year Compliance Period          |
|--------------------------------------------------------|
|  Local LimitedPartnership Name                    |   | 15-year Expiration Date |
|                                                   |   |   |
| Apartment Housing of East Brewton, Ltd.                |   | 2014 |
| Autumn Trace Associates, Ltd.                          |   | 2008 |
| Broken Bow Apartments I, Limited Partnership           |   | 2012 |
| Candleridge Apartments of Waukee L.P. II               |   | 2010 |
| Chadwick Limited Partnership                           |   | 2009 |
| Comanche Retirement Village, Ltd.                      |   | 2010 |
| Crossings II Limited Dividend Housing Association L.P. |   | 2012 |
| Garland Street Limited Partnership                     |   | 2009 |
| Hereford Seniors Community, Ltd.                       |   | 2011 |
| Hickory Lane Associates, Ltd.                          |   | 2011 |
| Honeysuckle Court Associates, Ltd.                     |   | 2011 |
| Klimpel Manor, Ltd.                                    |   | 2009 |
| Lamesa Seniors Community, Ltd.                         |   | 2009 |
| Laredo Heights Apartments Ltd.                         |   | 2012 |
| Mountainview Apartments Limited Partnership            |   | 2009 |
| Palestine Seniors Community, Ltd.                      |   | 2010 |
| Pecan Grove Limited Partnership                        |   | 2009 |
| Pioneer Street Associates                              |   | 2010 |
| Sidney Apartments I, Limited Partnership               |   | 2011 |
| Southcove Associates                                   |   | 2010 |
| Walnut Turn Associates, Ltd.                           |   | 2011 |

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| ·   | a Local Limited Partnership disposed of its interest in a Housing Complex during the Compliance Period, or |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | the Partnership disposed of its interest in a Local Limited Partnership during the Compliance Period. |
|--------------------|-------------------------------------------------------------------------------------------------------|

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| ·   | an unlimited amount of passive income, which is income from entities such as the Partnership, and |
|--------------------|---------------------------------------------------------------------------------------------------|

| ·   | $25,000 in income from other sources. |
|--------------------|---------------------------------------|

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| ·   | Obtaining tenants for the Housing Complexes.  Government regulations limit the types of people who can rent subsidized housing. These regulations may make it more difficult to rent the residential units in the Housing Complexes. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Obtaining rent increases.  In many cases rents can only be increased with the prior approval of the subsidizing agency. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on cash distributions.  The amount of cash that may be distributed to owners of subsidized Housing Complexes is less than the amount that could be earned by the owners of non-subsidized Housing Complexes. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on sale or refinancing of the Housing Complexes.  A Local Limited Partnership may be unable to sell its Housing Complex or to refinance its mortgage loan without the prior approval of the lender. The lender may withhold such approval in the discretion of the lender. Approval may be subject to conditions, including the condition that the purchaser continues to operate the property as affordable housing for terms which could be as long as 30 years or more. In addition, any prepayment of a mortgage may result in the assessment of a prepayment penalty. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on transfers of interests in Local Limited Partnerships.  The Partnership may be unable to sell its interest in a Local Limited Partnership without the prior approval of the lender.  The lender may withhold such approval in the discretion of the lender.  Approval may be subject to conditions. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on removal and admission of Local General Partners.  The Partnership may be unable to remove a Local General Partner from a Local Limited Partnership except for cause, such as the violation of the rules of the lender or state allocating authority.  Regulations may prohibit the removal of a Local General Partner or permit removal only with the prior approval of the lender.  Regulations may also require approval of the admission of a successor Local General Partner even upon the death or other disability of a Local General Partner. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on subsidy payments. Subsidy payments may be fixed in amount and subject to annual legislative appropriations. The rental revenues of a Housing Complex, when combined with the maximum committed subsidy, may be insufficient to meet obligations. Congress or the state legislature, as the case may be, may fail to appropriate or increase the necessary subsidy.  In those events, the mortgage lender could foreclose on the Housing Complex unless a workout arrangement could be negotiated. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Possible changes in applicable regulations.  Legislation may be enacted which adversely revises provisions of outstanding mortgage loans.  Such legislation has been enacted in the past. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limited Partners may not receive distributions if Housing Complexes are sold.  There is no assurance that Limited Partners will receive any cash distributions from the sale or refinancing of a Housing Complex.  The price at which a Housing Complex is sold may not be high enough to pay the mortgage and other expenses at the Local Limited Partnership and Partnerships levels which must be paid at such time.  If that happens, a Limited Partner’s return would be derived only from the Low Income Housing Tax Credits and tax losses. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | the general and local job market, |
|--------------------|-----------------------------------|

| ·   | the availability and cost of mortgage financing, |
|--------------------|--------------------------------------------------|

| ·   | monetary inflation, |
|--------------------|---------------------|

| ·   | tax, environmental, land use and zoning policies, |
|--------------------|---------------------------------------------------|

| ·   | the supply of and demand for similar properties, |
|--------------------|--------------------------------------------------|

| ·   | neighborhood conditions, |
|--------------------|--------------------------|

| ·   | the availability and cost of utilities and water. |
|--------------------|---------------------------------------------------|

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| ·   | the determination of which depends on future factual circumstances, |
|--------------------|---------------------------------------------------------------------|

| ·   | which are peculiar to individual Limited Partners, or |
|--------------------|-------------------------------------------------------|

| ·   | which are not customarily the subject of an opinion. |
|--------------------|------------------------------------------------------|

| ·   | allocating purchase price among components of a property, particularly as between buildings and fixtures, the cost of which is depreciable, and the underlying land, the cost of which is not depreciable, |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | characterizing expenses and payments made to or by the Partnership or a Local Limited Partnership, |
|--------------------|----------------------------------------------------------------------------------------------------|

| ·   | identifying the portion of the costs of any Housing Complex which qualify for historic and other tax credits, |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | applying to any specific Limited Partner the limitation on the use of tax credits and tax losses.  Limited Partners must determine for themselves the extent to which they can use tax credits and tax losses, and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the application of the alternative minimum tax to any specific Limited Partner, or the calculation of the alternative minimum tax by any Limited Partner.  The alternative minimum tax could reduce the tax benefits from an investment in the Partnership. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the amount of cash the Limited Partner invests in the Partnership, and |
|--------------------|------------------------------------------------------------------------|

| ·   | the Limited Partner’s share of Partnership qualified nonrecourse financing. |
|--------------------|-----------------------------------------------------------------------------------|

----

| ·   | the sales proceeds plus the amount of indebtedness secured by the Housing Complex, and |
|--------------------|----------------------------------------------------------------------------------------|

| ·   | the adjusted basis for the Housing Complex. The adjusted basis for a Housing Complex is its original cost, plus capital expenditures, minus depreciation. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the sales proceeds plus the Partnership’s share of the amount of indebtedness secured by the Housing Complex, and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | the adjusted basis for the interest.  The adjusted basis for an interest in a Local Limited Partnership is the amount paid for the interest, plus income allocations and cash distributions, less loss allocations. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | between the Limited Partners and the General Partner, |
|--------------------|-------------------------------------------------------|

| ·   | among the Limited Partners, or |
|--------------------|--------------------------------|

| ·   | between the Partnership and a Local General Partner. |
|--------------------|------------------------------------------------------|

----

| ·   | unused passive losses from the Partnership or other investments, or |
|--------------------|---------------------------------------------------------------------|

| ·   | current passive losses from other investments. |
|--------------------|------------------------------------------------|

| ·   | should be deductible over a longer period of time or in a later year, |
|--------------------|-----------------------------------------------------------------------|

| ·   | are excessive and may not be capitalized or deducted in full, |
|--------------------|---------------------------------------------------------------|

| ·   | should be capitalized and not deducted, or |
|--------------------|--------------------------------------------|

| ·   | may not be included as part of the basis for computing tax credits. |
|--------------------|---------------------------------------------------------------------|

| ·   | the eligible basis of a Housing Complex used to compute Low Income Housing Tax Credits, |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | the adjusted basis of a Housing Complex used to compute depreciation, |
|--------------------|-----------------------------------------------------------------------|

| ·   | the correct deduction of fees, |
|--------------------|--------------------------------|

| ·   | the amortization of organization and offering expenses and start-up expenditures. |
|--------------------|-----------------------------------------------------------------------------------|

----

| ·   | remove the General Partner and elect a replacement general partner, |
|--------------------|---------------------------------------------------------------------|

| ·   | amend the Partnership Agreement, |
|--------------------|----------------------------------|

| ·   | terminate the Partnership. |
|--------------------|----------------------------|

----

----

|                                             |                  |                                                                        | As of March 31, 2011                                               |                              | As of December 31, 2010 |
|--------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                    | Location              | General Partner Name                                                        | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | EstimatedAggregate Low Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Apartment Housing of East Brewton, Ltd.          | East Brewton, Alabama | Apartment Developers Inc. and Thomas H. Cooksey                             | $ 1,192,000                                                        | $ 1,192,000                       |                    | 40 | $ 1,863,000 | $  1,069,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Autumn Trace Associates, Ltd.                    | Silsbee, Texas        | Olsen Securities Corp.                                                      | 412,000                                                            | 412,000                           |                    | 58 | 714,000 | 1,121,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Broken Bow Apartments I, Limited Partnership (2) | Broken Bow, Nebraska  | Retro Development, Inc.                                                     | 608,000                                                            | 608,000                           |                    | 16 | 1,127,000 | 69,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Chadwick Limited Partnership (2)                 | Edan, North Carolina  | Boyd Management, Inc. Gordon L. Blackwell and Regency Investment Associates | 378,000                                                            | 378,000                           |                    | 48 | 735,000 | 1,401,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Garland Street Limited Partnership               | Malvarn, Arkansas     | Conrad L. Beggs, Audrey D. Beggs, Russell J. Altizer, and Marjorie L. Beggs | 164,000                                                            | 164,000                           |                    | 18 | 319,000 | 652,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Hereford Seniors Community                       | Hereford, Texas       | Sullivan Builders, Inc.                                                     | 167,000                                                            | 167,000                           |                    | 28 | 330,000 | 757,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Hickory Lane Associates, Ltd.                    | Newton, Texas         | Olsen Securities Corp.                                                      | 174,000                                                            | 174,000                           |                    | 24 | 320,000 | 571,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Honeysuckle Court Associates, Ltd.               | Vidor, Texas          | Olsen Securities Corp.                                                      | 339,000                                                            | 339,000                           |                    | 48 | 622,000 | 1,117,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Klimpel Manor, Ltd.                              | Fullerton, California | Klimpel Manor Apartments                                                    | 1,774,000                                                          | 1,774,000                         |                    | 59 | 3,360,000 | 1,790,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Lamesa Seniors Community, Ltd.                   | Lamesa, Texas         | Winston Sullivan                                                            | 143,000                                                            | 143,000                           |                    | 24 | 284,000 | 639,000 |

----

|                                         |                             |                                           | As of March 31, 2011                                               |                              | As of December 31, 2010 |
|----------------------------------------------|----------------------------------|------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                | Location                         | General Partner Name                           | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | Estimated AggregateLow Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Laredo Heights Apartments Ltd.               | Navasota, Texas                  | Donald W. Sowell                               | 225,000                                                            | 225,000                           |                    | 48 | 413,000 | 903,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Mountainview Apartments Limited Partnership  | North Wilkesboro, North Carolina | John C. Loving and Gordon D. Brown, Jr.        | 195,000                                                            | 195,000                           |                    | 24 | 387,000 | 925,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Palestine Seniors Community, Ltd.            | Palestine, Texas                 | Winston Sullivan                               | 225,000                                                            | 225,000                           |                    | 42 | 446,000 | 1,062,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pecan Grove Limited Partnership              | Forrest City, Arkansas           | Conrad Beggs, Audrey Beggs and Russell Altizer | 240,000                                                            | 240,000                           |                    |   32 |   486,000 | 1,043,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pioneer Street Associates                    | Bakersfield, California          | Philip R. Hammond, Jr. and Walter A. Dwelle    | 2,222,000                                                          | 2,222,000                         |                    | 112 | 4,116,000 | 1,477,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Sidney Apartments I, Limited Partnership (2) | Sidney, Nebraska                 | Retro Development, Inc.  And Most    | 530,000                                                            | 530,000                           |                    | 18 | 972,000 | 256,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Southcove Associates                         | Orange Cove, California          | Philip R. Hammond, Jr. and Diane M. Hammond    | 2,000,000                                                          | 2,000,000                         |                    | 54 | 3,585,000 | 1,437,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Walnut Turn Associates, Ltd.                 | Buna, Texas                      | Olsen Securities Corp.                         | 188,000                                                            | 188,000                           |                    | 24 | 344,000 | 662,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
|                                         |                             |                                           | $ 11,176,000                                                       | $ 11,176,000                      |                    | 717 | $ 20,423,000 | $ 16,951,000 |

| (1)   | Represents aggregate anticipated Low Income Housing Tax Credits to be received over the 10 year Low Income Housing Tax Credit period if the Housing complexes are retained and rented in compliance with LIHTC rules for the 15-year Compliance Period.  All of the anticipated Low Income Housing Tax Credits have been received from the Local Limited Partnerships.  Accordingly, the Partnership does not anticipate a significant amount of Low Income Housing Tax Credits being allocated to the Limited Partners in the future. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2011. |
|-----------------|-------------------------------------------------------------------------------------------|

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|                                             | For the year ended December 31, 2010 |
|--------------------------------------------------|--------------------------------------|
| Local LimitedPartnership Name                    | Rental Income                        | Net Income (Loss) |   | Low Income Housing Tax Credits Allocated to Partnership |
|                                             |                                 |   |   |   |
| Apartment Housing of East Brewton, Ltd.          | $  152,000                 | $   (74,000) |   | 98.99% |
|                                             |                                 |   |   |   |
| Autumn Trace Associates, Ltd.                    | 299,000                              | (70,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Broken Bow Apartments I, Limited Partnership (1) | 62,000                               | (38,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Chadwick Limited Partnership (1)                 | 260,000                              | 30,000 |   | 99.00% |
|                                             |                                 |   |   |   |
| Garland Street Limited Partnership               | 106,000                              | (28,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Hereford Seniors Community, Ltd.                 | 133,000                              | (17,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Hickory Lane Associates, Ltd.                    | 134,000                              | (41,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Honeysuckle Court Associates, Ltd.               | 290,000                              | (54,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Klimpel Manor, Ltd.                              | 474,000                              | (7,000) |   | 96.00% |
|                                             |                                 |   |   |   |
| Lamesa Seniors Community, Ltd.                   | 122,000                              | (16,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Laredo Heights Apartments Ltd.                   | 252,000                              | (27,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Mountainview Apartments Limited Partnership      | 146,000                              | (14,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Palestine Seniors Community, Ltd.                | 170,000                              | (47,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Pecan Grove Limited Partnership                  | 163,000                              | (46,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Pioneer Street Associates                        | 707,000                              | 9,000 |   | 99.00% |
|                                             |                                 |   |   |   |
| Sidney Apartments I, Limited Partnership (1)     | 89,000                               | (31,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Southcove Associates                             | 332,000                              | (70,000) |   | 99.00% |
|                                             |                                 |   |   |   |
|   Walnut Turn Associates, Ltd.         | 140,000                              | (28,000) |   | 99.00% |
|                                             |                                 |   |   |   |
|                                             | $  4,031,000               | $  (569,000) |   |   |

----

|                                             |                  |                                                                        | As of March 31, 2010                                               |                              | As of December 31, 2009 |
|--------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                    | Location              | General Partner Name                                                        | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | EstimatedAggregate Low Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Apartment Housing of East Brewton, Ltd.          | East Brewton, Alabama | Apartment Developers Inc. and Thomas H. Cooksey                             | $1,192,000                                                         | $1,192,000                        |                    | 40 | $1,863,000 | $  1,081,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Autumn Trace Associates, Ltd.                    | Silsbee, Texas        | Olsen Securities Corp.                                                      | 412,000                                                            | 412,000                           |                    | 58 | 714,000 | 1,139,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Broken Bow Apartments I, Limited Partnership (2) | Broken Bow, Nebraska  | Retro Development, Inc.                                                     | 608,000                                                            | 608,000                           |                    | 16 | 1,127,000 | 70,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Candleridge Apartments of Waukee L.P. II (2)     | Waukee, Iowa          | Eric A. Sheldahl                                                            | 125,000                                                            | 125,000                           |                    | 23 | 230,000 | 645,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Chadwick Limited Partnership (2)                 | Edan, North Carolina  | Boyd Management, Inc. Gordon L. Blackwell and Regency Investment Associates | 378,000                                                            | 378,000                           |                    | 48 | 735,000 | 1,454,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Garland Street Limited Partnership               | Malvarn, Arkansas     | Conrad L. Beggs, Audrey D. Beggs, Russell J. Altizer, and Marjorie L. Beggs | 164,000                                                            | 164,000                           |                    | 18 | 319,000 | 658,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Hereford Seniors Community                       | Hereford, Texas       | Sullivan Builders, Inc.                                                     | 167,000                                                            | 167,000                           |                    | 28 | 330,000 | 763,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |

----

|                                         |                             |                                           | As of March 31, 2010                                               |                              | As of December 31, 2009 |
|----------------------------------------------|----------------------------------|------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                | Location                         | General Partner Name                           | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | Estimated AggregateLow Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Hickory Lane Associates, Ltd.                | Newton, Texas                    | Olsen Securities Corp.                         | 174,000                                                            | 174,000                           |                    | 24 | 320,000 | 574,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Honeysuckle Court Associates, Ltd.           | Vidor, Texas                     | Olsen Securities Corp.                         | 339,000                                                            | 339,000                           |                    | 48 | 622,000 | 1,124,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Klimpel Manor, Ltd.                          | Fullerton, California            | Klimpel Manor Apartments                       | 1,774,000                                                          | 1,774,000                         |                    | 59 | 3,360,000 | 1,823,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Lamesa Seniors Community, Ltd.               | Lamesa, Texas                    | Winston Sullivan                               | 143,000                                                            | 143,000                           |                    | 24 | 284,000 | 644,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Laredo Heights Apartments Ltd.               | Navasota, Texas                  | Donald W. Sowell                               | 225,000                                                            | 225,000                           |                    | 48 | 413,000 | 914,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Mountainview Apartments Limited Partnership  | North Wilkesboro, North Carolina | John C. Loving and Gordon D. Brown, Jr.        | 195,000                                                            | 195,000                           |                    | 24 | 387,000 | 932,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Palestine Seniors Community, Ltd.            | Palestine, Texas                 | Winston Sullivan                               | 225,000                                                            | 225,000                           |                    | 42 | 446,000 | 1,070,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pecan Grove Limited Partnership              | Forrest City, Arkansas           | Conrad Beggs, Audrey Beggs and Russell Altizer | 240,000                                                            | 240,000                           |                    |   32 |   486,000 | 1,051,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pioneer Street Associates                    | Bakersfield, California          | Philip R. Hammond, Jr. and Walter A. Dwelle    | 2,222,000                                                          | 2,222,000                         |                    | 112 | 4,116,000 | 1,532,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Sidney Apartments I, Limited Partnership (2) | Sidney, Nebraska                 | Retro Development, Inc.  And Most    | 530,000                                                            | 530,000                           |                    | 18 | 972,000 | 262,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Southcove Associates                         | Orange Cove, California          | Philip R. Hammond, Jr. and Diane M. Hammond    | 2,000,000                                                          | 2,000,000                         |                    | 54 | 3,585,000 | 1,449,000 |

----

|                          |        |                   |                                                               |                              |                    |            |                                                  |                                           |
|-------------------------------|-------------|------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|-----------------|-------------------------------------------------------|------------------------------------------------|
|                          |        |                   | As of March 31, 2010                                               |                              | As of December 31, 2009 |
| Local LimitedPartnership Name | Location    | General Partner Name   | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | EstimatedAggregate Low Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
| Walnut Turn Associates, Ltd.  | Buna, Texas | Olsen Securities Corp. | 188,000                                                            | 188,000                           |                    | 24              | 344,000                                               | 665,000                                        |
|                          |        |                   |                                                               |                              |                    |            |                                                  |                                           |
|                          |        |                   | $11,301,000                                                        | $11,301,000                       |                    | 740             | $20,653,000                                           | $ 17,850,000                                   |

----

|                                             | For the year ended December 31, 2009 |
|--------------------------------------------------|--------------------------------------|
| Local LimitedPartnership Name                    | Rental Income                        | Net Loss |   | Low Income Housing Tax Credits Allocated to Partnership |
|                                             |                                 |   |   |   |
| Apartment Housing of East Brewton, Ltd.          | $   148,000           | $   (42,000) |   | 98.99% |
|                                             |                                 |   |   |   |
| Autumn Trace Associates, Ltd.                    | 303,000                              | (33,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Broken Bow Apartments I, Limited Partnership (1) | 59,000                               | (36,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Candleridge Apartments of Waukee L.P. II (1)     | 126,000                              | (29,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Chadwick Limited Partnership (1)                 | 250,000                              | (10,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Garland Street Limited Partnership               | 105,000                              | (23,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Hereford Seniors Community, Ltd.                 | 120,000                              | (14,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Hickory Lane Associates, Ltd.                    | 131,000                              | (35,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Honeysuckle Court Associates, Ltd.               | 281,000                              | (57,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Klimpel Manor, Ltd.                              | 464,000                              | (4,000) |   | 96.00% |
|                                             |                                 |   |   |   |
| Lamesa Seniors Community, Ltd.                   | 111,000                              | (12,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Laredo Heights Apartments Ltd.                   | 252,000                              | (21,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Mountainview Apartments Limited Partnership      | 139,000                              | (2,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Palestine Seniors Community, Ltd.                | 155,000                              | (32,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Pecan Grove Limited Partnership                  | 169,000                              | (39,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Pioneer Street Associates                        | 642,000                              | (54,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Sidney Apartments I, Limited Partnership (1)     | 80,000                               | (54,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Southcove Associates                             | 323,000                              | (93,000) |   | 99.00% |
|                                             |                                 |   |   |   |
| Walnut Turn Associates, Ltd.                     |     118,000           | (65,000) |   | 99.00% |
|                                             |                                 |   |   |   |
|                                             | $   3,976,000         | $  (655,000) |   |   |

----

|                                             |                  |                                                                        | As of March 31, 2009                                               |                              | As of December 31, 2008 |
|--------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                    | Location              | General Partner Name                                                        | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | EstimatedAggregate Low Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Apartment Housing of East Brewton, Ltd.          | East Brewton, Alabama | Apartment Developers Inc. and Thomas H. Cooksey                             | $1,192,000                                                         | $1,192,000                        |                    | 40 | $1,863,000 | $ 1,092,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Autumn Trace Associates, Ltd.                    | Silsbee, Texas        | Olsen Securities Corp.                                                      | 412,000                                                            | 412,000                           |                    | 58 | 714,000 | 1,155,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Broken Bow Apartments I, Limited Partnership (2) | Broken Bow, Nebraska  | Retro Development, Inc.                                                     | 608,000                                                            | 608,000                           |                    | 16 | 1,127,000 | 71,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Candleridge Apartments of Waukee L.P. II (2)     | Waukee, Iowa          | Eric A. Sheldahl                                                            | 125,000                                                            | 125,000                           |                    | 23 | 230,000 | 650,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Chadwick Limited Partnership (2)                 | Edan, North Carolina  | Boyd Management, Inc. Gordon L. Blackwell and Regency Investment Associates | 378,000                                                            | 378,000                           |                    | 48 | 735,000 | 1,472,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Comanche Retirement Village, Ltd.                | Comanche, Texas       | Max L. Rightmer                                                             | *                                                                  | *                                 |                    | 22 | 265,000 | 571,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Garland Street Limited Partnership               | Malvarn, Arkansas     | Conrad L. Beggs, Audrey D. Beggs, Russell J. Altizer, and Marjorie L. Beggs | 164,000                                                            | 164,000                           |                    | 18 | 319,000 | 663,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Hereford Seniors Community                       | Hereford, Texas       | Sullivan Builders, Inc.                                                     | 167,000                                                            | 167,000                           |                    | 28 | 330,000 | 768,000 |
|                                             |                  |                                                                        |                                                               |                              |                    |   |   |   |

----

|                                         |                             |                                           | As of March 31, 2009                                               |                              | As of December 31, 2008 |
|----------------------------------------------|----------------------------------|------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                | Location                         | General Partner Name                           | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | Estimated AggregateLow Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Hickory Lane Associates, Ltd.                | Newton, Texas                    | Olsen Securities Corp.                         | 174,000                                                            | 174,000                           |                    | 24 | 320,000 | 577,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Honeysuckle Court Associates, Ltd.           | Vidor, Texas                     | Olsen Securities Corp.                         | 339,000                                                            | 339,000                           |                    | 48 | 622,000 | 1,129,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Klimpel Manor, Ltd.                          | Fullerton, California            | Klimpel Manor Apartments                       | 1,774,000                                                          | 1,774,000                         |                    | 59 | 3,360,000 | 1,854,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Lamesa Seniors Community, Ltd.               | Lamesa, Texas                    | Winston Sullivan                               | 143,000                                                            | 143,000                           |                    | 24 | 284,000 | 656,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Laredo Heights Apartments Ltd.               | Navasota, Texas                  | Donald W. Sowell                               | 225,000                                                            | 225,000                           |                    | 48 | 413,000 | 925,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Mountainview Apartments Limited Partnership  | North Wilkesboro, North Carolina | John C. Loving and Gordon D. Brown, Jr.        | 195,000                                                            | 195,000                           |                    | 24 | 387,000 | 942,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Palestine Seniors Community, Ltd.            | Palestine, Texas                 | Winston Sullivan                               | 225,000                                                            | 225,000                           |                    | 42 | 446,000 | 1,078,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pecan Grove Limited Partnership              | Forrest City, Arkansas           | Conrad Beggs, Audrey Beggs and Russell Altizer | 240,000                                                            | 240,000                           |                    |   32 |   486,000 | 1,060,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pioneer Street Associates                    | Bakersfield, California          | Philip R. Hammond, Jr. and Walter A. Dwelle    | 2,222,000                                                          | 2,222,000                         |                    | 112 | 4,116,000 | 1,580,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Sidney Apartments I, Limited Partnership (2) | Sidney, Nebraska                 | Retro Development, Inc.  And Most    | 530,000                                                            | 530,000                           |                    | 18 | 972,000 | 267,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Southcove Associates                         | Orange Cove, California          | Philip R. Hammond, Jr. and Diane M. Hammond    | 2,000,000                                                          | 2,000,000                         |                    | 54 | 3,585,000 | 1,460,000 |

----

|                          |        |                   | As of March 31, 2009                                               |                              | As of December 31, 2008 |
|-------------------------------|-------------|------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name | Location    | General Partner Name   | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | EstimatedAggregate Low Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
| Walnut Turn Associates, Ltd.  | Buna, Texas | Olsen Securities Corp. | 188,000                                                            | 188,000                           |                    | 24 | 344,000 | 669,000 |
|                          |        |                   |                                                               |                              |                    |   |   |   |
|                          |        |                   | $11,301,000                                                        | $11,301,000                       |                    | 762 | $20,918,000 | $18,639,000 |

| (1)   | Represents aggregate anticipated Low Income Housing Tax Credits to be received over the 10 year Low Income Housing Tax Credit period if the Housing complexes are retained and rented in compliance with LIHTC rules for the 15-year Compliance Period.  Substantially all of the anticipated Low Income Housing Tax Credits have been received from the Local Limited Partnerships.  Accordingly, the Partnership does not anticipate a significant amount of Low Income Housing Tax Credits being allocated to the Limited Partners in the future. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   |  The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2009. |
|-----------------|-------------------------------------------------------------------------------------------------|

----

|                                             | For the year ended December 31, 2008   |
|--------------------------------------------------|----------------------------------------|
| Local LimitedPartnership Name                    | Rental Income                          | Net Income (Loss) |   | Low Income Housing Tax Credits Allocated to Partnership |
|                                             |                                   |   |   |   |
| Apartment Housing of East Brewton, Ltd.          | $     150,000 | $     (48,000) |   | 98.99% |
|                                             |                                   |   |   |   |
| Autumn Trace Associates, Ltd.                    | 285,000                                | (38,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Broken Bow Apartments I, Limited Partnership (2) | 55,000                                 | (48,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Candleridge Apartments of Waukee L.P. II (2)     | 131,000                                | (6,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Chadwick Limited Partnership (2)                 | 238,000                                | (15,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Comanche Retirement Village, Ltd. (1)            | 91,000                                 | (22,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Garland Street Limited Partnership               | 104,000                                | (16,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Hereford Seniors Community, Ltd.                 | 115,000                                | (12,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Hickory Lane Associates, Ltd.                    | 127,000                                | (46,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Honeysuckle Court Associates, Ltd.               | 255,000                                | (49,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Klimpel Manor, Ltd.                              | 467,000                                | 26,000 |   | 96.00% |
|                                             |                                   |   |   |   |
| Lamesa Seniors Community, Ltd.                   | 141,000                                | (25,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Laredo Heights Apartments Ltd.                   | 244,000                                | (3,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Mountainview Apartments Limited Partnership      | 122,000                                | (7,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Palestine Seniors Community, Ltd.                | 139,000                                | (43,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Pecan Grove Limited Partnership                  | 154,000                                | (55,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Pioneer Street Associates                        | 729,000                                | 63,000 |   | 99.00% |
|                                             |                                   |   |   |   |
| Sidney Apartments I, Limited Partnership (2)     | 70,000                                 | (36,000) |   | 99.00% |
|                                             |                                   |   |   |   |
| Southcove Associates                             | 299,000                                | (105,000) |   | 99.00% |
|                                             |                                   |   |   |   |
|   Walnut Turn Associates, Ltd.         | 130,000                                | (48,000) |   | 99.00% |
|                                             |                                   |   |   |   |
|                                             | $  4,046,000                 | $ (533,000) |   |   |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to December 31, 2008 but prior to March 31, 2009. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2009. |
|-----------------|-------------------------------------------------------------------------------------------|

----

|                                                                      |                  |                                                                        | As of March 31, 2008                                               |                              | As of December 31, 2007 |
|---------------------------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                                             | Location              | General Partner Name                                                        | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | EstimatedAggregate Low Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Apartment Housing of East Brewton, Ltd.                                   | East Brewton, Alabama | Apartment Developers Inc. and Thomas H. Cooksey                             | $1,192,000                                                         | $1,192,000                        |                    | 40 | $1,863,000 | $1,102,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Autumn Trace Associates, Ltd.                                             | Silsbee, Texas        | Olsen Securities Corp.                                                      | 412,000                                                            | 412,000                           |                    | 58 | 714,000 | 1,171,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Broken Bow Apartments I, Limited Partnership (2)                          | Broken Bow, Nebraska  | Retro Development, Inc.                                                     | 608,000                                                            | 608,000                           |                    | 16 | 1,127,000 | 73,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Candleridge Apartments of Waukee L.P. II (2)                              | Waukee, Iowa          | Eric A. Sheldahl                                                            | 125,000                                                            | 125,000                           |                    | 23 | 230,000 | 654,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Chadwick Limited Partnership (2)                                          | Edan, North Carolina  | Boyd Management, Inc. Gordon L. Blackwell and Regency Investment Associates | 378,000                                                            | 378,000                           |                    | 48 | 735,000 | 1,489,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Comanche Retirement Village, Ltd. (2)                                     | Comanche, Texas       | Max L. Rightmer                                                             | 136,000                                                            | 136,000                           |                    | 22 | 265,000 | 584,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Crossings II Limited Dividend Housing Association Limited Partnership (2) | Portage, Michigan     | Raymond T. Cato, Jr.                                                        | 432,000                                                            | 432,000                           |                    | 114 | 739,000 | 5,143,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Garland Street Limited Partnership                                        | Malvarn, Arkansas     | Conrad L. Beggs, Audrey D. Beggs, Russell J. Altizer, and Marjorie L. Beggs | 164,000                                                            | 164,000                           |                    | 18 | 319,000 | 667,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
| Hereford Seniors Community                                                | Hereford, Texas       | Sullivan Builders, Inc.                                                     | 167,000                                                            | 167,000                           |                    | 28 | 330,000 | 773,000 |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |
|                                                                      |                  |                                                                        |                                                               |                              |                    |   |   |   |

----

|                                         |                             |                                           | As of March 31, 2008                                               |                              | As of December 31, 2007 |
|----------------------------------------------|----------------------------------|------------------------------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|
| Local LimitedPartnership Name                | Location                         | General Partner Name                           | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | Estimated AggregateLow Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Hickory Lane Associates, Ltd.                | Newton, Texas                    | Olsen Securities Corp.                         | 174,000                                                            | 174,000                           |                    | 24 | 320,000 | 580,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Honeysuckle Court Associates, Ltd.           | Vidor, Texas                     | Olsen Securities Corp.                         | 339,000                                                            | 339,000                           |                    | 48 | 622,000 | 1,135,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Klimpel Manor, Ltd.                          | Fullerton, California            | Klimpel Manor Apartments                       | 1,774,000                                                          | 1,774,000                         |                    | 59 | 3,360,000 | 1,883,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Lamesa Seniors Community, Ltd.               | Lamesa, Texas                    | Winston Sullivan                               | 143,000                                                            | 143,000                           |                    | 24 | 284,000 | 652,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Laredo Heights Apartments Ltd.               | Navasota, Texas                  | Donald W. Sowell                               | 225,000                                                            | 225,000                           |                    | 48 | 413,000 | 935,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Mountainview Apartments Limited Partnership  | North Wilkesboro, North Carolina | John C. Loving and Gordon D. Brown, Jr.        | 195,000                                                            | 195,000                           |                    | 24 | 387,000 | 950,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Palestine Seniors Community, Ltd.            | Palestine, Texas                 | Winston Sullivan                               | 225,000                                                            | 225,000                           |                    | 42 | 446,000 | 1,085,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pecan Grove Limited Partnership              | Forrest City, Arkansas           | Conrad Beggs, Audrey Beggs and Russell Altizer | 240,000                                                            | 240,000                           |                    |   32 |   486,000 | 1,067,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Pioneer Street Associates                    | Bakersfield, California          | Philip R. Hammond, Jr. and Walter A. Dwelle    | 2,222,000                                                          | 2,222,000                         |                    | 112 | 4,116,000 | 1,628,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Sidney Apartments I, Limited Partnership (2) | Sidney, Nebraska                 | Retro Development, Inc.  And Most    | 530,000                                                            | 530,000                           |                    | 18 | 972,000 | 272,000 |
|                                         |                             |                                           |                                                               |                              |                    |   |   |   |
| Southcove Associates                         | Orange Cove, California          | Philip R. Hammond, Jr. and Diane M. Hammond    | 2,000,000                                                          | 2,000,000                         |                    | 54 | 3,585,000 | 1,471,000 |

----

|                          |        |                   |                                                               |                              |                    |            |                                                  |                                           |
|-------------------------------|-------------|------------------------|--------------------------------------------------------------------|-----------------------------------|-------------------------|-----------------|-------------------------------------------------------|------------------------------------------------|
|                          |        |                   | As of March 31, 2008                                               |                              | As of December 31, 2007 |
| Local LimitedPartnership Name | Location    | General Partner Name   | Partnership’s Total Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Number of Units | EstimatedAggregate Low Income Housing Tax Credits (1) | Mortgage Balances of Local Limited Partnership |
| Walnut Turn Associates, Ltd.  | Buna, Texas | Olsen Securities Corp. | 188,000                                                            | 188,000                           |                    | 24              | 344,000                                               | 672,000                                        |
|                          |        |                   |                                                               |                              |                    |            |                                                  |                                           |
|                          |        |                   | $11,869,000                                                        | $11,869,000                       |                    | 876             | $21,657,000                                           | $23,986,000                                    |

----

|                                                                                       | For the year ended December 31, 2007 |
|--------------------------------------------------------------------------------------------|--------------------------------------|
| Local LimitedPartnership Name                                                              | Rental Income                        | Net Income (Loss) |   | Low Income Housing Tax Credits Allocated to Partnership |
|                                                                                       |                                 |   |   |   |
| Apartment Housing of East Brewton, Ltd.                                                    | $142,000                             | $(53,000) |   | 98.99% |
|                                                                                       |                                 |   |   |   |
| Autumn Trace Associates, Ltd.                                                              | 271,000                              | (23,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Broken Bow Apartments I, Limited Partnership (1)                                           | 55,000                               | 438,000 |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Candleridge Apartments of Waukee L.P. II (1)                                               | 132,000                              | (2,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Chadwick Limited Partnership (1)                                                           | 236,000                              | (33,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Comanche Retirement Village, Ltd. (1)                                                      | 92,000                               | (16,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Crossings II Limited Dividend Housing   Association Limited Partnership (1) | 732,000                              | (144,000) |   | 98.99% |
|                                                                                       |                                 |   |   |   |
| Garland Street Limited Partnership                                                         | 98,000                               | (36,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Hereford Seniors Community, Ltd.                                                           | 118,000                              | (6,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Hickory Lane Associates, Ltd.                                                              | 97,000                               | (11,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Honeysuckle Court Associates, Ltd.                                                         | 232,000                              | (104,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Klimpel Manor, Ltd.                                                                        | 449,000                              | 3,000 |   | 96.00% |
|                                                                                       |                                 |   |   |   |
| Lamesa Seniors Community, Ltd.                                                             | 140,000                              | (15,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Laredo Heights Apartments Ltd.                                                             | 230,000                              | (9,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Mountainview Apartments Limited Partnership                                                | 119,000                              | 1,000 |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Palestine Seniors Community, Ltd.                                                          | 140,000                              | (35,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Pecan Grove Limited Partnership                                                            | 164,000                              | (33,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Pioneer Street Associates                                                                  | 615,000                              | (17,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Sidney Apartments I, Limited Partnership (1)                                               | 76,000                               | 201,000 |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Southcove Associates                                                                       | 282,000                              | (126,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
| Walnut Turn Associates, Ltd.                                                               | 117,000                              | (3,000) |   | 99.00% |
|                                                                                       |                                 |   |   |   |
|                                                                                       | $   4,537,000         | $    (23,000) |   |   |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2                        |                  |
|-----------------------------------------------------------------------|-----------------------|
| March 31, 2011, 2010, 2009 and 2008                                   |                  | Occupancy Rates |
|                                                                  |                  |   | As of December 31, |
| Local LimitedPartnership Name                                         | Location              | General Partner Name | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Apartment Housing of East Brewton, Ltd.                               | East Brewton, Alabama | Apartment Developers Inc. and Thomas H. Cooksey | 93% | 90% | 95% | 98% | 93% | 93% | 100% | 90% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Autumn Trace Associates, Ltd.                                         | Silsbee, Texas        | Olsen Securities Corp. | 95% | 83% | 97% | 98% | 95% | 100% | 86% | 93% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Broken Bow Apartments I, Limited Partnership                          | Broken Bow, Nebraska  | Retro Development, Inc. | 94% | 100% | 94% | 100% | 100% | 100% | 100% | 94% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Candleridge Apartments of Waukee L.P. II                              | Waukee, Iowa          | Eric A. Sheldahl | N/A | 100% | 91% | 96% | 100% | 91% | 91% | 100% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Chadwick Limited Partnership                                          | Edan, North Carolina  | Boyd Management, Inc. Gordon L. Blackwell and Regency Investment Associates | 98% | 98% | 96% | 100% | 98% | 100% | 96% | 100% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Comanche Retirement Village, Ltd.                                     | Comanche, Texas       | Max L. Rightmer | N/A | N/A | 100% | 100% | 100% | 100% | 100% | 100% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Crossings II Limited Dividend Housing Association Limited Partnership | Portage, Michigan     | Raymond T. Cato, Jr. | N/A | N/A | N/A | 82% | 82% | 69% | 69% | 79% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| EW, a Wisconsin Limited Partnership                                   | Evansville, Wisconsin | Philip Wallis, James Poehlman, Cynthia Solfest Wallis, and Anita Poehlman | N/A | N/A | N/A | N/A | N/A | 100% | 100% | 100% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Garland Street Limited Partnership                                    | Malvarn, Arkansas     | Conrad L. Beggs, Audrey D. Beggs, Russell J. Altizer, and Marjorie L. Beggs | 100% | 94% | 100% | 100% | 89% | 100% | 100% | 78% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Hereford Seniors Community, Ltd.                                      | Hereford, Texas       | Winston Sullivan | 100% | 96% | 93% | 100% | 93% | 93% | 93% | 89% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Hickory Lane Associates, Ltd.                                         | Newton, Texas         | Olsen Securities Corp. | 100% | 92% | 92% | 96% | 67% | 71% | 92% | 100% |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Honeysuckle Court Associates, Ltd.                                    | Vidor, Texas          | Olsen Securities Corp. | 96% | 100% | 96% | 100% | 83% | 94% | 100% | 100% |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2 |                             |                                                                           |               |   |   |   |   |   |   |
|------------------------------------------------|----------------------------------|--------------------------------------------------------------------------------|--------------------|--------|--------|--------|--------|--------|--------|
| March 31, 2011, 2010, 2009 and 2008            |                             | Occupancy Rates                                                                |
|                                           |                             |                                                                           | As of December 31, |
| Local LimitedPartnership Name                  | Location                         | General Partner Name                                                           | 2010               | 2009   | 2008   | 2007   | 2006   | 2005   | 2004   | 2003 |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Klimpel Manor, Ltd.                            | Fullerton, California            | Klimpel Manor Apartments                                                       | 100%               | 98%    | 100%   | 100%   | 100%   | 100%   | 100%   | 95% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Lamesa Seniors Community, Ltd.                 | Lamesa, Texas                    | Winston Sullivan                                                               | 96%                | 100%   | 96%    | 100%   | 96%    | 83%    | 96%    | 100% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Laredo Heights Apartments Ltd.                 | Navasota, Texas                  | Donald W. Sowell                                                               | 94%                | 92%    | 96%    | 100%   | 96%    | 98%    | 92%    | 90% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Mountainview Apartments Limited Partnership    | North Wilkesboro, North Carolina | John C. Loving and Gordon D. Brown, Jr.                                        | 100%               | 100%   | 96%    | 100%   | 96%    | 100%   | 100%   | 92% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Palestine Seniors Community, Ltd.              | Palestine, Texas                 | Winston Sullivan                                                               | 93%                | 95%    | 100%   | 100%   | 95%    | 95%    | 100%   | 100% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Pecan Grove Limited Partnership                | Forrest City, Arkansas           | Conrad Beggs, Audrey Beggs and Russell Altizer                                 | 91%                | 97%    | 91%    | 94%    | 94%    | 94%    | 97%    | 88% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Pioneer Street Associates                      | Bakersfield, California          | Philip R. Hammond, Jr. and Walter A. Dwelle                                    | 95%                | 80%    | 93%    | 99%    | 94%    | 94%    | 93%    | 97% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Sidney Apartments I, Limited Partnership       | Sidney, Nebraska                 | Retro Development, Inc.  And Most Worshipful Prince Hall Grand Lodge | 89%                | 100%   | 72%    | 89%    | 100%   | 94%    | 100%   | 100% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Southcove Associates                           | Orange Cove, California          | Philip R. Hammond, Jr. and Diane M. Hammond                                    | 98%                | 98%    | 94%    | 89%    | 94%    | 96%    | 100%   | 100% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
| Walnut Turn Associates, Ltd.                   | Buna, Texas                      | Olsen Securities Corp.                                                         | 92%                | 96%    | 92%    | 88%    | 92%    | 96%    | 96%    | 96% |
|                                           |                             |                                                                           |               |   |   |   |   |   |   |   |
|                                           |                             |                                                                           | 96%                | 93%    | 95%    | 96%    | 92%    | 94%    | 96%    | 95% |

----

| a)   | The Partnership Units are not traded on a public exchange but were sold through a public offering.  It is not anticipated that any public market will develop for the purchase and sale of any Partnership Units and none exists. Partnership Units can be assigned or otherwise transferred only if certain requirements in the Partnership Agreement are satisfied. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | At March 31, 2011, 2010, 2009 and 2008, there were 824, 824, 825 and 825 Limited Partners, respectively, and no assignees of Partnership Units who were not admitted as Limited Partners, respectively. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | The Partnership was not designed to provide operating cash distributions to Limited Partners.  It is possible that the Partnership could make distributions from sale proceeds, if the Partnership is able to sell its Local Limited Partnership Interests or Housing Complexes for more than the related closing costs and any then accrued obligations of the Partnership.  There can be no assurance in this regard.  Any distributions would be made in accordance with the terms of the Partnership Agreement.  For all periods presented there were no cash distributions to the Limited Partners. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | No securities are authorized for issuance by the Partnership under equity compensation plans. |
|----------------|-----------------------------------------------------------------------------------------------|

| e)   | The Partnership does not issue common stock. |
|----------------|----------------------------------------------|

| f)   | No unregistered securities were sold by the Partnership during the years ended March 31, 2011, 2010, 2009, and 2008. |
|----------------|----------------------------------------------------------------------------------------------------------------------|

----

|                                           |   |              March 31, |
|------------------------------------------------|--------|-----------------------------------------------------------------------------------------|
|                                           |   |                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   | 2011                                                                                    |   | 2010 |   | 2009 |   | 2008 |   | 2007 |   | 2006 |   | 2005 |   | 2004 |
|                                           |   |                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ASSETS                                         |   |                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                                           | $      | 42,250                                                                                  | $ | 19,728 | $ | 31,613 | $ | 27,037 | $ | 20,085 | $ | 16,967 | $ | 15,735 | $ | 8,710 |
| Investments in Local Limited Partnerships, net |   | -                                                                                       |   | - |   | - |   | 754,739 |   | 970,319 |   | 1,750,403 |   | 2,557,672 |   | 4,658,703 |
| Other assets                                   |   | 34                                                                                      |   | - |   | - |   | - |   | - |   | - |   | 998 |   | 998 |
|                                           |   |                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total Assets           | $      | 42,284                                                                                  | $ | 19,728 | $ | 31,613 | $ | 781,776 | $ | 990,404 | $ | 1,767,370 | $ | 2,574,405 | $ | 4,668,411 |

| LIABILITIES                                                                                                                                                |   |      |   |      |   |      |   |    |   |    |   |      |   |      |   |      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|-----------|--------|-----------|--------|---------|--------|---------|--------|-----------|--------|-----------|--------|-----------|
| Accrued fees and expenses due to General Partner and affiliates                                                                                            | $      | 703,504   | $      | 685,092   | $      | 628,059   | $      | 729,566 | $      | 618,403 | $      | 549,571   | $      | 475,883   | $      | 403,826   |
|                                                                                                                                                       |   |      |   |      |   |      |   |    |   |    |   |      |   |      |   |      |
| PARTNERS' EQUITY   (DEFICIT)                                                                                                                |   | (661,220) |   | (665,364) |   | (596,446) |   | 52,210  |   | 372,001 |   | 1,217,799 |   | 2,098,522 |   | 4,264,585 |
|                                                                                                                                                       |   |      |   |      |   |      |   |    |   |    |   |      |   |      |   |      |
|    Total Liabilities and       Partners’ Equity       (Deficit) | $      | 42,284    | $      | 19,728    | $      | 31,613    | $      | 781,776 | $      | 990,404 | $      | 1,767,370 | $      | 2,574,405 | $      | 4,668,411 |

----

|                                                   |   |     For the Years Ended   March 31, |
|--------------------------------------------------------|--------|------------------------------------------------------------------------|
|                                                   |   |  2011                                                             |   | 2010 |   | 2009 |   | 2008 |   |  2007 |   | 2006 |   | 2005 |   | 2004 |
|                                                   |   |                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations   (Note 1)         | $      | (20,505)                                                               |  $ | (68,929) | $ | (785,642) |  $ | (250,744) |  $ |  (535,481) |   $ | (389,875) |  $ | (1,669,400) |  $ | (1,019,015) |
| Equity in losses of Local Limited Partnerships         |   | -                                                                      |   | - |   | (29,895) |   | (69,082) |   |  (310,379) |   | (490,890) |   | (496,709) |   | (472,828) |
| Gain on sale of Local Limited Partnerships             |   | 24,637                                                                 |   | - |   | 10,002 |   | - |   | - |   | - |   | - |   | - |
| Interest income                                        |   | 12                                                                     |   | 11 |   | 5 |   | 35 |   | 62 |   | 42 |   | 46 |   | 110 |
| Net income (loss)                                      | $      | 4,144                                                                  | $ | (68,918) | $ | (805,530) |  $ | (319,791) |  $ | (845,798) |   $ | (880,723) |  $ | (2,166,063) |  $ | (1,491,733) |
|                                                   |   |                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)    allocated to: |   |                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Partner                                        | $      | 41                                                                     |  $ | (689) | $ | (8,055) |  $ | (3,198) |  $ | (8,458) |   $ | (8,807) | $ | (21,661) |  $ | (14,917) |
|                                                   |   |                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partners                                       | $      | 4,103                                                                  | $ | (68,229) | $ | (797,475) |  $ | (316,593) |  $ | (837,340) |   $ | (871,916) | $ | (2,144,402) |  $ | (1,476,816) |
|                                                   |   |                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per Partnership Unit                 | $      | 0.26                                                                   |  $ | (4.37) | $ | (51.12) |  $ | (20.29) |  $ |  (53.68) |  $ | (55.89) | $ | (137.46) |  $ | (94.67) |
|                                                   |   |                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding weighted Partnership Units                 |   | 15,600                                                                 |   | 15,600 |   | 15,600 |   | 15,600 |   | 15,600 |   | 15,600 |   | 15,600 |   | 15,600 |

----

|                                         |    | For the Years Ended March 31, |
|----------------------------------------------|---------|-------------------------------|
|                                         |    | 2011                          |   | 2010 |   | 2009 |   | 2008 |   | 2007 |   | 2006 |   | 2005 |   | 2004 |
|                                         |    |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in):              |    |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |    |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Operating activities | $       | 22,522                        | $ | (11,885) | $ | 4,576 | $ | 6,952 | $ | 3,118 | $ | (11,019) | $ | (5,225) | $ | (19,852) |
|     Investing activities |    | -                             |   | - |   | - |   | - |   | - |   | 12,251 |   | 12,250 |   | 12,400 |
|                                         |    |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in cash                           |    | 22,522                        |   | (11,885) |   | 4,576 |   | 6,952 |   | 3,118 |   | 1,232 |   | 7,025 |   | (7,452) |
|                                         |    |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash, beginning of period                    |    | 19,728                        |   | 31,613 |   | 27,037 |   | 20,085 |   | 16,967 |   | 15,735 |   | 8,710 |   | 16,162 |
|                                         |    |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash, end of period                          |  $ | 42,250                        | $ | 19,728 | $ | 31,613 | $ | 27,037 | $ |         20,085 | $ | 16,967 | $ | 15,735 | $ | 8,710 |

|    |   | 2010   |   | 2009   |   | 2008   |   | 2007   |   | 2006   |   | 2005   |   | 2004   |   | 2003   |
|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal | $      | -      | $      | 2      | $      | 13     | $      | 26     | $      | 29     | $      | 78     | $      | 132    | $      | 137    |
| State   |   | -      |   | -      |   | -      |   | -      |   | -      |   | -      |   | -      |   | -      |
|    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total   | $      | -      | $      | 2      | $      | 13     | $      | 26     | $      | 29     | $      | 78     | $      | 132    | $      | 137    |

----

----

----

----

----

----

----

----

----

|                               |   | 2012    |   | 2013   |   | 2014   |   | 2015   |   | 2016   |   | Thereafter |   | Total     |
|------------------------------------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|-----------|
|                               |   |    |   |   |   |   |   |   |   |   |   |       |   |      |
| Asset management fees(1)           | $      | 746,405 | $      | 42,900 | $      | 42,900 | $      | 42,900 | $      | 42,900 | $      | 1,458,600  | $      | 2,209,484 |
| Total contractual cash obligations | $      | 746,405 | $      | 42,900 | $      | 42,900 | $      | 42,900 | $      | 42,900 | $      | 1,458,600  | $      | 2,209,484 |

| (1) | Asset management fees are payable annually until termination of the Partnership, which is to occur no later than December 31, 2050. The estimate of the fees payable included herein assumes the retention of the Partnership’s interest in all Housing Complexes until December 31, 2050. Amounts due to the General Partner as of March 31, 2011 have been included in the 2012 column.  The General Partner does not anticipate that these fees will be paid until such time as capital reserves are in excess of the aggregate of the existing contractual obligations and the anticipated future foreseeable obligations of the Partnership. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|                                                                                                                     |   | March 31, |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
|                                                                                                                     |   | 2011      |   | 2010 |   | 2009 |   | 2008 |   | 2007 |   |
| ASSETS                                                                                                                   |   |      |   |   |   |   |   |   |   |   |   |
| Cash                                                                                                                     | $      | 42,250    | $      | 19,728 | $ | 31,613 | $ | 27,037 | $ | 20,085 |   |
| Investments in Local Limited Partnerships, net         (Notes 2 and 3)                |   | -         |   | - |   | - |   | 754,739 |   | 970,319 |   |
| Other assets                                                                                                             |   | 34        |   | - |   | - |   | - |   | - |   |
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
|        Total Assets                                                                   | $      | 42,284    | $      | 19,728 | $ | 31,613 |  $ | 781,776 | $ | 990,404 |   |
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)                                                                         |   |      |   |   |   |   |   |   |   |   |   |
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                                             |   |      |   |   |   |   |   |   |   |   |   |
| Accrued fees and expenses due to General Partner and         affiliates (Note 3) | $      | 703,504   | $      | 685,092 | $ | 628,059 | $ | 729,566 | $ | 618,403 |   |
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
| Total Liabilities                                                                                                        |   | 703,504   |   | 685,092 |   | 628,059 |   | 729,566 |   | 618,403 |   |
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
| Partners’ Equity (Deficit)                                                                                         |   |      |   |   |   |   |   |   |   |   |   |
| General Partner                                                                                                          |   | (3,619)   |   | (3,660) |   | (2,971) |   | (151,790) |   | (148,592) |   |
| Limited Partners (20,000 Partnership Units authorized; 15,600 Partnership Units issued and outstanding)                  |   | (657,601) |   | (661,704) |   | (593,475) |   | 204,000 |   | 520,593 |   |
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
| Total Partners’ Equity (Deficit)                                                                                   |   | (661,220) |   | (665,364) |   | (596,446) |   | 52,210 |   | 372,001 |   |
|                                                                                                                     |   |      |   |   |   |   |   |   |   |   |   |
|         Total Liabilities and Partners’ Equity (Deficit)                   | $      | 42,284    | $      | 19,728 | $ | 31,613 | $ | 781,776 |  $ | 990,404 |   |

----

|                                                         |   | For the Years Ended March 31, |   |
|--------------------------------------------------------------|--------|-------------------------------|--------|
|                                                         |   | 2011                          |   | 2010 |   | 2009 |   | 2008 |   | 2007 |   | 2006 |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Distribution income                                          | $      | 25,336                        | $      | 13,698 | $ | 29,685 | $ | 15,459 | $ | 6,000 | $ | 6,892 |
| Reporting fees                                               |   | 8,199                         |   | 4,950 |   | 6,840 |   | 6,339 |   | 12,250 |   | 3,231 |
| Forgiveness of debt                                          |   | -                             |   | - |   | - |   | 17,974 |   | - |   | - |
|      Total operating income         |   | 33,535                        |   | 18,648 |   | 36,525 |   | 39,772 |   | 18,250 |   | 10,123 |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Operating expenses and loss:                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Amortization (Notes 2 and 3)                                 |   | -                             |   | - |   | 3,087 |   | 12,348 |   | 19,702 |   | 28,745 |
| Asset management fees (Note 3)                               |   | 42,900                        |   | 42,900 |   | 44,632 |   | 41,168 |   | 44,000 |   | 44,000 |
|     Impairment loss (Note 2)             |   | -                             |   | - |   | 721,757 |   | 134,150 |   | 450,003 |   | 275,383 |
|     Accounting and legal fees            |   | 5,745                         |   | 17,708 |   | 17,165 |   | 90,179 |   | 19,548 |   | 2,870 |
| Write-off of advances to Local Limited Partnerships (Note 2) |   | -                             |   | 20,581 |   | 14,998 |   | 3,697 |   | 15,193 |   | 40,156 |
| Other                                                        |   | 5,395                         |   | 6,388 |   | 20,528 |   | 8,974 |   | 5,285 |   | 8,844 |
| Total operating expenses and loss                            |   | 54,040                        |   | 87,577 |   | 822,167 |   | 290,516 |   | 553,731 |   | 399,998 |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                         |   | (20,505)                      |   | (68,929) |   | (785,642) |   | (250,744) |   | (535,481) |   | (389,875) |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships (Note 2)      |   | -                             |   | - |   | (29,895) |   | (69,082) |   | (310,379) |   | (490,890) |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Gain on sale of Local Limited Partnerships                   |   | 24,637                        |   | - |   | 10,002 |   | - |   | - |   | - |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Interest income                                              |   | 12                            |   | 11 |   | 5 |   | 35 |   | 62 |   | 42 |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                            | $      | 4,144                         | $      | (68,918) | $ | (805,530) | $ | (319,791) | $ | (845,798) | $ | (880,723) |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) allocated to:                              |   |                          |   |   |   |   |   |   |   |   |   |   |
| General Partner                                              | $      | 41                            | $      | (689) | $ | (8,055) | $ | (3,198) | $ | (8,458) | $ | (8,807) |
| Limited Partners                                             | $      | 4,103                         | $      | (68,229) | $ | (797,475) | $ | (316,593) | $ | (837,340) | $ | (871,916) |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per Partnership Unit                       | $      | 0.26                          | $      | (4.37) | $ | (51.12) | $ | (20.29) | $ | (53.68) | $ | (55.89) |
|                                                         |   |                          |   |   |   |   |   |   |   |   |   |   |
| Outstanding weighted Partnership Units                       |   | 15,600                        |   | 15,600 |   | 15,600 |   | 15,600 |   | 15,600 |   | 15,600 |

----

|                                               |   | General Partner |                      | Limited Partners |                      | Total     |   |
|----------------------------------------------------|--------|-----------------|---------------------------|------------------|---------------------------|-----------|--------|
|                                               |   |            |                      |             |                      |      |   |
| Partners’ equity (deficit) at March 31, 2005 | $      | (131,327)       |     $ | 2,229,849        |     $ | 2,098,522 |   |
|                                               |   |            |                      |             |                      |      |   |
| Net loss                                           |   | (8,807)         |                      | (871,916)        |                      | (880,723) |   |
|                                               |   |            |                      |             |                      |      |   |
| Partners’ equity (deficit) at March 31, 2006 |   | (140,134)       |                      | 1,357,933        |                      | 1,217,799 |   |
|                                               |   |            |                      |             |                      |      |   |
| Net loss                                           |   | (8,458)         |                      | (837,340)        |                      | (845,798) |   |
|                                               |   |            |                      |             |                      |      |   |
| Partners’ equity (deficit) at March 31, 2007 |   | (148,592)       |                      | 520,593          |                      | 372,001   |   |
|                                               |   |            |                      |             |                      |      |   |
| Net loss                                           |   | (3,198)         |                      | (316,593)        |                      | (319,791) |   |
|                                               |   |            |                      |             |                      |      |   |
| Partners’ equity (deficit) at March 31, 2008 |   | (151,790)       |                      | 204,000          |                      | 52,210    |   |
|                                               |   |            |                      |             |                      |      |   |
| Contributions (Note 5)                             |   | 156,874         |                      | -                |                      | 156,874   |   |
|                                               |   |            |                      |             |                      |      |   |
| Net loss                                           |   | (8,055)         |                      | (797,475)        |                      | (805,530) |   |
|                                               |   |            |                      |             |                      |      |   |
| Partners’ deficit at March 31, 2009          |   | (2,971)         |                      | (593,475)        |                      | (596,446) |   |
|                                               |   |            |                      |             |                      |      |   |
| Net loss                                           |   | (689)           |                      | (68,229)         |                      | (68,918)  |   |
|                                               |   |            |                      |             |                      |      |   |
| Partners’ deficit at March 31, 2010          |   | (3,660)         |                      | (661,704)        |                      | (665,364) |   |
|                                               |   |            |                      |             |                      |      |   |
| Net income                                         |   | 41              |                      | 4,103            |                      | 4,144     |   |
|                                               |   |            |                      |             |                      |      |   |
| Partners’ deficit at March 31, 2011          | $      | (3,619)         | $                         | (657,601)        | $                         | (661,220) |   |

----

|                                                                                                                                                                 |   |   For The Years Ended March 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
|                                                                                                                                                                 |   | 2011                                      |   | 2010 |   | 2009 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
|  Cash flows from operating activities:   Net income (loss)                                                                                       | $      | 4,144                                     | $$     | (68,918) | $ | (805,530) |   |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                                                                   |   |                                      |   |   |   |   |   |
|  Amortization                                                                                                                                                   |   | -                                         |   | - |   | 3,087 |   |
|  Impairment loss                                                                                                                                                |   | -                                         |   | - |   | 721,757 |   |
|  Equity in losses of Local LimitedPartnerships                                                                                                                  |   | -                                         |   | - |   | 29,895 |   |
| Increase in other assets                                                                                                                                             |   | (397)                                     |   | - |   | - |   |
| Gain on sale of Local Limited Partnerships                                                                                                                           |   | (24,637)                                  |   | - |   | (10,002) |   |
| Increase in accrued fees and expenses due to General Partner and affiliates                                                                                          |   | 18,412                                    |   | 57,033 |   | 55,367 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
|              Net cash used in operating activities                                                  |   | (2,478)                                   |   | (11,855) |   | (5,426) |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                |   |                                      |   |   |   |   |   |
|         Proceeds from sale of Local Limited Partnerships                                                                     |   | 25,000                                    |   | - |   | 10,002 |   |
|         Advances to Local Limited Partnerships                                                                               |   | -                                         |   | (20,581) |   | (14,998) |   |
|         Write off of advances to Local Limited           Partnerships |   | -                                         |   | 20,581 |   | 14,998 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
|              Net cash provided by investing activities                                              |   | 25,000                                    |   | - |   | 10,002 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
| Net increase (decrease) in cash                                                                                                                                      |   | 22,522                                    |   | (11,855) |   | 4,576 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
| Cash, beginning of year                                                                                                                                              |   | 19,728                                    |   | 31,613 |   | 27,037 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
| Cash, end of year                                                                                                                                                    | $      | 42,250                                    | $      | 19,728 | $ | 31,613 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                                                                                                                     |   |                                      |   |   |   |   |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
| Taxes paid                                                                                                                                                           | $      | 800                                       | $      | 800 | $ | 800 |   |
|                                                                                                                                                                 |   |                                      |   |   |   |   |   |
| NON-CASH FINANCING ACTIVITIES:                                                                                                                                       |   |                                      |   |   |   |   |   |
|        Advances made to the Partnership by the  General Partner in prior years and converted to General Partner equity  |   | -                                         |   | - |   | 156,874 |   |

----

|                                                                                                                                                                                               |   |  For The Years Ended March 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
|                                                                                                                                                                                               |   | 2008                                |   | 2007 |   | 2006 |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
|  Cash flows from operating activities:   Net loss                                                                                                                              | $      | (319,791)                           | $      | (845,798) |  $ | (880,723) |   |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                                                                                                          |   |                                |   |   |   |   |   |
|    Amortization                                                                                                                                                                     |   | 12,348                              |   | 19,702 |   | 28,745 |   |
|       Impairment loss                                                                                                                                                |   | 134,150                             |   | 450,003 |   | 275,383 |   |
|    Equity in losses of Local Limited           Partnerships                                                                  |   | 69,082                              |   | 310,379 |   | 490,890 |   |
|        Decrease in other assets                                                                                                                                 |   | -                                   |   | - |   | 998 |   |
|        Increase in accrued fees and expenses           due to General Partner and affiliates             |   | 111,163                             |   | 68,832 |   | 73,688 |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
|            Net cash provided by (used in) operating             activities |   | 6,952                               |   | 3,118 |   | (11,019) |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                              |   |                                |   |   |   |   |   |
|        Advances to Local Limited Partnerships                                                                                                                   |   | (3,697)                             |   | (15,193) |   | (40,156) |   |
|        Write off of advances to Local Limited         Partnerships                                                 |   | 3,697                               |   | 15,193 |   | 40,156 |   |
|    Distributions received from Local Limited Partnerships                                                                                                                           |   | -                                   |   | - |   | 12,251 |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
|          Net cash provided by investing activities                                                                                                    |   | -                                   |   | - |   | 12,251 |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
| Net increase in cash                                                                                                                                                                               |   | 6,952                               |   | 3,118 |   | 1,232 |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
| Cash, beginning of year                                                                                                                                                                            |   | 20,085                              |   | 16,967 |   | 15,735 |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
| Cash, end of year                                                                                                                                                                                  | $      | 27,037                              | $      | 20,085 | $ | 16,967 |   |
|                                                                                                                                                                                               |   |                                |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                                                                                                                                                   |   |                                |   |   |   |   |   |
| Taxes paid                                                                                                                                                                                         | $      | 800                                 | $      | 800 | $ | 800 |   |

----

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----

|                                                   |   | For The Years EndedMarch 31, |
|--------------------------------------------------------|--------|------------------------------|
|                                                   |   |                         |   |   |   |   |
|                                                   |   | 2011                         |   | 2010 |   | 2009 |
|                                                   |   |                         |   |   |   |   |
| Investments per balance sheet, beginning of period     | $      | -                            | $ | - | $ | 754,739 |
| Impairment loss                                        |   | -                            |   | - |   | (721,757) |
| Equity in losses of Local Limited Partnerships         |   | -                            |   | - |   | (29,895) |
| Amortization of paid acquisition fees and costs        |   | -                            |   | - |   | (3,087) |
| Distributions received from Local Limited Partnerships |   | -                            |   | - |   | - |
|                                                   |   |                         |   |   |   |   |
| Investments per balance sheet, end of period           | $      | -                            | $ | - | $ | - |

|                                                   | For The Years EndedMarch 31, |
|--------------------------------------------------------|------------------------------|
|                                                   |                         |   |   |   |   |   |
|                                                   |                         | 2008 |   | 2007 |   | 2006 |
|                                                   |                         |   |   |   |   |   |
| Investments per balance sheet, beginning of period     | $                            | 970,319 | $ | 1,750,403 | $ | 2,557,672 |
| Impairment loss                                        |                         | (134,150) |   | (450,003) |   | (275,383) |
| Equity in losses of Local Limited Partnerships         |                         | (69,082) |   | (310,379) |   | (490,890) |
| Amortization of paid acquisition fees and costs        |                         | (12,348) |   | (19,702) |   | (28,745) |
| Distributions received from Local Limited Partnerships |                         | - |   | - |   | (12,251) |
|                                                   |                         |   |   |   |   |   |
| Investments per balance sheet, end of period           | $                            | 754,739 |   $ | 970,319 | $ | 1,750,403 |

----

|                                                                         |   | For the YearsEnded March 31, |
|------------------------------------------------------------------------------|--------|------------------------------|
|                                                                         |   |                         |   |   |   |   |
|                                                                         |   | 2011                         |   | 2010 |   | 2009 |
|                                                                         |   |                         |   |   |   |   |
| Investments in Local Limited Partnerships, net                               | $      | -                            | $ | - | $ | - |
| Acquisition fees and costs, net of accumulated amortization of $0, $0 and $0 |   |  -                      |   |  - |   |  - |
| Investments per balance sheet, end of period                                 | $      | -                            | $ | - | $ | - |

|                                                                                               |   | For the YearsEnded March 31, |
|----------------------------------------------------------------------------------------------------|--------|------------------------------|
|                                                                                               |   |                         |   |   |   |   |
|                                                                                               |   | 2008                         |   | 2007 |   | 2006 |
|                                                                                               |   |                         |   |   |   |   |
| Investments in Local Limited Partnerships, net                                                     | $      | 544,774                      | $ | 748,006 | $ | 1,356,953 |
| Acquisition fees and costs, net of accumulated amortization of $1,018,088, $1,005,740 and $834,603 |   | 209,965                      |   | 222,313 |   | 393,450 |
| Investments per balance sheet, end of period                                                       | $      | 754,739                      | $ | 970,319 | $ | 1,750,403 |

----

|                                                                                                                                                                                                |   | 2010       |   | 2009       |   | 2008       |   | 2007       |   | 2006       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|------------|--------|------------|--------|------------|--------|------------|
| ASSETS                                                                                                                                                                                              |   |       |   |       |   |       |   |       |   |       |
| Buildings and improvements (net of accumulated depreciation as of December 31, 2010, 2009, 2008, 2007 and 2006 of $16,083,000, $15,524,000, $14,826,000, $15,613,000 and $14,340,000, respectively) | $      | 16,244,000 | $      | 17,574,000 | $      | 18,496,000 | $      | 24,325,000 | $      | 25,428,000 |
| Land                                                                                                                                                                                                |   | 1,250,000  |   | 1,340,000  |   | 1,359,000  |   | 1,664,000  |   | 1,664,000  |
| Due from affiliates                                                                                                                                                                                 |   | 69,000     |   | -          |   | -          |   | 74,000     |   | 74,000     |
| Other assets                                                                                                                                                                                        |   | 2,189,000  |   | 2,300,000  |   | 2,587,000  |   | 2,553,000  |   | 2,655,000  |
|      Total assets                                                                                                                                                          | $      | 19,752,000 | $      | 21,214,000 | $      | 22,442,000 | $      | 28,616,000 | $      | 29,821,000 |

| LIABILITIES                                                                                                                                 |   |       |   |       |   |       |   |       |   |                         |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|------------|--------|------------|--------|------------|--------|------------------------------|
| Mortgage payable                                                                                                                            | $      | 16,951,000 | $      | 17,850,000 | $      | 18,639,000 | $      | 23,986,000 | $      | 24,709,000                   |
| Due to affiliates                                                                                                                           |   | 456,000    |   | 438,000    |   | 435,000    |   | 803,000    |   | 1,185,000                    |
| Other liabilities                                                                                                                           |   | 1,268,000  |   | 1,156,000  |   | 1,193,000  |   | 1,331,000  |   | 1,283,000                    |
|                                                                                                                                        |   |       |   |       |   |       |   |       |   |                         |
|      Total liabilities                                                                                             |   | 18,675,000 |   | 19,444,000 |   | 20,267,000 |   | 26,120,000 |   | 27,177,000                   |
|                                                                                                                                        |   |       |   |       |   |       |   |       |   |                         |
| PARTNERS' EQUITY (DEFICIT)                                                                                                                  |   |       |   |       |   |       |   |       |   |                         |
| WNC Housing Tax Credit Fund IV, L.P.,   Series 2                                                                             |   | 1,238,000  |   | 1,781,000  |   | 2,039,000  |   | 1,716,000  |   | 1,721,000                    |
| Other partners                                                                                                                              |   | (161,000)  |   | (11,000)   |   | 136,000    |   | 780,000    |   | 923,000                      |
|      Total partners’ equity                                                                                  |   | 1,077,000  |   | 1,770,000  |   | 2,175,000  |   | 2,496,000  |   | 2,644,000                    |
|        Total liabilities and partners’         equity | $      | 19,752,000 | $      | 21,214,000 | $      | 22,442,000 | $      | 28,616,000 | $      |    29,821,000 |

----

|                                               |   | 2010      |   | 2009      |    | 2008      |
|----------------------------------------------------|--------|-----------|--------|-----------|---------|-----------|
|                                               |   |      |   |      |    |      |
| Revenues                                           | $      | 4,234,000 | $      | 4,097,000 | $       | 4,192,000 |
|                                               |   |      |   |      |    |      |
| Expenses:                                          |   |      |   |      |    |      |
| Operating expenses                                 |   | 3,079,000 |   | 3,064,000 |    | 2,937,000 |
| Interest expense                                   |   | 634,000   |   | 585,000   |    | 661,000   |
| Depreciation and amortization                      |   | 1,090,000 |   | 1,103,000 |    | 1,127,000 |
|                                               |   |      |   |      |    |      |
|       Total expenses |   | 4,803,000 |   | 4,752,000 |    | 4,725,000 |
|                                               |   |      |   |      |    |      |
| Net  loss                                | $      | (569,000) | $      | (655,000) |  $ | (533,000) |
|                                               |   |      |   |      |    |      |
| Net loss allocable to the Partnership              | $      | (563,000) | $      | (649,000) | $       | (529,000) |
|                                               |   |      |   |      |    |      |
| Net loss recorded by the Partnership               | $      | -         | $      | -         | $       | (30,000)  |

|                                               |   | 2007                                                     |   | 2006                                                |   | 2005                                          |
|----------------------------------------------------|--------|----------------------------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------|
|                                               |   |                                                     |   |                                                |   |                                          |
| Revenues                                           | $      | 5,657,000                                                | $      | 4,689,000                                           | $      | 4,443,000                                     |
|                                               |   |                                                     |   |                                                |   |                                          |
| Expenses:                                          |   |                                                     |   |                                                |   |                                          |
| Operating expenses                                 |   | 3,409,000                                                |   | 3,168,000                                           |   | 2,935,000                                     |
| Interest expense                                   |   | 986,000                                                  |   | 1,077,000                                           |   | 1,080,000                                     |
| Depreciation and amortization                      |   | 1,285,000                                                |   | 1,306,000                                           |   | 1,299,000                                     |
|                                               |   |                                                     |   |                                                |   |                                          |
|       Total expenses |   | 5,680,000                                                |   | 5,551,000                                           |   | 5,314,000                                     |
|                                               |   |                                                     |   |                                                |   |                                          |
| Net loss                                           | $      |         (23,000) | $      | (862,000)                                           | $      |       (871,000) |
|                                               |   |                                                     |   |                                                |   |                                          |
| Net loss allocable to the Partnership              | $      | (23,000)                                                 | $      |        (852,000) | $      |  (861,000)                               |
|                                               |   |                                                     |   |                                                |   |                                          |
| Net loss recorded by the Partnership               | $      | (69,000)                                                 | $      | (310,000)                                           | $      | (491,000)                                     |

----

|   | Acquisition fees of 8% of the gross proceeds from the sale of Partnership Units as compensation for services rendered in connection with the acquisition of Local Limited Partnerships.  As of March 31, 2011, 2010, 2009, 2008 and 2007, the Partnership incurred cumulative acquisition fees of $1,058,950, which have been included in investments in Local Limited Partnerships.  Accumulated amortization of these capitalized costs was $0, $0, $0, $848,985 and $836,637 as of March 31, 2011, 2010, 2009, 2008 and 2007, respectively.  Impairment on the intangibles is measured by comparing the Partnership’s total investment balance after impairment of investments in Local Limited Partnerships to the sum of the total of remaining Low Income Housing Tax Credits allocated to the Partnership and the estimated residual value of the investments. If an impairment loss related to the acquisition expenses is recorded, the accumulated amortization is reduced to zero at that time. Of the amortization expense recorded at March 31, 2011, 2010, 2009, 2008, 2007 and 2006, $0, $0, $0, $0, $151,435 and $176,997, respectively, was reflected as equity in losses to reduce the respective net acquisition fee component of investments in Local Limited Partnerships to zero for those Local Limited Partnerships which would otherwise be below a zero balance. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Reimbursement of costs incurred by of the General Partner or by an affiliate of Associates in connection with the acquisition of Local Limited Partnerships.  These reimbursements have not exceeded 1.2% of the gross proceeds.  As of all periods presented, the Partnership incurred cumulative acquisition costs of $169,103, which have been included in investments in Local Limited Partnerships.  As of all periods presented, the costs had been fully amortized. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A subordinated disposition fee in an amount equal to 1% of the sales price of real estate sold.  Payment of this fee is subordinated to the limited partners receiving a preferred return of 16% through December 31, 2003 and 6% thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort.  No such fee was incurred for all periods presented. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                              | March 31, |    |
|-----------------------------------------------------------------------------------|-----------|---------|
|                                                                              |      | 2011    |   | 2010 |   | 2009 |   | 2008 |   | 2007 |
|                                                                              |      |    |   |   |   |   |   |   |   |   |
| Asset management fee payable                                                      | $         | 536,384 | $ | 493,484 | $ | 454,084 | $ | 409,452 | $ | 368,284 |
| Due to affiliate                                                                  |      | 165,000 |   | 165,000 |   | 165,000 |   | 165,000 |   | 165,000 |
| Expenses paid by the General Partner or an affiliate on behalf of the Partnership |      | 2,120   |   | 26,608 |   | 8,975 |   | 155,114 |   | 85,119 |
|                                                                              |      |    |   |   |   |   |   |   |   |   |
|      Total                                               | $         | 703,504 | $ | 685,092 | $ | 628,059 | $ | 729,566 | $ | 618,403 |

----

|                                            |   | June 30  |   | September 30 |   | December 31 |   | March 31 |   |
|-------------------------------------------------|--------|----------|--------|--------------|--------|-------------|--------|----------|--------|
| 2011                                            |   |     |   |         |   |        |   |     |   |
|                                            |   |     |   |         |   |        |   |     |   |
| Income                                          | $      | -        | $      | 14,000       | $      | 7,000       | $      | 12,000   |   |
|                                            |   |     |   |         |   |        |   |     |   |
| Operating expenses and loss                     |   | 12,000   |   | 14,000       |   | 12,000      |   | 16,000   |   |
|                                            |   |     |   |         |   |        |   |     |   |
| Loss from operations                            |   | (12,000) |   | -            |   | (5,000)     |   | (3,000)  |   |
|                                            |   |     |   |         |   |        |   |     |   |
| Gain on sale of Local Limited Partnership       |   | -        |   | 25,000       |   | -           |   | -        |   |
|                                            |   |     |   |         |   |        |   |     |   |
| Net income (loss)                               |   | (12,000) |   | 25,000       |   | (5,000)     |   | (4,000)  |   |
|                                            |   |     |   |         |   |        |   |     |   |
| Net income (loss) available to Limited Partners |   | (12,000) |   | 25,000       |   | (5,000)     |   | (4,000)  |   |
|                                            |   |     |   |         |   |        |   |     |   |
| Net income (loss) per Partnership Unit          |   | (1)      |   | 2            |   | -           |   | -        |   |

|                                   |   | June 30  |   | September 30 |   | December 31 |   | March 31 |   |
|----------------------------------------|--------|----------|--------|--------------|--------|-------------|--------|----------|--------|
| 2010                                   |   |     |   |         |   |        |   |     |   |
| Income                                 | $      | -        | $      | 9,000        | $      | 10,000      | $      | -        |   |
|                                   |   |     |   |         |   |        |   |     |   |
| Operating expenses and loss            |   | 12,000   |   | 15,000       |   | 34,000      |   | 27,000   |   |
|                                   |   |     |   |         |   |        |   |     |   |
| Loss from operations                   |   | (12,000) |   | (6,000)      |   | (24,000)    |   | (27,000) |   |
|                                   |   |     |   |         |   |        |   |     |   |
| Net loss                               |   | (12,000) |   | (6,000)      |   | (24,000)    |   | (27,000) |   |
|                                   |   |     |   |         |   |        |   |     |   |
| Net loss available to Limited Partners |   | (12,000) |   | (6,000)      |   | (24,000)    |   | (27,000) |   |
|                                   |   |     |   |         |   |        |   |     |   |
| Net loss per Partnership Unit          |   | -        |   | -            |   | (2)         |   | (2)      |   |
|                                   |   |     |   |         |   |        |   |     |   |

----

|                                                              |   | June 30   |   | September 30 |   | December 31 |   | March 31 |   |
|-------------------------------------------------------------------|--------|-----------|--------|--------------|--------|-------------|--------|----------|--------|
| 2009                                                              |   |      |   |         |   |        |   |     |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Income                                                            | $      | 4,000     | $      | 14,000       | $      | 2,000       | $      | 17,000   |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Operating expenses                                                |   | (756,000) |   | (11,000)     |   | (19,000)    |   | (36,000) |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Income (loss) from operations                                     |   | (752,000) |   | 3,000        |   | (17,000)    |   | (20,000) |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Equity in income (losses) of Local Limited Partnerships           |   | 4,000     |   | (12,000)     |   | (12,000)    |   | (10,000) |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Gain on sale of Local Limited    Partnerships |   | -         |   | -            |   | -           |   | 10,000   |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Net loss                                                          |   | (749,000) |   | (9,000)      |   | (29,000)    |   | (19,000) |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Net loss available to Limited Partners                            |   | (741,000) |   | (9,000)      |   | (29,000)    |   | (19,000) |   |
|                                                              |   |      |   |         |   |        |   |     |   |
| Net loss per Partnership Unit                                     |   | (48)      |   | (1)          |   | (2)         |   | (1)      |   |
|                                                              |   |      |   |         |   |        |   |     |   |

| 2008                                           |   | June 30   |   | September 30 |   | December 31 |   | March 31  |   |
|------------------------------------------------|--------|-----------|--------|--------------|--------|-------------|--------|-----------|--------|
|                                           |   |      |   |         |   |        |   |      |   |
| Income                                         | $      | 3,000     | $      | 6,000        | $      | 4,000       | $      | 27,000    |   |
|                                           |   |      |   |         |   |        |   |      |   |
| Operating expenses                             |   | (127,000) |   | (24,000)     |   | (18,000)    |   | (122,000) |   |
|                                           |   |      |   |         |   |        |   |      |   |
| Loss from operations                           |   | (124,000) |   | (18,000)     |   | (14,000)    |   | (95,000)  |   |
|                                           |   |      |   |         |   |        |   |      |   |
| Equity in losses of Local Limited Partnerships |   | (27,000)  |   | (27,000)     |   | (27,000)    |   | 12,000    |   |
|                                           |   |      |   |         |   |        |   |      |   |
| Net loss                                       |   | (151,000) |   | (45,000)     |   | (41,000)    |   | (83,000)  |   |
|                                           |   |      |   |         |   |        |   |      |   |
| Net loss available to Limited Partners         |   | (149,000) |   | (44,000)     |   | (41,000)    |   | (83,000)  |   |
|                                           |   |      |   |         |   |        |   |      |   |
| Net loss per Partnership Unit                  |   | (10)      |   | (3)          |   | (3)         |   | (5)       |   |
|                                           |   |      |   |         |   |        |   |      |   |

----

|                                           |   | June 30   |    | September 30 |    | December 31 |    | March 31               |   |
|------------------------------------------------|--------|-----------|---------|--------------|---------|-------------|---------|------------------------|--------|
| 2007                                           |   |      |    |         |    |        |    |                   |   |
|                                           |   |      |    |         |    |        |    |                   |   |
| Income                                         | $      | -         | $       | 6,000        | $       | 2,000       | $       | 10,000                 |   |
|                                           |   |      |    |         |    |        |    |                   |   |
| Operating expenses                             |   | (468,000) |    | (45,000)     |    | (24,000)    |    | (17,000)               |   |
|                                           |   |      |    |         |    |        |    |                   |   |
| Loss from operations                           |   | (468,000) |    | (39,000)     |    | (22,000)    |    | (7,000)                |   |
|                                           |   |      |    |         |    |        |    |                   |   |
| Equity in losses of Local Limited Partnerships |   | (52,000)  |    | (54,000)     |    | (41,000)    |    | (163,000)              |   |
|                                           |   |      |    |         |    |        |    |                   |   |
| Net loss                                       |   | (520,000) |  $ | (93,000)     |  $ | (63,000)    |  $ | (170,000)              |   |
|                                           |   |      |    |         |    |        |    |                   |   |
| Net loss available to Limited Partners         |   | (515,000) |  $ | (92,000)     |  $ | (62,000)    |  $ | (168,000)              |   |
|                                           |   |      |    |         |    |        |    |                   |   |
| Net loss per Partnership Unit                  |   | (33)      |  $ | (6)          |  $ | (4)         |  $ |    (11) |   |

|                                                    |   | June 30   |    | September 30 |    | December 31 |    | March 31  |   |
|---------------------------------------------------------|--------|-----------|---------|--------------|---------|-------------|---------|-----------|--------|
|                                                    |   |      |    |         |    |        |    |      |   |
| 2006                                                    |   |      |    |         |    |        |    |      |   |
|                                                    |   |      |    |         |    |        |    |      |   |
| Income                                                  | $      | -         | $       | 9,000        | $       | 1,000       | $       | -         |   |
|                                                    |   |      |    |         |    |        |    |      |   |
| Operating expenses and loss                             |   | (309,000) |    | (24,000)     |    | (27,000)    |    | (40,000)  |   |
|                                                    |   |      |    |         |    |        |    |      |   |
| Loss from operations                                    |   | (309,000) |    | (15,000)     |    | (26,000)    |    | (40,000)  |   |
|                                                    |   |      |    |         |    |        |    |      |   |
| Equity in income (losses) of Local Limited Partnerships |   | (103,000) |    | (83,000)     |    | (94,000)    |    | (211,000) |   |
|                                                    |   |      |    |         |    |        |    |      |   |
| Net income (loss)                                       |   | (412,000) |  $ | (98,000)     |  $ | (120,000)   |  $ | (251,000) |   |
|                                                    |   |      |    |         |    |        |    |      |   |
| Net income (loss) available to Limited Partners         |   | (408,000) |  $ | (97,000)     |  $ | (119,000)   |  $ | (248,000) |   |
|                                                    |   |      |    |         |    |        |    |      |   |
| Net income (loss) per Partnership Unit                  |   | (26)      |  $ | (6)          |  $ | (8)         |  $ | (16)      |   |
|                                                    |   |      |    |         |    |        |    |      |   |

----

----

| (1)   | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Partnership; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States, and that the Partnership’s receipts and expenditures are being made only in accordance with authorization of the management of Associates; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| (a) | Identification of Directors, (b) Identification of Executive Officers, (c) Identification of Certain Significant Employees, (d) Family Relationships, and (e) Business Experience |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Wilfred N. Cooper, Sr. | Chairman                                                                |
|------------------------|-------------------------------------------------------------------------|
| Wilfred N. Cooper, Jr. | President, Chief Executive Officer and Secretary                        |
| Michael J. Gaber       | Chief Operating Officer and Executive Vice President                    |
| David N. Shafer, Esq.  | Executive Vice President                                                |
| Darrick Metz           | Senior Vice President - Originations                                    |
| Christine A. Cormier   | Senior Vice President – Fund Management                           |
| Melanie R. Wenk        | Vice President – Accounting and Finance - Chief Financial Officer |
| Paula Hall             | Vice President – Asset Management                                 |
| Gregory S. Hand        | Vice President – Acquisitions                                     |
| Kelly Henderson        | Vice President – Acquisitions                                     |
| Thomas F. Maxwell      | Vice President – Originations                                     |
| Kay L. Cooper          | Director of WNC & Associates, Inc.                                  |
| Jennifer E. Cooper     | Director of WNC & Associates, Inc.                                  |

----

----

----

| (f) | Involvement in Certain Legal Proceedings |
|-----|------------------------------------------|

|   | None. |
|--------|-------|

| (g) | Promoters and Control Persons |
|-----|-------------------------------|

----

----

| (a) | Securities Authorized for Issuance Under Equity Compensation Plans |
|-----|--------------------------------------------------------------------|

|   | The Partnership has no compensation plans under which interests in the Partnership are authorized for issuance. |
|--------|-----------------------------------------------------------------------------------------------------------------|

| (b) | Security Ownership of Certain Beneficial Owners |
|-----|-------------------------------------------------|

| Title of Class                         | Name and Address of Beneficial Owner                                          | Amount of Units Controlled | Percent of Class |
|----------------------------------------|-------------------------------------------------------------------------------|----------------------------|------------------|
|                                   |                                                                          |                       |             |
| Units of Limited Partnership Interests | Sempra Section 42, LLC555 California Street, 4th FloorSan Francisco, CA 94104 | 4,000 Units                | 25.6%            |

| (c) | Security Ownership of Management |
|-----|----------------------------------|

| (d) | Changes in Control |
|-----|--------------------|

----

| (a)   | The General Partner manages all of the Partnership’s affairs.  The transactions with the General Partner are primarily in the form of fees paid by the Partnership for services rendered to the Partnership, reimbursement of expenses, and the General Partner’s interests in the Partnership, as discussed in Item 11 and in the notes to the Partnership’s financial statements. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The Partnership has no directors. |
|-----------------|-----------------------------------|

|               |   | 2011   |   | 2010   |   | 2009   |   | 2008   |   | 2007   |   | 2006   |   | 2005   |
|--------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Audit Fees         | $      | -      | $      | 10,285 | $      | -      | $      | 87,435 | $      | -      | $      | -      | $      | 14,525 |
| Audit-related Fees |   | -      |   | -      |   | -      |   | -      |   | -      |   | -      |   | -      |
| Tax Fees           |   | 3,035  |   | 5,790  |   | -      |   | -      |   | 2,625  |   | 2,500  |   | 2,500  |
| All Other Fees     |   | -      |   | -      |   | -      |   | -      |   | -      |   |   |   | -      |
| TOTAL              | $      | 3,035  | $      | 16,075 | $      | -      | $      | 87,435 | $      | 2,625  | $      | 2,500  | $      | 17,025 |
|               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|   | Balance Sheets, March 31, 2011, 2010, 2009, 2008 and 2007 |
|--------|-----------------------------------------------------------|

|   | Statements of Operations for the years ended March 31, 2011, 2010, 2009, 2008, 2007 and 2006 |
|--------|----------------------------------------------------------------------------------------------|

|   | Statements of Partners’ Equity (Deficit) for the years ended March 31, 2011, 2010, 2009, 2008, 2007 and 2006 |
|--------|--------------------------------------------------------------------------------------------------------------------|

|   | Statements of Cash Flows for the years ended March 31, 2011, 2010, 2009, 2008, 2007 and 2006 |
|--------|----------------------------------------------------------------------------------------------|

|   | Notes to Financial Statements |
|--------|-------------------------------|

| 3.1 | Articles of incorporation and by-laws: The registrant is not incorporated.  The Partnership Agreement filed as Exhibit 28.1 to Form 10-K for fiscal year ended December 31, 1995 is hereby incorporated herein by reference as Exhibit 3.1. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-14 and 15d-14 (filed herewith) |
|------|--------------------------------------------------------------------------------------------------|

| 31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-14 and 15d-14 (filed herewith) |
|------|--------------------------------------------------------------------------------------------------|

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

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

| 99.1 | Financial Statements of Pioneer Street Associates for the years ended December 31, 2007, 2006 and 2005 together with Independent Auditors’ Report thereon; a significant subsidiary of the Partnership. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 99.2 | Financial Statements of Apartment Housing of East Brewton, Ltd for the years ended December 31, 2007, 2006 and 2005 together with Independent Auditors’ Report thereon; a significant subsidiary of the Partnership. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2   |                  |
|--------------------------------------------------|-----------------------|
| Schedule III                                     |                  |
| Real Estate Owned by Local Limited Partnerships  |
| March 31, 2011                              |
|                                             |                  | As of March 31, 2011 |   | As of December 31, 2010 |
| Local LimitedPartnership Name                    | Location              | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |   | Mortgage Loans of Local Limited Partnerships | Land | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                             |                  |   |   |   |   |   |   |   |   |
| Apartment Housing of East Brewton, Ltd.          | East Brewton, Alabama | $1,192,000 | $1,192,000 |   | 1,069,000 | $69,000 | 2,285,000 | 884,000 | 1,470,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Autumn Trace Associates, Ltd.                    | Silsbee, Texas        | 412,000 | 412,000 |   | 1,121,000 | 30,000 | 2,029,000 | 1,282,000 | 777,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Broken Bow Apartments I, Limited Partnership (1) | Broken Bow, Nebraska  | 608,000 | 608,000 |   | 69,000 | 45,000 | 1,340,000 | 520,000 | 865,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Chadwick Limited Partnership (1)                 | Edan, North Carolina  | 378,000 | 378,000 |   | 1,401,000 | 48,000 | 2,058,000 | 724,000 | 1,382,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Garland Street Limited Partnership               | Malvarn, Arkansas     | 164,000 | 164,000 |   | 652,000 | 29,000 | 953,000 | 599,000 | 383,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Hereford Seniors Community, Ltd.                 | Hereford, Texas       | 167,000 | 167,000 |   | 757,000 | 57,000 | 1,011,000 | 413,000 | 655,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Hickory Lane Associates, Ltd                     | Newton, Texas         | 174,000 | 174,000 |   | 571,000 | 61,000 | 888,000 | 483,000 | 466,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Honeysuckle Court Associates, Ltd.               | Vidor, Texas          | 339,000 | 339,000 |   | 1,117,000 | 49,000 | 1,784,000 | 971,000 | 862,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Klimpel Manor, Ltd                               | Fullerton, California | 1,774,000 | 1,774,000 |   | 1,790,000 | 77,000 | 3,511,000 | 1,557,000 | 2,031,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Lamesa Seniors Community, Ltd.                   | Lamesa, Texas         | 143,000 | 143,000 |   | 639,000 | 36,000 | 819,000 | 474,000 | 381,000 |
|                                             |                  |   |   |   |   |   |   |   |   |
| Laredo Heights Apartments Ltd.                   | Navasota, Texas       | 225,000 | 225,000 |   | 903,000 | 17,000 | 1,548,000 | 650,000 | 915,000 |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                             |
|-------------------------------------------------|----------------------------------|
| Schedule III                                    |
| Real Estate Owned by Local Limited Partnerships |                             |
| March 31, 2011                                  |
|                                            |                             | As of March 31, 2011 |   | As of December 31, 2010 |
| Local LimitedPartnership Name                   | Location                         | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |   | Mortgage Loans of Local Limited Partnerships | Land | Property and Equipment | Accumulated Depreciation | Net Book Value |
| Mountainview Apartments Limited Partnership     | North Wilkesboro, North Carolina | 195,000 | 195,000 |   | 925,000 | 86,000 | 1,192,000 | 441,000 | 837,000 |
|                                            |                             |   |   |   |   |   |   |   |   |
| Palestine Seniors Community, Ltd.               | Palestine, Texas                 | 225,000 | 225,000 |   | 1,062,000 | 45,000 | 1,459,000 | 639,000 | 865,000 |
|                                            |                             |   |   |   |   |   |   |   |   |
| Pecan Grove Limited Partnership                 | Forrest City, Arkansas           | 240,000 | 240,000 |   | 1,043,000 | 35,000 | 1,553,000 | 984,000 | 604,000 |
|                                            |                             |   |   |   |   |   |   |   |   |
| Pioneer Street Associates                       | Bakersfield, California          | 2,222,000 | 2,222,000 |   | 1,477,000 | 300,000 | 4,115,000 | 2,361,000 | 2,054,000 |
|                                            |                             |   |   |   |   |   |   |   |   |
| Sidney Apartments I, Limited Partnership (1)    | Sidney, Nebraska                 | 530,000 | 530,000 |   | 256,000 | 33,000 | 1,386,000 | 538,000 | 881,000 |
|                                            |                             |   |   |   |   |   |   |   |   |
| Southcove Associates                            | Orange Cove, California          | 2,000,000 | 2,000,000 |   | 1,437,000 | 175,000 | 3,414,000 | 2,028,000 | 1,561,000 |
|                                            |                             |   |   |   |   |   |   |   |   |
| Walnut Turn Associates, Ltd.                    | Buna, Texas                      | 188,000 | 188,000 |   | 662,000 | 58,000 | 982,000 | 535,000 | 505,000 |
|                                            |                             |   |   |   |   |   |   |   |   |
|                                            |                             | $ 11,176,000 | $ 11,176,000 |   | $ 16,951,000 | $1,250,000 | $32,327,000 | $16,083,000 | $17,494,000 |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2   |                                 |                          |                     |
|--------------------------------------------------|--------------------------------------|-------------------------------|--------------------------|
| Schedule III                                     |                                 |                          |                     |   |   |   |
| Real Estate Owned by Local Limited Partnerships  |                                 |                          |                     |   |
| March 31, 2011                                   |                                 |                          |                     |   |   |
|                                             | For the Year Ended December 31, 2010 |
|   Local LimitedPartnership Name        |   Rental Income            |   Net Income (Loss) | Year Investment Acquired | Estimated Useful Life (Years) |
|                                             |                                 |                          |                     |   |
| Apartment Housing of East Brewton, Ltd.          | 152,000                              | (74,000)                      | 1998                     |        40 |
|                                             |                                 |                          |                     |   |
| Autumn Trace Associates, Ltd.                    | 299,000                              | (70,000)                      | 1994                     |         27.5 |
|                                             |                                 |                          |                     |   |
| Broken Bow Apartments I, Limited Partnership (1) | 62,000                               | (38,000)                      | 1996                     |          40 |
|                                             |                                 |                          |                     |   |
| Chadwick Limited Partnership (1)                 | 260,000                              | 30,000                        | 1994                     | 50 |
|                                             |                                 |                          |                     |   |
| Garland Street Limited Partnership               | 106,000                              | (28,000)                      | 1994                     | 27.5 |
|                                             |                                 |                          |                     |   |
| Hereford Seniors Community, Ltd.                 | 133,000                              | (17,000)                      | 1995                     | 40 |
|                                             |                                 |                          |                     |   |
| Hickory Lane Associates, Ltd.                    | 134,000                              | (41,000)                      | 1995                     | 27.5 |
|                                             |                                 |                          |                     |   |
| Honeysuckle Court Associates, Ltd.               | 290,000                              | (54,000)                      | 1995                     | 27.5 |
|                                             |                                 |                          |                     |   |
| Klimpel Manor, Ltd.                              | 474,000                              | (7,000)                       | 1994                     | 40 |
|                                             |                                 |                          |                     |   |
| Lamesa Seniors Community, Ltd.                   | 122,000                              | (16,000)                      | 1994                     | 40 |
|                                             |                                 |                          |                     |   |
| Laredo Heights Apartments Ltd.                   | 252,000                              | (27,000)                      | 1996                     | 45 |
|                                             |                                 |                          |                     |   |
| Mountainview Apartments Limited Partnership      | 146,000                              | (14,000)                      | 1994                     | 40 |
|                                             |                                 |                          |                     |   |
| Palestine Seniors Community, Ltd.                | 170,000                              | (47,000)                      | 1994                     | 40 |
|                                             |                                 |                          |                     |   |
| Pecan Grove Limited Partnership                  | 163,000                              | (46,000)                      | 1994                     | 27.5 |
|                                             |                                 |                          |                     |   |
| Pioneer Street Associates                        | 707,000                              | 9,000                         | 1995                     | 27.5 |
|                                             |                                 |                          |                     |   |
| Sidney Apartments I, Limited Partnership (1)     | 89,000                               | (31,000)                      | 1996                     | 40 |
|                                             |                                 |                          |                     |   |
| Southcove Associates                             | 332,000                              | (70,000)                      | 1994                     | 27.5 |
|                                             |                                 |                          |                     |   |
| Walnut Turn Associates, Ltd.                     | 140,000                              | (28,000)                      | 1995                     | 27.5 |
|                                             |                                 |                          |                     |   |
|                                             | 4,031,000                            | (569,000)                     |                     |   |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2011. |
|-----------------|-------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2   |                  |                                                                        |                              |                    |                                         |    |                   |
|--------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|---------|------------------------|
| Schedule III                                     |                  |                                                                        |                              |                    |                                         |    |                   |   |
| Real Estate Owned by Local Limited Partnerships  |                  |                                                                        |                              |                    |                                         |    |                   |
| March 31, 2010                              |                  |                                                                        |                              |                    |                                         |    |                   |
|                                             |                  | As of March 31, 2010                                                        |                              | As of December 31, 2009 |
| Local LimitedPartnership Name                    | Location              | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land    | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Apartment Housing of East Brewton, Ltd.          | East Brewton, Alabama | $1,192,000                                                                  | $1,192,000                        |                    | 1,081,000                                    | $69,000 | 2,285,000              | 820,000 | 1,534,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Autumn Trace Associates, Ltd.                    | Silsbee, Texas        | 412,000                                                                     | 412,000                           |                    | 1,139,000                                    | 30,000  | 2,029,000              | 1,208,000 | 851,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Broken Bow Apartments I, Limited Partnership (1) | Broken Bow, Nebraska  | 608,000                                                                     | 608,000                           |                    | 70,000                                       | 45,000  | 1,340,000              | 482,000 | 903,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Candleridge Apartments of Waukee L.P. II (1)     | Waukee, Iowa          | 125,000                                                                     | 125,000                           |                    | 645,000                                      | 90,000  | 954,000                | 517,000 | 527,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Chadwick Limited Partnership (1)                 | Edan, North Carolina  | 378,000                                                                     | 378,000                           |                    | 1,454,000                                    | 48,000  | 2,058,000              | 683,000 | 1,423,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Garland Street Limited Partnership               | Malvarn, Arkansas     | 164,000                                                                     | 164,000                           |                    | 658,000                                      | 29,000  | 942,000                | 562,000 | 409,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hereford Seniors Community, Ltd.                 | Hereford, Texas       | 167,000                                                                     | 167,000                           |                    | 763,000                                      | 57,000  | 990,000                | 372,000 | 675,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hickory Lane Associates, Ltd                     | Newton, Texas         | 174,000                                                                     | 174,000                           |                    | 574,000                                      | 61,000  | 888,000                | 451,000 | 498,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Honeysuckle Court Associates, Ltd.               | Vidor, Texas          | 339,000                                                                     | 339,000                           |                    | 1,124,000                                    | 49,000  | 1,784,000              | 907,000 | 926,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Klimpel Manor, Ltd                               | Fullerton, California | 1,774,000                                                                   | 1,774,000                         |                    | 1,823,000                                    | 77,000  | 3,511,000              | 1,471,000 | 2,117,000 |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                             |                                                                        |                              |                    |                                         |       |                   |                     |
|-------------------------------------------------|----------------------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|------------|------------------------|--------------------------|
| Schedule III                                    |                             |                                                                        |                              |                    |                                         |       |                   |                     |
| Real Estate Owned by Local Limited Partnerships |                             |                                                                        |                              |                    |                                         |       |                   |                     |
| March 31, 2010                             |                             |                                                                        |                              |                    |                                         |       |                   |                     |
|                                            |                             | As of March 31, 2010                                                        |                              | As of December 31, 2009 |
| Local LimitedPartnership Name                   | Location                         | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land       | Property and Equipment | Accumulated Depreciation | Net Book Value |
| Lamesa Seniors Community, Ltd.                  | Lamesa, Texas                    | 143,000                                                                     | 143,000                           |                    | 644,000                                      | 36,000     | 813,000                | 440,000                  | 409,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Laredo Heights Apartments Ltd.                  | Navasota, Texas                  | 225,000                                                                     | 225,000                           |                    | 914,000                                      | 17,000     | 1,523,000              | 600,000                  | 940,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Mountainview Apartments Limited Partnership     | North Wilkesboro, North Carolina | 195,000                                                                     | 195,000                           |                    | 932,000                                      | 86,000     | 1,192,000              | 418,000                  | 860,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Palestine Seniors Community, Ltd.               | Palestine, Texas                 | 225,000                                                                     | 225,000                           |                    | 1,070,000                                    | 45,000     | 1,425,000              | 575,000                  | 895,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pecan Grove Limited Partnership                 | Forrest City, Arkansas           | 240,000                                                                     | 240,000                           |                    | 1,051,000                                    | 35,000     | 1,515,000              | 917,000                  | 633,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pioneer Street Associates                       | Bakersfield, California          | 2,222,000                                                                   | 2,222,000                         |                    | 1,532,000                                    | 300,000    | 4,073,000              | 2,195,000                | 2,178,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Sidney Apartments I, Limited Partnership (1)    | Sidney, Nebraska                 | 530,000                                                                     | 530,000                           |                    | 262,000                                      | 33,000     | 1,386,000              | 502,000                  | 917,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Southcove Associates                            | Orange Cove, California          | 2,000,000                                                                   | 2,000,000                         |                    | 1,449,000                                    | 175,000    | 3,408,000              | 1,906,000                | 1,677,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Walnut Turn Associates, Ltd.                    | Buna, Texas                      | 188,000                                                                     | 188,000                           |                    | 665,000                                      | 58,000     | 982,000                | 498,000                  | 542,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
|                                            |                             | $11,301,000                                                                 | $11,301,000                       |                    | $ 17,850,000                                 | $1,340,000 | $33,098,000            | $15,524,000              | $18,914,000 |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2010. |
|-----------------|-------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2   |                                   |                         |                     |
|--------------------------------------------------|----------------------------------------|------------------------------|--------------------------|
| Schedule III                                     |                                   |                         |                     |   |   |   |
| Real Estate Owned by Local Limited Partnerships  |                                   |                         |                     |   |
| March 31, 2010                                   |                                   |                         |                     |   |   |
|                                             | For the Year Ended December 31, 2009   |
|   Local LimitedPartnership Name        |   Rental Income              |   Net Loss         | Year Investment Acquired | Estimated Useful Life (Years) |
|                                             |                                   |                         |                     |   |
| Apartment Housing of East Brewton, Ltd.          | $     148,000 | (42,000)                     | 1998                     |        40 |
|                                             |                                   |                         |                     |   |
| Autumn Trace Associates, Ltd.                    | 303,000                                | (33,000)                     | 1994                     |         27.5 |
|                                             |                                   |                         |                     |   |
| Broken Bow Apartments I, Limited Partnership (1) | 59,000                                 | (36,000)                     | 1996                     |          40 |
|                                             |                                   |                         |                     |   |
| Candleridge Apartments of Waukee L.P. II (1)     | 126,000                                | (29,000)                     | 1995                     |         27.5 |
|                                             |                                   |                         |                     |   |
| Chadwick Limited Partnership (1)                 | 250,000                                | (10,000)                     | 1994                     | 50 |
|                                             |                                   |                         |                     |   |
| Garland Street Limited Partnership               | 105,000                                | (23,000)                     | 1994                     | 27.5 |
|                                             |                                   |                         |                     |   |
| Hereford Seniors Community, Ltd.                 | 120,000                                | (14,000)                     | 1995                     | 40 |
|                                             |                                   |                         |                     |   |
| Hickory Lane Associates, Ltd.                    | 131,000                                | (35,000)                     | 1995                     | 27.5 |
|                                             |                                   |                         |                     |   |
| Honeysuckle Court Associates, Ltd.               | 281,000                                | (57,000)                     | 1995                     | 27.5 |
|                                             |                                   |                         |                     |   |
| Klimpel Manor, Ltd.                              | 464,000                                | (4,000)                      | 1994                     | 40 |
|                                             |                                   |                         |                     |   |
| Lamesa Seniors Community, Ltd.                   | 111,000                                | (12,000)                     | 1994                     | 40 |
|                                             |                                   |                         |                     |   |
| Laredo Heights Apartments Ltd.                   | 252,000                                | (21,000)                     | 1996                     | 45 |
|                                             |                                   |                         |                     |   |
| Mountainview Apartments Limited Partnership      | 139,000                                | (2,000)                      | 1994                     | 40 |
|                                             |                                   |                         |                     |   |
| Palestine Seniors Community, Ltd.                | 155,000                                | (32,000)                     | 1994                     | 40 |
|                                             |                                   |                         |                     |   |
| Pecan Grove Limited Partnership                  | 169,000                                | (39,000)                     | 1994                     | 27.5 |
|                                             |                                   |                         |                     |   |
| Pioneer Street Associates                        | 642,000                                | (54,000)                     | 1995                     | 27.5 |
|                                             |                                   |                         |                     |   |
| Sidney Apartments I, Limited Partnership (1)     | 80,000                                 | (54,000)                     | 1996                     | 40 |
|                                             |                                   |                         |                     |   |
| Southcove Associates                             | 323,000                                | (93,000)                     | 1994                     | 27.5 |
|                                             |                                   |                         |                     |   |
| Walnut Turn Associates, Ltd.                     | 118,000                                | (65,000)                     | 1995                     | 27.5 |
|                                             |                                   |                         |                     |   |
|                                             | $   3,976,000           | $   (655,000) |                     |   |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2010. |
|-----------------|-------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2   |                  |                                                                        |                              |                    |                                         |    |                   |
|--------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|---------|------------------------|
| Schedule III                                     |                  |                                                                        |                              |                    |                                         |    |                   |   |
| Real Estate Owned by Local Limited Partnerships  |                  |                                                                        |                              |                    |                                         |    |                   |
| March 31, 2009                                   |                  |                                                                        |                              |                    |                                         |    |                   |
|                                             |                  | As of March 31, 2009                                                        |                              | As of December 31, 2008 |
| Local LimitedPartnership Name                    | Location              | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land    | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Apartment Housing of East Brewton, Ltd.          | East Brewton, Alabama | $1,192,000                                                                  | $1,192,000                        |                    | $    1,092,000           | $69,000 | $2,285,000             | $756,000 | $1,598,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Autumn Trace Associates, Ltd.                    | Silsbee, Texas        | 412,000                                                                     | 412,000                           |                    | 1,155,000                                    | 30,000  | 2,029,000              | 1,135,000 | 924,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Broken Bow Apartments I, Limited Partnership (2) | Broken Bow, Nebraska  | 608,000                                                                     | 608,000                           |                    | 71,000                                       | 45,000  | 1,340,000              | 444,000 | 941,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Candleridge Apartments of Waukee L.P. II (2)     | Waukee, Iowa          | 125,000                                                                     | 125,000                           |                    | 650,000                                      | 90,000  | 952,000                | 469,000 | 573,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Chadwick Limited Partnership (2)                 | Edan, North Carolina  | 378,000                                                                     | 378,000                           |                    | 1,472,000                                    | 48,000  | 2,058,000              | 643,000 | 1,463,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Comanche Retirement Village, Ltd.  (1) | Comanche, Texas       | *                                                                           | *                                 |                    | 571,000                                      | 18,000  | 435,000                | 357,000 | 96,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Garland Street Limited Partnership               | Malvarn, Arkansas     | 164,000                                                                     | 164,000                           |                    | 663,000                                      | 29,000  | 936,000                | 527,000 | 438,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hereford Seniors Community, Ltd.                 | Hereford, Texas       | 167,000                                                                     | 167,000                           |                    | 768,000                                      | 57,000  | 974,000                | 343,000 | 688,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hickory Lane Associates, Ltd                     | Newton, Texas         | 174,000                                                                     | 174,000                           |                    | 577,000                                      | 61,000  | 889,000                | 419,000 | 531,000 |
|                                             |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Honeysuckle Court Associates, Ltd.               | Vidor, Texas          | 339,000                                                                     | 339,000                           |                    | 1,129,000                                    | 49,000  | 1,784,000              | 842,000 | 991,000 |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                             |                                                                        |                              |                    |                                         |       |                   |                     |
|-------------------------------------------------|----------------------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|------------|------------------------|--------------------------|
| Schedule III                                    |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Real Estate Owned by Local Limited Partnerships |                             |                                                                        |                              |                    |                                         |       |                   |                     |
| March 31, 2009                                  |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
|                                            |                             | As of March 31, 2009                                                        |                              | As of December 31, 2008 |
| Local LimitedPartnership Name                   | Location                         | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land       | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Klimpel Manor, Ltd                              | Fullerton, California            | 1,774,000                                                                   | 1,774,000                         |                    | 1,854,000                                    | 78,000     | 3,511,000              | 1,385,000                | 2,204,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Lamesa Seniors Community, Ltd.                  | Lamesa, Texas                    | 143,000                                                                     | 143,000                           |                    | 656,000                                      | 36,000     | 831,000                | 432,000                  | 435,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Laredo Heights Apartments Ltd.                  | Navasota, Texas                  | 225,000                                                                     | 225,000                           |                    | 925,000                                      | 17,000     | 1,488,000              | 553,000                  | 952,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Mountainview Apartments Limited Partnership     | North Wilkesboro, North Carolina | 195,000                                                                     | 195,000                           |                    | 942,000                                      | 86,000     | 1,149,000              | 394,000                  | 841,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Palestine Seniors Community, Ltd.               | Palestine, Texas                 | 225,000                                                                     | 225,000                           |                    | 1,078,000                                    | 45,000     | 1,406,000              | 529,000                  | 922,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pecan Grove Limited Partnership                 | Forrest City, Arkansas           | 240,000                                                                     | 240,000                           |                    | 1,060,000                                    | 35,000     | 1,483,000              | 852,000                  | 666,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pioneer Street Associates                       | Bakersfield, California          | 2,222,000                                                                   | 2,222,000                         |                    | 1,580,000                                    | 300,000    | 3,997,000              | 2,036,000                | 2,261,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Sidney Apartments I, Limited Partnership (1)    | Sidney, Nebraska                 | 530,000                                                                     | 530,000                           |                    | 267,000                                      | 33,000     | 1,386,000              | 466,000                  | 953,000 |
| Southcove Associates                            | Orange Cove, California          | 2,000,000                                                                   | 2,000,000                         |                    | 11,460,000                                   | 175,000    | 3,407,000              | 1,780,000                | 1,802,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Walnut Turn Associates, Ltd.                    | Buna, Texas                      | 188,000                                                                     | 188,000                           |                    | 669,000                                      | 58,000     | 982,000                | 464,000                  | 576,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
|                                            |                             | $11,301,000                                                                 | $11,301,000                       |                    | $18,639,000                                  | $1,359,000 | $33,322,000            | $14,826,000              | $19,855,000 |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to December 31, 2008 but prior to March 31, 2009. |
|------------|--------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2009. |
|-----------------|-------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2   |                                              |                 |                     |
|--------------------------------------------------|---------------------------------------------------|----------------------|--------------------------|
| Schedule III                                     |                                              |                 |                     |   |   |   |
| Real Estate Owned by Local Limited Partnerships  |                                              |                 |                     |   |
| March 31, 2009                                   |                                              |                 |                     |   |   |
|                                             | For the Year Ended December 31, 2008              |
|   Local LimitedPartnership Name        |   Rental Income                         |   Net Loss | Year Investment Acquired | Estimated Useful Life (Years) |
|                                             |                                              |                 |                     |   |
| Apartment Housing of East Brewton, Ltd.          | $     150,000            | $(48,000)            | 1998                     |        40 |
|                                             |                                              |                 |                     |   |
| Autumn Trace Associates, Ltd.                    | 285,000                                           | (38,000)             | 1994                     |         27.5 |
|                                             |                                              |                 |                     |   |
| Broken Bow Apartments I, Limited Partnership (2) | 55,000                                            | (48,000)             | 1996                     |          40 |
|                                             |                                              |                 |                     |   |
| Candleridge Apartments of Waukee L.P. II (2)     | 131,000                                           | (6,000)              | 1995                     |         27.5 |
|                                             |                                              |                 |                     |   |
| Chadwick Limited Partnership (2)                 | 238,000                                           | (15,000)             | 1994                     | 50 |
|                                             |                                              |                 |                     |   |
| Comanche Retirement Village, Ltd. (1)            | 91,000                                            | (22,000)             | 1994                     |      30 |
|                                             |                                              |                 |                     |   |
| Garland Street Limited Partnership               | 104,000                                           | (16,000)             | 1994                     | 27.5 |
|                                             |                                              |                 |                     |   |
| Hereford Seniors Community, Ltd.                 | 115,000                                           | (12,000)             | 1995                     | 40 |
|                                             |                                              |                 |                     |   |
| Hickory Lane Associates, Ltd.                    | 127,000                                           | (46,000)             | 1995                     | 27.5 |
|                                             |                                              |                 |                     |   |
| Honeysuckle Court Associates, Ltd.               | 255,000                                           | (49,000)             | 1995                     | 27.5 |
|                                             |                                              |                 |                     |   |
| Klimpel Manor, Ltd.                              | 467,000                                           | 26,000               | 1994                     | 40 |
|                                             |                                              |                 |                     |   |
| Lamesa Seniors Community, Ltd.                   | 141,000                                           | (25,000)             | 1994                     | 40 |
|                                             |                                              |                 |                     |   |
| Laredo Heights Apartments Ltd.                   | 244,000                                           | (3,000)              | 1996                     | 45 |
|                                             |                                              |                 |                     |   |
| Mountainview Apartments Limited Partnership      | 122,000                                           | (7,000)              | 1994                     | 40 |
|                                             |                                              |                 |                     |   |
| Palestine Seniors Community, Ltd.                | 139,000                                           | (43,000)             | 1994                     | 40 |
|                                             |                                              |                 |                     |   |
| Pecan Grove Limited Partnership                  | 154,000                                           | (55,000)             | 1994                     | 27.5 |
|                                             |                                              |                 |                     |   |
| Pioneer Street Associates                        | 729,000                                           | 63,000               | 1995                     | 27.5 |
|                                             |                                              |                 |                     |   |
| Sidney Apartments I, Limited Partnership (2)     | 70,000                                            | (36,000)             | 1996                     | 40 |
|                                             |                                              |                 |                     |   |
| Southcove Associates                             | 299,000                                           | (105,000)            | 1994                     | 27.5 |
|                                             |                                              |                 |                     |   |
| Walnut Turn Associates, Ltd.                     |        130,000 | (48,000)             | 1995                     | 27.5 |
|                                             |                                              |                 |                     |   |
|                                             | $4,046,000                                        | $(533,000)           |                     |   |
|                                             |                                              |                 |                     |   |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to December 31, 2008 but prior to March 31, 2009. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2009. |
|-----------------|-------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2                            |                  |                                                                        |                              |                    |                                         |    |                   |
|---------------------------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|---------|------------------------|
| Schedule III                                                              |                  |                                                                        |                              |                    |                                         |    |                   |   |
| Real Estate Owned by Local Limited Partnerships                           |                  |                                                                        |                              |                    |                                         |    |                   |
| March 31, 2008                                                            |                  |                                                                        |                              |                    |                                         |    |                   |
|                                                                      |                  | As of March 31, 2008                                                        |                              | As of December 31, 2007 |
| Local LimitedPartnership Name                                             | Location              | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land    | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Apartment Housing of East Brewton, Ltd.                                   | East Brewton, Alabama | $1,192,000                                                                  | $1,192,000                        |                    | $1,102,000                                   | $69,000 | $  2,285,000 | $  691,000 | $  1,663,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Autumn Trace Associates, Ltd.                                             | Silsbee, Texas        | 412,000                                                                     | 412,000                           |                    | 1,171,000                                    | 30,000  | 2,029,000              | 1,061,000 | 998,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Broken Bow Apartments I, Limited Partnership (1)                          | Broken Bow, Nebraska  | 608,000                                                                     | 608,000                           |                    | 73,000                                       | 45,000  | 1,340,000              | 406,000 | 979,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Candleridge Apartments of Waukee L.P. II (1)                              | Waukee, Iowa          | 125,000                                                                     | 125,000                           |                    | 654,000                                      | 90,000  | 906,000                | 432,000 | 564,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Chadwick Limited Partnership (1)                                          | Edan, North Carolina  | 378,000                                                                     | 378,000                           |                    | 1,489,000                                    | 48,000  | 2,058,000              | 602,000 | 1,504,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Comanche Retirement Village, Ltd. (1)                                     | Comanche, Texas       | 136,000                                                                     | 136,000                           |                    | 584,000                                      | 18,000  | 435,000                | 333,000 | 120,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Crossings II Limited Dividend Housing Association Limited Partnership (1) | Portage, Michigan     | 432,000                                                                     | 432,000                           |                    | 5,143,000                                    | 305,000 | 6,812,000              | 1,898,000 | 5,219,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Garland Street Limited Partnership                                        | Malvarn, Arkansas     | 164,000                                                                     | 164,000                           |                    |  667,000                                | 29,000  | 935,000                | 489,000 | 475,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hereford Seniors Community, Ltd.                                          | Hereford, Texas       | 167,000                                                                     | 167,000                           |                    | 773,000                                      | 58,000  | 963,000                | 318,000 | 703,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hickory Lane Associates, Ltd                                              | Newton, Texas         | 174,000                                                                     | 174,000                           |                    | 580,000                                      | 61,0000 | 888,000                | 387,000 | 562,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Honeysuckle Court Associates, Ltd.                                        | Vidor, Texas          | 339,000                                                                     | 339,000                           |                    | 1,135,000                                    | 49,000  | 1,784,000              | 777,000 | 1,056,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |

----

|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
|-------------------------------------------------|----------------------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|------------|------------------------|--------------------------|----------------|
| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                             |                                                                        |                              |                    |                                         |       |                   |                     |
| Schedule III                                    |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Real Estate Owned by Local Limited Partnerships |                             |                                                                        |                              |                    |                                         |       |                   |                     |
| March 31, 2008                                  |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
|                                            |                             | As of March 31, 2008                                                        |                              | As of December 31, 2007 |
| Local LimitedPartnership Name                   | Location                         | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land       | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Klimpel Manor, Ltd                              | Fullerton, California            | 1,774,000                                                                   | 1,774,000                         |                    | 1,883,000                                    | 78,000     | 3,511,000              | 1,299,000                | 2,290,000      |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Lamesa Seniors Community, Ltd.                  | Lamesa, Texas                    | 143,000                                                                     | 143,000                           |                    | 652,000                                      | 36,000     | 828,000                | 396,000                  | 468,000        |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Laredo Heights Apartments Ltd.                  | Navasota, Texas                  | 225,000                                                                     | 225,000                           |                    | 935,000                                      | 16,000     | 1,473,000              | 502,000                  | 987,000        |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Mountainview Apartments Limited Partnership     | North Wilkesboro, North Carolina | 195,000                                                                     | 195,000                           |                    | 950,000                                      | 86,000     | 1,148,000              | 370,000                  | 864,000        |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Palestine Seniors Community, Ltd.               | Palestine, Texas                 | 225,000                                                                     | 225,000                           |                    | 1,085,000                                    | 45,000     | 1,395,000              | 482,000                  | 958,000        |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Pecan Grove Limited Partnership                 | Forrest City, Arkansas           | 240,000                                                                     | 240,000                           |                    | 1,067,000                                    | 35,000     | 1,470,000              | 779,000                  | 726,000        |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Pioneer Street Associates                       | Bakersfield, California          | 2,222,000                                                                   | 2,222,000                         |                    | 1,628,000                                    | 300,000    | 3,906,000              | 1,881,000                | 2,325,000      |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Sidney Apartments I, Limited Partnership (1)    | Sidney, Nebraska                 | 530,000                                                                     | 530,000                           |                    | 272,000                                      | 33,000     | 1,386,000              | 431,000                  | 988,000        |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Southcove Associates                            | Orange Cove, California          | 2,000,000                                                                   | 2,000,000                         |                    | 1,471,000                                    | 175,000    | 3,404,000              | 1,651,000                | 1,928,000      |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
| Walnut Turn Associates, Ltd.                    | Buna, Texas                      | 188,000                                                                     | 188,000                           |                    | 672,000                                      | 58,000     | 982,000                | 428,000                  | 612,000        |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |           |
|                                            |                             | $11,869,000                                                                 | $11,869,000                       |                    | $23,986,000                                  | $1,664,000 | $39,938,00             | $15,613,000              | $25,989,000    |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2008. |
|-----------------|-------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2                            |                                 |                          |                     |
|---------------------------------------------------------------------------|--------------------------------------|-------------------------------|--------------------------|
| Schedule III                                                              |                                 |                          |                     |   |   |   |
| Real Estate Owned by Local Limited Partnerships                           |                                 |                          |                     |   |
| March 31, 2008                                                            |                                 |                          |                     |   |   |
|                                                                      | For the Year Ended December 31, 2007 |
|   Local LimitedPartnership Name                                 |   Rental Income            |   Net Income (Loss) | Year Investment Acquired | Estimated Useful Life (Years) |
|                                                                      |                                 |                          |                     |   |
| Apartment Housing of East Brewton, Ltd.                                   | $142,000                             | $(53,000)                     | 1998                     |        40 |
|                                                                      |                                 |                          |                     |   |
| Autumn Trace Associates, Ltd.                                             | 271,000                              | (23,000)                      | 1994                     |         27.5 |
|                                                                      |                                 |                          |                     |   |
| Broken Bow Apartments I, Limited Partnership (1)                          | 55,000                               | 438,000                       | 1996                     |          40 |
|                                                                      |                                 |                          |                     |   |
| Candleridge Apartments of Waukee L.P. II (1)                              | 132,000                              | (2,000)                       | 1995                     |         27.5 |
|                                                                      |                                 |                          |                     |   |
| Chadwick Limited Partnership (1)                                          | 236,000                              | (33,000)                      | 1994                     | 50 |
|                                                                      |                                 |                          |                     |   |
| Comanche Retirement Village, Ltd. (1)                                     | 92,000                               | (16,000)                      | 1994                     |      30 |
|                                                                      |                                 |                          |                     |   |
| Crossings II Limited Dividend Housing Association Limited Partnership (1) | 732,000                              | (144,000)                     | 1997                     |        40 |
|                                                                      |                                 |                          |                     |   |
| Garland Street Limited Partnership                                        | 98,000                               | (36,000)                      | 1994                     | 27.5 |
|                                                                      |                                 |                          |                     |   |
| Hereford Seniors Community, Ltd.                                          | 118,000                              | (6,000)                       | 1995                     | 40 |
|                                                                      |                                 |                          |                     |   |
| Hickory Lane Associates, Ltd.                                             | 97,000                               | (11,000)                      | 1995                     | 27.5 |
|                                                                      |                                 |                          |                     |   |
| Honeysuckle Court Associates, Ltd.                                        | 232,000                              | (104,000)                     | 1995                     | 27.5 |
|                                                                      |                                 |                          |                     |   |
| Klimpel Manor, Ltd.                                                       | 449,000                              | 3,000                         | 1994                     | 40 |
|                                                                      |                                 |                          |                     |   |
| Lamesa Seniors Community, Ltd.                                            | 140,000                              | (15,000)                      | 1994                     | 40 |
|                                                                      |                                 |                          |                     |   |
| Laredo Heights Apartments Ltd.                                            | 230,000                              | (9,000)                       | 1996                     | 45 |
|                                                                      |                                 |                          |                     |   |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                                 |                          |                     |
|-------------------------------------------------|--------------------------------------|-------------------------------|--------------------------|
| Schedule III                                    |                                 |                          |                     |   |   |   |
| Real Estate Owned by Local Limited Partnerships |                                 |                          |                     |   |
| March 31, 2008                                  |                                 |                          |                     |   |   |
|                                            | For the Year Ended December 31, 2007 |
|   Local LimitedPartnership Name       |   Rental Income            |   Net Income (Loss) | Year Investment Acquired | Estimated Useful Life (Years) |
|                                            |                                 |                          |                     |   |
| Mountainview Apartments Limited Partnership     | 119,000                              | 1,000                         | 1994                     | 40 |
|                                            |                                 |                          |                     |   |
| Palestine Seniors Community, Ltd.               | 140,000                              | (35,000)                      | 1994                     | 40 |
|                                            |                                 |                          |                     |   |
| Pecan Grove Limited Partnership                 | 164,000                              | (33,000)                      | 1994                     | 27.5 |
|                                            |                                 |                          |                     |   |
| Pioneer Street Associates                       | 615,000                              | (17,000)                      | 1995                     | 27.5 |
|                                            |                                 |                          |                     |   |
| Sidney Apartments I, Limited Partnership (1)    | 76,000                               | 201,000                       | 1996                     | 40 |
|                                            |                                 |                          |                     |   |
| Southcove Associates                            | 282,000                              | (126,000)                     | 1994                     | 27.5 |
|                                            |                                 |                          |                     |   |
| Walnut Turn Associates, Ltd.                    | 117,000                              | (3,000)                       | 1995                     | 27.5 |
|                                            |                                 |                          |                     |   |
|                                            | $4,537,000                           | $(23,000)                     |                     |   |

| (1)   | The Partnership sold its Local Limited Partnership Interest subsequent to March 31, 2008 |
|-----------------|------------------------------------------------------------------------------------------|

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2                            |                  |                                                                        |                              |                    |                                         |    |                   |
|---------------------------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|---------|------------------------|
| Schedule III                                                              |                  |                                                                        |                              |                    |                                         |    |                   |   |
| Real Estate Owned by Local Limited Partnerships                           |                  |                                                                        |                              |                    |                                         |    |                   |
| March 31, 2007                                                       |                  |                                                                        |                              |                    |                                         |    |                   |
|                                                                      |                  | As of March 31, 2007                                                        |                              | As of December 31, 2006 |
| Local LimitedPartnership Name                                             | Location              | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land    | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Apartment Housing of East Brewton, Ltd.                                   | East Brewton, Alabama | $1,192,000                                                                  | $1,192,000                        |                    | $1,111,000                                   | $69,000 | $2,285,000             | $626,000 | $1,728,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Autumn Trace Associates, Ltd.                                             | Silsbee, Texas        | 412,000                                                                     | 412,000                           |                    | 1,185,000                                    | 30,000  | 2,029,000              | 988,000 | 1,071,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Broken Bow Apartments I, Limited Partnership                              | Broken Bow, Nebraska  | 608,000                                                                     | 608,000                           |                    | 536,000                                      | 45,000  | 1,340,000              | 368,000 | 1,017,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Candleridge Apartments of Waukee L.P. II                                  | Waukee, Iowa          | 125,000                                                                     | 125,000                           |                    | 658,000                                      | 90,000  | 905,000                | 397,000 | 598,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Chadwick Limited Partnership                                              | Edan, North Carolina  | 378,000                                                                     | 378,000                           |                    | 1,505,000                                    | 48,000  | 2,060,000              | 563,000 | 1,545,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Comanche Retirement Village, Ltd.                                         | Comanche, Texas       | 136,000                                                                     | 136,000                           |                    | 587,000                                      | 18,000  | 435,000                | 306,000 | 147,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Crossings II Limited Dividend Housing Association Limited Partnership (2) | Portage, Michigan     | 432,000                                                                     | 432,000                           |                    | 5,278,000                                    | 305,000 | 6,812,000              | 1,724,000 | 5,393,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| EW, a Wisconsin Limited Partnership (1)                                   | Evansville, Wisconson | -                                                                           | -                                 |                    | -                                            | -       | -                      | - | - |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Garland Street Limited Partnership                                        | Malvarn, Arkansas     | 164,000                                                                     | 164,000                           |                    | 672,000                                      | 29,000  | 928,000                | 451,000 | 506,000 |
| .                                                                         |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hereford Seniors Community, Ltd                                           | Hereford, Texas       | 167,000                                                                     | 167,000                           |                    | 777,000                                      | 57,000  | 961,000                | 292,000 | 726,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |
| Hickory Lane Associates, Ltd                                              | Newton, Texas         | 174,000                                                                     | 174,000                           |                    | 583,000                                      | 61,000  | 888,000                | 354,000 | 595,000 |
|                                                                      |                  |                                                                        |                              |                    |                                         |    |                   |   |   |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                             |                                                                        |                              |                    |                                         |       |                   |                     |
|-------------------------------------------------|----------------------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|------------|------------------------|--------------------------|
| Schedule III                                    |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Real Estate Owned by Local Limited Partnerships |                             |                                                                        |                              |                    |                                         |       |                   |                     |
| March 31, 2007                                  |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
|                                            |                             | As of March 31, 2007                                                        |                              | As of December 31, 2006 |
| Local LimitedPartnership Name                   | Location                         | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land       | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Honeysuckle Court Associates, Ltd.              | Vidor, Texas                     | 339,000                                                                     | 339,000                           |                    | 1,140,000                                    | 49,000     | 1,784,000              | 712,000                  | 1,121,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Klimpel Manor, Ltd                              | Fullerton, California            | 1,774,000                                                                   | 1,774,000                         |                    | 1,910,000                                    | 78,000     | 3,511,000              | 1,213,000                | 2,376,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Lamesa Seniors Community, Ltd.                  | Lamesa, Texas                    | 143,000                                                                     | 143,000                           |                    | 663,000                                      | 36,000     | 812,000                | 360,000                  | 488,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Laredo Heights Apartments Ltd.                  | Navasota, Texas                  | 225,000                                                                     | 225,000                           |                    | 945,000                                      | 17,000     | 1,432,000              | 455,000                  | 994,000 |
| Mountainview Apartments Limited Partnership     | North Wilkesboro, North Carolina | 195,000                                                                     | 195,000                           |                    | 958,000                                      | 86,000     | 1,147,000              | 345,000                  | 888,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Palestine Seniors Community, Ltd.               | Palestine, Texas                 | 225,000                                                                     | 225,000                           |                    | 1,091,000                                    | 45,000     | 1,358,000              | 439,000                  | 964,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pecan Grove Limited Partnership                 | Forrest City, Arkansas           | 240,000                                                                     | 240,000                           |                    | 1,075,000                                    | 35,000     | 1,445,000              | 711,000                  | 769,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pioneer Street Associates                       | Bakersfield, California          | 2,222,000                                                                   | 2,222,000                         |                    | 1,673,000                                    | 300,000    | 3,869,000              | 1,729,000                | 2,440,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Sidney Apartments I, Limited Partnership        | Sidney, Nebraska                 | 530,000                                                                     | 530,000                           |                    | 514,000                                      | 33,000     | 1,386,000              | 395,000                  | 1,024,000 |
| Southcove Associates                            | Orange Cove, California          | 2,000,000                                                                   | 2,000,000                         |                    | 1,481,000                                    | 175,000    | 3,399,000              | 1,519,000                | 2,055,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Walnut Turn Associates, Ltd.                    | Buna, Texas                      | 188,000                                                                     | 188,000                           |                    | 367,000                                      | 58,000     | 982,000                | 393,000                  | 647,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
|                                            |                             | $11,869,000                                                                 | $11,869,000                       |                    | $24,709,000                                  | $1,664,000 | $39,768,000            | $14,340,000              | $27,092,000 |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2                        |                                 |                          |                     |
|-----------------------------------------------------------------------|--------------------------------------|-------------------------------|--------------------------|
| Schedule III                                                          |                                 |                          |                     |   |   |   |
| Real Estate Owned by Local Limited Partnerships                       |                                 |                          |                     |   |
| March 31, 2007                                                        |                                 |                          |                     |   |   |
|                                                                  | For the Year Ended December 31, 2006 |
|   Local LimitedPartnership Name                             |   Rental Income            |   Net Income (Loss) | Year Investment Acquired | Estimated Useful Life (Years) |
|                                                                  |                                 |                          |                     |   |
| Apartment Housing of East Brewton, Ltd.                               | $138,000                             | $ (49,000)                    | 1998                     |        40 |
|                                                                  |                                 |                          |                     |   |
| Autumn Trace Associates, Ltd.                                         | 273,000                              | (15,000)                      | 1994                     |         27.5 |
|                                                                  |                                 |                          |                     |   |
| Broken Bow Apartments I, Limited Partnership                          | 56,000                               | (37,000)                      | 1996                     |          40 |
|                                                                  |                                 |                          |                     |   |
| Candleridge Apartments of Waukee L.P. II                              | 126,000                              | (16,000)                      | 1995                     |         27.5 |
|                                                                  |                                 |                          |                     |   |
| Chadwick Limited Partnership                                          | 228,000                              | (30,000)                      | 1994                     | 50 |
|                                                                  |                                 |                          |                     |   |
| Comanche Retirement Village, Ltd.                                     | 89,000                               | (22,000)                      | 1994                     |      30 |
|                                                                  |                                 |                          |                     |   |
| Crossings II Limited Dividend Housing Association Limited Partnership | 679,000                              | (140,000)                     | 1997                     |        40 |
|                                                                  |                                 |                          |                     |   |
| EW, a Wisconsin Limited Partnership                                   | 82,000                               | 42,000                        | 1994                     | 27.5 |
|                                                                  |                                 |                          |                     |   |
| Garland Street Limited Partnership                                    | 97,000                               | (39,000)                      | 1994                     | 27.5 |
|                                                                  |                                 |                          |                     |   |
| Hereford Seniors Community, Ltd.                                      | 116,000                              | (2,000)                       | 1995                     | 40 |
|                                                                  |                                 |                          |                     |   |
| Hickory Lane Associates, Ltd.                                         | 68,000                               | (42,000)                      | 1995                     | 27.5 |
|                                                                  |                                 |                          |                     |   |
| Honeysuckle Court Associates, Ltd.                                    | 194,000                              | (63,000)                      | 1995                     | 27.5 |
|                                                                  |                                 |                          |                     |   |
| Klimpel Manor, Ltd.                                                   | 426,000                              | (47,000)                      | 1994                     | 40 |
|                                                                  |                                 |                          |                     |   |
| Lamesa Seniors Community, Ltd.                                        | 137,000                              | (19,000)                      | 1994                     | 40 |
|                                                                  |                                 |                          |                     |   |
| Laredo Heights Apartments Ltd.                                        | 216,000                              | (14,000)                      | 1996                     | 45 |
|                                                                  |                                 |                          |                     |   |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                                 |                          |                     |
|-------------------------------------------------|--------------------------------------|-------------------------------|--------------------------|
| Schedule III                                    |                                 |                          |                     |   |   |   |
| Real Estate Owned by Local Limited Partnerships |                                 |                          |                     |   |
| March 31, 2007                                  |                                 |                          |                     |   |   |
|                                            | For the Year Ended December 31, 2006 |
|   Local LimitedPartnership Name       |   Rental Income            |   Net Income (Loss) | Year Investment Acquired | Estimated Useful Life (Years) |
|                                            |                                 |                          |                     |   |
| Mountainview Apartments Limited Partnership     | 117,000                              | (4,000)                       | 1994                     | 40 |
|                                            |                                 |                          |                     |   |
| Palestine Seniors Community, Ltd.               | 142,000                              | (19,000)                      | 1994                     | 40 |
|                                            |                                 |                          |                     |   |
| Pecan Grove Limited Partnership                 | 153,000                              | (33,000)                      | 1994                     | 27.5 |
|                                            |                                 |                          |                     |   |
| Pioneer Street Associates                       | 564,000                              | (58,000)                      | 1995                     | 27.5 |
|                                            |                                 |                          |                     |   |
| Sidney Apartments I, Limited Partnership        | 79,000                               | (59,000)                      | 1996                     | 40 |
|                                            |                                 |                          |                     |   |
| Southcove Associates                            | 255,000                              | (152,000)                     | 1994                     | 27.5 |
|                                            |                                 |                          |                     |   |
| Walnut Turn Associates, Ltd.                    | 108,000                              | (44,000)                      | 1995                     | 27.5 |
|                                            |                                 |                          |                     |   |
|                                            | $4,343,000                           | $ (862,000)                   |                     |   |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2                        |                  |                                                                                                 |                              |                    |                                         |    |                   |
|-----------------------------------------------------------------------|-----------------------|------------------------------------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|---------|------------------------|
| Schedule III                                                          |                  |                                                                                                 |                              |                    |                                         |    |                   |   |
| Real Estate Owned by Local Limited Partnerships                       |                  |                                                                                                 |                              |                    |                                         |    |                   |
| March 31, 2006                                                        |                  |                                                                                                 |                              |                    |                                         |    |                   |
|                                                                  |                  | As of March 31, 2006                                                                                 |                              | As of December 31, 2005 |
| Local LimitedPartnership Name                                         | Location              | Partnership’s Total Original Investment in Local Limited Partnerships                          | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land    | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Apartment Housing of East Brewton, Ltd.                               | East Brewton, Alabama |                $1,192,000 | $1,192,000                        |                    | $1,119,000                                   | $69,000 | $2,285,000             | $560,000 | $1,794,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Autumn Trace Associates, Ltd.                                         | Silsbee, Texas        | 412,000                                                                                              | 412,000                           |                    | 1,199,000                                    | 30,000  | 2,029,000              | 914,000 | 1,145,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Broken Bow Apartments I, Limited Partnership                          | Broken Bow, Nebraska  | 608,000                                                                                              | 608,000                           |                    | 581,000                                      | 45,000  | 1,340,000              | 329,000 | 1,056,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Candleridge Apartments of Waukee L.P. II                              | Waukee, Iowa          | 125,000                                                                                              | 125,000                           |                    | 663,000                                      | 90,000  | 897,000                | 361,000 | 626,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Chadwick Limited Partnership                                          | Edan, North Carolina  | 378,000                                                                                              | 378,000                           |                    | 1,488,000                                    | 48,000  | 2,059,000              | 522,000 | 1,585,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Comanche Retirement Village, Ltd.                                     | Comanche, Texas       | 136,000                                                                                              | 136,000                           |                    | 580,000                                      | 18,000  | 435,000                | 281,000 | 172,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Crossings II Limited Dividend Housing Association Limited Partnership | Portage, Michigan     | 432,000                                                                                              | 432,000                           |                    | 5,395,000                                    | 305,000 | 6,705,000              | 1,535,000 | 5,475,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| EW, a Wisconsin Limited Partnership                                   | Evansville, Wisconson | 164,000                                                                                              | 164,000                           |                    | 581,000                                      | 48,000  | 869,000                | 406,000 | 511,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Garland Street Limited Partnership                                    | Malvarn, Arkansas     | 164,000                                                                                              | 164,000                           |                    | 676,000                                      | 29,000  | 919,000                | 412,000 | 536,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |
| Hereford Seniors Community, Ltd.                                      | Hereford, Texas       | 167,000                                                                                              | 167,000                           |                    | 781,000                                      | 57,000  | 957,000                | 267,000 | 747,000 |
|                                                                  |                  |                                                                                                 |                              |                    |                                         |    |                   |   |   |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                             |                                                                        |                              |                    |                                         |       |                   |                     |
|-------------------------------------------------|----------------------------------|-----------------------------------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------------|------------|------------------------|--------------------------|
| Schedule III                                    |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Real Estate Owned by Local Limited Partnerships |                             |                                                                        |                              |                    |                                         |       |                   |                     |
| March 31, 2006                                  |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
|                                            |                             | As of March 31, 2006                                                        |                              | As of December 31, 2005 |
| Local LimitedPartnership Name                   | Location                         | Partnership’s Total Original Investment in Local Limited Partnerships | Amount of Investment Paid to Date |                    | Mortgage Loans of Local Limited Partnerships | Land       | Property and Equipment | Accumulated Depreciation | Net Book Value |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Hickory Lane Associates, Ltd                    | Newton, Texas                    | 174,000                                                                     | 174,000                           |                    | 585,000                                      | 61,000     | 888,000                | 322,000                  | 627,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Honeysuckle Court Associates, Ltd.              | Vidor, Texas                     | 339,000                                                                     | 339,000                           |                    | 1,144,000                                    | 49,000     | 1,784,000              | 647,000                  | 1,186,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Klimpel Manor, Ltd                              | Fullerton, California            | 1,774,000                                                                   | 1,774,000                         |                    | 1,936,000                                    | 78,000     | 3,510,000              | 1,125,000                | 2,463,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Lamesa Seniors Community, Ltd.                  | Lamesa, Texas                    | 143,000                                                                     | 143,000                           |                    | 666,000                                      | 36,000     | 793,000                | 328,000                  | 501,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Laredo Heights Apartments Ltd.                  | Navasota, Texas                  | 225,000                                                                     | 225,000                           |                    | 954,000                                      | 17,000     | 1,414,000              | 407,000                  | 1,024,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Mountainview Apartments Limited Partnership     | North Wilkesboro, North Carolina | 195,000                                                                     | 195,000                           |                    | 964,000                                      | 86,000     | 1,136,000              | 323,000                  | 899,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Palestine Seniors Community, Ltd.               | Palestine, Texas                 | 225,000                                                                     | 225,000                           |                    | 1,098,000                                    | 45,000     | 1,351,000              | 403,000                  | 933,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pecan Grove Limited Partnership                 | Forrest City, Arkansas           | 240,000                                                                     | 240,000                           |                    | 1,081,000                                    | 35,000     | 1,414,000              | 654,000                  | 795,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Pioneer Street Associates                       | Bakersfield, California          | 2,222,000                                                                   | 2,222,000                         |                    | 1,715,000                                    | 300,000    | 3,845,000              | 1,585,000                | 2,560,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Sidney Apartments I, Limited Partnership        | Sidney, Nebraska                 | 530,000                                                                     | 530,000                           |                    | 425,000                                      | 33,000     | 1,386,000              | 360,000                  | 1,059,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Southcove Associates                            | Orange Cove, California          | 2,000,000                                                                   | 2,000,000                         |                    | 1,490,000                                    | 175,000    | 3,383,000              | 1,381,000                | 2,177,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
| Walnut Turn Associates, Ltd.                    | Buna, Texas                      | 188,000                                                                     | 188,000                           |                    | 677,000                                      | 58,000     | 982,000                | 357,000                  | 683,000 |
|                                            |                             |                                                                        |                              |                    |                                         |       |                   |                     |   |
|                                            |                             | $12,033,000                                                                 | $12,033,000                       |                    | $25,798,000                                  | $1,712,000 | $40,381,000            | $13,479,000              | $28,614,000 |

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| WNC Housing Tax Credit Fund IV, L.P., Series 2                        |                                 |
|-----------------------------------------------------------------------|--------------------------------------|
| Schedule III                                                          |                                 |   |
| Real Estate Owned by Local Limited Partnerships                       |                                 |
| March 31, 2006                                                        |                                 |   |
|                                                                  | For the year ended December 31, 2005 |
| Local LimitedPartnership Name                                         | Rental Income                        | Net Income (Loss) | Year Investment Acquired | Estimated Useful Life (Years) |
|                                                                  |                                 |   |   |   |
| Apartment Housing of East Brewton, Ltd.                               | $   133,000           | $   (56,000) |  1998 |  40 Years |
|                                                                  |                                 |   |   |   |
| Autumn Trace Associates, Ltd.                                         | 255,000                              | (24,000) | 1994 |  27.5 Years |
|                                                                  |                                 |   |   |   |
| Broken Bow Apartments I, Limited Partnership                          | 56,000                               | (48,000) |  1996 |  40 Years |
|                                                                  |                                 |   |   |   |
| Candleridge Apartments of Waukee L.P. II                              | 126,000                              | (14,000) |  1995 |  27.5 Years |
|                                                                  |                                 |   |   |   |
| Chadwick Limited Partnership                                          | 220,000                              | (17,000) | 1994 |  50 Years |
|                                                                  |                                 |   |   |   |
| Comanche Retirement Village, Ltd.                                     | 87,000                               | (15,000) | 1994 |  30 Years |
|                                                                  |                                 |   |   |   |
| Crossings II Limited Dividend Housing Association Limited Partnership | 565,000                              | (226,000) |   1997 |    40 Years |
|                                                                  |                                 |   |   |   |
| EW, a Wisconsin Limited Partnership                                   | 78,000                               | 34,000 |  1994 |   27.5 Years |
|                                                                  |                                 |   |   |   |
| Garland Street Limited Partnership                                    | 95,000                               | (34,000) |  1994 |   27.5 Years |
|                                                                  |                                 |   |   |   |
| Hereford Seniors Community, Ltd.                                      | 105,000                              | (13,000) |  1995 |  40 Years |
|                                                                  |                                 |   |   |   |
| Hickory Lane Associates, Ltd.                                         | 98,000                               | (44,000) | 1995 | 27.5 Years |
|                                                                  |                                 |   |   |   |
| Honeysuckle Court Associates, Ltd.                                    | 209,000                              | (49,000) |  1995 |  27.5 Years |
|                                                                  |                                 |   |   |   |
| Klimpel Manor, Ltd.                                                   | 428,000                              | (21,000) | 1994 | 40 Years |
|                                                                  |                                 |   |   |   |
| Lamesa Seniors Community, Ltd.                                        | 122,000                              | (26,000) |  1994 |  40 Years |
|                                                                  |                                 |   |   |   |
| Laredo Heights Apartments Ltd.                                        | 205,000                              | (21,000) | 1996 | 45 Years |
|                                                                  |                                 |   |   |   |
| Mountainview Apartments Limited Partnership                           | 113,000                              | 1,000 |  1994 |  40 Years |

----

| WNC Housing Tax Credit Fund IV, L.P., Series 2  |                                 |                         |
|-------------------------------------------------|--------------------------------------|------------------------------|
| Schedule III                                    |                                 |                         |   |   |
| Real Estate Owned by Local Limited Partnerships |                                 |                         |
| March 31, 2006                                  |                                 |                         |   |   |
|                                            | For the year ended December 31, 2005 |
| Local LimitedPartnership Name                   | Rental Income                        | Net Income (Loss)            | Year Investment Acquired | Estimated Useful Life (Years) |
|                                            |                                 |                         |   |   |
| Palestine Seniors Community, Ltd.               | 144,000                              | (41,000)                     |  1994 |  40 Years |
|                                            |                                 |                         |   |   |
| Pecan Grove Limited Partnership                 | 150,000                              | (35,000)                     | 1994 | 27.5 Years |
|                                            |                                 |                         |   |   |
| Pioneer Street Associates                       | 565,000                              | (54,000)                     | 1995 | 27.5 Years |
|                                            |                                 |                         |   |   |
| Sidney Apartments I, Limited Partnership        | 79,000                               | (24,000)                     |  1996 |  40 Years |
|                                            |                                 |                         |   |   |
| Southcove Associates                            | 261,000                              | (121,000)                    | 1994 | 27.5 Years |
|                                            |                                 |                         |   |   |
| Walnut Turn Associates, Ltd.                    | 108,000                              | (23,000)                     | 1995 | 27.5 Years |
|                                            |                                 |                         |   |   |
|                                            | $   4,202,000         | $   (871,000) |   |   |

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