**Exhibit13**

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

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

**SERIES 20 THROUGH SERIES 44**

 

MARCH 31, 2003 AND 2002

 

----

 

Boston Capital TaxCredit Fund IV L.P. - 

Series 20 throughSeries 44

 

TABLE OF CONTENTS

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

 

 

Schedules not listed areomitted because of the absence of the conditions under which they are requiredor the information is included in the financial statements or the notesthereto.

 

----

 

Reznick Fedder & Silverman

Certified Public Accountants * A Professional Corporation

 

7700 Old Georgetown Road * Suite 400 * Bethesda, MD 20814-6224

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

 

 

INDEPENDENTAUDITORS’ REPORT

 

Tothe Partners of

BostonCapital Tax Credit Fund IV L.P.

 

We have audited the accompanying balance sheets ofBoston Capital Tax Credit Fund IV L.P. as of March 31, 2003 and 2002, and therelated statements of operations, changes in partners’ capital and cash flowsfor the years ended March 31, 2003, 2002 and 2001 in total and Boston CapitalTax Credit Fund IV L.P. - Series 20 through 44 as of March 31, 2003 and Series20 through 42 as of March 31, 2002 and the related statements of operations,partners’ capital and cash flows for the years ended March 31, 2003, 2002 and2001 for Series 20 through 38, for the years ended March 31, 2003 and 2002 andfor the period August 1, 2000 (date of inception) through March 31, 2001 forSeries 39, for the years ended March 31, 2003 and 2002 and for the periodFebruary 1, 2001 (date of inception) through March 31, 2001 for Series 40, forthe year ended March 31, 2003 and the period August 1, 2001 (date of inception)through March 31, 2002 for Series 41, for the year ended March 31, 2003 and theperiod February 1, 2002 (date of inception) though March 31, 2002 for Series42, for the period August 1, 2002 (date of inception) through March 31, 2003for Series 43, and for the period January 1, 2003 (date of inception) throughMarch 31, 2003 for Series 44.  Thesefinancial statements are the responsibility of the partnership’smanagement.  Our responsibility is toexpress an opinion on these financial statements based on our audits.  We did not audit the financial statements ofcertain operating limited partnerships in which Boston Capital Tax Credit FundIV L.P. owns a limited partnership interest. Investments in such partnerships comprise the following percentages:Total, 7% and 21% of the assets as of March 31, 2003 and 2002, respectively, and6%, 19% and 22% of the partnership loss for the years ended March 31, 2003,2002 and 2001, respectively; of the assets for Series 20 as of March 31, 2003and 2002, 1% and 17%, respectively; of the partnership loss for Series 20 forthe years ended March 31, 2003, 2002 and 2001, 1%, 16% and 19%, respectively;of the assets for Series 21 as of March 31, 2003 and 2002, 9% and 38%,respectively; of the partnership loss for Series 21 for the years ended March31, 2003, 2002 and 2001, 13%, 10% and 26%, respectively; of the assets forSeries 22 as of March 31, 2003 and 2002, 8% and 18%, respectively; of thepartnership loss for Series 22 for the years ended March 31, 2003, 2002 and2001, 2%, 20% and 8%, respectively; of the assets for Series 23 as of March 31,2003 and 2002, 18% and 47%, respectively; of the partnership loss for Series 23for the years ended March 31, 2003, 2002 and 2001, 4%, 39% and 31%,respectively; of the assets for Series 24 as of March 31, 2003 and 2002, 17%and 15%, respectively; of the partnership loss for Series 24 for the yearsended March 31, 2003, 2002 and 2001, 42%, 16% and 25%, respectively; of theassets for Series 25 as of March 31, 2003 and 2002, 27% and 37%, respectively;of the partnership loss for Series 25 for the years ended March 31, 2003, 2002and

 

F-3

----

 

2001, 23%, 38% and 31%,respectively; of the assets for Series 26 as of March 31, 2003 and 2002, 20%and 17%, respectively; of the partnership loss for Series 26 for the yearsended March 31, 2003, 2002 and 2001, 29%, 25% and 38%, respectively; of theassets for Series 27 as of March 31, 2003 and 2002, 18% and 22%, respectively;of the partnership loss for Series 27 for the years ended March 31, 2003, 2002and 2001, 27%, 39% and 35%, respectively; of the assets for Series 28 as ofMarch 31, 2003 and 2002, 3% and 45%, respectively; of the partnership loss forSeries 28 for the years ended March 31, 2003, 2002 and 2001, 4%, 29% and 39%,respectively; of the assets for Series 29 as of March 31, 2003 and 2002, 1% and30%, respectively; of the partnership loss for Series 29 for the years endedMarch 31, 2003, 2002 and 2001, 1%, 13% and 9%, respectively; of the assets forSeries 30 as of March 31, 2003 and 2002, 3% and 40%, respectively; of thepartnership loss for Series 30 for the years ended March 31, 2003, 2002 and2001, 4%, 33% and 40%, respectively; of the assets for Series 31 as of March31, 2003 and 2002, 15% and 40%, respectively; of the partnership loss forSeries 31 for the years ended March 31, 2003, 2002 and 2001, 15%, 26% and 16%,respectively; of the assets for Series 32 as of March 31, 2003 and 2002, 9% and21%, respectively; of the partnership loss for Series 32 for the years endedMarch 31, 2003, 2002 and 2001, 5%, 17% and 21%, respectively; of the assets forSeries 33 as of March 31, 2003 and 2002, 0% and 27%, respectively; of thepartnership loss for Series 33 for the years ended March 31, 2003, 2002 and2001, 0%, 31% and 33%, respectively; of the assets for Series 34 as of March31, 2003 and 2002, 0% and 17%, respectively; of the partnership loss for Series34 for the years ended March 31, 2003, 2002 and 2001, 0%, 12% and 7%,respectively; of the assets for Series 35 as of March 31, 2003 and 2002, 0% and22%, respectively; of the partnership loss for Series 35 for the years endedMarch 31, 2003, 2002 and 2001, 0%, 17% and 7%, respectively; of the assets forSeries 36 as of March 31, 2003 and 2002, 5% and 11%, respectively; of thepartnership loss for Series 36 for the years ended March 31, 2003, 2002 and2001, 2%, 9% and 26%, respectively; of the assets for Series 37 as of March 31,2003 and 2002, 0% and 8%, respectively; of the partnership loss for Series 37for the years ended March 31, 2003, 2002 and 2001, 0%, 1% and 13%,respectively; of the assets for Series 38 as of March 31, 2003 and 2002, 1% and0%, respectively; and of the partnership loss for Series 38 for the years endedMarch 31, 2003, 2002 and 2001, 1%, 0% and 0%, respectively; of the assets forSeries 39 as of March 31, 2003 and 2002, 0% and 19%, respectively; of thepartnership loss for Series 39 for the years ended March 31, 2003 and 2002 andfor the period August 1, 2000 (date of inception) through March 31, 2001, 0%,12% and 2%, respectively; of the assets for Series 40 as of March 31, 2003 and2002, 3% and 21%, respectively; and of the partnership loss for Series 40 forthe years ended March 31, 2003 and 2002 and for the period February 1, 2001(date of inception) through March 31, 2001, 1%, 20% and 0%, respectively; ofthe assets for Series 41 as of March 31, 2003 and 2002, 1% and 10%,respectively; and of the partnership loss for Series 41 for the year endedMarch 31, 2003 and for the period August 1, 2001 (date of inception) throughMarch 31, 2002, 3% and 0%, respectively; of the assets for Series 42 as ofMarch 31, 2003 and 2002, 11% and 0%, respectively; and of the partnership lossfor Series 42 for the year ended March 31, 2003 and for the period February 1,2002 (date of inception) through March 31, 2002, 5% and 0%, respectively; ofthe assets for Series 43 as of March 31, 2003, 9%; and of the partnership lossfor Series 43 for the period August 1, 2003 (date of inception) through March31, 2003, 10%; of the assets for Series 44 as of March 31, 2003, 0%; and of thepartnership loss for Series 44 for the period January 1, 2003 

 

F-4

----

 

(date of inception)through March 31, 2003, 0%.  Thefinancial statements of these partnerships were audited by other auditors,whose reports have been furnished to us, and our opinion, insofar as it relatesto information relating to these partnerships, is based solely on the reportsof the other auditors.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica.  Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement.  An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation.  We believe thatour audits and the reports of the other auditors provide a reasonable basis forour opinion.

 

In our opinion, based on ouraudits and the reports of the other auditors, the financial statements referredto above present fairly, in all material respects, the financial position ofBoston Capital Tax Credit Fund IV L.P. as of March 31, 2003 and 2002, and theresults of its operations and its cash flows for the years ended March 31,2003, 2002 and 2001 for Series 20 through 38, for the years ended March 31,2003 and 2002 and for the period August 1, 2000 (date of inception) throughMarch 31, 2001 for Series 39, for the years ended March 31, 2003 and 2002 andfor the period February 1, 2001 (date of inception) through March 31, 2001 forSeries 40, for the year ended March 31, 2003 and for the period August 1, 2001(date of inception) through March 31, 2002 for Series 41, for the year endedMarch 31, 2003 and for the period February 1, 2002 (date of inception) throughMarch 31, 2002 for Series 42, for the period August 1, 2002 (date of inception)through March 31, 2003 for Series 43 and for the period January 1, 2003 (dateof inception) through March 31, 2003 for Series 44, in conformity withaccounting principles generally accepted in the United States of America.

 

We and other auditors havealso audited the information included in the related financial statementschedules listed in Form 10-K, Item 15(a) of Boston Capital Tax Credit Fund IVL.P. - Series 20 through Series 44 as of March 31, 2003.  In our opinion, the schedules present fairly,in all material respects, the information required to be set forth therein, inconformity with accounting principles generally accepted in the United Statesof America.

 
| Bethesda,  Maryland | /s/ Reznick, Fedder   |
|---------------------|-----------------------|
| July  2, 2003       |  & Silverman |

 

F-5

----

 

Boston Capital TaxCredit Fund IV L.P.

 

BALANCE SHEETS

 

March 31, 2003 and2002

 
|                                                                                                                                                                                                                                                             |   | **Total**   |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|
|                                                                                                                                                                                                                                                             |   | **2003**    |        | **2002** |   |
| ASSETS                                                                                                                                                                                                                                                           |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                                                   |   | $           | 424,883,445 |   | $ | 410,857,851 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| OTHER ASSETS                                                                                                                                                                                                                                                     |   |        |        |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                                                       |   | 25,882,162  |        | 18,950,441 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                                                  |   | 6,018,380   |        | 7,474,493 |   |
| Notes receivable  (note D)                                                                                                                                                                                                                                       |   | 14,733,948  |        | 17,736,231 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                                                             |   | 30,817,914  |        | 24,043,671 |   |
| Other assets  (note E)                                                                                                                                                                                                                                           |   | 13,158,071  |        | 14,311,335 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | $           | 515,493,920 |   | $ | 493,374,022 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                                                           |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
| LIABILITIES                                                                                                                                                                                                                                                      |   |        |        |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                                                           |   | $           | 1,090,107   |   | $ | 897,555 |   |
| Line of credit  (note I)                                                                                                                                                                                                                                         |   | —      |        | 5,708,074 |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                                                          |   | 15,528,445  |        | 12,227,766 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                                                          |   | 34,899,189  |        | 38,224,714 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | 51,517,741  |        | 57,058,109 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                                                 |   |        |        |   |   |
| Assignor limited  partner                                                                                                                                                                                                                                        |   |        |        |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 75,662,578 and 68,028,269 at  March 31, 2003 and 2002, respectively, are issued and outstanding to the  assignees |   | —      |        | — |   |
| Assignees                                                                                                                                                                                                                                                        |   |        |        |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 75,662,578 and   68,029,269 at March 31, 2003 and 2002, respectively, issued and  outstanding                                                           |   | 465,720,104 |        | 437,739,660 |   |
| General partner                                                                                                                                                                                                                                                  |   | (1,790,531  | )           | (1,446,904 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                                                          |   | 46,606      |        | 23,157 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | 463,976,179 |        | 436,315,913 |   |
|                                                                                                                                                                                                                                                             |   |        |        |   |   |
|                                                                                                                                                                                                                                                             |   | $           | 515,493,920 |   | $ | 493,374,022 |   |

 

Series 43 and 44were not formed until after March 31, 2002, therefore no comparativeinformation has been included.

 

F-6

----

 
|                                                                                                                                                                                                                             |   | **Series 20** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING  LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 12,675,770 |   | $ | 14,695,373 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 244,384       |       | 217,550 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | —        |       | — |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 83,947        |       | 87,518 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 1,199,682     |       | 1,087,346 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 14,203,783 |   | $ | 16,087,787 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | 9,902      |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 3,190,282     |       | 2,699,399 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 388,026       |       | 388,026 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 3,588,210     |       | 3,087,425 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,866,700 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,866,700 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 10,839,982    |       | 13,200,923 |   |
| General partner                                                                                                                                                                                                                  |   | (224,409      | )          | (200,561 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 10,615,573    |       | 13,000,362 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 14,203,783 |   | $ | 16,087,787 |   |

 

F-7

----

 
|                                                                                                                                                                                                                             |   | **Series 21** |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                             |   | **2003**      |      | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |      |   |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| INVESTMENTS IN OPERATING  LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 2,393,876 |   | $ | 2,929,817 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |      |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 211,070       |      | 237,787 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |      | 9,223 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 457,639       |      | 641,542 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 45,916        |      | 47,870 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 451,825       |      | 410,611 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | $             | 3,560,326 |   | $ | 4,276,850 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |      |   |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |      |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —    |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |      | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 627,029       |      | 501,190 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 457,642       |      | 641,543 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | 1,084,671     |      | 1,142,733 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |      |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |      |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 1,892,700 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |      |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 1,892,700 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 2,612,851     |      | 3,264,672 |   |
| General partner                                                                                                                                                                                                                  |   | (137,196      | )         | (130,612 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |      | 57 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | 2,475,655     |      | 3,134,117 |   |
|                                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                             |   | $             | 3,560,326 |   | $ | 4,276,850 |   |

 

F-8

----

 
|                                                                                                                                                                                                                             |   | **Series 22** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 9,514,695  |   | $ | 11,087,299 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 354,902       |       | 254,977 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 175,011 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 450,981       |       | 450,981 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 144,285       |       | 150,424 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 167,919       |       | 167,361 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 10,632,782 |   | $ | 12,286,053 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 1,634,923     |       | 1,455,331 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 480,996       |       | 487,655 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 2,115,919     |       | 1,942,986 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,564,400 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,564,400 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 8,650,776     |       | 10,457,633 |   |
| General partner                                                                                                                                                                                                                  |   | (133,913      | )          | (115,662 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 1,096 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 8,516,863     |       | 10,343,067 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 10,632,782 |   | $ | 12,286,053 |   |

 

F-9

----

 
|                                                                                                                                                                                                                             |   | **Series 23** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 16,373,993 |   | $ | 17,726,828 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 167,196       |       | 176,646 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | —        |       | — |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 214,573       |       | 223,704 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 269,370       |       | 269,370 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 17,025,132 |   | $ | 18,396,548 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 1,074,211     |       | 833,948 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 117,796       |       | 117,796 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,192,007     |       | 951,744 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,336,727 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,336,727 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 15,959,640    |       | 17,555,202 |   |
| General partner                                                                                                                                                                                                                  |   | (126,515      | )          | (110,398 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 15,833,125    |       | 17,444,804 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 17,025,132 |   | $ | 18,396,548 |   |

 

F-10

----

 
|                                                                                                                                                                                                                             |   | **Series 24** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN OPERATING  LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 9,168,660  |   | $ | 9,240,905 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 233,010       |       | 264,742 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 213,962 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 155,478       |       | 534,342 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 239,807       |       | 250,011 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 318,194       |       | 716,362 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 10,115,149 |   | $ | 11,220,324 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | 39,878     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 1,154,667     |       | 1,246,315 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 368,239       |       | 1,214,204 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,562,784     |       | 2,460,519 |   |
| PARTNERS’ CAPITAL  (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,169,878 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,169,878 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 8,652,140     |       | 8,856,179 |   |
| General partner                                                                                                                                                                                                                  |   | (99,775       | )          | (97,714 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 1,340 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 8,552,365     |       | 8,759,805 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 10,115,149 |   | $ | 11,220,324 |   |

 

F-11

----

 
|                                                                                                                                                                                                                             |   | **Series 25** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 15,315,756 |   | $ | 16,265,562 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 489,697       |       | 463,598 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 258,716 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | —        |       | 523,193 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 240,834       |       | 251,082 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 747,614       |       | 1,323,019 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,793,901 |   | $ | 19,085,170 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | 30,878     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 863,380       |       | 990,704 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 943,704       |       | 2,073,892 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,837,962     |       | 3,064,596 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,026,109 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,026,109 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 15,063,824    |       | 16,116,208 |   |
| General partner                                                                                                                                                                                                                  |   | (107,885      | )          | (97,255 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 1,621 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 14,955,939    |       | 16,020,574 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 16,793,901 |   | $ | 19,085,170 |   |

 

F-12

----

 
|                                                                                                                                                                                                                             |   | **Series 26** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 23,716,013 |   | $ | 24,785,250 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 516,145       |       | 324,565 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 135,822       |       | 571,335 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 422,596       |       | 439,500 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 1,594,656     |       | 2,227,346 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 26,385,232 |   | $ | 28,347,996 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | 100,683    |   | $ | 90 |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 1,654,168     |       | 1,566,588 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 1,475,380     |       | 2,197,433 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 3,230,231     |       | 3,764,111 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,995,900 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,995,900 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 23,263,704    |       | 24,678,299 |   |
| General partner                                                                                                                                                                                                                  |   | (108,703      | )          | (94,414 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 23,155,001    |       | 24,583,885 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 26,385,232 |   | $ | 28,347,996 |   |

 

F-13

----

 
|                                                                                                                                                                                                                             |   | **Series 27** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 14,645,587 |   | $ | 15,447,161 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 339,714       |       | 430,440 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 226,453 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | —        |       | — |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 351,248       |       | 366,195 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 172,425       |       | 172,383 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 15,508,974 |   | $ | 16,642,632 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 1,240,107     |       | 1,174,903 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 39,749        |       | 156,389 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,279,856     |       | 1,331,292 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,460,700 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,460,700 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 14,293,274    |       | 15,363,269 |   |
| General partner                                                                                                                                                                                                                  |   | (64,156       | )          | (53,348 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 1,419 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 14,229,118    |       | 15,311,340 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 15,508,974 |   | $ | 16,642,632 |   |

 

F-14

----

 
|                                                                                                                                                                                                                             |   | **Series 28** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 25,184,476 |   | $ | 26,355,147 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 304,688       |       | 510,061 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | 150,337       |       | 431,404 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 638,346       |       | 775,000 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 77,562        |       | 80,861 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 353,370       |       | 2,633 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 26,708,779 |   | $ | 28,155,106 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | —        |       | — |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 148,783       |       | 148,783 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 148,783       |       | 148,783 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 4,000,738 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 4,000,738 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 26,637,876    |       | 28,067,294 |   |
| General partner                                                                                                                                                                                                                  |   | (78,151       | )          | (63,713 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | 271           |       | 2,742 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 26,559,996    |       | 28,006,323 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 26,708,779 |   | $ | 28,155,106 |   |

 

F-15

----

 
|                                                                                                                                                                                                                             |   | **Series 29** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 22,450,900 |   | $ | 24,490,660 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 468,746       |       | 577,830 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | 49,929        |       | 227,525 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 20,935        |       | 20,935 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 77,761        |       | 81,073 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 150,723       |       | 4,622 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 23,218,994 |   | $ | 25,402,645 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 422,795       |       | 209,815 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 304,770       |       | 304,770 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 727,565       |       | 514,585 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,991,800 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,991,800 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 22,605,257    |       | 24,976,414 |   |
| General partner                                                                                                                                                                                                                  |   | (113,731      | )          | (89,780 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | (97           | )          | 1,426 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 22,491,429    |       | 24,888,060 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 23,218,994 |   | $ | 25,402,645 |   |

 

F-16

----

 
|                                                                                                                                                                                                                             |   | **Series 30** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 16,661,934 |   | $ | 17,826,875 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 121,470       |       | 256,324 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 159,267 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 301,842       |       | 385,438 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 499,058       |       | 520,298 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 1,773         |       | 258,095 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 17,586,077 |   | $ | 19,406,297 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 309           |       | 176 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 134,311       |       | 528,451 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 134,620       |       | 528,627 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,651,000 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,651,000 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 17,503,999    |       | 18,914,962 |   |
| General partner                                                                                                                                                                                                                  |   | (52,542       | )          | (38,290 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 998 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 17,451,457    |       | 18,877,670 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 17,586,077 |   | $ | 19,406,297 |   |

 

F-17

----

 
|                                                                                                                                                                                                                             |   | **Series 31** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 25,656,110 |   | $ | 27,720,981 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 294,050       |       | 680,648 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 303,367 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 655,675       |       | 655,675 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | —        |       | — |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 483,572       |       | 497,363 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 27,089,407 |   | $ | 29,858,034 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | —        |       | 33,120 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 705,771       |       | 1,030,019 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 705,771       |       | 1,063,139 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 4,417,857 at March 31, 2003 and  2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 4,417,857 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 26,499,059    |       | 28,884,324 |   |
| General partner                                                                                                                                                                                                                  |   | (115,423      | )          | (91,330 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 1,901 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 26,383,636    |       | 28,794,895 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 27,089,407 |   | $ | 29,858,034 |   |

 

F-18

----

 
|                                                                                                                                                                                                                             |   | **Series 32** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 31,094,955 |   | $ | 32,959,161 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 303,823       |       | 491,354 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 573,581       |       | 630,673 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 714,463       |       | 744,760 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 448,301       |       | 607,309 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 33,135,123 |   | $ | 35,433,257 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 345,962       |       | 213,058 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 936,164       |       | 1,074,248 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,282,126     |       | 1,287,306 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 4,754,198 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 4,754,198 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 31,940,828    |       | 34,210,853 |   |
| General partner                                                                                                                                                                                                                  |   | (87,831       | )          | (64,902 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 31,852,997    |       | 34,145,951 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 33,135,123 |   | $ | 35,433,257 |   |

 

F-19

----

 
|                                                                                                                                                                                                                             |   | **Series 33** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 17,734,775 |   | $ | 18,625,977 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 179,335       |       | 724,344 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 111,787       |       | 113,575 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 641,071       |       | 668,347 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 133,131       |       | 261,627 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 18,800,099 |   | $ | 20,393,870 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 293,402       |       | 219,438 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 202,285       |       | 751,366 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 495,687       |       | 970,804 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,636,533 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,636,533 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 18,347,148    |       | 19,454,616 |   |
| General partner                                                                                                                                                                                                                  |   | (42,736       | )          | (31,550 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 18,304,412    |       | 19,423,066 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 18,800,099 |   | $ | 20,393,870 |   |

 

F-20

----

 
|                                                                                                                                                                                                                             |   | **Series 34** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 22,240,109 |   | $ | 23,851,276 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 286,228       |       | 382,970 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 3,547         |       | 164,562 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 1,018,828     |       | 1,062,184 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | —        |       | 493,688 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 23,548,712 |   | $ | 25,954,680 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 596,996       |       | 303,802 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 95,968        |       | 807,004 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 692,964       |       | 1,110,806 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,529,319 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,529,319 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 22,927,581    |       | 24,895,844 |   |
| General partner                                                                                                                                                                                                                  |   | (71,833       | )          | (51,970 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 22,855,748    |       | 24,843,874 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 23,548,712 |   | $ | 25,954,680 |   |

 

F-21

----

 
|                                                                                                                                                                                                                             |   | **Series 35** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 19,767,681 |   | $ | 20,932,858 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 581,040       |       | 708,626 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 611,447 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 322,784       |       | 918,319 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 2,887,248     |       | 3,010,116 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 203,170       |       | 228,480 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 23,761,923 |   | $ | 26,409,846 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 72,122        |       | 76,932 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 603,740       |       | 1,716,237 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 675,862       |       | 1,793,169 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,300,463 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,300,463 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 23,137,225    |       | 24,652,271 |   |
| General partner                                                                                                                                                                                                                  |   | (51,164       | )          | (35,861 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 267 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 23,086,061    |       | 24,616,677 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 23,761,923 |   | $ | 26,409,846 |   |

 

F-22

----

 
|                                                                                                                                                                                                                             |   | **Series 36** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 12,486,013 |   | $ | 13,473,738 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 96,390        |       | 45,839 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 322,784       |       | 322,784 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 1,982,467     |       | 2,066,827 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 338,833       |       | 407,465 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 15,226,487 |   | $ | 16,316,653 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | 6,669 |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 457,898       |       | 290,825 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 680,429       |       | 680,429 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 1,138,327     |       | 977,923 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,106,837 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,106,837 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 14,125,942    |       | 15,364,006 |   |
| General partner                                                                                                                                                                                                                  |   | (37,782       | )          | (25,276 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 14,088,160    |       | 15,338,730 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 15,226,487 |   | $ | 16,316,653 |   |

 

F-23

----

 
|                                                                                                                                                                                                                             |   | **Series 37** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 16,153,757 |   | $ | 17,469,596 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 305,836       |       | 559,002 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 1,810,486     |       | 1,814,211 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 2,204,852     |       | 2,294,151 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 219,635       |       | 345,617 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 20,694,566 |   | $ | 22,482,577 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | 100,000 |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 258,632       |       | 81,688 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 1,944,309     |       | 2,165,429 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 2,202,941     |       | 2,347,117 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,512,500 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,512,500 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 18,522,272    |       | 20,149,669 |   |
| General partner                                                                                                                                                                                                                  |   | (30,647       | )          | (14,209 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | — |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 18,491,625    |       | 20,135,460 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 20,694,566 |   | $ | 22,482,577 |   |

 

F-24

----

 
|                                                                                                                                                                                                                              |   | **Series 38** |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                              |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                            |   |          |       |   |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                    |   | $             | 16,658,700 |   | $ | 17,632,089 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                      |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                        |   | 155,345       |       | 644,013 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                   |   | —        |       | 502,334 |   |
| Notes receivable  (note D)                                                                                                                                                                                                        |   | —        |       | — |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                              |   | 2,493,427     |       | 2,588,159 |   |
| Other assets  (note E)                                                                                                                                                                                                            |   | 85,396        |       | 130,369 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | $             | 19,392,868 |   | $ | 21,496,964 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                            |   |          |       |   |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                       |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                            |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                           |   | 233,429       |       | 69,025 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                           |   | 135,173       |       | 1,232,066 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | 368,602       |       | 1,301,091 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,543,100 at March 31, 2003  and 2002, are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                         |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,543,100 at March 31, 2003 and 2002, issued and outstanding                                                                  |   | 19,052,308    |       | 20,211,572 |   |
| General partner                                                                                                                                                                                                                   |   | (28,042       | )          | (16,332 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                           |   | —        |       | 633 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | 19,024,266    |       | 20,195,873 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | $             | 19,392,868 |   | $ | 21,496,964 |   |

 

F-25

----

 
|                                                                                                                                                                                                                             |   | **Series 39** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 14,730,373 |   | $ | 16,095,151 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 49,200        |       | 532,334 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | —        |       | 27,025 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | —        |       | 543,567 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 2,304,288     |       | 2,390,716 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 299,374       |       | 902,108 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 17,383,235 |   | $ | 20,490,901 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | —     |   | $ | — |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 187,645       |       | 50,845 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 161,805       |       | 2,065,285 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 349,450       |       | 2,116,130 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,292,152 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,292,152 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 17,059,889    |       | 18,387,300 |   |
| General partner                                                                                                                                                                                                                  |   | (26,104       | )          | (12,696 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | —        |       | 167 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 17,033,785    |       | 18,374,771 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 17,383,235 |   | $ | 20,490,901 |   |

 

F-26

----

 
|                                                                                                                                                                                                                              |   | **Series 40** |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                              |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                            |   |          |       |   |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                    |   | $             | 18,256,397 |   | $ | 18,540,930 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                      |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                        |   | 97,331        |       | 795,646 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                   |   | —        |       | 1,918,956 |   |
| Notes receivable  (note D)                                                                                                                                                                                                        |   | 312,318       |       | 1,321,601 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                              |   | 2,789,041     |       | 2,812,641 |   |
| Other assets  (note E)                                                                                                                                                                                                            |   | 312,625       |       | 46,216 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | $             | 21,767,712 |   | $ | 25,435,990 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                            |   |          |       |   |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                       |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                            |   | $             | 37,533     |   | $ | 67,062 |   |
| Line of credit  (note I)                                                                                                                                                                                                          |   | —        |       | — |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                           |   | 414,409       |       | 125,733 |   |
| Capital contributions  payable (note C)                                                                                                                                                                                           |   | 651,411       |       | 3,449,417 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | 1,103,353     |       | 3,642,212 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                  |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                         |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,630,256 at March 31, 2003  and 2002, are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                         |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,630,256 at March 31, 2003 and 2002, issued and outstanding                                                                  |   | 20,682,658    |       | 21,789,671 |   |
| General partner                                                                                                                                                                                                                   |   | (18,299       | )          | (7,089 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                           |   | —        |       | 11,196 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | 20,664,359    |       | 21,793,778 |   |
|                                                                                                                                                                                                                              |   |          |       |   |   |
|                                                                                                                                                                                                                              |   | $             | 21,767,712 |   | $ | 25,435,990 |   |

 

F-27

----

 
|                                                                                                                                                                                                                             |   | **Series 41** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                             |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                   |   | $             | 19,421,142 |   | $ | 20,029,680 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                     |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                       |   | 930,843       |       | 8,231,905 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                  |   | 496,399       |       | 2,409,803 |   |
| Notes receivable  (note D)                                                                                                                                                                                                       |   | 372,883       |       | 6,058,498 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                             |   | 3,047,101     |       | 3,186,688 |   |
| Other assets  (note E)                                                                                                                                                                                                           |   | 1,320,885     |       | 895,834 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 25,589,253 |   | $ | 40,812,408 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                           |   |          |       |   |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                           |   | $             | 2,800      |   | $ | 105,274 |   |
| Line of credit  (note I)                                                                                                                                                                                                         |   | —        |       | 3,010,000 |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                          |   | 378,757       |       | 78,897 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                          |   | 2,284,064     |       | 12,919,212 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 2,665,621     |       | 16,113,383 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                 |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                        |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,891,626 at March 31, 2003  and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                        |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,891,626 at March 31, 2003 and 2002 issued and outstanding                                                                  |   | 22,944,988    |       | 24,703,570 |   |
| General partner                                                                                                                                                                                                                  |   | (21,323       | )          | (2,839 | ) |
| Accumulated  other comprehensive income                                                                                                                                                                                          |   | (33           | )          | (1,706 | ) |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | 22,923,632    |       | 24,699,025 |   |
|                                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                                             |   | $             | 25,589,253 |   | $ | 40,812,408 |   |

 

F-28

----

 
|                                                                                                                                                                                                                                         |   | **Series 42** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                                         |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                                                       |   |          |       |   |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                                               |   | $             | 19,580,498 |   | $ | 2,675,537 |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                                 |   |          |       |   |   |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                                                   |   | 1,528,577     |       | 1,439,240 |   |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                                              |   | 3,524,918     |       | — |   |
| Notes receivable  (note D)                                                                                                                                                                                                                   |   | 3,361,150     |       | 1,290,000 |   |
| Deferred  acquisition costs (note A)                                                                                                                                                                                                         |   | 3,044,611     |       | 720,546 |   |
| Other assets  (note E)                                                                                                                                                                                                                       |   | 1,039,347     |       | 2,856,111 |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
|                                                                                                                                                                                                                                         |   | $             | 32,079,101 |   | $ | 8,981,434 |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                                       |   |          |       |   |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                                                  |   |          |       |   |   |
| Accounts payable  and accrued expenses                                                                                                                                                                                                       |   | $             | 1,038      |   | $ | 618,460 |   |
| Line of credit  (note I)                                                                                                                                                                                                                     |   | —        |       | 2,698,074 |   |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                                      |   | 264,878       |       | 6,034 |   |
| Capital  contributions payable (note C)                                                                                                                                                                                                      |   | 8,777,237     |       | 2,075,060 |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
|                                                                                                                                                                                                                                         |   | 9,043,153     |       | 5,397,628 |   |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                                             |   |          |       |   |   |
| Assignor limited  partner                                                                                                                                                                                                                    |   |          |       |   |   |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 2,744,262 and 457,776 at March  31, 2003 and 2002 are issued and outstanding to the assignees |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                                                    |   |          |       |   |   |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 2,744,262 and 457,776 at March 31, 2003 and 2002 issued and  outstanding                                                                 |   | 22,997,666    |       | 3,584,909 |   |
| General partner                                                                                                                                                                                                                              |   | (6,317        | )          | (1,103 | ) |
| Accumulated other  comprehensive income                                                                                                                                                                                                      |   | 44,599        |       | — |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
|                                                                                                                                                                                                                                         |   | 23,035,948    |       | 3,583,806 |   |
|                                                                                                                                                                                                                                         |   |          |       |   |   |
|                                                                                                                                                                                                                                         |   | $             | 32,079,101 |   | $ | 8,981,434 |   |

 

F-29

----

 
|                                                                                                                                                                                                                    |   | **Series 43** |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                    |   | **2003**      |       |
| ASSETS                                                                                                                                                                                                                  |   |          |       |
|                                                                                                                                                                                                                    |   |          |       |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                          |   | $             | 18,349,599 |   |
|                                                                                                                                                                                                                    |   |          |       |
| OTHER ASSETS                                                                                                                                                                                                            |   |          |       |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                              |   | 11,183,205    |       |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                         |   | 1,796,797     |       |
| Notes receivable  (note D)                                                                                                                                                                                              |   | 3,361,995     |       |
| Deferred  acquisition costs (note A)                                                                                                                                                                                    |   | 3,706,564     |       |
| Other assets  (note E)                                                                                                                                                                                                  |   | 2,762,634     |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | $             | 41,160,794 |   |
|                                                                                                                                                                                                                    |   |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                  |   |          |       |
|                                                                                                                                                                                                                    |   |          |       |
| LIABILITIES                                                                                                                                                                                                             |   |          |       |
| Accounts payable  and accrued expenses                                                                                                                                                                                  |   | $             | 111,966    |   |
| Line of credit  (note I)                                                                                                                                                                                                |   | —        |       |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                 |   | 97,417        |       |
| Capital  contributions payable (note C)                                                                                                                                                                                 |   | 9,830,712     |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | 10,040,095    |       |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                        |   |          |       |
| Assignor limited  partner                                                                                                                                                                                               |   |          |       |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 3,637,987 at March 31, 2003  are issued and outstanding to the assignees |   | —        |       |
| Assignees                                                                                                                                                                                                               |   |          |       |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 3,637,987 at March 31, 2003 issued and outstanding                                                                  |   | 31,123,737    |       |
| General partner                                                                                                                                                                                                         |   | (4,904        | )          |
| Accumulated  other comprehensive income                                                                                                                                                                                 |   | 1,866         |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | 31,120,699    |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | $             | 41,160,794 |   |

 

Series 43 and 44 were not formed until after March 31, 2002, thereforeno comparative information has been included.

 

F-30

----

 
|                                                                                                                                                                                                                    |   | **Series 44** |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                    |   | **2003**      |       |
| ASSETS                                                                                                                                                                                                                  |   |          |       |
|                                                                                                                                                                                                                    |   |          |       |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                          |   | $             | 4,651,676  |   |
|                                                                                                                                                                                                                    |   |          |       |
| OTHER ASSETS                                                                                                                                                                                                            |   |          |       |
| Cash and cash  equivalents (notes A and H)                                                                                                                                                                              |   | 6,439,937     |       |
| Investments  available-for-sale (notes A and G)                                                                                                                                                                         |   | —        |       |
| Notes receivable  (note D)                                                                                                                                                                                              |   | 1,363,915     |       |
| Deferred  acquisition costs (note A)                                                                                                                                                                                    |   | 1,586,366     |       |
| Other assets  (note E)                                                                                                                                                                                                  |   | 83,617        |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | $             | 14,125,511 |   |
|                                                                                                                                                                                                                    |   |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                                                                                                                  |   |          |       |
|                                                                                                                                                                                                                    |   |          |       |
| LIABILITIES                                                                                                                                                                                                             |   |          |       |
| Accounts payable  and accrued expenses                                                                                                                                                                                  |   | $             | 755,429    |   |
| Line of credit  (note I)                                                                                                                                                                                                |   | —        |       |
| Accounts payable  - affiliates (note B)                                                                                                                                                                                 |   | 65,027        |       |
| Capital  contributions payable (note C)                                                                                                                                                                                 |   | 3,030,725     |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | 3,851,181     |       |
| PARTNERS’  CAPITAL (note A)                                                                                                                                                                                        |   |          |       |
| Assignor limited  partner                                                                                                                                                                                               |   |          |       |
| Units of limited  partnership interest consisting of 94,500,000 authorized beneficial assignee  certificates (BACs), $10 stated value per BAC, 1,708,836 at March 31, 2003  are issued and outstanding to the assignees |   | —        |       |
| Assignees                                                                                                                                                                                                               |   |          |       |
| Units of  beneficial interest of the limited partnership interest of the assignor  limited partner, 1,708,836 at March 31, 2003 issued and outstanding                                                                  |   | 10,275,480    |       |
| General partner                                                                                                                                                                                                         |   | (1,150        | )          |
| Accumulated  other comprehensive income                                                                                                                                                                                 |   | —        |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | 10,274,330    |       |
|                                                                                                                                                                                                                    |   |          |       |
|                                                                                                                                                                                                                    |   | $             | 14,125,511 |   |

 

Series 43 and 44 were not formed until after March 31, 2002, thereforeno comparative information has been included.

 

See notes to financialstatements

 

F-31

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF OPERATIONS

 
|                                                          |   | **Total**                       |        |
|---------------------------------------------------------------|--------|---------------------------------|-------------|
|                                                          |   | **Year ended  March 31,  2003** |        | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |        |   |   |   |   |
| Interest income                                               |   | $                               | 1,039,697   |   | $ | 884,348 |   | $ | 2,433,397 |   |
| Miscellaneous                                                 |   | 71,537                          |        | 42,091 |   | 45,188 |   |
|                                                          |   |                            |        |   |   |   |   |
|                                                          |   | 1,111,234                       |        | 926,439 |   | 2,478,585 |   |
|                                                          |   |                            |        |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (26,840,274                     | )           | (30,093,432 | ) | (27,258,366 | ) |
|                                                          |   |                            |        |   |   |   |   |
| Expenses                                                      |   |                            |        |   |   |   |   |
| Fund management  fee (note B)                                 |   | 5,283,658                       |        | 4,762,222 |   | 4,759,655 |   |
| Amortization  (note A)                                        |   | 881,921                         |        | 603,339 |   | 520,593 |   |
| General and  administrative expenses (note B)                 |   | 949,645                         |        | 893,561 |   | 947,534 |   |
| Professional  fees                                            |   | 583,813                         |        | 634,694 |   | 489,423 |   |
| Impairment loss                                               |   | 770,199                         |        | — |   | — |   |
| Organization  expense (note A)                                |   | 164,728                         |        | 183,946 |   | 154,973 |   |
|                                                          |   |                            |        |   |   |   |   |
|                                                          |   | 8,633,964                       |        | 7,077,762 |   | 6,872,178 |   |
|                                                          |   |                            |        |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (34,363,004 | ) | $ | (36,244,755 | ) | $ | (31,651,959 | ) |
|                                                          |   |                            |        |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (343,627    | ) | $ | (362,447 | ) | $ | (316,520 | ) |
|                                                          |   |                            |        |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (34,019,377 | ) | $ | (35,882,308 | ) | $ | (31,335,439 | ) |
|                                                          |   |                            |        |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.49       | ) | $ | (0.54 | ) | $ | (0.52 | ) |

 

Series 41 and 42 were not formed until after March 31, 2001, thereforeonly two periods of comparative information has been included.  Series 43 and 44 were not formed until afterMarch 31, 2002, therefore no comparative information has been included.  

 

F-32

----

 
|                                                          |   | **Series 20**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 1,533      |   | $ | 2,236 |   | $ | 4,185 |   |
| Miscellaneous                                                 |   | 6,986                           |       | 5,936 |   | 4,650 |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 8,519                           |       | 8,172 |   | 8,835 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (2,005,043                      | )          | (2,032,664 | ) | (1,998,506 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 315,994                         |       | 299,467 |   | 320,496 |   |
| Amortization  (note A)                                        |   | 3,571                           |       | 3,573 |   | 3,572 |   |
| General and  administrative expenses (note B)                 |   | 39,104                          |       | 33,731 |   | 31,041 |   |
| Professional  fees                                            |   | 29,596                          |       | 26,567 |   | 21,601 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 388,265                         |       | 363,338 |   | 376,710 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (2,384,789 | ) | $ | (2,387,830 | ) | $ | (2,366,381 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (23,848    | ) | $ | (23,878 | ) | $ | (23,664 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (2,360,941 | ) | $ | (2,363,952 | ) | $ | (2,342,717 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.61      | ) | $ | (0.61 | ) | $ | (0.61 | ) |

 

F-33

----

 
|                                                          |   | **Series 21**                   |     |
|---------------------------------------------------------------|--------|---------------------------------|----------|
|                                                          |   | **Year ended  March 31,  2003** |     | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |     |   |   |   |   |
| Interest income                                               |   | $                               | 34,360   |   | $ | 8,761 |   | $ | 42,540 |   |
| Miscellaneous                                                 |   | 3,000                           |     | 4,800 |   | 150 |   |
|                                                          |   |                            |     |   |   |   |   |
|                                                          |   | 37,360                          |     | 13,561 |   | 42,690 |   |
|                                                          |   |                            |     |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (453,916                        | )        | (2,720,700 | ) | (885,755 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Expenses                                                      |   |                            |     |   |   |   |   |
| Fund management  fee (note B)                                 |   | 179,015                         |     | 218,756 |   | 202,560 |   |
| Amortization  (note A)                                        |   | 1,954                           |     | 1,953 |   | 1,954 |   |
| General and  administrative expenses (note B)                 |   | 22,567                          |     | 24,649 |   | 22,730 |   |
| Professional  fees                                            |   | 38,313                          |     | 24,159 |   | 17,091 |   |
| Impairment loss                                               |   | —                          |     | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |     | — |   | — |   |
|                                                          |   |                            |     |   |   |   |   |
|                                                          |   | 241,849                         |     | 269,517 |   | 244,335 |   |
|                                                          |   |                            |     |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (658,405 | ) | $ | (2,976,656 | ) | $ | (1,087,400 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (6,584   | ) | $ | (29,767 | ) | $ | (10,874 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (651,821 | ) | $ | (2,946,889 | ) | $ | (1,076,526 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.34    | ) | $ | (1.57 | ) | $ | (0.57 | ) |

 

F-34

----

 
|                                                          |   | **Series 22**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 14,456     |   | $ | 12,263 |   | $ | 24,514 |   |
| Miscellaneous                                                 |   | 6,050                           |       | 3,150 |   | 3,450 |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 20,506                          |       | 15,413 |   | 27,964 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,154,777                      | )          | (1,429,401 | ) | (1,225,393 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 214,068                         |       | 215,442 |   | 233,351 |   |
| Amortization  (note A)                                        |   | 6,139                           |       | 6,140 |   | 6,140 |   |
| General and  administrative expenses (note B)                 |   | 40,292                          |       | 30,451 |   | 26,055 |   |
| Professional  fees                                            |   | 25,647                          |       | 27,361 |   | 21,676 |   |
| Impairment loss                                               |   | 404,691                         |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 690,837                         |       | 279,394 |   | 287,222 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,825,108 | ) | $ | (1,693,382 | ) | $ | (1,484,651 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (18,251    | ) | $ | (16,934 | ) | $ | (14,847 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,806,857 | ) | $ | (1,676,448 | ) | $ | (1,469,804 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.70      | ) | $ | (0.65 | ) | $ | (0.57 | ) |

 

F-35

----

 
|                                                          |   | **Series 23**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 918        |   | $ | 4,117 |   | $ | 8,491 |   |
| Miscellaneous                                                 |   | 3,300                           |       | 4,500 |   | 4,289 |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 4,218                           |       | 8,617 |   | 12,780 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,347,032                      | )          | (1,381,392 | ) | (1,137,319 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 197,700                         |       | 194,492 |   | 200,200 |   |
| Amortization  (note A)                                        |   | 9,131                           |       | 9,130 |   | 7,688 |   |
| General and  administrative expenses (note B)                 |   | 35,878                          |       | 32,789 |   | 28,745 |   |
| Professional  fees                                            |   | 26,156                          |       | 25,058 |   | 19,767 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 268,865                         |       | 261,469 |   | 256,400 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,611,679 | ) | $ | (1,634,244 | ) | $ | (1,380,939 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (16,117    | ) | $ | (16,342 | ) | $ | (13,809 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,595,562 | ) | $ | (1,617,902 | ) | $ | (1,367,130 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.48      | ) | $ | (0.49 | ) | $ | (0.41 | ) |

 

F-36

----

 
|                                                          |   | **Series 24**                   |     |
|---------------------------------------------------------------|--------|---------------------------------|----------|
|                                                          |   | **Year ended  March 31,  2003** |     | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |     |   |   |   |   |
| Interest income                                               |   | $                               | 110,591  |   | $ | 14,372 |   | $ | 21,739 |   |
| Miscellaneous                                                 |   | 3,847                           |     | — |   | 5,700 |   |
|                                                          |   |                            |     |   |   |   |   |
|                                                          |   | 114,438                         |     | 14,372 |   | 27,439 |   |
|                                                          |   |                            |     |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (62,763                         | )        | (1,716,153 | ) | (1,528,706 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Expenses                                                      |   |                            |     |   |   |   |   |
| Fund management  fee (note B)                                 |   | 192,817                         |     | 208,943 |   | 199,421 |   |
| Amortization  (note A)                                        |   | 10,204                          |     | 10,205 |   | 10,205 |   |
| General and  administrative expenses (note B)                 |   | 28,847                          |     | 29,367 |   | 25,943 |   |
| Professional  fees                                            |   | 25,907                          |     | 51,402 |   | 40,466 |   |
| Impairment loss                                               |   | —                          |     | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |     | — |   | — |   |
|                                                          |   |                            |     |   |   |   |   |
|                                                          |   | 257,775                         |     | 299,917 |   | 276,035 |   |
|                                                          |   |                            |     |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (206,100 | ) | $ | (2,001,698 | ) | $ | (1,777,302 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (2,061   | ) | $ | (20,017 | ) | $ | (17,773 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (204,039 | ) | $ | (1,981,681 | ) | $ | (1,759,529 | ) |
|                                                          |   |                            |     |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.09    | ) | $ | (0.91 | ) | $ | (0.81 | ) |

 

F-37

----

 
|                                                          |   | **Series 25**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 161,872    |   | $ | 18,584 |   | $ | 75,561 |   |
| Miscellaneous                                                 |   | 8,100                           |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 169,972                         |       | 18,584 |   | 75,561 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (921,532                        | )          | (1,274,826 | ) | (1,297,955 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 229,568                         |       | 229,126 |   | 242,146 |   |
| Amortization  (note A)                                        |   | 15,218                          |       | 15,218 |   | 15,218 |   |
| General and  administrative expenses (note B)                 |   | 36,622                          |       | 32,637 |   | 29,765 |   |
| Professional  fees                                            |   | 30,046                          |       | 24,667 |   | 31,335 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 311,454                         |       | 301,648 |   | 318,464 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,063,014 | ) | $ | (1,557,890 | ) | $ | (1,540,858 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (10,630    | ) | $ | (15,579 | ) | $ | (15,409 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,052,384 | ) | $ | (1,542,311 | ) | $ | (1,525,449 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.35      | ) | $ | (0.51 | ) | $ | (0.50 | ) |

 

F-38

----

 
|                                                          |   | **Series 26**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 111,683    |   | $ | 4,287 |   | $ | 57,264 |   |
| Miscellaneous                                                 |   | 6,900                           |       | — |   | 11,850 |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 118,583                         |       | 4,287 |   | 69,114 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,054,359                      | )          | (1,829,836 | ) | (2,038,026 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 367,525                         |       | 350,204 |   | 368,280 |   |
| Amortization  (note A)                                        |   | 16,904                          |       | 17,939 |   | 17,650 |   |
| General and  administrative expenses (note B)                 |   | 55,614                          |       | 36,237 |   | 32,559 |   |
| Professional  fees                                            |   | 53,065                          |       | 34,474 |   | 32,596 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 493,108                         |       | 438,854 |   | 451,085 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,428,884 | ) | $ | (2,264,403 | ) | $ | (2,419,997 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (14,289    | ) | $ | (22,644 | ) | $ | (24,200 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,414,595 | ) | $ | (2,241,759 | ) | $ | (2,395,797 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.35      | ) | $ | (0.56 | ) | $ | (0.60 | ) |

 

F-39

----

 
|                                                          |   | **Series 27**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 19,621     |   | $ | 18,493 |   | $ | 76,968 |   |
| Miscellaneous                                                 |   | 23,454                          |       | 23,705 |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 43,075                          |       | 42,198 |   | 76,968 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (782,076                        | )          | (293,465 | ) | (595,643 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 275,028                         |       | 269,712 |   | 288,374 |   |
| Amortization  (note A)                                        |   | 15,655                          |       | 15,655 |   | 15,655 |   |
| General and  administrative expenses (note B)                 |   | 28,530                          |       | 28,204 |   | 23,693 |   |
| Professional  fees                                            |   | 22,589                          |       | 33,530 |   | 18,381 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 341,802                         |       | 347,101 |   | 346,103 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,080,803 | ) | $ | (598,368 | ) | $ | (864,778 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (10,808    | ) | $ | (5,984 | ) | $ | (8,648 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,069,995 | ) | $ | (592,384 | ) | $ | (856,130 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.43      | ) | $ | (0.24 | ) | $ | (0.35 | ) |

 

F-40

----

 
|                                                          |   | **Series 28**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 58,188     |   | $ | 63,990 |   | $ | 164,915 |   |
| Miscellaneous                                                 |   | 9,900                           |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 68,088                          |       | 63,990 |   | 164,915 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,131,178                      | )          | (1,503,553 | ) | (1,714,275 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 299,403                         |       | 278,658 |   | 322,781 |   |
| Amortization  (note A)                                        |   | 3,299                           |       | 3,300 |   | 3,300 |   |
| General and  administrative expenses (note B)                 |   | 43,079                          |       | 43,906 |   | 43,289 |   |
| Professional  fees                                            |   | 34,985                          |       | 36,661 |   | 32,037 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 380,766                         |       | 362,525 |   | 401,407 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,443,856 | ) | $ | (1,802,088 | ) | $ | (1,950,767 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (14,438    | ) | $ | (18,021 | ) | $ | (19,508 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,429,418 | ) | $ | (1,784,067 | ) | $ | (1,931,259 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.36      | ) | $ | (0.45 | ) | $ | (0.48 | ) |

 

F-41

----

 
|                                                          |   | **Series 29**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 25,181     |   | $ | 44,936 |   | $ | 95,276 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 25,181                          |       | 44,936 |   | 95,276 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,671,213                      | )          | (2,116,714 | ) | (2,074,428 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 305,896                         |       | 277,424 |   | 315,514 |   |
| Amortization  (note A)                                        |   | 3,312                           |       | 3,312 |   | 3,277 |   |
| General and  administrative expenses (note B)                 |   | 41,237                          |       | 39,496 |   | 47,198 |   |
| Professional  fees                                            |   | 33,123                          |       | 29,140 |   | 24,841 |   |
| Impairment loss                                               |   | 365,508                         |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 749,076                         |       | 349,372 |   | 390,830 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (2,395,108 | ) | $ | (2,421,150 | ) | $ | (2,369,982 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (23,951    | ) | $ | (24,211 | ) | $ | (23,700 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (2,371,157 | ) | $ | (2,396,939 | ) | $ | (2,346,282 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.59      | ) | $ | (0.60 | ) | $ | (0.59 | ) |

 

F-42

----

 
|                                                          |   | **Series 30**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 13,261     |   | $ | 39,414 |   | $ | 184,266 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 13,261                          |       | 39,414 |   | 184,266 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,158,391                      | )          | (1,085,876 | ) | (1,177,274 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 208,865                         |       | 142,376 |   | 187,698 |   |
| Amortization  (note A)                                        |   | 21,240                          |       | 21,240 |   | 21,209 |   |
| General and  administrative expenses (note B)                 |   | 28,417                          |       | 28,859 |   | 54,788 |   |
| Professional  fees                                            |   | 21,563                          |       | 59,314 |   | 27,130 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 280,085                         |       | 251,789 |   | 290,825 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,425,215 | ) | $ | (1,298,251 | ) | $ | (1,283,833 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (14,252    | ) | $ | (12,983 | ) | $ | (12,838 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,410,963 | ) | $ | (1,285,268 | ) | $ | (1,270,995 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.53      | ) | $ | (0.48 | ) | $ | (0.48 | ) |

 

F-43

----

 
|                                                          |   | **Series 31**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 19,248     |   | $ | 67,579 |   | $ | 127,556 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | 14,123 |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 19,248                          |       | 67,579 |   | 141,679 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (2,057,441                      | )          | (2,172,471 | ) | (2,698,823 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 298,940                         |       | 309,298 |   | 336,774 |   |
| Amortization  (note A)                                        |   | —                          |       | — |   | — |   |
| General and  administrative expenses (note B)                 |   | 40,941                          |       | 40,509 |   | 57,045 |   |
| Professional  fees                                            |   | 31,284                          |       | 34,988 |   | 28,307 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 371,165                         |       | 384,795 |   | 422,126 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (2,409,358 | ) | $ | (2,489,687 | ) | $ | (2,979,270 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (24,093    | ) | $ | (24,897 | ) | $ | (29,792 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (2,385,265 | ) | $ | (2,464,790 | ) | $ | (2,949,478 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.54      | ) | $ | (0.56 | ) | $ | (0.67 | ) |

 

F-44

----

 
|                                                          |   | **Series 32**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** | ** ** |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 29,408     |   | $ | 46,041 |   | $ | 316,656 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 29,408                          |       | 46,041 |   | 316,656 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,894,224                      | )          | (2,062,829 | ) | (2,669,373 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 313,404                         |       | 295,155 |   | 323,500 |   |
| Amortization  (note A)                                        |   | 36,624                          |       | 36,625 |   | 36,303 |   |
| General and  administrative expenses (note B)                 |   | 43,001                          |       | 48,211 |   | 77,531 |   |
| Professional  fees                                            |   | 35,109                          |       | 32,336 |   | 31,887 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 428,138                         |       | 412,327 |   | 469,221 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET INCOME  (LOSS) (note A)                                   |   | $                               | (2,292,954 | ) | $ | (2,429,115 | ) | $ | (2,821,938 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) allocated to general partner               |   | $                               | (22,929    | ) | $ | (24,291 | ) | $ | (28,219 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) allocated to assignees                     |   | $                               | (2,270,025 | ) | $ | (2,404,824 | ) | $ | (2,793,719 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) per BAC                                    |   | $                               | (0.48      | ) | $ | (0.51 | ) | $ | (0.59 | ) |

 

F-45

----

 
|                                                          |   | **Series 33**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 1,841      |   | $ | 21,827 |   | $ | 197,659 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 1,841                           |       | 21,827 |   | 197,659 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (892,301                        | )          | (1,059,178 | ) | (1,294,005 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 155,906                         |       | 131,568 |   | 166,360 |   |
| Amortization  (note A)                                        |   | 27,276                          |       | 27,266 |   | 27,066 |   |
| General and  administrative expenses (note B)                 |   | 28,731                          |       | 30,020 |   | 72,226 |   |
| Professional  fees                                            |   | 16,281                          |       | 33,739 |   | 22,136 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 228,194                         |       | 222,593 |   | 287,788 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET INCOME  (LOSS) (note A)                                   |   | $                               | (1,118,654 | ) | $ | (1,259,944 | ) | $ | (1,384,134 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) allocated to general partner               |   | $                               | (11,186    | ) | $ | (12,599 | ) | $ | (13,841 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income (loss)  allocated to assignees                     |   | $                               | (1,107,468 | ) | $ | (1,247,345 | ) | $ | (1,370,293 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) per BAC                                    |   | $                               | (0.42      | ) | $ | (0.47 | ) | $ | (0.52 | ) |

 

F-46

----

 
|                                                          |   | **Series 34**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 2,482      |   | $ | 5,402 |   | $ | 124,513 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | 976 |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 2,482                           |       | 5,402 |   | 125,489 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,610,062                      | )          | (1,760,695 | ) | (2,140,987 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 281,041                         |       | 255,289 |   | 284,285 |   |
| Amortization  (note A)                                        |   | 43,938                          |       | 43,940 |   | 44,236 |   |
| General and  administrative expenses (note B)                 |   | 34,789                          |       | 40,889 |   | 56,620 |   |
| Professional  fees                                            |   | 18,971                          |       | 17,838 |   | 23,855 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 378,739                         |       | 357,956 |   | 408,996 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET INCOME  (LOSS) (note A)                                   |   | $                               | (1,986,319 | ) | $ | (2,113,249 | ) | $ | (2,424,494 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) allocated to general partner               |   | $                               | (19,863    | ) | $ | (21,132 | ) | $ | (24,245 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) allocated to assignees                     |   | $                               | (1,966,456 | ) | $ | (2,092,117 | ) | $ | (2,400,249 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net income  (loss) per BAC                                    |   | $                               | (0.56      | ) | $ | (0.59 | ) | $ | (0.68 | ) |

 

F-47

----

 
|                                                          |   | **Series 35**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 56,678     |   | $ | 81,661 |   | $ | 236,430 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 56,678                          |       | 81,661 |   | 236,430 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,198,689                      | )          | (875,205 | ) | (1,875,497 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 214,873                         |       | 226,671 |   | 215,860 |   |
| Amortization  (note A)                                        |   | 129,236                         |       | 129,251 |   | 128,479 |   |
| General and  administrative expenses (note B)                 |   | 33,099                          |       | 48,714 |   | 98,387 |   |
| Professional  fees                                            |   | 11,130                          |       | 13,492 |   | 24,245 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 388,338                         |       | 418,128 |   | 466,971 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,530,349 | ) | $ | (1,211,672 | ) | $ | (2,106,038 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (15,303    | ) | $ | (12,117 | ) | $ | (21,060 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,515,046 | ) | $ | (1,199,555 | ) | $ | (2,084,978 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.46      | ) | $ | (0.36 | ) | $ | (0.63 | ) |

 

F-48

----

 
|                                                          |   | **Series 36**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 9,488      |   | $ | 9,428 |   | $ | 83,521 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 9,488                           |       | 9,428 |   | 83,521 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (982,302                        | )          | (1,268,122 | ) | (457,746 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 150,871                         |       | 139,721 |   | 160,756 |   |
| Amortization  (note A)                                        |   | 88,463                          |       | 88,463 |   | 86,996 |   |
| General and  administrative expenses (note B)                 |   | 22,593                          |       | 31,702 |   | 37,943 |   |
| Professional  fees                                            |   | 15,829                          |       | 11,156 |   | 33,140 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 277,756                         |       | 271,042 |   | 318,835 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,250,570 | ) | $ | (1,529,736 | ) | $ | (693,060 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (12,506    | ) | $ | (15,297 | ) | $ | (6,931 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,238,064 | ) | $ | (1,514,439 | ) | $ | (686,129 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.59      | ) | $ | (0.72 | ) | $ | (0.33 | ) |

 

F-49

----

 
|                                                          |   | **Series 37**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 3,813      |   | $ | 11,642 |   | $ | 331,766 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 3,813                           |       | 11,642 |   | 331,766 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,337,643                      | )          | (750,493 | ) | (318,507 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 171,945                         |       | 167,806 |   | 141,045 |   |
| Amortization  (note A)                                        |   | 94,823                          |       | 94,713 |   | 91,645 |   |
| General and  administrative expenses (note B)                 |   | 27,439                          |       | 37,592 |   | 72,810 |   |
| Professional  fees                                            |   | 15,798                          |       | 12,498 |   | 23,622 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 310,005                         |       | 312,609 |   | 329,122 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,643,835 | ) | $ | (1,051,460 | ) | $ | (315,863 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (16,438    | ) | $ | (10,515 | ) | $ | (3,159 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,627,397 | ) | $ | (1,040,945 | ) | $ | (312,704 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.65      | ) | $ | (0.41 | ) | $ | (0.12 | ) |

 

F-50

----

 
|                                                          |   | **Series 38**                   |       |
|---------------------------------------------------------------|--------|---------------------------------|------------|
|                                                          |   | **Year ended  March 31,  2003** |       | **Year ended  March 31,  2002** |   | **Year ended  March 31,  2001** |   |
| Income                                                        |   |                            |       |   |   |   |   |
| Interest income                                               |   | $                               | 14,985     |   | $ | 92,319 |   | $ | 207,525 |   |
| Miscellaneous                                                 |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 14,985                          |       | 92,319 |   | 207,525 |   |
|                                                          |   |                            |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (892,478                        | )          | (1,230,809 | ) | (133,908 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Expenses                                                      |   |                            |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 144,604                         |       | 157,190 |   | 162,131 |   |
| Amortization  (note A)                                        |   | 98,914                          |       | 50,939 |   | — |   |
| General and  administrative expenses (note B)                 |   | 32,173                          |       | 43,789 |   | 46,242 |   |
| Professional  fees                                            |   | 17,790                          |       | 15,101 |   | 11,217 |   |
| Impairment loss                                               |   | —                          |       | — |   | — |   |
| Organization  expense (note A)                                |   | —                          |       | — |   | — |   |
|                                                          |   |                            |       |   |   |   |   |
|                                                          |   | 293,481                         |       | 267,019 |   | 219,590 |   |
|                                                          |   |                            |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                               | (1,170,974 | ) | $ | (1,405,509 | ) | $ | (145,973 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                               | (11,710    | ) | $ | (14,055 | ) | $ | (1,460 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                               | (1,159,264 | ) | $ | (1,391,454 | ) | $ | (144,513 | ) |
|                                                          |   |                            |       |   |   |   |   |
| Net loss per BAC                                              |   | $                               | (0.46      | ) | $ | (0.55 | ) | $ | (0.07 | ) |

 

F-51

----

 
|                                                                   |   | **Series 39**       |       |
|------------------------------------------------------------------------|--------|---------------------|------------|
|                                                                   |   | **March 31,  2003** |       | **March 31,  2002** |   | **Period  August 1, 2000  (date of  inception)  through  March 31,  2001** |   |
| Income                                                                 |   |                |       |   |   |   |   |
| Interest income                                                        |   | $                   | 2,441      |   | $ | 116,518 |   | $ | 49,735 |   |
| Miscellaneous                                                          |   | —              |       | — |   | — |   |
|                                                                   |   |                |       |   |   |   |   |
|                                                                   |   | 2,441               |       | 116,518 |   | 49,735 |   |
|                                                                   |   |                |       |   |   |   |   |
| Share of income  (losses) from operating limited partnerships (note A) |   | (1,093,075          | )          | (996,269 | ) | 3,760 |   |
|                                                                   |   |                |       |   |   |   |   |
| Expenses                                                               |   |                |       |   |   |   |   |
| Fund management  fee (note B)                                          |   | 115,714             |       | 136,795 |   | 88,123 |   |
| Amortization  (note A)                                                 |   | 90,324              |       | 24,477 |   | — |   |
| General and  administrative expenses (note B)                          |   | 23,140              |       | 61,793 |   | 48,374 |   |
| Professional  fees                                                     |   | 21,007              |       | 24,031 |   | 3,564 |   |
| Impairment loss                                                        |   | —              |       | — |   | — |   |
| Organization  expense (note A)                                         |   | —              |       | — |   | 56,271 |   |
|                                                                   |   |                |       |   |   |   |   |
|                                                                   |   | 250,185             |       | 247,096 |   | 196,332 |   |
|                                                                   |   |                |       |   |   |   |   |
| NET LOSS (note  A)                                                     |   | $                   | (1,340,819 | ) | $ | (1,126,847 | ) | $ | (142,837 | ) |
|                                                                   |   |                |       |   |   |   |   |
| Net loss  allocated to general partner                                 |   | $                   | (13,408    | ) | $ | (11,268 | ) | $ | (1,428 | ) |
|                                                                   |   |                |       |   |   |   |   |
| Net loss  allocated to assignees                                       |   | $                   | (1,327,411 | ) | $ | (1,115,579 | ) | $ | (141,409 | ) |
|                                                                   |   |                |       |   |   |   |   |
| Net loss per BAC                                                       |   | $                   | (0.58      | ) | $ | (0.49 | ) | $ | (0.11 | ) |

 

F-52

----

 
|                                                          |   | **Series 40**       |       |
|---------------------------------------------------------------|--------|---------------------|------------|
|                                                          |   | **March 31,  2003** |       | **March 31,  2002** |   | **Period  February 1,  2001 (date of  inception)  through  March 31,  2001** |   |
| Income                                                        |   |                |       |   |   |   |   |
| Interest income                                               |   | $                   | 119,938    |   | $ | 147,345 |   | $ | 2,317 |   |
| Miscellaneous                                                 |   | —              |       | — |   | — |   |
|                                                          |   |                |       |   |   |   |   |
|                                                          |   | 119,938             |       | 147,345 |   | 2,317 |   |
|                                                          |   |                |       |   |   |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (986,508            | )          | (438,656 | ) | — |   |
|                                                          |   |                |       |   |   |   |   |
| Expenses                                                      |   |                |       |   |   |   |   |
| Fund management  fee (note B)                                 |   | 145,292             |       | 167,367 |   | — |   |
| Amortization  (note A)                                        |   | 32,319              |       | — |   | — |   |
| General and  administrative expenses (note B)                 |   | 49,928              |       | 81,747 |   | 14,550 |   |
| Professional  fees                                            |   | 26,916              |       | 29,025 |   | 529 |   |
| Impairment loss                                               |   | —              |       | — |   | — |   |
| Organization  expense (note A)                                |   | —              |       | 27,936 |   | 98,702 |   |
|                                                          |   |                |       |   |   |   |   |
|                                                          |   | 254,455             |       | 306,075 |   | 113,781 |   |
|                                                          |   |                |       |   |   |   |   |
| NET LOSS (note  A)                                            |   | $                   | (1,121,025 | ) | $ | (597,386 | ) | $ | (111,464 | ) |
|                                                          |   |                |       |   |   |   |   |
| Net loss  allocated to general partner                        |   | $                   | (11,210    | ) | $ | (5,974 | ) | $ | (1,115 | ) |
|                                                          |   |                |       |   |   |   |   |
| Net loss  allocated to assignees                              |   | $                   | (1,109,815 | ) | $ | (591,412 | ) | $ | (110,349 | ) |
|                                                          |   |                |       |   |   |   |   |
| Net loss per BAC                                              |   | $                   | (0.42      | ) | $ | (0.28 | ) | $ | (0.91 | ) |

 

F-53

----

 
|                                                          |   | **Series 41**       |       |
|---------------------------------------------------------------|--------|---------------------|------------|
|                                                          |   | **March 31,  2003** |       | **Period  August 1, 2001  (date of  inception)  through  March 31,  2002** |   |
| Income                                                        |   |                |       |   |   |
| Interest income                                               |   | $                   | 74,991     |   | $ | 52,147 |   |
| Miscellaneous                                                 |   | —              |       | — |   |
|                                                          |   |                |       |   |   |
|                                                          |   | 74,991              |       | 52,147 |   |
|                                                          |   |                |       |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (1,443,650          | )          | (94,125 | ) |
|                                                          |   |                |       |   |   |
| Expenses                                                      |   |                |       |   |   |
| Fund management  fee (note B)                                 |   | 258,137             |       | 90,762 |   |
| Amortization  (note A)                                        |   | 133,377             |       | — |   |
| General and  administrative expenses (note B)                 |   | 70,134              |       | 53,115 |   |
| Professional  fees                                            |   | 18,078              |       | 20,518 |   |
| Impairment loss                                               |   | —              |       | — |   |
| Organization  expense (note A)                                |   | —              |       | 77,550 |   |
|                                                          |   |                |       |   |   |
|                                                          |   | 479,726             |       | 241,945 |   |
|                                                          |   |                |       |   |   |
| NET LOSS (note  A)                                            |   | $                   | (1,848,385 | ) | $ | (283,923 | ) |
|                                                          |   |                |       |   |   |
| Net loss  allocated to general partner                        |   | $                   | (18,484    | ) | $ | (2,839 | ) |
|                                                          |   |                |       |   |   |
| Net loss  allocated to assignees                              |   | $                   | (1,829,901 | ) | $ | (281,084 | ) |
|                                                          |   |                |       |   |   |
| Net loss per BAC                                              |   | $                   | (0.63      | ) | $ | (0.18 | ) |

 

Series 41 and 42 were not formed until after March 31, 2001, thereforeonly two periods of comparative information has been included.

 

F-54

----

 
|                                                          |   | **Series 42**       |     |
|---------------------------------------------------------------|--------|---------------------|----------|
|                                                          |   | **March 31,  2003** |     | **Period  February 1, 2002  (date of  inception)  through  March 31,  2002** |   |
| Income                                                        |   |                |     |   |   |
| Interest income                                               |   | $                   | 121,043  |   | $ | 986 |   |
| Miscellaneous                                                 |   | —              |     | — |   |
|                                                          |   |                |     |   |   |
|                                                          |   | 121,043             |     | 986 |   |
|                                                          |   |                |     |   |   |
| Share of losses  from operating limited partnerships (note A) |   | (404,748            | )        | — |   |
|                                                          |   |                |     |   |   |
| Expenses                                                      |   |                |     |   |   |
| Fund management  fee (note B)                                 |   | 143,388             |     | — |   |
| Amortization  (note A)                                        |   | —              |     | — |   |
| General and  administrative expenses (note B)                 |   | 63,702              |     | 15,154 |   |
| Professional  fees                                            |   | 10,616              |     | 17,639 |   |
| Impairment loss                                               |   | —              |     | — |   |
| Organization  expense (note A)                                |   | 20,000              |     | 78,460 |   |
|                                                          |   |                |     |   |   |
|                                                          |   | 237,706             |     | 111,253 |   |
|                                                          |   |                |     |   |   |
| NET LOSS (note  A)                                            |   | $                   | (521,411 | ) | $ | (110,267 | ) |
|                                                          |   |                |     |   |   |
| Net loss  allocated to general partner                        |   | $                   | (5,214   | ) | $ | (1,103 | ) |
|                                                          |   |                |     |   |   |
| Net loss  allocated to assignees                              |   | $                   | (516,197 | ) | $ | (109,164 | ) |
|                                                          |   |                |     |   |   |
| Net loss per BAC                                              |   | $                   | (0.32    | ) | $ | (0.58 | ) |

 

Series 41 and 42 were not formed until after March 31, 2001, thereforeonly two periods of comparative information has been included.

 

F-55

----

 
|                                                          |   | **Series 43**                                                              |     |
|---------------------------------------------------------------|--------|----------------------------------------------------------------------------|----------|
|                                                          |   | **Period  August 1, 2002  (date of  inception)  through  March 31,  2003** |     |
| Income                                                        |   |                                                                       |     |
| Interest income                                               |   | $                                                                          | 30,298   |   |
| Miscellaneous                                                 |   | —                                                                     |     |
|                                                          |   |                                                                       |     |
|                                                          |   | 30,298                                                                     |     |
|                                                          |   |                                                                       |     |
| Share of losses  from operating limited partnerships (note A) |   | (304,873                                                                   | )        |
|                                                          |   |                                                                       |     |
| Expenses                                                      |   |                                                                       |     |
| Fund management  fee (note B)                                 |   | 97,417                                                                     |     |
| Amortization  (note A)                                        |   | —                                                                     |     |
| General and  administrative expenses (note B)                 |   | 57,242                                                                     |     |
| Professional  fees                                            |   | 3,772                                                                      |     |
| Impairment loss                                               |   | —                                                                     |     |
| Organization  expense (note A)                                |   | 57,364                                                                     |     |
|                                                          |   |                                                                       |     |
|                                                          |   | 215,795                                                                    |     |
|                                                          |   |                                                                       |     |
| NET LOSS (note  A)                                            |   | $                                                                          | (490,370 | ) |
|                                                          |   |                                                                       |     |
| Net loss  allocated to general partner                        |   | $                                                                          | (4,904   | ) |
|                                                          |   |                                                                       |     |
| Net loss  allocated to assignees                              |   | $                                                                          | (485,466 | ) |
|                                                          |   |                                                                       |     |
| Net loss per BAC                                              |   | $                                                                          | (0.54    | ) |

 

Series 43 and 44 were not formed until after March 31, 2002, thereforeno comparative information has been included.

 

F-56

----

 
|                                                          |   | **Series 44**                                                               |     |
|---------------------------------------------------------------|--------|-----------------------------------------------------------------------------|----------|
|                                                          |   | **Period  January 1, 2003  (date of  inception)  through  March 31,  2003** |     |
| Income                                                        |   |                                                                        |     |
| Interest income                                               |   | $                                                                           | 1,379    |   |
| Miscellaneous                                                 |   | —                                                                      |     |
|                                                          |   |                                                                        |     |
|                                                          |   | 1,379                                                                       |     |
|                                                          |   |                                                                        |     |
| Share of losses  from operating limited partnerships (note A) |   | —                                                                      |     |
|                                                          |   |                                                                        |     |
| Expenses                                                      |   |                                                                        |     |
| Fund management  fee (note B)                                 |   | 6,247                                                                       |     |
| Amortization  (note A)                                        |   | —                                                                      |     |
| General and  administrative expenses (note B)                 |   | 22,546                                                                      |     |
| Professional  fees                                            |   | 242                                                                         |     |
| Impairment loss                                               |   | —                                                                      |     |
| Organization  expense (note A)                                |   | 87,364                                                                      |     |
|                                                          |   |                                                                        |     |
|                                                          |   | 116,399                                                                     |     |
|                                                          |   |                                                                        |     |
| NET LOSS (note  A)                                            |   | $                                                                           | (115,020 | ) |
|                                                          |   |                                                                        |     |
| Net loss  allocated to general partner                        |   | $                                                                           | (1,150   | ) |
|                                                          |   |                                                                        |     |
| Net loss  allocated to assignees                              |   | $                                                                           | (113,870 | ) |
|                                                          |   |                                                                        |     |
| Net loss per BAC                                              |   | $                                                                           | (1.62    | ) |

 

Series 43 and 44 were not formed until after March 31, 2002, thereforeno comparative information has been included.

 

See notes to financialstatements

 

F-57

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

 

Years ended March 31,2003, 2002 and 2001

 
| **Total**                                                |   | **Assignees** |        | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |        | **Total**   |        |
|----------------------------------------------------------|--------|---------------|-------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|-------------|-------------|-------------|
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 416,025,620 |                 | $      | (767,937                                      | )      | $                                | 830,515     |        |        |   | $ | 416,088,198 |   |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Capital  contributions                                   |   | 47,265,000    |        | —               |   | —                                        |   |                             |        | 47,265,000  |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Selling  commissions and registration costs              |   | (6,852,583    | )           | —               |   | —                                        |   |                             |        | (6,852,583  | )           |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Distributions                                            |   | —        |        | —               |   | —                                        |   |                             |        | —      |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Comprehensive  income (loss)                             |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Net income  (loss)                                       |   | (31,335,439   | )           | (316,520             | )      | —                                        |   | $                                | (31,651,959 | )           | (31,651,959 | ) |
| Other  comprehensive income (loss)                       |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |        | —               |   | (746,571                                      | )      | (746,571                         | )           | (746,571    | )           |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Total  comprehensive income (loss)                       |   |          |        |                 |   |                                          |   | $                                | (32,398,530 | )           |        |   |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Partners’  capital (deficit), March 31, 2001        |   | 425,102,598   |        | (1,084,457           | )      | 83,944                                        |   |                             |        | 424,102,085 |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Capital  contributions                                   |   | 56,387,270    |        | —               |   | —                                        |   |                             |        | 56,387,270  |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Selling  commissions and registration costs              |   | (7,867,900    | )           | —               |   | —                                        |   |                             |        | (7,867,900  | )           |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Distributions                                            |   | —        |        | —               |   | —                                        |   |                             |        | —      |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Comprehensive  income (loss)                             |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Net income  (loss)                                       |   | (35,882,308   | )           | (362,447             | )      | —                                        |   | $                                | (36,244,755 | )           | (36,244,755 | ) |
| Other  comprehensive income (loss)                       |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |        | —               |   | (60,787                                       | )      | (60,787                          | )           | (60,787     | )           |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Total  comprehensive income (loss)                       |   |          |        |                 |   |                                          |   | $                                | (36,305,542 | )           |        |   |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Partners’  capital (deficit), March 31, 2002        |   | 437,739,660   |        | (1,446,904           | )      | 23,157                                        |   |                             |        | 436,315,913 |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Capital  contributions                                   |   | 72,035,700    |        | —               |   | —                                        |   |                             |        | 72,035,700  |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Selling  commissions and registration costs              |   | (10,035,879   | )           | —               |   | —                                        |   |                             |        | (10,035,879 | )           |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Distributions                                            |   | —        |        | —               |   | —                                        |   |                             |        | —      |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Comprehensive  income (loss)                             |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Net income  (loss)                                       |   | (34,019,377   | )           | (343,627             | )      | —                                        |   | $                                | (34,363,004 | )           | (34,363,004 | ) |
| Other  comprehensive income (loss)                       |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |        | —               |   | 23,449                                        |   | 23,449                           |        | 23,449      |        |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Total  comprehensive income (loss)                       |   |          |        |                 |   |                                          |   | $                                | (34,339,555 | )           |        |   |
|                                                     |   |          |        |                 |   |                                          |   |                             |        |        |        |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 465,720,104 |                 | $      | (1,790,531                                    | )      | $                                | 46,606      |        |        |   | $ | 463,976,179 |   |

 

Series 41 and 42 were not formed until after March 31, 2001, thereforeonly two periods of comparative information has been included.  Series 43 and 44 were not formed until afterMarch 31, 2002, therefore no comparative information has been included.

 

F-58

----

 
| **Series 20**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other   comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|------------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’ capital  (deficit), March 31, 2000        |   | $             | 17,907,592 |                 | $      | (153,019)                                      |   | $                                | —     |       |       |   | $ | 17,754,573 |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,342,717    | )          | (23,664              | )      | —                                         |   | $                                | (2,366,381 | )          | (2,366,381 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                         |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                                | (2,366,381 | )          |       |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 15,564,875    |       | (176,683             | )      | —                                         |   |                             |       | 15,388,192 |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,363,952    | )          | (23,878              | )      | —                                         |   | $                                | (2,387,830 | )          | (2,387,830 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                         |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                                | (2,387,830 | )          |       |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 13,200,923    |       | (200,561             | )      | —                                         |   |                             |       | 13,000,362 |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Net income (loss)                                        |   | (2,360,941    | )          | (23,848              | )      | —                                         |   | $                                | (2,384,789 | )          | (2,384,789 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                         |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                                | (2,384,789 | )          |       |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 10,839,982 |                 | $      | (224,409                                       | )      | $                                | —     |       |       |   | $ | 10,615,573 |   |

 

F-59

----

 
| **Series 21**                                            |   | **Assignees** |      | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total** |       |
|----------------------------------------------------------|--------|---------------|-----------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|-----------|------------|
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Partners’ capital  (deficit), March 31, 2000        |   | $             | 7,288,087 |                 | $      | (89,971                                       | )      | $                                | 18,464     |      |       |   | $ | 7,216,580 |   |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Capital  contributions                                   |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Selling  commissions and registration costs              |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Distributions                                            |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Comprehensive  income (loss)                             |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Net income  (loss)                                       |   | (1,076,526    | )         | (10,874              | )      | —                                        |   | $                                | (1,087,400 | )         | (1,087,400 | ) |
| Other  comprehensive income (loss)                       |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |      | —               |   | (17,268                                       | )      | (17,268                          | )          | (17,268   | )          |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Total  comprehensive income (loss)                       |   |          |      |                 |   |                                          |   | $                                | (1,104,668 | )         |       |   |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Partners’  capital (deficit), March 31, 2001        |   | 6,211,561     |      | (100,845             | )      | 1,196                                         |   |                             |       | 6,111,912 |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Capital  contributions                                   |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Selling  commissions and registration costs              |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Distributions                                            |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Comprehensive  income (loss)                             |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Net income  (loss)                                       |   | (2,946,889    | )         | (29,767              | )      | —                                        |   | $                                | (2,976,656 | )         | (2,976,656 | ) |
| Other  comprehensive income (loss)                       |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |      | —               |   | (1,139                                        | )      | (1,139                           | )          | (1,139    | )          |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Total  comprehensive income (loss)                       |   |          |      |                 |   |                                          |   | $                                | (2,977,795 | )         |       |   |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Partners’  capital (deficit), March 31, 2002        |   | 3,264,672     |      | (130,612             | )      | 57                                            |   |                             |       | 3,134,117 |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Capital  contributions                                   |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Selling  commissions and registration costs              |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Distributions                                            |   | —        |      | —               |   | —                                        |   |                             |       | —    |       |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Comprehensive  income (loss)                             |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Net income  (loss)                                       |   | (651,821      | )         | (6,584               | )      | —                                        |   | $                                | (658,405   | )         | (658,405   | ) |
| Other  comprehensive income (loss)                       |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |      | —               |   | (57                                           | )      | (57                              | )          | (57       | )          |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Total  comprehensive income (loss)                       |   |          |      |                 |   |                                          |   | $                                | (658,462   | )         |       |   |
|                                                     |   |          |      |                 |   |                                          |   |                             |       |      |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 2,612,851 |                 | $      | (137,196                                      | )      | $                                | —     |      |       |   | $ | 2,475,655 |   |

 

F-60

----

 
| **Series 22**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 13,603,885 |                 | $      | (83,881                                       | )      | $                                | 9,776      |       |       |   | $ | 13,529,780 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,469,804    | )          | (14,847              | )      | —                                        |   | $                                | (1,484,651 | )          | (1,484,651 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (9,125                                        | )      | (9,125                           | )          | (9,125     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,493,776 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 12,134,081    |       | (98,728              | )      | 651                                           |   |                             |       | 12,036,004 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,676,448    | )          | (16,934              | )      | —                                        |   | $                                | (1,693,382 | )          | (1,693,382 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 445                                           |   | 445                              |       | 445        |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,692,937 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 10,457,633    |       | (115,662             | )      | 1,096                                         |   |                             |       | 10,343,067 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,806,857    | )          | (18,251              | )      | —                                        |   | $                                | (1,825,108 | )          | (1,825,108 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,096                                        | )      | (1,096                           | )          | (1,096     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,826,204 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 8,650,776  |                 | $      | (133,913                                      | )      | $                                | —     |       |       |   | $ | 8,516,863 |   |

 

F-61

----

 
| **Series 23**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 20,540,234 |                 | $      | (80,247                                       | )      | $                                | —     |       |       |   | $ | 20,459,987 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,367,130    | )          | (13,809              | )      | —                                        |   | $                                | (1,380,939 | )          | (1,380,939 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,380,939 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 19,173,104    |       | (94,056              | )      | —                                        |   |                             |       | 19,079,048 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,617,902    | )          | (16,342              | )      | —                                        |   | $                                | (1,634,244 | )          | (1,634,244 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,634,244 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 17,555,202    |       | (110,398             | )      | —                                        |   |                             |       | 17,444,804 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,595,562    | )          | (16,117              | )      | —                                        |   | $                                | (1,611,679 | )          | (1,611,679 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,611,679 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 15,959,640 |                 | $      | (126,515                                      | )      | $                                | —     |       |       |   | $ | 15,833,125 |   |

 

F-62

----

 
| **Series 24**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 12,597,389 |                 | $      | (59,924                                       | )      | $                                | 8,292      |       |       |   |   | $ | 12,545,757 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,759,529    | )          | (17,773              | )      | —                                        |   | $                                | (1,777,302 | )          | (1,777,302 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (7,499                                        | )      | (7,499                           | )          | (7,499     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,784,801 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 10,837,860    |       | (77,697              | )      | 793                                           |   |                             |       | 10,760,956 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,981,681    | )          | (20,017              | )      | —                                        |   | $                                | (2,001,698 | )          | (2,001,698 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 547                                           |   | 547                              |       | 547        |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,001,151 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 8,856,179     |       | (97,714              | )      | 1,340                                         |   |                             |       | 8,759,805  |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (204,039      | )          | (2,061               | )      | —                                        |   | $                                | (206,100   | )          | (206,100   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,340                                        | )      | (1,340                           | )          | (1,340     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (207,440   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 8,652,140  |                 | $      | (99,775                                       | )      | $                                | —     |       |       |   | $ | 8,552,365 |   |

 

F-63

----

 
| **Series 25**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 19,183,968 |                 | $      | (66,267                                       | )      | $                                | 18,997     |       |       |   |   | $ | 19,136,698 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,525,449    | )          | (15,409              | )      | —                                        |   | $                                | (1,540,858 | )          | (1,540,858 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (18,032                                       | )      | (18,032                          | )          | (18,032    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,558,890 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 17,658,519    |       | (81,676              | )      | 965                                           |   |                             |       | 17,577,808 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,542,311    | )          | (15,579              | )      | —                                        |   | $                                | (1,557,890 | )          | (1,557,890 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 656                                           |   | 656                              |       | 656        |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,557,234 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 16,116,208    |       | (97,255              | )      | 1,621                                         |   |                             |       | 16,020,574 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,052,384    | )          | (10,630              | )      | —                                        |   | $                                | (1,063,014 | )          | (1,063,014 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,621                                        | )      | (1,621                           | )          | (1,621     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,064,635 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 15,063,824 |                 | $      | (107,885                                      | )      | $                                | —     |       |       |   | $ | 14,955,939 |   |

 

F-64

----

 
| **Series 26**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 29,315,855 |                 | $      | (47,570                                       | )      | $                                | 7,044      |       |       |   | $ | 29,275,329 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,395,797    | )          | (24,200              | )      | —                                        |   | $                                | (2,419,997 | )          | (2,419,997 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (7,044                                        | )      | (7,044                           | )          | (7,044     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,427,041 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 26,920,058    |       | (71,770              | )      | —                                        |   |                             |       | 26,848,288 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,241,759    | )          | (22,644              | )      | —                                        |   | $                                | (2,264,403 | )          | (2,264,403 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,264,403 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 24,678,299    |       | (94,414              | )      | —                                        |   |                             |       | 24,583,885 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,414,595    | )          | (14,289              | )      | —                                        |   | $                                | (1,428,884 | )          | (1,428,884 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,428,884 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 23,263,704 |                 | $      | (108,703                                      | )      | $                                | —     |       |       |   | $ | 23,155,001 |   |

 

F-65

----

 
| **Series 27**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 16,811,783 |                 | $      | (38,716                                       | )      | $                                | 17,825     |       |       |   | $ | 16,790,892 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income (loss)                                        |   | (856,130      | )          | (8,648               | )      | —                                        |   | $                                | (864,778   | )          | (864,778   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (16,704                                       | )      | (16,704                          | )          | (16,704    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (881,482   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 15,955,653    |       | (47,364              | )      | 1,121                                         |   |                             |       | 15,909,410 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (592,384      | )          | (5,984               | )      | —                                        |   | $                                | (598,368   | )          | (598,368   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 298                                           |   | 298                              |       | 298        |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (598,070   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 15,363,269    |       | (53,348              | )      | 1,419                                         |   |                             |       | 15,311,340 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,069,995    | )          | (10,808              | )      | —                                        |   | $                                | (1,080,803 | )          | (1,080,803 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,419                                        | )      | (1,419                           | )          | (1,419     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,082,222 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 14,293,274 |                 | $      | (64,156                                       | )      | $                                | —     |       |       |   | $ | 14,229,118 |   |

 

F-66

----

 
| **Series 28**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 31,782,620 |                 | $      | (26,184                                       | )      | $                                | 63,510     |       |       |   | $ | 31,819,946 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,931,259    | )          | (19,508              | )      | —                                        |   | $                                | (1,950,767 | )          | (1,950,767 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (59,117                                       | )      | (59,117                          | )          | (59,117    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,009,884 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 29,851,361    |       | (45,692              | )      | 4,393                                         |   |                             |       | 29,810,062 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,784,067    | )          | (18,021              | )      | —                                        |   | $                                | (1,802,088 | )          | (1,802,088 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,651                                        | )      | (1,651                           | )          | (1,651     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,803,739 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 28,067,294    |       | (63,713              | )      | 2,742                                         |   |                             |       | 28,006,323 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,429,418    | )          | (14,438              | )      | —                                        |   | $                                | (1,443,856 | )          | (1,443,856 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (2,471                                        | )      | (2,471                           | )          | (2,471     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,446,327 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 26,637,876 |                 | $      | (78,151                                       | )      | $                                | 271        |       |       |   | $ | 26,559,996 |   |

 

F-67

----

 
| **Series 29**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 29,719,635 |                 | $      | (41,869                                       | )      | $                                | 33,958     |       |       |   | $ | 29,711,724 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,346,282    | )          | (23,700              | )      | —                                        |   | $                                | (2,369,982 | )          | (2,369,982 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (27,873                                       | )      | (27,873                          | )          | (27,873    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,397,855 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 27,373,353    |       | (65,569              | )      | 6,085                                         |   |                             |       | 27,313,869 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,396,939    | )          | (24,211              | )      | —                                        |   | $                                | (2,421,150 | )          | (2,421,150 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (4,659                                        | )      | (4,659                           | )          | (4,659     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,425,809 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 24,976,414    |       | (89,780              | )      | 1,426                                         |   |                             |       | 24,888,060 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive income  (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,371,157    | )          | (23,951              | )      | —                                        |   | $                                | (2,395,108 | )          | (2,395,108 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,523                                        | )      | (1,523                           | )          | (1,523     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,396,631 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 22,605,257 |                 | $      | (113,731                                      | )      | $                                | (97        | )          |       |   | $ | 22,491,429 |   |

 

F-68

----

 
| **Series 30**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 21,471,225 |                 | $      | (12,469                                       | )      | $                                | 63,230     |       |       |   | $ | 21,521,986 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital contributions                                    |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,270,995    | )          | (12,838              | )      | —                                        |   | $                                | (1,283,833 | )          | (1,283,833 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (58,569                                       | )      | (58,569                          | )          | (58,569    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,342,402 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 20,200,230    |       | (25,307              | )      | 4,661                                         |   |                             |       | 20,179,584 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,285,268    | )          | (12,983              | )      | —                                        |   | $                                | (1,298,251 | )          | (1,298,251 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (3,663                                        | )      | (3,663                           | )          | (3,663     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,301,914 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 18,914,962    |       | (38,290              | )      | 998                                           |   |                             |       | 18,877,670 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,410,963    | )          | (14,252              | )      | —                                        |   | $                                | (1,425,215 | )          | (1,425,215 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (998                                          | )      | (998                             | )          | (998       | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,426,213 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 17,503,999 |                 | $      | (52,542                                       | )      | $                                | —     |       |       |   | $ | 17,451,457 |   |

 

F-69

----

 
| **Series 31**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 34,298,592 |                 | $      | (36,641                                       | )      | $                                | 70,407     |       |       |   | $ | 34,332,358 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,949,478    | )          | (29,792              | )      | —                                        |   | $                                | (2,979,270 | )          | (2,979,270 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (60,839                                       | )      | (60,839                          | )          | (60,839    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (3,040,109 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 31,349,114    |       | (66,433              | )      | 9,568                                         |   |                             |       | 31,292,249 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,464,790    | )          | (24,897              | )      | —                                        |   | $                                | (2,489,687 | )          | (2,489,687 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (7,667                                        | )      | (7,667                           | )          | (7,667     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,497,354 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 28,884,324    |       | (91,330              | )      | 1,901                                         |   |                             |       | 28,794,895 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,385,265    | )          | (24,093              | )      | —                                        |   | $                                | (2,409,358 | )          | (2,409,358 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,901                                        | )      | (1,901                           | )          | (1,901     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,411,259 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 26,499,059 |                 | $      | (115,423                                      | )      | $                                | —     |       |       |   | $ | 26,383,636 |   |

 

F-70

----

 
| **Series 32**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 39,409,396 |                 | $      | (12,392                                       | )      | $                                | 80,336     |       |       |   | $ | 39,477,340 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital contributions                                    |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,793,719    | )          | (28,219              | )      | —                                        |   | $                                | (2,821,938 | )          | (2,821,938 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (70,858                                       | )      | (70,858                          | )          | (70,858    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,892,796 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 36,615,677    |       | (40,611              | )      | 9,478                                         |   |                             |       | 36,584,544 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,404,824    | )          | (24,291              | )      | —                                        |   | $                                | (2,429,115 | )          | (2,429,115 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (9,478                                        | )      | (9,478                           | )          | (9,478     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,438,593 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 34,210,853    |       | (64,902              | )      | —                                        |   |                             |       | 34,145,951 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,270,025    | )          | (22,929              | )      | —                                        |   | $                                | (2,292,954 | )          | (2,292,954 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total comprehensive  income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,292,954 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 31,940,828 |                 | $      | (87,831                                       | )      | $                                | —     |       |       |   | $ | 31,852,997 |   |

 

F-71

----

 
| **Series 33**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 22,072,254 |                 | $      | (5,110                                        | )      | $                                | 89,389     |       |       |   | $ | 22,156,533 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,370,293    | )          | (13,841              | )      | —                                        |   | $                                | (1,384,134 | )          | (1,384,134 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (77,196                                       | )      | (77,196                          | )          | (77,196    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,461,330 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 20,701,961    |       | (18,951              | )      | 12,193                                        |   |                             |       | 20,695,203 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,247,345    | )          | (12,599              | )      | —                                        |   | $                                | (1,259,944 | )          | (1,259,944 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (12,193                                       | )      | (12,193                          | )          | (12,193    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,272,137 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 19,454,616    |       | (31,550              | )      | —                                        |   |                             |       | 19,423,066 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,107,468    | )          | (11,186              | )      | —                                        |   | $                                | (1,118,654 | )          | (1,118,654 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,118,654 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 18,347,148 |                 | $      | (42,736                                       | )      | $                                | —     |       |       |   | $ | 18,304,412 |   |

 

F-72

----

 
| **Series 34**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 29,388,210 |                 | $      | (6,593                                        | )      | $                                | 95,352     |       |       |   | $ | 29,476,969 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,400,249    | )          | (24,245              | )      | —                                        |   | $                                | (2,424,494 | )          | (2,424,494 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (95,352                                       | )      | (95,352                          | )          | (95,352    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,519,846 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 26,987,961    |       | (30,838              | )      | —                                        |   |                             |       | 26,957,123 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,092,117    | )          | (21,132              | )      | —                                        |   | $                                | (2,113,249 | )          | (2,113,249 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,113,249 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 24,895,844    |       | (51,970              | )      | —                                        |   |                             |       | 24,843,874 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital contributions                                    |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (1,807        | )          | —               |   | —                                        |   |                             |       | (1,807     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income (loss)                                        |   | (1,966,456    | )          | (19,863              | )      | —                                        |   | $                                | (1,986,319 | )          | (1,986,319 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,986,319 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 22,927,581 |                 | $      | (71,833                                       | )      | $                                | —     |       |       |   | $ | 22,855,748 |   |

 

F-73

----

 
| **Series 35**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 27,937,304 |                 | $      | (2,684                                        | )      | $                                | 76,772     |       |       |   | $ | 28,011,392 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling commissions  and registration costs              |   | (500          | )          | —               |   | —                                        |   |                             |       | (500       | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (2,084,978    | )          | (21,060              | )      | —                                        |   | $                                | (2,106,038 | )          | (2,106,038 | ) |
| Other comprehensive  income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (66,797                                       | )      | (66,797                          | )          | (66,797    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (2,172,835 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 25,851,826    |       | (23,744              | )      | 9,975                                         |   |                             |       | 25,838,057 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,199,555    | )          | (12,117              | )      | —                                        |   | $                                | (1,211,672 | )          | (1,211,672 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (9,708                                        | )      | (9,708                           | )          | (9,708     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,221,380 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 24,652,271    |       | (35,861              | )      | 267                                           |   |                             |       | 24,616,677 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital contributions                                    |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,515,046    | )          | (15,303              | )      | —                                        |   | $                                | (1,530,349 | )          | (1,530,349 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (267                                          | )      | (267                             | )          | (267       | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,530,616 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 23,137,225 |                 | $      | (51,164                                       | )      | $                                | —     |       |       |   | $ | 23,086,061 |   |

 

F-74

----

 
| **Series 36**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 17,569,744 |                 | $      | (3,048                                        | )      | $                                | 53,275     |       |       |   | $ | 17,619,971 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (5,170        | )          | —               |   | —                                        |   |                             |       | (5,170     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (686,129      | )          | (6,931               | )      | —                                        |   | $                                | (693,060   | )          | (693,060   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (53,275                                       | )      | (53,275                          | )          | (53,275    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (746,335   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 16,878,445    |       | (9,979               | )      | —                                        |   |                             |       | 16,868,466 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,514,439    | )          | (15,297              | )      | —                                        |   | $                                | (1,529,736 | )          | (1,529,736 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,529,736 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 15,364,006    |       | (25,276              | )      | —                                        |   |                             |       | 15,338,730 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,238,064    | )          | (12,506              | )      | —                                        |   | $                                | (1,250,570 | )          | (1,250,570 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,250,570 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’ capital  (deficit), March 31, 2003        |   | $             | 14,125,942 |                 | $      | (37,782                                       | )      | $                                | —     |       |       |   | $ | 14,088,160 |   |

 

F-75

----

 
| **Series 37**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 21,622,194 |                 | $      | (535                                          | )      | $                                | 123,888    |       |       |   | $ | 21,745,547 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (18,876       | )          | —               |   | —                                        |   |                             |       | (18,876    | )     |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (312,704      | )          | (3,159               | )      | —                                        |   | $                                | (315,863   | )          | (315,863   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (118,506                                      | )      | (118,506                         | )          | (118,506   | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (434,369   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 21,290,614    |       | (3,694               | )      | 5,382                                         |   |                             |       | 21,292,302 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (100,000      | )          | —               |   | —                                        |   |                             |       | (100,000   | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,040,945    | )          | (10,515              | )      | —                                        |   | $                                | (1,051,460 | )          | (1,051,460 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (5,382                                        | )      | (5,382                           | )          | (5,382     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,056,842 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 20,149,669    |       | (14,209              | )      | —                                        |   |                             |       | 20,135,460 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,627,397    | )          | (16,438              | )      | —                                        |   | $                                | (1,643,835 | )          | (1,643,835 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,643,835 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’ capital  (deficit), March 31, 2003        |   | $             | 18,522,272 |                 | $      | (30,647                                       | )      | $                                | —     |       |       |   | $ | 18,491,625 |   |

 

F-76

----

 
| **Series 38**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | 3,505,653  |                 | $      | (817                                          | )      | $                                | —     |       |       |   | $ | 3,504,836 |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | 20,968,000    |       | —               |   | —                                        |   |                             |       | 20,968,000 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (2,826,076    | )          | —               |   | —                                        |   |                             |       | (2,826,076 |  )    |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (144,513      | )          | (1,460               | )      | —                                        |   | $                                | (145,973   | )          | (145,973   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 4,237                                         |   | 4,237                            |       | 4,237      |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (141,736   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 21,503,064    |       | (2,277               | )      | 4,237                                         |   |                             |       | 21,505,024 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | 99,962        |       | —               |   | —                                        |   |                             |       | 99,962     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,391,454    | )          | (14,055              | )      | —                                        |   | $                                | (1,405,509 | )          | (1,405,509 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (3,604                                        | )      | (3,604                           | )          | (3,604     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,409,113 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 20,211,572    |       | (16,332              | )      | 633                                           |   |                             |       | 20,195,873 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,159,264    | )          | (11,710              | )      | —                                        |   | $                                | (1,170,974 | )          | (1,170,974 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (633                                          | )      | (633                             | )          | (633       | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,171,607 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 19,052,308 |                 | $      | (28,042                                       | )      | $                                | —     |       |       |   | $ | 19,024,266 |   |

 

F-77

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

 

Year ended March 31, 2003and for the period August 1, 2000 (date of inception) through March 31, 2001

 
| **Series 39**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive   income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|------------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | —     |                 | $      | —                                         |   | $                                | —     |       |       |   | $ | — |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Capital  contributions                                   |   | 22,921,000    |       | —               |   | —                                         |   |                             |       | 22,921,000 |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (3,263,410    | )          | —               |   | —                                         |   |                             |       | (3,263,410 | )          |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Net income  (loss)                                       |   | (141,409      | )          | (1,428               | )      | —                                         |   | $                                | (142,837   | )          | (142,837   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 13,246                                         |   | 13,246                           |       | 13,246     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                                | (129,591   | )          |       |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 19,516,181    |       | (1,428               | )      | 13,246                                         |   |                             |       | 19,527,999 |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (13,302       | )          | —               |   | —                                         |   |                             |       | (13,302    | )          |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,115,579    | )          | (11,268              | )      | —                                         |   | $                                | (1,126,847 | )          | (1,126,847 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (13,079                                        | )      | (13,079                          | )          | (13,079    | )          |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                                | (1,139,926 | )          |       |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 18,387,300    |       | (12,696              | )      | 167                                            |   |                             |       | 18,374,771 |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                         |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,327,411    | )          | (13,408              | )      | —                                         |   | $                                | (1,340,819 | )          | (1,340,819 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (167                                           | )      | (167                             | )          | (167       | )          |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                           |   | $                                | (1,340,986 | )          |       |   |
|                                                     |   |          |       |                 |   |                                           |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 17,059,889 |                 | $      | (26,104                                        | )      | $                                | —     |       |       |   | $ | 17,033,785 |   |

 

F-78

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

 

Year ended March 31, 2003and for the period February 1, 2001 (date of inception) through March 31, 2001

 
| **Series 40**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2000        |   | $             | —     |                 | $      | —                                        |   | $                                | —     |       |       |   | $ | — |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | 3,376,000     |       | —               |   | —                                        |   |                             |       | 3,376,000  |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (738,551      | )          | —               |   | —                                        |   |                             |       | (738,551   |  )    |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income (loss)                                        |   | (110,349      | )          | (1,115               | )      | —                                        |   | $                                | (111,464   | )          | (111,464   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (111,464   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | 2,527,100     |       | (1,115               | )      | —                                        |   |                             |       | 2,525,985  |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | 22,893,250    |       | —               |   | —                                        |   |                             |       | 22,893,250 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (3,039,267    | )          | —               |   | —                                        |   |                             |       | (3,039,267 | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (591,412      | )          | (5,974               | )      | —                                        |   | $                                | (597,386   | )          | (597,386   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 11,196                                        |   | 11,196                           |       | 11,196     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (586,190   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 21,789,671    |       | (7,089               | )      | 11,196                                        |   |                             |       | 21,793,778 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | 2,802         |       | —               |   | —                                        |   |                             |       | 2,802      |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,109,815    | )          | (11,210              | )      | —                                        |   | $                                | (1,121,025 | )          | (1,121,025 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (11,196                                       | )      | (11,196                          | )          | (11,196    | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,132,221 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 20,682,658 |                 | $      | (18,299                                       | )      | $                                | —     |       |       |   | $ | 20,664,359 |   |

 

F-79

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

 

Year ended March 31, 2003and for the period August 1, 2001 (date of inception) through March 31, 2003

 
| **Series 41**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|------------|------------|------------|
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2001        |   | $             | —     |                 | $      | —                                        |   | $                                | —     |       |       |   | $ | — |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | 28,916,260    |       | —               |   | —                                        |   |                             |       | 28,916,260 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | (3,931,606    | )          | —               |   | —                                        |   |                             |       | (3,931,606 | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (281,084      | )          | (2,839               | )      | —                                        |   | $                                | (283,923   | )          | (283,923   | ) |
| Other comprehensive  income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | (1,706                                        | )      | (1,706                           | )          | (1,706     | )          |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (285,629   | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2002        |   | 24,703,570    |       | (2,839               | )      | (1,706                                        | )      |                             |       | 24,699,025 |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Capital  contributions                                   |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Selling  commissions and registration costs              |   | 71,319        |       | —               |   | —                                        |   |                             |       | 71,319     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |       | —     |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Net income  (loss)                                       |   | (1,829,901    | )          | (18,484              | )      | —                                        |   | $                                | (1,848,385 | )          | (1,848,385 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 1,673                                         |   | 1,673                            |       | 1,673      |       |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (1,846,712 | )          |       |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 22,944,988 |                 | $      | (21,323                                       | )      | $                                | (33        | )          |       |   | $ | 22,923,632 |   |

 

Series 41 and 42were not formed until after March 31, 2001, therefore only two periods ofcomparative information has been included.

 

F-80

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

 

Year ended March 31, 2003and for the period February 1, 2002 (date of inception) through March 31, 2003

 
| **Series 42**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |     | **Total**  |     |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|----------|------------|----------|
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Partners’  capital (deficit), March 31, 2001        |   | $             | —     |                 | $      | —                                        |   | $                                | —   |       |     |   | $ | — |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Capital  contributions                                   |   | 4,577,760     |       | —               |   | —                                        |   |                             |     | 4,577,760  |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Selling  commissions and registration costs              |   | (883,687      | )          | —               |   | —                                        |   |                             |     | (883,687   | )        |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |     | —     |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Net income  (loss)                                       |   | (109,164      | )          | (1,103               | )      | —                                        |   | $                                | (110,267 | )          | (110,267 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | —                                        |   | —                           |     | —     |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (110,267 | )          |     |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Partners’  capital (deficit), March 31, 2002        |   | 3,584,909     |       | (1,103               | )      | —                                        |   |                             |     | 3,583,806  |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Capital  contributions                                   |   | 22,864,860    |       | —               |   | —                                        |   |                             |     | 22,864,860 |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Selling  commissions and registration costs              |   | (2,935,906    | )          | —               |   | —                                        |   |                             |     | (2,935,906 | )        |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |     | —     |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Net income  (loss)                                       |   | (516,197      | )          | (5,214               | )      | —                                        |   | $                                | (521,411 | )          | (521,411 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 44,599                                        |   | 44,599                           |     | 44,599     |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (476,812 | )          |     |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 22,997,666 |                 | $      | (6,317                                        | )      | $                                | 44,599   |       |     |   | $ | 23,035,948 |   |

 

Series 41 and 42were not formed until after March 31, 2001, therefore only two periods ofcomparative information has been included.

 

F-81

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

 

For the period August 1,2002 (date of inception) through March 31, 2003

 
| **Series 43**                                            |   | **Assignees** |       | **General  partner** |   | **Accumulated  other  comprehensive  income** |   | **Comprehensive  income (loss)** |     | **Total**  |     |
|----------------------------------------------------------|--------|---------------|------------|----------------------|--------|-----------------------------------------------|--------|----------------------------------|----------|------------|----------|
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Partners’  capital (deficit), March 31, 2002        |   | $             | —     |                 | $      | —                                        |   | $                                | —   |       |     |   | $ | — |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Capital  contributions                                   |   | 36,379,870    |       | —               |   | —                                        |   |                             |     | 36,379,870 |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Selling  commissions and registration costs              |   | (4,770,667    | )          | —               |   | —                                        |   |                             |     | (4,770,667 | )        |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Distributions                                            |   | —        |       | —               |   | —                                        |   |                             |     | —     |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Comprehensive  income (loss)                             |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Net income  (loss)                                       |   | (485,466      | )          | (4,904               | )      | —                                        |   | $                                | (490,370 | )          | (490,370 | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |   | 1,866                                         |   | 1,866                            |     | 1,866      |     |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Total  comprehensive income (loss)                       |   |          |       |                 |   |                                          |   | $                                | (488,504 | )          |     |   |
|                                                     |   |          |       |                 |   |                                          |   |                             |     |       |     |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 31,123,737 |                 | $      | (4,904                                        | )      | $                                | 1,866    |       |     |   | $ | 31,120,699 |   |

 

Series 43 and 44were not formed until after March 31, 2002, therefore no comparativeinformation has been included.

 

F-82

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

 

For the period January 1,2003 (date of inception) through March 31, 2003

 
| **Series 44**                                            |   | **Assignees** |       | **General  partner** |       | **Accumulated  other  comprehensive  income** |       | **Comprehensive  income (loss)** |       | **Total**  |       |
|----------------------------------------------------------|--------|---------------|------------|----------------------|------------|-----------------------------------------------|------------|----------------------------------|------------|------------|------------|
|                                                     |   |          | ** ** |                 | ** ** |                                          | ** ** |                             | ** ** |       | ** ** |
| Partners’  capital (deficit), March 31, 2002        |   | $             | —     |                 | $          | —                                        |       | $                                | —     |       |       |   | $ | — |   |
| Capital  contributions                                   |   | 12,790,970    |       | —               |       | —                                        |       |                             |       | 12,790,970 |       |
| Selling  commissions and registration costs              |   | (2,401,620    | )          | —               |       | —                                        |       |                             |       | (2,401,620 | )     |
| Distributions                                            |   | —        |       | —               |       | —                                        |       |                             |       | —     |       |
| Comprehensive  income (loss)                             |   |          |       |                 |       |                                          |       |                             |       |       |       |
| Net income  (loss)                                       |   | (113,870      | )          | (1,150               | )          | —                                        |       | $                                | (115,020   | )          | (115,020   | ) |
| Other  comprehensive income (loss)                       |   |          |       |                 |       |                                          |       |                             |       |       |       |
| Unrealized gain  (loss) on securities available-for-sale |   | —        |       | —               |       | —                                        |       | —                           |       | —     |       |
|                                                     |   |          |       |                 |       |                                          |       |                             |       |       |       |
| Total  comprehensive income (loss)                       |   |          |       |                 |       |                                          |       | $                                | (115,020   | )          |       |   |
|                                                     |   |          |       |                 |       |                                          |       |                             |       |       |       |
| Partners’  capital (deficit), March 31, 2003        |   | $             | 10,275,480 |                 | $          | (1,150                                        | )          | $                                | —     |       |       |   | $ | 10,274,330 |   |

 

Series 43 and 44 were not formed until after March 31, 2002, thereforeno comparative information has been included.

 

See notes to financialstatements

 

F-83

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS

 
|                                                                                                |   | **Total**                      |        |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|-------------|
|                                                                                                |   | **Year ended  March 31, 2003** |        | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Cash flows from  operating activities                                                               |   |                           |        |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (34,363,004 | ) | $ | (36,244,755 | ) | $ | (31,651,959 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |        |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 26,840,274                     |        | 30,093,432 |   | 27,258,366 |   |
| Impairment loss                                                                                     |   | 770,199                        |        | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 150,808                        |        | 169,728 |   | 94,023 |   |
| Amortization                                                                                        |   | 881,921                        |        | 603,339 |   | 520,593 |   |
| Changes in  assets and liabilities                                                                  |   |                           |        |   |   |   |   |
| Other assets                                                                                        |   | 1,168,100                      |        | (1,808,453 | ) | (1,338,459 | ) |
| Accounts payable  and accrued expenses                                                              |   | 247,251                        |        | 744,932 |   | (275,327 | ) |
| Accounts payable  - affiliates                                                                      |   | 3,300,679                      |        | 3,518,586 |   | 1,587,362 |   |
|                                                                                                |   |                           |        |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (1,003,772                     | )           | (2,923,191 | ) | (3,805,401 | ) |
|                                                                                                |   |                           |        |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |        |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | (7,592,992                     | )           | (6,616,734 | ) | (5,336,815 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (35,700,528                    | )           | (34,494,994 | ) | (49,544,266 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |        | (470,389 | ) | (1,530,054 | ) |
| (Advances to)  repayments from operating limited partnerships                                       |   | (6,542,296                     | )           | (10,546,117 | ) | 105,466 |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 1,479,562                      |        | 303,754 |   | 24,661,281 |   |
|                                                                                                |   |                           |        |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (48,356,254                    | )           | (51,824,480 | ) | (31,644,388 | ) |
|                                                                                                |   |                           |        |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |        |   |   |   |   |
| Capital  contributions received                                                                     |   | 72,035,700                     |        | 56,387,270 |   | 47,265,000 |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | (10,035,879                    | )           | (7,867,900 | ) | (6,852,583 | ) |
| Distributions  paid                                                                                 |   | —                         |        | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | (5,708,074                     | )           | 3,582,526 |   | 1,149,199 |   |
|                                                                                                |   |                           |        |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | 56,291,747                     |        | 52,101,896 |   | 41,561,616 |   |
|                                                                                                |   |                           |        |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 6,931,721                      |        | (2,645,775 | ) | 6,111,827 |   |
|                                                                                                |   |                           |        |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 18,950,441                     |        | 21,596,216 |   | 15,484,389 |   |
|                                                                                                |   |                           |        |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 25,882,162  |   | $ | 18,950,441 |   | $ | 21,596,216 |   |

 

F-84

----

 
|                                                                                                                                                                                                      |   | **Total**                      |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |       |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | 41,047,253 |   | $ | 35,068,694 |   | $ | 46,777,452 |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 135,030    |   | $ | 374,247 |   | $ | 562,543 |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 7,809,477  |   | $ | 3,166,025 |   | $ | 8,171,871 |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | 711,322    |   | $ | 364,300 |   | $ | 220,514 |   |

 

Series 41 and 42 were not formed until after March 31, 2001, thereforeonly two periods of comparative information has been included.  Series 43 and 44 were not formed until afterMarch 31, 2002, therefore no comparative information has been included.

 

F-85

----

 
|                                                                                                |   | **Series 20**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (2,384,789 | ) | $ | (2,387,830 | ) | $ | (2,366,381 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 2,005,043                      |       | 2,032,664 |   | 1,998,506 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 13,860                         |       | 10,499 |   | 15,172 |   |
| Amortization                                                                                        |   | 3,571                          |       | 3,573 |   | 3,572 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | (111,636                       | )          | (210,329 | ) | (182,806 | ) |
| Accounts payable  and accrued expenses                                                              |   | 9,902                          |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 490,883                        |       | 589,638 |   | 398,549 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | 26,834                         |       | 38,215 |   | (133,388 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 26,834                         |       | 38,215 |   | (133,388 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 217,550                        |       | 179,335 |   | 312,723 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 244,384    |   | $ | 217,550 |   | $ | 179,335 |   |

 

F-86

----

 
|                                                                                                                                                                                                      |   | **Series 20**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | 700    |   | $ | — |   | $ | — |   |

 

F-87

----

 
|                                                                                                |   | **Series 21**                  |     |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|----------|
|                                                                                                |   | **Year ended  March 31, 2003** |     | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Cash flows from  operating activities                                                               |   |                           |     |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (658,405 | ) | $ | (2,976,656 | ) | $ | (1,087,400 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |     |   |   |   |   |
| Share of (income)  losses from operating limited partnerships                                       |   | 453,916                        |     | 2,720,700 |   | 885,755 |   |
| Impairment loss                                                                                     |   | —                         |     | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 3,941                          |     | 7,251 |   | 437 |   |
| Amortization                                                                                        |   | 1,954                          |     | 1,953 |   | 1,954 |   |
| Changes in  assets and liabilities                                                                  |   |                           |     |   |   |   |   |
| Other assets                                                                                        |   | 36,872                         |     | 941 |   | (818 | ) |
| Accounts payable  and accrued expenses                                                              |   | —                         |     | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 125,839                        |     | 25,840 |   | (174,160 | ) |
|                                                                                                |   |                           |     |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (35,883                        | )        | (219,971 | ) | (374,232 | ) |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |     |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |     | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | —                         |     | — |   | — |   |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |     | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |     | — |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 9,166                          |     | 222,534 |   | 337,233 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 9,166                          |     | 222,534 |   | 337,233 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |     |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |     | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |     | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |     | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |     | — |   | — |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |     | — |   | — |   |
|                                                                                                |   |                           |     |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (26,717                        | )        | 2,563 |   | (36,999 | ) |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 237,787                        |     | 235,224 |   | 272,223 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 211,070  |   | $ | 237,787 |   | $ | 235,224 |   |

 

F-88

----

 
|                                                                                                                                                                                                      |   | **Series 21**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | —  |   | $ | 47,815 |   | $ | 25,505 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 183,901 |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | 78,084  |   | $ | 7,991 |   | $ | 59,725 |   |

 

F-89

----

 
|                                                                                                |   | **Series 22**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,825,108 | ) | $ | (1,693,382 | ) | $ | (1,484,651 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,154,777                      |       | 1,429,401 |   | 1,225,393 |   |
| Impairment loss                                                                                     |   | 404,691                        |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 7,977                          |       | 9,778 |   | 3,912 |   |
| Amortization                                                                                        |   | 6,139                          |       | 6,140 |   | 6,140 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | (558                           | )          | (4,746 | ) | (450 | ) |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 179,592                        |       | 254,592 |   | 154,594 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (72,490                        | )          | 1,783 |   | (95,062 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | (1,500                         | )          | (51,114 | ) | — |   |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 173,915                        |       | (47,713 | ) | 175,429 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 172,415                        |       | (98,827 | ) | 175,429 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 99,925                         |       | (97,044 | ) | 80,367 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 254,977                        |       | 352,021 |   | 271,654 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 354,902    |   | $ | 254,977 |   | $ | 352,021 |   |

 

F-90

----

 
|                                                                                                                                                                                                      |   | **Series 22**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 5,159  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | — |   | $ | — |   |

 

F-91

----

 
|                                                                                                |   | **Series 23**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** | ** ** | **Year ended  March 31, 2001** | ** ** |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,611,679 | ) | $ | (1,634,244 | ) | $ | (1,380,939 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,347,032                      |       | 1,381,392 |   | 1,137,319 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 5,803                          |       | 11,274 |   | 315 |   |
| Amortization                                                                                        |   | 9,131                          |       | 9,130 |   | 7,688 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | —                         |       | 1 |   | — |   |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 240,263                        |       | 115,264 |   | 190,267 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (9,450                         | )          | (117,183 | ) | (45,350 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (9,450                         | )          | (117,183 | ) | (45,350 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 176,646                        |       | 293,829 |   | 339,179 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 167,196    |   | $ | 176,646 |   | $ | 293,829 |   |

 

F-92

----

 
|                                                                                                                                                                                                      |   | **Series 23**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 340,835 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | — |   | $ | — |   |

 

F-93

----

 
|                                                                                                |   | **Series 24**                  |     |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|----------|
|                                                                                                |   | **Year ended  March 31, 2003** |     | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |     |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (206,100 | ) | $ | (2,001,698 | ) | $ | (1,777,302 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |     |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 62,763                         |     | 1,716,153 |   | 1,528,706 |   |
| Impairment loss                                                                                     |   | —                         |     | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 3,202                          |     | 7,254 |   | 4,634 |   |
| Amortization                                                                                        |   | 10,204                         |     | 10,205 |   | 10,205 |   |
| Changes in  assets and liabilities                                                                  |   |                           |     |   |   |   |   |
| Other assets                                                                                        |   | 25,968                         |     | (4,491 | ) | (33,903 | ) |
| Accounts payable  and accrued expenses                                                              |   | 39,878                         |     | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | (91,648                        | )        | 233,352 |   | 233,352 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (155,733                       | )        | (39,225 | ) | (34,308 | ) |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |     |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |     | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | (88,621                        | )        | — |   | — |   |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |     | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |     | — |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 212,622                        |     | (58,334 | ) | 101,756 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 124,001                        |     | (58,334 | ) | 101,756 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |     |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |     | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |     | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |     | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |     | — |   | — |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |     | — |   | — |   |
|                                                                                                |   |                           |     |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (31,732                        | )        | (97,559 | ) | 67,448 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 264,742                        |     | 362,301 |   | 294,853 |   |
|                                                                                                |   |                           |     |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 233,010  |   | $ | 264,742 |   | $ | 362,301 |   |

 

F-94

----

 

 
|                                                                                                                                                                                                      |   | **Series 24**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 6,280   |   | $ | — |   | $ | 45,141 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 751,064 |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | —  |   | $ | — |   | $ | — |   |

 

F-95

----

 
|                                                                                                |   | **Series 25**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income (loss)                                                                                   |   | $                              | (1,063,014 | ) | $ | (1,557,890 | ) | $ | (1,540,858 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 921,532                        |       | 1,274,826 |   | 1,297,955 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 10,163                         |       | 25,888 |   | 6,251 |   |
| Amortization                                                                                        |   | 15,218                         |       | 15,218 |   | 15,218 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 116,164                        |       | 30,735 |   | (30,629 | ) |
| Accounts payable  and accrued expenses                                                              |   | 30,878                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | (127,324                       | )          | 272,676 |   | 172,676 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (96,383                        | )          | 61,453 |   | (79,387 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | (134,613                       | )          | (21,500 | ) | (352,859 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 257,095                        |       | (70,538 | ) | 399,597 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 122,482                        |       | (92,038 | ) | 46,738 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 26,099                         |       | (30,585 | ) | (32,649 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 463,598                        |       | 494,183 |   | 526,832 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 489,697    |   | $ | 463,598 |   | $ | 494,183 |   |

 

F-96

----

 

 
|                                                                                                                                                                                                      |   | **Series 25**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | 11,500 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 13,141  |   | $ | — |   | $ | 79,685 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 982,434 |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | —  |   | $ | — |   | $ | — |   |

 

F-97

----

 

 
|                                                                                                |   | **Series 26**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,428,884 | ) | $ | (2,264,403 | ) | $ | (2,419,997 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,054,359                      |       | 1,829,836 |   | 2,038,026 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 15,982                         |       | 13,449 |   | 22,612 |   |
| Amortization                                                                                        |   | 16,904                         |       | 17,939 |   | 17,650 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 396,024                        |       | (44,902 | ) | 49 |   |
| Accounts payable  and accrued expenses                                                              |   | 100,593                        |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 87,580                         |       | 437,580 |   | 437,580 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | 242,558                        |       | (10,501 | ) | 95,920 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | (50,978                        | )          | — |   | (180,117 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | — |   | 217,461 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (50,978                        | )          | — |   | 37,344 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 191,580                        |       | (10,501 | ) | 133,264 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 324,565                        |       | 335,066 |   | 201,802 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 516,145    |   | $ | 324,565 |   | $ | 335,066 |   |

 

F-98

----

 
|                                                                                                                                                                                                      |   | **Series 26**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | —  |   | $ | 1,993 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 672,179 |   | $ | — |   | $ | 329,618 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | —  |   | $ | — |   | $ | — |   |

 

F-99

----

 
|                                                                                                |   | **Series 27**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,080,803 | ) | $ | (598,368 | ) | $ | (864,778 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 782,076                        |       | 293,465 |   | 595,643 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 9,614                          |       | 10,532 |   | 5,862 |   |
| Amortization                                                                                        |   | 15,655                         |       | 15,655 |   | 15,655 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | (42                            | )          | 867 |   | 247,993 |   |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 65,204                         |       | 215,204 |   | 215,205 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (208,296                       | )          | (62,645 | ) | 215,580 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | (107,464                       | )          | (147,217 | ) | (249,384 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | 99,549 |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 225,034                        |       | (7,050 | ) | 331,546 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 117,570                        |       | (154,267 | ) | 181,711 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (90,726                        | )          | (216,912 | ) | 397,291 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 430,440                        |       | 647,352 |   | 250,061 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 339,714    |   | $ | 430,440 |   | $ | 647,352 |   |

 

F-100

----

 

 
|                                                                                                                                                                                                      |   | **Series 27**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 9,176  |   | $ | 11,705 |   | $ | 38,328 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | 537,000 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | — |   | $ | 65,183 |   |

 

F-101

----

 

 
|                                                                                                |   | **Series 28**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,443,856 | ) | $ | (1,802,088 | ) | $ | (1,950,767 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,131,178                      |       | 1,503,553 |   | 1,714,275 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 39,493                         |       | 25,213 |   | 2,643 |   |
| Amortization                                                                                        |   | 3,299                          |       | 3,300 |   | 3,300 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | (350,737                       | )          | 3,441 |   | (3,056 | ) |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | (104 | ) |
| Accounts payable  - affiliates                                                                      |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (620,623                       | )          | (266,581 | ) | (233,709 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | — |   |
| Capital  contributions paid to operating limited partnerships                                       |   | —                         |       | (596,003 | ) | (1,718,582 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | 136,654                        |       | (775,000 | ) | 1,477,458 |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 278,596                        |       | 1,030,265 |   | 495,591 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 415,250                        |       | (340,738 | ) | 254,467 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (205,373                       | )          | (607,319 | ) | 20,758 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 510,061                        |       | 1,117,380 |   | 1,096,622 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 304,688    |   | $ | 510,061 |   | $ | 1,117,380 |   |

 

F-102

----

 
|                                                                                                                                                                                                      |   | **Series 28**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | — |   | $ | 21,136 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a receivable  for tax credits not generated by the operating limited partnerships.                                 |   | $                              | — |   | $ | — |   | $ | — |   |

 

F-103

----

 
|                                                                                                |   | **Series 29**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (2,395,108 | ) | $ | (2,421,150 | ) | $ | (2,369,982 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,671,213                      |       | 2,116,714 |   | 2,074,428 |   |
| Impairment loss                                                                                     |   | 365,508                        |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 3,039                          |       | 2,613 |   | 1,050 |   |
| Amortization                                                                                        |   | 3,312                          |       | 3,312 |   | 3,277 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | (146,101                       | )          | (4,049 | ) | 17,223 |   |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 212,980                        |       | 209,815 |   | (36 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (285,157                       | )          | (92,745 | ) | (274,040 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | (1,615 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | —                         |       | (283,919 | ) | (1,419,352 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | 814,943 |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 176,073                        |       | 78,899 |   | 1,367,980 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 176,073                        |       | (205,020 | ) | 761,956 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (109,084                       | )          | (297,765 | ) | 487,916 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 577,830                        |       | 875,595 |   | 387,679 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 468,746    |   | $ | 577,830 |   | $ | 875,595 |   |

 

F-104

----

 

 
|                                                                                                                                                                                                      |   | **Series 29**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | 7,355 |   | $ | 45,585 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | — |   | $ | — |   |

 

F-105

----

 
|                                                                                                |   | **Series 30**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,425,215 | ) | $ | (1,298,251 | ) | $ | (1,283,833 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,158,391                      |       | 1,085,876 |   | 1,177,274 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 6,550                          |       | 18,931 |   | 11,818 |   |
| Amortization                                                                                        |   | 21,240                         |       | 21,240 |   | 21,209 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 10                             |       | — |   | 1,718 |   |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 133                            |       | 176 |   | (7,524 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (238,891                       | )          | (172,028 | ) | (79,338 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | (16 | ) | (1,468 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (54,232                        | )          | (451,620 | ) | (1,114,708 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | 70,297 |   | (405,743 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 158,269                        |       | 74,483 |   | 1,933,137 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 104,037                        |       | (306,856 | ) | 411,218 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions  received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (134,854                       | )          | (478,884 | ) | 331,880 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 256,324                        |       | 735,208 |   | 403,328 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 121,470    |   | $ | 256,324 |   | $ | 735,208 |   |

 

F-106

----

 
|                                                                                                                                                                                                      |   | **Series 30**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | 5,099 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | —  |   | $ | 56,194 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 339,908 |   | $ | 38,520 |   | $ | 343,443 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited partnerships.                                 |   | $                              | —  |   | $ | — |   | $ | — |   |

 

F-107

----

 
|                                                                                                |   | **Series 31**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (2,409,358 | ) | $ | (2,489,687 | ) | $ | (2,979,270 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 2,057,441                      |       | 2,172,471 |   | 2,698,823 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 7,430                          |       | 10,372 |   | 1,754 |   |
| Amortization                                                                                        |   | —                         |       | — |   | — |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 13,791                         |       | (215,305 | ) | 144,220 |   |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | (2,975 | ) |
| Accounts payable  - affiliates                                                                      |   | (33,120                        | )          | 33,120 |   | (26,655 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (363,816                       | )          | (489,029 | ) | (164,103 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | (39,059 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (324,248                       | )          | (327,137 | ) | (1,954,972 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | 200,000 |   | (200,000 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 301,466                        |       | 178,074 |   | 2,026,895 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (22,782                        | )          | 50,937 |   | (167,136 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (386,598                       | )          | (438,092 | ) | (331,239 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 680,648                        |       | 1,118,740 |   | 1,449,979 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 294,050    |   | $ | 680,648 |   | $ | 1,118,740 |   |

 

F-108

----

 
|                                                                                                                                                                                                      |   | **Series 31**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | 6,462 |   | $ | 91,419 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | — |   | $ | 107,199 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | 1,866,296 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | 22,061 |   | $ | 28,793 |   |

 

F-109

----

 
|                                                                                                |   | **Series 32**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (2,292,954 | ) | $ | (2,429,115 | ) | $ | (2,821,938 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,894,224                      |       | 2,062,829 |   | 2,669,373 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 8,500                          |       | 500 |   | 16,004 |   |
| Amortization                                                                                        |   | 36,624                         |       | 36,625 |   | 36,303 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 143,040                        |       | (88,730 | ) | (122,814 | ) |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 132,904                        |       | 132,906 |   | (68,502 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash provided  by (used in) operating activities                                                |   | (77,662                        | )          | (284,985 | ) | (291,574 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | (10,108 | ) | (1,822 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (99,104                        | )          | (237,421 | ) | (1,563,696 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | (10,765                        | )          | (562,489 | ) | 451,067 |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | 474,374 |   | 2,277,424 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (109,869                       | )          | (335,644 | ) | 1,162,973 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital contributions  received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (187,531                       | )          | (620,629 | ) | 871,399 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 491,354                        |       | 1,111,983 |   | 240,584 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 303,823    |   | $ | 491,354 |   | $ | 1,111,983 |   |

 

F-110

----

 
|                                                                                                                                                                                                      |   | **Series 32**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | 18,112 |   | $ | 52,601 |   | $ | 199,254 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | 43,281 |   | $ | 110,279 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 57,092 |   | $ | — |   | $ | 1,714,980 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | — |   | $ | 35,370 |   |

 

F-111

----

 
|                                                                                                |   | **Series 33**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,118,654 | ) | $ | (1,259,944 | ) | $ | (1,384,134 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 892,301                        |       | 1,059,178 |   | 1,294,005 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | —                         |       | — |   | — |   |
| Amortization                                                                                        |   | 27,276                         |       | 27,266 |   | 27,066 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 129,185                        |       | (78,970 | ) | (121,915 | ) |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | (2,536 | ) | 2,536 |   |
| Accounts payable  - affiliates                                                                      |   | 73,964                         |       | 73,923 |   | 73,780 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | 4,072                          |       | (181,083 | ) | (108,662 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | (17,119 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (549,081                       | )          | (852,865 | ) | (1,658,030 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | (122,900 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | 611,183 |   | 2,456,085 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (549,081                       | )          | (241,682 | ) | 658,036 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (545,009                       | )          | (422,765 | ) | 549,374 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 724,344                        |       | 1,147,109 |   | 597,735 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 179,335    |   | $ | 724,344 |   | $ | 1,147,109 |   |

 

F-112

----

 
|                                                                                                                                                                                                      |   | **Series 33**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | 49,249 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | 2,652 |   | $ | 21,314 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | — |   | $ | 1,295 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | 8,131 |   | $ | — |   |

 

F-113

----

 
|                                                                                                |   | **Series 34**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,986,319 | ) | $ | (2,113,249 | ) | $ | (2,424,494 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,610,062                      |       | 1,760,695 |   | 2,140,987 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 523                            |       | 631 |   | — |   |
| Amortization                                                                                        |   | 43,938                         |       | 43,940 |   | 44,236 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | —                         |       | 14,248 |   | 2,595 |   |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | — |   | — |   |
| Accounts payable  - affiliates                                                                      |   | 293,194                        |       | 292,965 |   | 181 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (38,602                        | )          | (770 | ) | (236,495 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | (31,402 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (56,333                        | )          | (240,787 | ) | (3,320,686 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | 275,000 |   | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | — |   | 3,266,100 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (56,333                        | )          | 34,213 |   | (85,988 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | (1,807                         | )          | — |   | — |   |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | (1,807                         | )          | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (96,742                        | )          | 33,443 |   | (322,483 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 382,970                        |       | 349,527 |   | 672,010 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 286,228    |   | $ | 382,970 |   | $ | 349,527 |   |

 

F-114

----

 
|                                                                                                                                                                                                      |   | **Series 34**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | 5,903 |   | $ | 108,667 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | —  |   | $ | 3,780 |   | $ | 37,557 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 654,703 |   | $ | 5,954 |   | $ | 1,663,458 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | —  |   | $ | — |   | $ | 6,476 |   |

 

F-115

----

 
|                                                                                                |   | **Series 35**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,530,349 | ) | $ | (1,211,672 | ) | $ | (2,106,038 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,198,689                      |       | 875,205 |   | 1,875,497 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | —                         |       | — |   | — |   |
| Amortization                                                                                        |   | 129,236                        |       | 129,251 |   | 128,479 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 15,390                         |       | 15,969 |   | (6,136 | ) |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | (224 | ) | (1,719 | ) |
| Accounts payable  - affiliates                                                                      |   | (4,810                         | )          | 76,840 |   | (78,703 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (191,844                       | )          | (114,631 | ) | (188,620 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | — |   | (44,455 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (746,922                       | )          | (84,860 | ) | (3,893,407 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | 200,000                        |       | (200,001 | ) | (794,296 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 611,180                        |       | 426,170 |   | 4,901,470 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | 64,258                         |       | 141,309 |   | 169,312 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | — |   | (500 | ) |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | (500 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (127,586                       | )          | 26,678 |   | (19,808 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 708,626                        |       | 681,948 |   | 701,756 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 581,040    |   | $ | 708,626 |   | $ | 681,948 |   |

 

F-116

----

 
|                                                                                                                                                                                                      |   | **Series 35**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | — |   | $ | 1,310,104 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | —  |   | $ | 103,459 |   | $ | 2,558 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 395,535 |   | $ | 615,734 |   | $ | 422,261 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | —  |   | $ | 91,805 |   | $ | 11,043 |   |

 

F-117

----

 
|                                                                                                |   | **Series 36**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,250,570 | ) | $ | (1,529,736 | ) | $ | (693,060 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 982,302                        |       | 1,268,122 |   | 457,746 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 5,215                          |       | 1,644 |   | — |   |
| Amortization                                                                                        |   | 88,463                         |       | 88,463 |   | 86,996 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 64,737                         |       | (67,433 | ) | 82,822 |   |
| Accounts payable  and accrued expenses                                                              |   | (6,669                         | )          | 2,259 |   | 4,410 |   |
| Accounts payable  - affiliates                                                                      |   | 167,073                        |       | 160,578 |   | 99,303 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | 50,551                         |       | (76,103 | ) | 38,217 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | —                         |       | (4,435 | ) | (97,045 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | —                         |       | (314,424 | ) | (3,036,776 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | — |   | 835,963 |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | — |   | 2,377,517 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | —                         |       | (318,859 | ) | 79,659 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling commissions  and registration costs (paid)/refunded                                         |   | —                         |       | — |   | (5,170 | ) |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | — |   | (5,170 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 50,551                         |       | (394,962 | ) | 112,706 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 45,839                         |       | 440,801 |   | 328,095 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 96,390     |   | $ | 45,839 |   | $ | 440,801 |   |

 

F-118

----

 
|                                                                                                                                                                                                      |   | **Series 36**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | 2,381 |   | $ | 10,720 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 462,966 |   | $ | 1,001,838 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | 3,061 |   | $ | — |   |

 

F-119

----

 
|                                                                                                |   | **Series 37**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,643,835 | ) | $ | (1,051,460 | ) | $ | (315,863 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,337,643                      |       | 750,493 |   | 318,507 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 5,215                          |       | 13,899 |   | — |   |
| Amortization                                                                                        |   | 94,823                         |       | 94,713 |   | 91,645 |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 35,442                         |       | (93,567 | ) | 5,348 |   |
| Accounts payable  and accrued expenses                                                              |   | (100,000                       | )          | 73,129 |   | 26,522 |   |
| Accounts payable  - affiliates                                                                      |   | 176,944                        |       | 81,603 |   | (29,717 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (93,768                        | )          | (131,190 | ) | 96,442 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | (689                           | )          | (11,420 | ) | (146,024 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (162,434                       | )          | (2,129,525 | ) | (5,590,378 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | (1,530,054 | ) |
| (Advances to) repayments  from operating limited partnerships                                       |   | 3,725                          |       | 997,985 |   | (1,066,200 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                         |       | 576,017 |   | 3,659,278 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (159,398                       | )          | (566,943 | ) | (4,673,378 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | — |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | (100,000 | ) | (18,876 | ) |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | (100,000 | ) | (18,876 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (253,166                       | )          | (798,133 | ) | (4,595,812 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 559,002                        |       | 1,357,135 |   | 5,952,947 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 305,836    |   | $ | 559,002 |   | $ | 1,357,135 |   |

 

F-120

----

 
|                                                                                                                                                                                                      |   | **Series 37**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | 6,314  |   | $ | — |   | $ | 5,481,597 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 65,000 |   | $ | 1,543,978 |   | $ | 291,682 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | — |   | $ | 231,251 |   | $ | 13,924 |   |

 

F-121

----

 
|                                                                                                |   | **Series 38**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,170,974 | ) | $ | (1,405,509 | ) | $ | (145,973 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 892,478                        |       | 1,230,809 |   | 133,908 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 2,218                          |       | — |   | 1,559 |   |
| Amortization                                                                                        |   | 98,914                         |       | 50,939 |   | — |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 123,494                        |       | (104,115 | ) | 607,963 |   |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | (2,733 | ) | (419,756 | ) |
| Accounts payable  - affiliates                                                                      |   | 164,404                        |       | 69,025 |   | (20,848 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | 110,534                        |       | (161,584 | ) | 156,853 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | (1,172                         | )          | — |   | (2,231,391 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (1,099,731                     | )          | (3,062,065 | ) | (12,005,963 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | —                         |       | 755,920 |   | (755,920 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 501,701                        |       | (289,004 | ) | (212,697 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (599,202                       | )          | (2,595,149 | ) | (15,205,971 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | 20,968,000 |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | 99,962 |   | (2,826,076 | ) |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | (976,349 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | 99,962 |   | 17,165,575 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (488,668                       | )          | (2,656,771 | ) | 2,116,457 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 644,013                        |       | 3,300,784 |   | 1,184,327 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 155,345    |   | $ | 644,013 |   | $ | 3,300,784 |   |

 

F-122

----

 
|                                                                                                                                                                                                      |   | **Series 38**                  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |   | **Year ended  March 31, 2002** |   | **Year ended  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | 2,838  |   | $ | 116,325 |   | $ | 15,470,521 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | — |   | $ | 93,632 |   | $ | 17,536 |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | — |   | $ | 158,038 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |   |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | 78,521 |   | $ | — |   | $ | — |   |

 

F-123

----

 
|                                                                                                |   | **Series 39**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Period  August 1, 2000  (date of  inception)  through  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,340,819 | ) | $ | (1,126,847 | ) | $ | (142,837 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 1,093,075                      |       | 996,269 |   | (3,760 | ) |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | 2,083                          |       | — |   | — |   |
| Amortization                                                                                        |   | 90,324                         |       | 24,477 |   | — |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | 2,458                          |       | 12,796 |   | (29,308 | ) |
| Accounts payable  and accrued expenses                                                              |   | —                         |       | (28,722 | ) | 28,722 |   |
| Accounts payable  - affiliates                                                                      |   | 136,800                        |       | 50,845 |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash provided  by (used in) operating activities                                                |   | (16,079                        | )          | (71,182 | ) | (147,183 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | (1,352                         | )          | (75,171 | ) | (2,337,478 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (1,036,128                     | )          | (5,441,684 | ) | (9,586,616 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | 543,567                        |       | (1,197,327 | ) | (228,455 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 26,858                         |       | 1,423,663 |   | (1,450,521 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (467,055                       | )          | (5,290,519 | ) | (13,603,070 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | — |   | 22,921,000 |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | —                         |       | (13,302 | ) | (3,263,410 | ) |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | — |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | —                         |       | (13,302 | ) | 19,657,590 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (483,134                       | )          | (5,375,003 | ) | 5,907,337 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 532,334                        |       | 5,907,337 |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 49,200     |   | $ | 532,334 |   | $ | 5,907,337 |   |

 

F-124

----

 
|                                                                                                                                                                                                      |   | **Series 39**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** |   | **Period  August 1, 2000  (date of  inception)  through  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | 970,254 |   | $ | 16,338,224 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 598     |   | $ | 284,868 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 866,754 |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | 266,478 |   | $ | — |   | $ | — |   |

 

F-125

----

 

 
|                                                                                                |   | **Series 40**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Year ended  March 31, 2002** |   | **Period  February 1,  2001 (date of  inception)  through  March 31, 2001** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,121,025 | ) | $ | (597,386 | ) | $ | (111,464 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 986,508                        |       | 438,656 |   | — |   |
| Impairment loss                                                                                     |   | —                         |       | — |   | — |   |
| Distributions  received from operating limited partnerships                                         |   | —                         |       | — |   | — |   |
| Amortization                                                                                        |   | 32,319                         |       | — |   | — |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |   |   |
| Other assets                                                                                        |   | (2,164                         | )          | 907,919 |   | (1,916,555 | ) |
| Accounts payable  and accrued expenses                                                              |   | 25,170                         |       | (19,975 | ) | 87,037 |   |
| Accounts payable  - affiliates                                                                      |   | 288,676                        |       | 107,713 |   | 18,020 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) operating activities                                                |   | 209,484                        |       | 836,927 |   | (1,922,962 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | 2,613                          |       | (2,549,744 | ) | (387,937 | ) |
| Capital contributions  paid to operating limited partnerships                                       |   | (3,577,924                     | )          | (12,506,389 | ) | (1,898,740 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | — |   | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | 756,950                        |       | (1,359,181 | ) | — |   |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 1,907,760                      |       | (1,907,760 | ) | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (910,601                       | )          | (18,323,074 | ) | (2,286,677 | ) |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |   |   |
| Capital  contributions received                                                                     |   | —                         |       | 22,893,250 |   | 3,376,000 |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | 2,802                          |       | (3,039,267 | ) | (738,551 | ) |
| Distributions  paid                                                                                 |   | —                         |       | — |   | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | —                         |       | (2,125,548 | ) | 2,125,548 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Net cash  provided by (used in) financing activities                                                |   | 2,802                          |       | 17,728,435 |   | 4,762,997 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (698,315                       | )          | 242,288 |   | 553,358 |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 795,646                        |       | 553,358 |   | — |   |
|                                                                                                |   |                           |       |   |   |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 97,331     |   | $ | 795,646 |   | $ | 553,358 |   |

 

F-126

----

 
|                                                                                                                                                                                                      |   | **Series 40**                  |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |    | **Year ended  March 31, 2002** | ** ** | **Period  February 1,  2001 (date of  inception)  through  March 31, 2001** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |    |   |   |   |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | —  |   | $ | 11,110,565 |   | $ | 7,777,666 |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 49,174  |   | $ | 33,685 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 91,484  |   | $ | 1,000,000 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |    |   |   |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | 158,095 |   | $ | — |   | $ | — |   |

 

F-127

----

 
|                                                                                                |   | **Series 41**                  |       |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                |   | **Year ended  March 31, 2003** |       | **Period  August 1, 2001  (date of  inception)  through  March 31, 2002** |   |
| Cash flows from  operating activities                                                               |   |                           |       |   |   |
| Net income  (loss)                                                                                  |   | $                              | (1,848,385 | ) | $ | (283,923 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |       |   |   |
| Share of  (income) income from operating limited partnerships                                       |   | 1,443,650                      |       | 94,125 |   |
| Impairment loss                                                                                     |   | —                         |       | — |   |
| Distributions  received from operating limited partnerships                                         |   | —                         |       | — |   |
| Amortization                                                                                        |   | 133,377                        |       | — |   |
| Changes in  assets and liabilities                                                                  |   |                           |       |   |   |
| Other assets                                                                                        |   | 25,782                         |       | (42,324 | ) |
| Accounts payable  and accrued expenses                                                              |   | (102,474                       | )          | 105,274 |   |
| Accounts payable  - affiliates                                                                      |   | 299,860                        |       | 78,897 |   |
|                                                                                                |   |                           |       |   |   |
| Net cash  provided by (used in) operating activities                                                |   | (48,190                        | )          | (47,951 | ) |
|                                                                                                |   |                           |       |   |   |
| Cash flows from  investing activities                                                               |   |                           |       |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | 24,603                         |       | (3,234,342 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (8,775,315                     | )          | (7,156,939 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |       | (470,389 | ) |
| (Advances to)  repayments from operating limited partnerships                                       |   | 2,521,444                      |       | (6,441,619 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | 1,915,077                      |       | (2,411,509 | ) |
|                                                                                                |   |                           |       |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (4,314,191                     | )          | (19,714,798 | ) |
|                                                                                                |   |                           |       |   |   |
| Cash flows from  financing activities                                                               |   |                           |       |   |   |
| Capital  contributions received                                                                     |   | —                         |       | 28,916,260 |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | 71,319                         |       | (3,931,606 | ) |
| Distributions  paid                                                                                 |   | —                         |       | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | (3,010,000                     | )          | 3,010,000 |   |
|                                                                                                |   |                           |       |   |   |
| Net cash  provided by (used in) financing activities                                                |   | (2,938,681                     | )          | 27,994,654 |   |
|                                                                                                |   |                           |       |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | (7,301,062                     | )          | 8,231,905 |   |
|                                                                                                |   |                           |       |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 8,231,905                      |       | — |   |
|                                                                                                |   |                           |       |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 930,843    |   | $ | 8,231,905 |   |

 

F-128

----

 
|                                                                                                                                                                                                      |   | **Series 41**                  |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|-----------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |      | **Period  August 1, 2001  (date of  inception)  through  March 31, 2002** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |      |   |   |
|                                                                                                                                                                                                      |   |                           |      |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | 376,381   |   | $ | 20,076,151 |   |
|                                                                                                                                                                                                      |   |                           |      |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 13,204    |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |      |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | 2,749,423 |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |      |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                              | 36,085    |   | $ | — |   |

 

Series 41 and 42 were not formed until after March 31, 2001, thereforeonly two periods of comparative information have been included.

 

F-129

----

 
|                                                                                                |   | **Series 42**                  |      |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|-----------|
|                                                                                                |   | **Year ended  March 31, 2003** |      | **Period  February 1,  2002 (date of  inception****)****through  March 31, 2002** |   |
| Cash flows from  operating activities                                                               |   |                           |      |   |   |
| Net income  (loss)                                                                                  |   | $                              | (521,411  | ) | $ | (110,267 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                           |      |   |   |
| Share of  (income) losses from operating limited partnerships                                       |   | 404,748                        |      | — |   |
| Impairment loss                                                                                     |   | —                         |      | — |   |
| Distributions  received from operating limited partnerships                                         |   | —                         |      | — |   |
| Amortization                                                                                        |   | —                         |      | — |   |
| Changes in  assets and liabilities                                                                  |   |                           |      |   |   |
| Other assets                                                                                        |   | 1,781,758                      |      | (1,836,409 | ) |
| Accounts payable  and accrued expenses                                                              |   | (617,422                       | )         | 618,460 |   |
| Accounts payable  - affiliates                                                                      |   | 258,844                        |      | 6,034 |   |
|                                                                                                |   |                           |      |   |   |
| Net cash  provided by (used in) operating activities                                                |   | 1,306,517                      |      | (1,322,182 | ) |
|                                                                                                |   |                           |      |   |   |
| Cash flows from  investing activities                                                               |   |                           |      |   |   |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | (2,324,065                     | )         | (731,498 | ) |
| Capital  contributions paid to operating limited partnerships                                       |   | (8,391,189                     | )         | (589,525 | ) |
| Deposits for  purchases of operating limited partnerships                                           |   | —                         |      | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |   | (4,252,487                     | )         | (2,309,702 | ) |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | (3,480,319                     | )         | — |   |
|                                                                                                |   |                           |      |   |   |
| Net cash  provided by (used in) investing activities                                                |   | (18,448,060                    | )         | (3,630,725 | ) |
|                                                                                                |   |                           |      |   |   |
| Cash flows from  financing activities                                                               |   |                           |      |   |   |
| Capital  contributions received                                                                     |   | 22,864,860                     |      | 4,577,760 |   |
| Selling  commissions and registration costs (paid)/refunded                                         |   | (2,935,906                     | )         | (883,687 | ) |
| Distributions  paid                                                                                 |   | —                         |      | — |   |
| Proceeds from  (repayment of) line of credit                                                        |   | (2,698,074                     | )         | 2,698,074 |   |
|                                                                                                |   |                           |      |   |   |
| Net cash  provided by (used in) financing activities                                                |   | 17,230,880                     |      | 6,392,147 |   |
|                                                                                                |   |                           |      |   |   |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 89,337                         |      | 1,439,240 |   |
|                                                                                                |   |                           |      |   |   |
| Cash and cash  equivalents, beginning                                                               |   | 1,439,240                      |      | — |   |
|                                                                                                |   |                           |      |   |   |
| Cash and cash  equivalents, ending                                                                  |   | $                              | 1,528,577 |   | $ | 1,439,240 |   |

 

F-130

----

 
|                                                                                                                                                                                                      |   | **Series 42**                  |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|
|                                                                                                                                                                                                      |   | **Year ended  March 31, 2003** |       | **Period  February 1,  2002 (date of  inception****)****through  March 31, 2002** |   |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                           |       |   |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                              | 17,368,914 |   | $ | 2,664,585 |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                              | 38,298     |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                              | —     |   | $ | — |   |
|                                                                                                                                                                                                      |   |                           |       |   |   |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited partnerships.                                 |   | $                              | 93,359     |   | $ | — |   |

 

Series 41 and 42 were not formed until after March 31, 2001, thereforeonly two periods of comparative information have been included.

 

F-131

----

 
|                                                                                                |   | **Series 43**                                                             |       |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|------------|
|                                                                                                |   | **Period  August 1, 2002  (date of  inception)  through  March 31, 2003** |       |
| Cash flows from  operating activities                                                               |   |                                                                      |       |
| Net income  (loss)                                                                                  |   | $                                                                         | (490,370   | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                                                                      |       |
| Share of  (income) income from operating limited partnerships                                       |   | 304,873                                                                   |       |
| Impairment loss                                                                                     |   | —                                                                    |       |
| Distributions  received from operating limited partnerships                                         |   | —                                                                    |       |
| Amortization                                                                                        |   | —                                                                    |       |
| Changes in  assets and liabilities                                                                  |   |                                                                      |       |
| Other assets                                                                                        |   | (1,127,160                                                                | )          |
| Accounts payable  and accrued expenses                                                              |   | 111,966                                                                   |       |
| Accounts payable  - affiliates                                                                      |   | 97,417                                                                    |       |
|                                                                                                |   |                                                                      |       |
| Net cash  provided by (used in) operating activities                                                |   | (1,103,274                                                                | )          |
|                                                                                                |   |                                                                      |       |
| Cash flows from  investing activities                                                               |   |                                                                      |       |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | (3,706,564                                                                | )          |
| Capital  contributions paid to operating limited partnerships                                       |   | (8,823,760                                                                | )          |
| Deposits for  purchases of operating limited partnerships                                           |   | —                                                                    |       |
| (Advances to)  repayments from operating limited partnerships                                       |   | (4,997,469                                                                | )          |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | (1,794,931                                                                | )          |
|                                                                                                |   |                                                                      |       |
| Net cash  provided by (used in) investing activities                                                |   | (19,322,724                                                               | )          |
|                                                                                                |   |                                                                      |       |
| Cash flows from  financing activities                                                               |   |                                                                      |       |
| Capital  contributions received                                                                     |   | 36,379,870                                                                |       |
| Selling  commissions and registration costs (paid)/refunded                                         |   | (4,770,667                                                                | )          |
| Distributions  paid                                                                                 |   | —                                                                    |       |
| Proceeds from  (repayment of) line of credit                                                        |   | —                                                                    |       |
|                                                                                                |   |                                                                      |       |
| Net cash  provided by (used in) financing activities                                                |   | 31,609,203                                                                |       |
|                                                                                                |   |                                                                      |       |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 11,183,205                                                                |       |
|                                                                                                |   |                                                                      |       |
| Cash and cash  equivalents, beginning                                                               |   | —                                                                    |       |
|                                                                                                |   |                                                                      |       |
| Cash and cash  equivalents, ending                                                                  |   | $                                                                         | 11,183,205 |   |

 

F-132

----

 
|                                                                                                                                                                                                      |   | **Series 43**                                                             |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|------------|
|                                                                                                                                                                                                      |   | **Period  August 1, 2002  (date of  inception)  through  March 31, 2003** |       |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                                                                      |       |
|                                                                                                                                                                                                      |   |                                                                      |       |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                                                                         | 18,633,728 |   |
|                                                                                                                                                                                                      |   |                                                                      |       |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                                                                         | —     |   |
|                                                                                                                                                                                                      |   |                                                                      |       |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                                                                         | —     |   |
|                                                                                                                                                                                                      |   |                                                                      |       |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                                                                         | —     |   |

 

Series 43 and 44 were not formed until after March 31, 2002, thereforeno comparative information has been included.

 

F-133

----

 
|                                                                                                |   | **Series 44**                                                              |      |
|-----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|-----------|
|                                                                                                |   | **Period  January 1, 2003  (date of  inception)  through  March 31, 2003** |      |
| Cash flows from  operating activities                                                               |   |                                                                       |      |
| Net income  (loss)                                                                                  |   | $                                                                          | (115,020  | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |   |                                                                       |      |
| Share of  (income) losses from operating limited partnerships                                       |   | —                                                                     |      |
| Impairment loss                                                                                     |   | —                                                                     |      |
| Distributions  received from operating limited partnerships                                         |   | —                                                                     |      |
| Amortization                                                                                        |   | —                                                                     |      |
| Changes in  assets and liabilities                                                                  |   |                                                                       |      |
| Other assets                                                                                        |   | (3,617                                                                     | )         |
| Accounts payable  and accrued expenses                                                              |   | 755,429                                                                    |      |
| Accounts payable  - affiliates                                                                      |   | 65,027                                                                     |      |
|                                                                                                |   |                                                                       |      |
| Net cash  provided by (used in) operating activities                                                |   | 701,819                                                                    |      |
|                                                                                                |   |                                                                       |      |
| Cash flows from  investing activities                                                               |   |                                                                       |      |
| Acquisition  costs (paid)/refunded for operating limited partnerships                               |   | (1,586,366                                                                 | )         |
| Capital  contributions paid to operating limited partnerships                                       |   | (1,620,951                                                                 | )         |
| Deposits for  purchases of operating limited partnerships                                           |   | —                                                                     |      |
| (Advances to)  repayments from operating limited partnerships                                       |   | (1,443,915                                                                 | )         |
| Purchase of  investments (net of proceeds from sales and maturities of investments)                 |   | —                                                                     |      |
|                                                                                                |   |                                                                       |      |
| Net cash  provided by (used in) investing activities                                                |   | (4,651,232                                                                 | )         |
|                                                                                                |   |                                                                       |      |
| Cash flows from  financing activities                                                               |   |                                                                       |      |
| Capital  contributions received                                                                     |   | 12,790,970                                                                 |      |
| Selling  commissions and registration costs (paid)/refunded                                         |   | (2,401,620                                                                 | )         |
| Distributions  paid                                                                                 |   | —                                                                     |      |
| Proceeds from  (repayment of) line of credit                                                        |   | —                                                                     |      |
|                                                                                                |   |                                                                       |      |
| Net cash  provided by (used in) financing activities                                                |   | 10,389,350                                                                 |      |
|                                                                                                |   |                                                                       |      |
| NET INCREASE  (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |   | 6,439,937                                                                  |      |
|                                                                                                |   |                                                                       |      |
| Cash and cash  equivalents, beginning                                                               |   | —                                                                     |      |
|                                                                                                |   |                                                                       |      |
| Cash and cash  equivalents, ending                                                                  |   | $                                                                          | 6,439,937 |   |

 

F-134

----

 
|                                                                                                                                                                                                      |   | **Series 44**                                                              |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|-----------|
|                                                                                                                                                                                                      |   | **Period  January 1, 2003  (date of  inception)  through  March 31, 2003** |      |
| Supplemental  schedule of noncash investing and financing activities                                                                                                                                      |   |                                                                       |      |
|                                                                                                                                                                                                      |   |                                                                       |      |
| The fund has  increased its investments in operating limited partnerships for unpaid  capital contributions due to the operating limited partnerships.                                                    |   | $                                                                          | 4,640,966 |   |
|                                                                                                                                                                                                      |   |                                                                       |      |
| The fund has  decreased its investments in operating limited partnerships and decreased its  capital contribution obligation in operating limited partnerships for  low-income tax credits not generated. |   | $                                                                          | —    |   |
|                                                                                                                                                                                                      |   |                                                                       |      |
| The fund has  applied notes receivable and advances to its capital contribution obligation  in operating limited partnerships.                                                                            |   | $                                                                          | —    |   |
|                                                                                                                                                                                                      |   |                                                                       |      |
| The fund has  decreased its investments in operating limited partnerships and recorded a  receivable for tax credits not generated by the operating limited  partnerships.                                |   | $                                                                          | —    |   |

* *

Series 43 and 44 were not formed until after March 31, 2002, thereforeno comparative information has been included.

 

Seenotes to financial statements

 

F-135

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS

 

March 31, 2003, 2002 and 2001

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

 

Boston Capital Tax CreditFund IV L.P. (the “fund”) was organized under the laws of the State of Delawareas of October 5, 1993, for the purpose of acquiring, holding, and disposing oflimited partnership interests in operating limited partnerships which willacquire, develop, rehabilitate, operate and own newly-constructed, existing orrehabilitated apartment complexes which qualify for the Low-Income Housing TaxCredit established by the Tax Reform Act of 1986.  Accordingly, the apartment complexes are restricted as to rentcharges and operating methods.  Certainof the apartment complexes may also qualify for the Historic Rehabilitation TaxCredit for their rehabilitation of certified historic structures and aresubject to the provisions of Section 42(g)(2) of the Internal Revenue Coderelating to the Rehabilitation Investment Credit.  The general partner of the fund is Boston Capital Associates IVL.P. and the limited partner is BCTC IV Assignor Corp. (the assignor limitedpartner).

 

In accordance with thelimited partnership agreement, profits, losses, and cash flow (subject tocertain priority allocations and distributions) and tax credits are allocated99% to the assignees and 1% to the general partner.

 

Pursuant to theSecurities Act of 1933, the fund filed a Form S-11 Registration Statement withthe Securities and Exchange Commission, effective December 16, 1993, whichcovered the offering (the “Public Offering”) of the beneficial assigneecertificates (“BACs”) representing assignments of units of the beneficialinterest of the limited partnership interest of the assignor limitedpartner.  The fund has registered94,500,000 BACs at $10 per BAC for sale to the public in one or moreseries.  BACs sold in bulk are offeredto investors at a reduced cost per BAC.

 

F-136

----

 

The BACs issued and outstanding in each series atMarch 31, 2003 and 2002 are as follows:

 
|       |   | **2003**   |   | **2002**   |   |
|------------|--------|------------|--------|------------|--------|
|       |   |       |   |       |   |
| Series  20 |   | 3,866,700  |   | 3,866,700  |   |
| Series  21 |   | 1,892,700  |   | 1,892,700  |   |
| Series  22 |   | 2,564,400  |   | 2,564,400  |   |
| Series  23 |   | 3,336,727  |   | 3,336,727  |   |
| Series  24 |   | 2,169,878  |   | 2,169,878  |   |
| Series  25 |   | 3,026,109  |   | 3,026,109  |   |
| Series  26 |   | 3,995,900  |   | 3,995,900  |   |
| Series  27 |   | 2,460,700  |   | 2,460,700  |   |
| Series  28 |   | 4,000,738  |   | 4,000,738  |   |
| Series  29 |   | 3,991,800  |   | 3,991,800  |   |
| Series  30 |   | 2,651,000  |   | 2,651,000  |   |
| Series  31 |   | 4,417,857  |   | 4,417,857  |   |
| Series  32 |   | 4,754,198  |   | 4,754,198  |   |
| Series  33 |   | 2,636,533  |   | 2,636,533  |   |
| Series  34 |   | 3,529,319  |   | 3,529,319  |   |
| Series  35 |   | 3,300,463  |   | 3,300,463  |   |
| Series  36 |   | 2,106,837  |   | 2,106,837  |   |
| Series  37 |   | 2,512,500  |   | 2,512,500  |   |
| Series  38 |   | 2,543,100  |   | 2,543,100  |   |
| Series  39 |   | 2,292,152  |   | 2,292,152  |   |
| Series  40 |   | 2,630,256  |   | 2,630,256  |   |
| Series  41 |   | 2,891,626  |   | 2,891,626  |   |
| Series  42 |   | 2,744,262  |   | 457,776    |   |
| Series  43 |   | 3,637,987  |   | —     |   |
| Series  44 |   | 1,708,836  |   | —     |   |
|       |   |       |   |       |   |
|       |   | 75,662,578 |   | 68,029,269 |   |

 

F-137

----

 

Investments in OperatingLimited Partnerships

 

The fund accounts for the investments in the operatinglimited partnerships using the equity method, whereby the fund adjusts theinvestment cost for its share of the operating limited partnership’s results ofoperations and for any distributions received or accrued.  However, the fund recognizes individualoperating limited partnership’s losses only to the extent that the fund’s shareof losses of the operating limited partnerships does not exceed the carryingamount of its investment and its advances to operating limitedpartnerships.  Unrecognized losses willbe suspended and offset against future individual operating limited partnershipincome.

 

A loss in value of an investment in an operatinglimited partnership other than a temporary decline would be recorded as animpairment loss.  Impairment is measuredby comparing the investment carrying amount to the sum of the total amount ofthe remaining tax credits allocated to the fund and the estimated residualvalue of the investment.

 

Capital contributions to operating limitedpartnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operatinglimited partnership capital contributions due to increases or decreases inactual tax credits from those originally projected as well as for timingdifferences.  The fund records taxcredit adjusters as an increase or decrease in investments in operating limitedpartnerships and capital contributions payable.

 

The operating limited partnerships maintain theirfinancial statements based on a calendar year and the fund utilizes a March 31year end.  The fund records losses andincome from the operating limited partnerships on a calendar year basis whichis not materially different from losses and income generated if the operatinglimited partnerships utilized a March 31 year end.

 

The fund records capital contributions payable to theoperating limited partnerships once there is a binding obligation to fund aspecified amount.  The operating limitedpartnerships record capital contributions from the fund when received.

 

Prior to January 1, 1999 the fund recorded acquisitioncosts as an increase in its investments in operating limited partnerships.  These costs are amortized by the operatinglimited partnerships over 27.5 years on the straight-line method.  Certain operating limited partnerships havenot recorded the acquisition costs as a capital contribution from thefund.  These differences are shown asreconciling items in note C.  As ofJanuary 1, 1999, the fund records acquisition costs incurred after January 1,1999 as deferred acquisition costs. These costs are amortized on the straight-line method over 27.5 years.

 

F-138

----

 

During the years ended March31, 2003 and 2002, the fund acquired interests in operating limitedpartnerships as follows:

 
|      |   | **2003** |   | **2002** |   |
|-----------|--------|----------|--------|----------|--------|
|      |   |     |   |     |   |
| Series 20 |   | —   |   | —   |   |
| Series 21 |   | —   |   | —   |   |
| Series 22 |   | —   |   | —   |   |
| Series 23 |   | —   |   | —   |   |
| Series 24 |   | 1        |   | —   |   |
| Series 25 |   | —   |   | —   |   |
| Series 26 |   | —   |   | —   |   |
| Series 27 |   | —   |   | —   |   |
| Series 28 |   | —   |   | —   |   |
| Series 29 |   | —   |   | —   |   |
| Series 30 |   | —   |   | —   |   |
| Series 31 |   | —   |   | —   |   |
| Series 32 |   | —   |   | 1        |   |
| Series 33 |   | —   |   | —   |   |
| Series 34 |   | —   |   | —   |   |
| Series 35 |   | —   |   | —   |   |
| Series 36 |   | —   |   | —   |   |
| Series 37 |   | —   |   | —   |   |
| Series 38 |   | —   |   | 1        |   |
| Series 39 |   | —   |   | 2        |   |
| Series 40 |   | 1        |   | 9        |   |
| Series 41 |   | 9        |   | 11       |   |
| Series 42 |   | 15       |   | 2        |   |
| Series 43 |   | 16       |   | —   |   |
| Series 44 |   | 4        |   | —   |   |
|      |   |     |   |     |   |
|      |   | 46       |   | 26       |   |

 

During the year ended March31, 2003, Series 43 acquired a limited partnership equity interest in seven (7)limited liability companies, which are the general partners of other operatinglimited partnerships which own or are constructing, rehabilitating or operatingapartment complexes.

 

F-139

----

 

During the year ended March 31, 2002, Series 40 and 41acquired a limited partnership equity interest in five (5) and one (1) limitedliability companies, respectively, which are the general partners of otheroperating limited partnerships which own or are constructing, rehabilitating oroperating apartment complexes.

 

Organization Costs

 

Initial organization and offering expenses common toall Series, are allocated on a percentage of equity raised to each Series.

 

In accordance with SOP 98-5, effective April 1, 1999,organization costs are being expensed as incurred.  Before this date, organization costs were amortized on thestraight-line method over 60 months.

 

Deferred AcquisitionCosts

 

Deferred acquisition costs are amortized on thestraight-line method over 27.5 years.

 

Accumulated amortization as of March 31, 2003 and 2002is as follows:

 
|       |   | **2003** |      | **2002** |   |
|------------|--------|----------|-----------|----------|--------|
| Series  20 |   | $        | 14,288    |     | $      | 10,717 |   |
| Series  21 |   | 7,816    |      | 5,862    |   |
| Series  22 |   | 24,559   |      | 18,419   |   |
| Series  23 |   | 32,196   |      | 23,065   |   |
| Series  24 |   | 40,818   |      | 30,614   |   |
| Series  25 |   | 60,873   |      | 45,656   |   |
| Series  26 |   | 69,855   |      | 52,951   |   |
| Series  27 |   | 62,618   |      | 46,964   |   |
| Series  28 |   | 13,201   |      | 9,901    |   |
| Series  29 |   | 13,099   |      | 9,787    |   |
| Series  30 |   | 84,825   |      | 63,585   |   |
| Series  31 |   | —   |      | —   |   |
| Series  32 |   | 126,632  |      | 90,010   |   |
| Series  33 |   | 108,199  |      | 80,923   |   |
| Series  34 |   | 172,218  |      | 128,280  |   |
| Series  35 |   | 494,113  |      | 364,877  |   |
| Series  36 |   | 334,564  |      | 246,101  |   |
| Series  37 |   | 271,516  |      | 176,693  |   |
| Series  38 |   | 146,845  |      | 47,929   |   |
| Series  39 |   | 112,257  |      | 21,933   |   |
| Series  40 |   | 32,319   |      | —   |   |
| Series  41 |   | 133,377  |      | —   |   |
| Series  42 |   | —   |      | —   |   |
| Series  43 |   | —   |      | —   |   |
| Series  44 |   | —   |      | —   |   |
|       |   |     |      |     |   |
|       |   | $        | 2,356,188 |     | $      | 1,474,267 |   |

 

F-140

----

 

Income Taxes

 

No provision or benefit for income taxes has beenincluded in these financial statements since taxable income or loss passesthrough to, and is reportable by, the general partner and assigneesindividually.

 

Selling Commissions andRegistration Costs

 

Selling commissions paid in connection with the publicoffering are charged against the assignees’ capital upon admission of investorsas assignees.  Registration costsassociated with the public offering are charged against assignees’ capital asincurred.

 

Cash and Cash Equivalents

 

Cash equivalents include overnight repurchaseagreements, tax-exempt sweep accounts and money market accounts having originalmaturities at date of acquisition of three months or less.  The carrying value approximates fair valuebecause of the short maturity of these instruments.  During the ordinary course of business, amounts on deposit mayexceed the FDIC-insured limit.

 

Fiscal Year

 

For financial reporting purposes, the fund uses aMarch 31 year end, whereas for income tax reporting purposes, the fund uses acalendar year.  The operating limitedpartnerships use a calendar year for both financial and income tax reporting.

 

F-141

----

 

Net Loss Per BeneficialAssignee Certificate Unit

 

Net loss per beneficial assignee certificate unit iscalculated based upon the weighted average number of units outstanding duringthe year or period.  The weightedaverage number of units in each series at March 31, 2003, 2002 and 2001 are asfollows:

 
|       |   | **2003**   |   | **2002**   |   | **2001**   |   |
|------------|--------|------------|--------|------------|--------|------------|--------|
|       |   |       |   |       |   |       |   |
| Series  20 |   | 3,866,700  |   | 3,866,700  |   | 3,866,700  |   |
| Series  21 |   | 1,892,700  |   | 1,892,700  |   | 1,892,700  |   |
| Series  22 |   | 2,564,400  |   | 2,564,400  |   | 2,564,400  |   |
| Series  23 |   | 3,336,727  |   | 3,336,727  |   | 3,336,727  |   |
| Series  24 |   | 2,169,878  |   | 2,169,878  |   | 2,169,878  |   |
| Series  25 |   | 3,026,109  |   | 3,026,109  |   | 3,026,109  |   |
| Series  26 |   | 3,995,900  |   | 3,995,900  |   | 3,995,900  |   |
| Series  27 |   | 2,460,700  |   | 2,460,700  |   | 2,460,700  |   |
| Series  28 |   | 4,000,738  |   | 4,000,738  |   | 4,000,738  |   |
| Series  29 |   | 3,991,800  |   | 3,991,800  |   | 3,991,800  |   |
| Series  30 |   | 2,651,000  |   | 2,651,000  |   | 2,651,000  |   |
| Series  31 |   | 4,417,857  |   | 4,417,857  |   | 4,417,857  |   |
| Series  32 |   | 4,754,198  |   | 4,754,198  |   | 4,754,198  |   |
| Series  33 |   | 2,636,533  |   | 2,636,533  |   | 2,636,533  |   |
| Series  34 |   | 3,529,319  |   | 3,529,319  |   | 3,529,319  |   |
| Series  35 |   | 3,300,463  |   | 3,300,463  |   | 3,300,463  |   |
| Series  36 |   | 2,106,837  |   | 2,106,837  |   | 2,106,837  |   |
| Series  37 |   | 2,512,500  |   | 2,512,500  |   | 2,512,500  |   |
| Series  38 |   | 2,543,100  |   | 2,543,100  |   | 2,150,085  |   |
| Series  39 |   | 2,292,152  |   | 2,292,152  |   | 1,251,903  |   |
| Series  40 |   | 2,630,256  |   | 2,118,814  |   | 120,983    |   |
| Series  41 |   | 2,891,626  |   | 1,576,505  |   | —     |   |
| Series  42 |   | 1,595,325  |   | 189,176    |   | —     |   |
| Series  43 |   | 899,797    |   | —     |   | —     |   |
| Series  44 |   | 70,226     |   | —     |   | —     |   |
|       |   |       |   |       |   |       |   |
|       |   | 70,136,841 |   | 65,934,106 |   | 60,737,330 |   |

 

F-142

----

 

Investments

 

Investments available-for-sale are being carried atfair market value.  Unrealized gains orlosses are reported as other comprehensive income (loss).  Realized gains or losses, determined on thebasis of the costs of specific securities sold, are included in earnings.

 

Use of Estimates

 

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts ofrevenue and expenses during the reporting period.  Actual results could differ from those estimates.

 

Recent AccountingPronouncements

 

In August 2001, the Financial Accounting StandardsBoard (FASB) issued SFAS No. 144, “Accounting for the Impairment of Disposal ofLong-Lived Assets.”  SFAS No. 144provides accounting guidance for financial accounting and reporting for theimpairment of disposal of long-lived assets. SFAS No. 144 supersedes SFAS No. 121, “Accounting for the Impairment ofLong-Lived Assets and for Long-Lived Assets to be Disposed Of.”  SFAS No. 144 is effective for fiscal yearsbeginning after December 15, 2001. Implementation of SFAS No. 144 has no material effect on the financialposition or results of operations of the fund.

 

In January 2003, the FASB issued Interpretation No. 46(FIN 46), “Consolidation of Variable Interest Entities,” an interpretation ofARB No. 51, “Consolidated Financial Statements,” which provides new accountingguidance on when to consolidate a variable interest, as defined in FIN 46, inanother entity.  FIN 46 applies tovariable interests in variable interest entities acquired after January 31,2003.  FIN 46 should be implemented no laterthan December 31, 2004.  The generalpartner is in the process of analyzing FIN 46 to determine the impact, if any,on the fund’s financial statements. Management has not yet made any determination of the potential impactFIN 46 might have on the fund’s current accounting for its investments inoperating partnerships or whether any of those investments might be required tobe consolidated.

 

F-143

----

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2003, 2002 and 2001,the fund entered into several transactions with various affiliates of thegeneral partner, including Boston Capital Partners, Inc. (BCP), Boston CapitalHoldings Limited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) andBoston Capital Asset Management Limited Partnership (BCAM) as follows:

 

Boston Capital Asset Management Limited Partnership isentitled to an annual fund management fee based on .5 percent of the aggregatecost of all apartment complexes acquired by the operating limited partnerships,less the amount of certain partnership management and reporting fees paid orpayable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made byeach Series to the operating limited partnerships and 99% of the permanentfinancing at the operating limited partnership level.  The annual fund fees charged to operations during the years endedMarch 31, 2003, 2002 and 2001, are as follows:

 
|       |   | **2003** |      | **2002** |   | **2001**  |   |
|------------|--------|----------|-----------|----------|--------|-----------|--------|
|       |   |     |      |     |   |      |   |
| Series  20 |   | $        | 315,994   |     | $      | 299,467   |   | $ | 320,496 |   |
| Series  21 |   | 179,015  |      | 218,756  |   | 202,560   |   |
| Series  22 |   | 214,068  |      | 215,442  |   | 233,351   |   |
| Series  23 |   | 197,700  |      | 194,492  |   | 200,200   |   |
| Series  24 |   | 192,817  |      | 208,943  |   | 199,421   |   |
| Series  25 |   | 229,568  |      | 229,126  |   | 242,146   |   |
| Series  26 |   | 367,525  |      | 350,204  |   | 368,280   |   |
| Series  27 |   | 275,028  |      | 269,712  |   | 288,374   |   |
| Series  28 |   | 299,403  |      | 278,658  |   | 322,781   |   |
| Series  29 |   | 305,896  |      | 277,424  |   | 315,514   |   |
| Series  30 |   | 208,865  |      | 142,376  |   | 187,698   |   |
| Series  31 |   | 298,940  |      | 309,298  |   | 336,774   |   |
| Series  32 |   | 313,404  |      | 295,155  |   | 323,500   |   |
| Series  33 |   | 155,906  |      | 131,568  |   | 166,360   |   |
| Series  34 |   | 281,041  |      | 255,289  |   | 284,285   |   |
| Series  35 |   | 214,873  |      | 226,671  |   | 215,860   |   |
| Series  36 |   | 150,871  |      | 139,721  |   | 160,756   |   |
| Series  37 |   | 171,945  |      | 167,806  |   | 141,045   |   |
| Series  38 |   | 144,604  |      | 157,190  |   | 162,131   |   |
| Series  39 |   | 115,714  |      | 136,795  |   | 88,123    |   |
| Series  40 |   | 145,292  |      | 167,367  |   | —    |   |
| Series  41 |   | 258,137  |      | 90,762   |   | —    |   |
| Series  42 |   | 143,388  |      | —   |   | —    |   |
| Series  43 |   | 97,417   |      | —   |   | —    |   |
| Series  44 |   | 6,247    |      | —   |   | —    |   |
|       |   |     |      |     |   |      |   |
|       |   | $        | 5,283,658 |     | $      | 4,762,222 |   | $ | 4,759,655 |   |

 

F-144

----

 

 

Boston Capital Services, Inc. received dealer-managerfees for the marketing advice and investment banking services performed at thetime of the fund’s offering of BACs. The dealer-manager fees are included in partners’ capital as sellingcommissions and registration costs. During the years ended March 31, 2003, 2002 and 2001, dealer managerfees received by Boston Capital Services, Inc. by series are as follows:

 
|       |   | **2003** |      | **2002** |   | **2001**  |   |
|------------|--------|----------|-----------|----------|--------|-----------|--------|
|       |   |     |      |     |   |      |   |
| Series  20 |   | $        | —    |     | $      | —    |   | $ | — |   |
| Series  21 |   | —   |      | —   |   | —    |   |
| Series  22 |   | —   |      | —   |   | —    |   |
| Series  23 |   | —   |      | —   |   | —    |   |
| Series  24 |   | —   |      | —   |   | —    |   |
| Series  25 |   | —   |      | —   |   | —    |   |
| Series  26 |   | —   |      | —   |   | —    |   |
| Series  27 |   | —   |      | —   |   | —    |   |
| Series  28 |   | —   |      | —   |   | —    |   |
| Series  29 |   | —   |      | —   |   | —    |   |
| Series  30 |   | —   |      | —   |   | —    |   |
| Series  31 |   | —   |      | —   |   | —    |   |
| Series  32 |   | —   |      | —   |   | —    |   |
| Series  33 |   | —   |      | —   |   | —    |   |
| Series  34 |   | —   |      | —   |   | —    |   |
| Series  35 |   | —   |      | —   |   | —    |   |
| Series  36 |   | —   |      | —   |   | —    |   |
| Series  37 |   | —   |      | —   |   | —    |   |
| Series  38 |   | —   |      | —   |   | 395,180   |   |
| Series  39 |   | —   |      | —   |   | 431,205   |   |
| Series  40 |   | —   |      | 465,162  |   | 64,235    |   |
| Series  41 |   | —   |      | 573,460  |   | —    |   |
| Series  42 |   | 430,358  |      | 84,625   |   | —    |   |
| Series  43 |   | 497,725  |      | —   |   | —    |   |
| Series  44 |   | 211,152  |      | —   |   | —    |   |
|       |   |     |      |     |   |      |   |
|       |   | $        | 1,139,235 |     | $      | 1,123,247 |   | $ | 890,620 |   |

 

F-145

----

 

Boston Capital Holdings Limited Partnership isentitled to asset acquisition fees for selecting, evaluating, structuring,negotiating, and closing the fund’s acquisition of interests in the operatinglimited partnerships.  During the yearsended March 31, 2003, 2002 and 2001, acquisition fees incurred to BostonCapital Holdings Limited Partnership by series are as follows:

 
|       |   | **2003**  |      | **2002**  |   | **2001**  |   |
|------------|--------|-----------|-----------|-----------|--------|-----------|--------|
|       |   |      |      |      |   |      |   |
| Series  20 |   | $         | —    |      | $      | —    |   | $ | — |   |
| Series  21 |   | —    |      | —    |   | —    |   |
| Series  22 |   | —    |      | —    |   | —    |   |
| Series  23 |   | —    |      | —    |   | —    |   |
| Series  24 |   | —    |      | —    |   | —    |   |
| Series  25 |   | —    |      | —    |   | —    |   |
| Series  26 |   | —    |      | —    |   | —    |   |
| Series  27 |   | —    |      | —    |   | —    |   |
| Series  28 |   | —    |      | —    |   | —    |   |
| Series  29 |   | —    |      | —    |   | —    |   |
| Series  30 |   | —    |      | —    |   | —    |   |
| Series  31 |   | —    |      | —    |   | —    |   |
| Series  32 |   | —    |      | —    |   | —    |   |
| Series  33 |   | —    |      | —    |   | —    |   |
| Series  34 |   | —    |      | —    |   | —    |   |
| Series  35 |   | —    |      | —    |   | —    |   |
| Series  36 |   | —    |      | —    |   | —    |   |
| Series  37 |   | —    |      | —    |   | —    |   |
| Series  38 |   | —    |      | —    |   | 1,782,280 |   |
| Series  39 |   | —    |      | 75,172    |   | 1,948,285 |   |
| Series  40 |   | —    |      | 1,945,926 |   | 286,960   |   |
| Series  41 |   | —    |      | 2,457,882 |   | —    |   |
| Series  42 |   | 1,943,482 |      | 389,110   |   | —    |   |
| Series  43 |   | 3,092,289 |      | —    |   | —    |   |
| Series  44 |   | 1,452,511 |      | —    |   | —    |   |
|       |   |      |      |      |   |      |   |
|       |   | $         | 6,488,282 |      | $      | 4,868,090 |   | $ | 4,017,525 |   |

 

F-146

----

 

During the years ended March 31, 2003, 2002 and 2001,general and administrative expenses incurred by Boston Capital Partners, Inc.,Boston Capital Holdings Limited Partnership and/or Boston Capital AssetManagement Limited Partnership were charged to each series’ operations asfollows:

 
|       |   | **2003** |    | **2002** |   | **2001** |   |
|------------|--------|----------|---------|----------|--------|----------|--------|
|       |   |     |    |     |   |     |   |
| Series  20 |   | $        | 24,445  |     | $      | 18,068   |   | $ | 14,463 |   |
| Series  21 |   | 16,305   |    | 16,186   |   | 10,372   |   |
| Series  22 |   | 23,433   |    | 17,950   |   | 11,727   |   |
| Series  23 |   | 23,116   |    | 19,698   |   | 13,646   |   |
| Series  24 |   | 20,484   |    | 17,043   |   | 10,545   |   |
| Series  25 |   | 26,145   |    | 17,365   |   | 14,730   |   |
| Series  26 |   | 43,066   |    | 20,145   |   | 16,941   |   |
| Series  27 |   | 18,845   |    | 15,897   |   | 10,863   |   |
| Series  28 |   | 25,448   |    | 18,780   |   | 14,255   |   |
| Series  29 |   | 24,975   |    | 19,312   |   | 14,665   |   |
| Series  30 |   | 20,301   |    | 16,085   |   | 11,769   |   |
| Series  31 |   | 26,078   |    | 18,967   |   | 15,123   |   |
| Series  32 |   | 30,765   |    | 24,334   |   | 19,064   |   |
| Series  33 |   | 21,192   |    | 20,422   |   | 14,488   |   |
| Series  34 |   | 24,633   |    | 22,152   |   | 16,492   |   |
| Series  35 |   | 23,474   |    | 21,335   |   | 17,639   |   |
| Series  36 |   | 17,877   |    | 23,278   |   | 18,645   |   |
| Series  37 |   | 21,041   |    | 23,939   |   | 22,898   |   |
| Series  38 |   | 23,050   |    | 28,208   |   | 31,730   |   |
| Series  39 |   | 18,418   |    | 30,428   |   | 56,607   |   |
| Series  40 |   | 27,700   |    | 67,613   |   | 14,238   |   |
| Series  41 |   | 30,561   |    | 62,094   |   | —   |   |
| Series  42 |   | 31,514   |    | 28,960   |   | —   |   |
| Series  43 |   | 42,268   |    | —   |   | —   |   |
| Series  44 |   | 14,363   |    | —   |   | —   |   |
|       |   |     |    |     |   |     |   |
|       |   | $        | 619,497 |     | $      | 568,259  |   | $ | 370,900 |   |

 

Accounts payable - affiliates at March 31, 2003, 2002and 2001 represents general and administrative expenses, fund management fees,and commissions which are payable to Boston Capital Partners, Inc., BostonCapital Holdings Limited Partnership, Boston Capital Services, Inc., and BostonCapital Asset Management Limited Partnership.

 

F-147

----

 

During the years ended March 31, 2003, 2002 and 2001,the fund reimbursed affiliates of the general partner for amounts in connectionwith the offering of BACs.  Thesereimbursements include, but are not limited to, postage, printing, travel andoverhead allocations and are included in partners’ capital as sellingcommissions and registrations costs at March 31, 2003, 2002 and 2001.  During the years ended March 31, 2003, 2002and 2001, the selling commission and registration costs incurred to affiliatesby series are as follows:

 
|       |   | **2003** |    | **2002** |   | **2001** |   |
|------------|--------|----------|---------|----------|--------|----------|--------|
|       |   |     |    |     |   |     |   |
| Series  20 |   | $        | —  |     | $      | —   |   | $ | — |   |
| Series  21 |   | —   |    | —   |   | —   |   |
| Series  22 |   | —   |    | —   |   | —   |   |
| Series  23 |   | —   |    | —   |   | —   |   |
| Series  24 |   | —   |    | —   |   | —   |   |
| Series  25 |   | —   |    | —   |   | —   |   |
| Series  26 |   | —   |    | —   |   | —   |   |
| Series  27 |   | —   |    | —   |   | —   |   |
| Series  28 |   | —   |    | —   |   | —   |   |
| Series  29 |   | —   |    | —   |   | —   |   |
| Series  30 |   | —   |    | —   |   | —   |   |
| Series  31 |   | —   |    | —   |   | —   |   |
| Series  32 |   | —   |    | —   |   | —   |   |
| Series  33 |   | —   |    | —   |   | —   |   |
| Series  34 |   | —   |    | —   |   | —   |   |
| Series  35 |   | —   |    | —   |   | —   |   |
| Series  36 |   | —   |    | —   |   | —   |   |
| Series  37 |   | —   |    | —   |   | 7,215    |   |
| Series  38 |   | —   |    | —   |   | 108,292  |   |
| Series  39 |   | —   |    | 744      |   | 130,194  |   |
| Series  40 |   | —   |    | 107,557  |   | 41,850   |   |
| Series  41 |   | 3,688    |    | 164,458  |   | —   |   |
| Series  42 |   | 92,960   |    | 72,026   |   | —   |   |
| Series  43 |   | 116,777  |    | —   |   | —   |   |
| Series  44 |   | 64,959   |    | —   |   | —   |   |
|       |   |     |    |     |   |     |   |
|       |   | $        | 278,384 |     | $      | 344,785  |   | $ | 287,551 |   |

 

F-148

----

 

NOTE C -INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2003 and 2002, the fund has limitedpartnership interests in operating limited partnerships, which own or areconstructing or rehabilitating operating apartment complexes.  During the year ended March 31, 2002, one ofthe operating limited partnerships owned by Series 24 was foreclosed on by themortgage holder (see footnote J). During the year ended March 31, 2003, Series 24 received the projectback.  The number of operating limitedpartnerships in which the fund has limited partnership interests at March 31,2003 and 2002 by series are as follows:

 
|       |   | **2003** |   | **2002** |   |
|------------|--------|----------|--------|----------|--------|
|       |   |     |   |     |   |
| Series  20 |   | 24       |   | 24       |   |
| Series  21 |   | 14       |   | 14       |   |
| Series  22 |   | 29       |   | 29       |   |
| Series  23 |   | 22       |   | 22       |   |
| Series  24 |   | 24       |   | 23       |   |
| Series  25 |   | 22       |   | 22       |   |
| Series  26 |   | 45       |   | 45       |   |
| Series  27 |   | 16       |   | 16       |   |
| Series  28 |   | 26       |   | 26       |   |
| Series  29 |   | 22       |   | 22       |   |
| Series  30 |   | 20       |   | 20       |   |
| Series  31 |   | 27       |   | 27       |   |
| Series  32 |   | 17       |   | 17       |   |
| Series  33 |   | 10       |   | 10       |   |
| Series  34 |   | 14       |   | 14       |   |
| Series  35 |   | 11       |   | 11       |   |
| Series  36 |   | 11       |   | 11       |   |
| Series  37 |   | 7        |   | 7        |   |
| Series  38 |   | 10       |   | 10       |   |
| Series  39 |   | 9        |   | 9        |   |
| Series  40 |   | 16       |   | 15       |   |
| Series  41 |   | 20       |   | 11       |   |
| Series  42 |   | 17       |   | 2        |   |
| Series  43 |   | 16       |   | —   |   |
| Series  44 |   | 4        |   | —   |   |
|       |   |     |   |     |   |
|       |   | 453      |   | 407      |   |

 

F-149

----

 

Under the terms of the fund’s investment in eachoperating limited partnership, the fund is required to make capitalcontributions to the operating limited partnerships.  These contributions are payable in installments over severalyears upon each operating limited partnership achieving specified levels ofconstruction or operations.  At March31, 2003 and 2002, contributions are payable to operating limited partnershipsas follows:

 
|       |   | **2003**  |       | **2002**   |   |
|------------|--------|-----------|------------|------------|--------|
|       |   |      |       |       |   |
| Series  20 |   | $         | 388,026    |       | $      | 388,026 |   |
| Series  21 |   | 457,642   |       | 641,543    |   |
| Series  22 |   | 480,996   |       | 487,655    |   |
| Series  23 |   | 117,796   |       | 117,796    |   |
| Series  24 |   | 368,239   |       | 1,214,204  |   |
| Series  25 |   | 943,704   |       | 2,073,892  |   |
| Series  26 |   | 1,475,380 |       | 2,197,433  |   |
| Series  27 |   | 39,749    |       | 156,389    |   |
| Series  28 |   | 148,783   |       | 148,783    |   |
| Series  29 |   | 304,770   |       | 304,770    |   |
| Series  30 |   | 134,311   |       | 528,451    |   |
| Series  31 |   | 705,771   |       | 1,030,019  |   |
| Series  32 |   | 936,164   |       | 1,074,248  |   |
| Series  33 |   | 202,285   |       | 751,366    |   |
| Series  34 |   | 95,968    |       | 807,004    |   |
| Series  35 |   | 603,740   |       | 1,716,237  |   |
| Series  36 |   | 680,429   |       | 680,429    |   |
| Series  37 |   | 1,944,309 |       | 2,165,429  |   |
| Series  38 |   | 135,173   |       | 1,232,066  |   |
| Series  39 |   | 161,805   |       | 2,065,285  |   |
| Series  40 |   | 651,411   |       | 3,449,417  |   |
| Series  41 |   | 2,284,064 |       | 12,919,212 |   |
| Series  42 |   | 8,777,237 |       | 2,075,060  |   |
| Series  43 |   | 9,830,712 |       | —     |   |
| Series  44 |   | 3,030,725 |       | —     |   |
|       |   |      |       |       |   |
|       |   | $         | 34,899,189 |       | $      | 38,224,714 |   |

 

F-150

----

 

The fund’s investments in operating limitedpartnerships at March 31, 2003 is summarized as follows (Series 44 invested inoperating limited partnerships subsequent to December 31, 2002):

 
|                                                                                                       |   | **Total**    |        | **Series 20** |   | **Series 21** |   |
|------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|---------------|--------|---------------|--------|
|                                                                                                       |   |         |        |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $            | 531,954,496 |          | $      | 28,279,035    |   | $ | 12,370,665 |   |
|                                                                                                       |   |         |        |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 46,954,307   |        | 3,726,293     |   | 1,923,140     |   |
|                                                                                                       |   |         |        |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (666,861     | )           | (87,309       | )      | (31,145       | )      |
|                                                                                                       |   |         |        |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                          |   | (770,199     | )           | —        |   | —        |   |
|                                                                                                       |   |         |        |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (152,588,298 | )           | (19,242,249   | )      | (11,868,784   | )      |
|                                                                                                       |   |         |        |          |   |          |   |
| Investments  in operating limited partnerships per balance sheet                                           |   | 424,883,445  |        | 12,675,770    |   | 2,393,876     |   |
|                                                                                                            |        |              |             |               |        |               |        |  |  |  |

 

F-151

----

 
|                                                                                                                                                                                                                                                                                                                   |   | **Total**   |        | **Series 20** |   | **Series 21** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| The  fund has recorded capital contributions to the operating limited partnerships  during the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (36,350,574 | )           | —        |   | (336,415      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| The  fund has recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (7,536,203  | )           | (444,246      | )      | (110,624      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 2003 which the operating limited partnerships have not included in their  capital as of December 31, 2002 due to different year ends (see note A).                                                                   |   | 2,775,473   |        | 404,710       |   | 651,466       |   |
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| Equity  in loss of operating limited partnerships not recognizable under the equity  method of accounting (see note A).                                                                                                                                                                                                |   | (9,394,342  | )           | (345,946      | )      | (6,847,429    | )      |
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| The  fund has recorded low-income housing tax credit adjusters not recorded by  operating limited partnerships (see note A).                                                                                                                                                                                           |   | 1,614,157   |        | 249,367       |   | 174,071       |   |
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                      |   | 770,199     |        | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                  |   | (6,621,295  | )           | (32,839       | )      | (2,208        | )      |
|                                                                                                                                                                                                                                                                                                                   |   |        |        |          |   |          |   |
| Equity  per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                         |   | $           | 370,140,860 |          | $      | 12,506,816    |   | $ | (4,077,263 | ) |
|                                                                                                                                                                                                                                                                                                                        |        |             |             |               |        |               |        |  |  |  |

 

F-152

----

 
|                                                                                                       |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 18,290,375 |          | $      | 23,797,395    |   | $ | 15,658,753 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 2,504,765     |       | 3,504,553     |   | 2,030,314     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (76,499       | )          | (21,641       | )      | (60,040       | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                          |   | (404,691      | )          | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (10,799,255   | )          | (10,906,314   | )      | (8,460,367    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships per balance sheet                                           |   | 9,514,695     |       | 16,373,993    |   | 9,168,660     |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-153

----

 
|                                                                                                                                                                                                                                                                                                                   |   | **Series 22** |      | **Series 23** |   | **Series 24** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| The  fund has recorded capital contributions to the operating limited partnerships  during the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (481,359      | )         | (11,581       | )      | (30,158       | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| The  fund has recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (484,368      | )         | (436,119      | )      | (516,941      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 2003 which the operating limited partnerships have not included in their  capital as of December 31, 2002 due to different year ends (see note A).                                                                   |   | 259,228       |      | 179,850       |   | 95,695        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| Equity  in loss of operating limited partnerships not recognizable under the equity  method of accounting (see note A).                                                                                                                                                                                                |   | (300,958      | )         | —        |   | (93,535       | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| The  fund has recorded low-income housing tax credit adjusters not recorded by  operating limited partnerships (see note A).                                                                                                                                                                                           |   | 116,346       |      | 46,426        |   | 61,209        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                      |   | 404,691       |      | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                  |   | (214,531      | )         | (36,701       | )      | 69,593        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |      |          |   |          |   |
| Equity  per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                         |   | $             | 8,813,744 |          | $      | 16,115,868    |   | $ | 8,754,523 |   |
|                                                                                                                                                                                                                                                                                                                        |        |               |           |               |        |               |        |  |  |  |

 

F-154

----

 
|                                                                                                       |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 21,940,130 |          | $      | 28,873,740    |   | $ | 16,975,431 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 2,803,677     |       | 3,968,917     |   | 2,467,629     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (58,304       | )          | (81,185       | )      | (34,237       | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                          |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (9,369,747    | )          | (9,045,459    | )      | (4,763,236    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships per balance sheet                                           |   | 15,315,756    |       | 23,716,013    |   | 14,645,587    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-155

----

 
|                                                                                                                                                                                                                                                                                                                   |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded capital contributions to the operating limited partnerships  during the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (286,910      | )          | (138,524      | )      | (316,117      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (689,409      | )          | (73,143       | )      | (369,748      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 2003 which the operating limited partnerships have not included in their  capital as of December 31, 2002 due to different year ends (see  note A).                                                             |   | 335,542       |       | 123,194       |   | 205,532       |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  in loss of operating limited partnerships not recognizable under the equity  method of accounting (see note A).                                                                                                                                                                                                |   | (753,168      | )          | (328,540      | )      | (455,971      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded low-income housing tax credit adjusters not recorded by  operating limited partnerships (see note A).                                                                                                                                                                                           |   | 46,911        |       | 195,682       |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Impairment  loss in investment in operating limited partnerships                                                                                                                                                                                                                                                       |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                  |   | (136,206      | )          | (112,945      | )      | 60,067        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                         |   | $             | 13,832,516 |          | $      | 23,381,737    |   | $ | 13,769,350 |   |
|                                                                                                                                                                                                                                                                                                                        |        |               |            |               |        |               |        |  |  |  |

 

F-156

----

 
|                                                                                                       |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 28,566,056 |          | $      | 28,777,755    |   | $ | 19,306,955 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 4,191,674     |       | 4,151,886     |   | 2,226,856     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (83,870       | )          | (13,101       | )      | (44,047       | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                          |   | —        |       | (365,508      | )      | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (7,489,384    | )          | (10,100,132   | )      | (4,827,830    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships per balance sheet                                           |   | 25,184,476    |       | 22,450,900    |   | 16,661,934    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-157

----

 
|                                                                                                                                                                                                                                                                                                                   |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded capital contributions to the operating limited partnerships  during the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (392,653      | )          | (255,440      | )      | (224,965      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (665,053      | )          | (772,541      | )      | (235,701      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 2003 which the operating limited partnerships have not included in their  capital as of December 31, 2002 due to different year ends (see  note A).                                                             |   | 129,668       |       | 265,241       |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  in loss of operating limited partnerships not recognizable under the equity  method of accounting (see note A).                                                                                                                                                                                                |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded low-income housing tax credit adjusters not recorded by  operating limited partnerships (see note A).                                                                                                                                                                                           |   | 5,653         |       | 7,355         |   | 6,620         |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                      |   | —        |       | 365,508       |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                  |   | (227,453      | )          | (66,256       | )      | 3,109         |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                         |   | $             | 24,034,638 |          | $      | 21,994,767    |   | $ | 16,210,997 |   |
|                                                                                                                                                                                                                                                                                                                        |        |               |            |               |        |               |        |  |  |  |

 

F-158

----

 
|                                                                                                       |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 31,876,958 |          | $      | 34,641,446    |   | $ | 19,377,023 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 4,586,765     |       | 4,291,123     |   | 2,010,987     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (19,998       | )          | (22,498       | )      | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                          |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (10,787,615   | )          | (7,815,116    | )      | (3,653,235    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships per balance sheet                                           |   | 25,656,110    |       | 31,094,955    |   | 17,734,775    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-159

----

 
|                                                                                                                                                                                                                                                                                                                   |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded capital contributions to the operating limited partnerships  during the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (452,179      | )          | (1,907,370    | )      | (1,536,996    | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (77,600       | )          | (1,741,159    | )      | (624,017      | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 2003 which the operating limited partnerships have not included in their  capital as of December 31, 2002 due to different year ends (see  note A).                                                             |   | 125,347       |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  in loss of operating limited partnerships not recognizable under the equity  method of accounting (see note A).                                                                                                                                                                                                |   | —        |       | (268,795      | )      | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded low-income housing tax credit adjusters not recorded by  operating limited partnerships (see note A).                                                                                                                                                                                           |   | 80,765        |       | 42,262        |   | 2,652         |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                  |   | 11,156        |       | (903,077      | )      | (9,808        | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                         |   | $             | 25,343,599 |          | $      | 26,316,816    |   | $ | 15,566,606 |   |
|                                                                                                                                                                                                                                                                                                                        |        |               |            |               |        |               |        |  |  |  |

 

F-160

----

 
|                                                                                                       |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 25,656,209 |          | $      | 23,911,120    |   | $ | 15,361,394 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 2,565,728     |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (1,154        | )          | —        |   | (6,859        | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                          |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (5,980,674    | )          | (4,143,439    | )      | (2,868,522    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships per balance sheet                                           |   | 22,240,109    |       | 19,767,681    |   | 12,486,013    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-161

----

 
|                                                                                                                                                                                                                                                                                                                   |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded capital contributions to the operating limited partnerships  during the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (300,928      | )          | (270,100      | )      | (37,221       | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (295,534      | )          | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 2003 which the operating limited partnerships have not included in their  capital as of December 31, 2002 due to different year ends (see  note A).                                                             |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  in loss of operating limited partnerships not recognizable under the equity  method of accounting (see note A).                                                                                                                                                                                                |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| The  fund has recorded low-income housing tax credit adjusters not recorded by  operating limited partnerships (see note A).                                                                                                                                                                                           |   | 8,576         |       | 85,185        |   | 3,061         |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                      |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                  |   | (144,363      | )          | (152,459      | )      | (56,674       | )      |
|                                                                                                                                                                                                                                                                                                                   |   |          |       |          |   |          |   |
| Equity  per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                         |   | $             | 21,507,860 |          | $      | 19,430,307    |   | $ | 12,395,179 |   |
|                                                                                                                                                                                                                                                                                                                        |        |               |            |               |        |               |        |  |  |  |

 

F-162

----

 
|                                                                                                       |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 18,624,472 |          | $      | 18,919,672    |   | $ | 16,818,040 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (19,114       | )          | (3,777        | )      | (2,083        | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment  loss in investments in operating limited partnerships                                          |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (2,451,601    | )          | (2,257,195    | )      | (2,085,584    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments  in operating limited partnerships per balance sheet                                           |   | 16,153,757    |       | 16,658,700    |   | 14,730,373    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-163

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (1,839,232    | )          | (138,836      | )      | (66,798       | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2003 which the operating limited partnerships have not  included in their capital as of December 31, 2002 due to different  year ends (see note A).                                                             |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 216,609       |       | 78,521        |   | 116,387       |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Impairment loss  in investments in operating limited partnerships                                                                                                                                                                                                                                                           |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (122,355      | )          | (425,094      | )      | (225,635      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 14,408,779 |          | $      | 16,173,291    |   | $ | 14,554,327 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-164

----

 
|                                                                                                       |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 19,681,561 |          | $      | 20,958,917    |   | $ | 19,985,246 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment loss  in investments in operating limited partnerships                                          |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (1,425,164    | )          | (1,537,775    | )      | (404,748      | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 18,256,397    |       | 19,421,142    |   | 19,580,498    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-165

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2003 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (899,675      | )          | (2,647,297    | )      | (9,652,631    | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2003 which the operating limited partnerships have not  included in their capital as of December 31, 2002 due to different  year ends (see note A).                                                             |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 65,781        |       | —        |   | 4,718         |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Impairment loss  in investments in operating limited partnerships                                                                                                                                                                                                                                                           |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (811,972      | )          | (901,655      | )      | (99,405       | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 16,610,531 |          | $      | 15,872,190    |   | $ | 9,833,180 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-166

----

 
|                                                                                                       |   | **Series 43** |       | **Series 44** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|
|                                                                                                       |   |          |       |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 18,654,472 |          | $      | 4,651,676 |   |
|                                                                                                       |   |          |       |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | —        |       | —        |   |
|                                                                                                       |   |          |       |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | —        |       | —        |   |
|                                                                                                       |   |          |       |          |   |
| Impairment loss  in investments in operating limited partnerships                                          |   | —        |       | —        |   |
|                                                                                                       |   |          |       |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (304,873      | )          | —        |   |
|                                                                                                       |   |          |       |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 18,349,599    |       | 4,651,676     |   |
|                                                                                                            |        |               |            |               |        |  |  |

 

F-167

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 43** |      | **Series 44** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2003 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2002 (see note A). |   | (9,475,513    | )         | (4,651,676    | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| The fund has  recorded acquisition costs at March 31, 2003 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | —        |      | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2003 which the operating limited partnerships have not  included in their capital as of December 31, 2002 due to different year  ends (see note A).                                                                  |   | —        |      | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | —        |      | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | —        |      | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| Impairment loss  in investments in operating limited partnerships                                                                                                                                                                                                                                                           |   | —        |      | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (2,083,584    | )         | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |      |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 6,790,502 |          | $      | — |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |           |               |        |  |  |

 

F-168

----

 

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

 
|                                                                                                       |   | **Total**    |        | **Series 20** |   | **Series 21** |   |
|------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|---------------|--------|---------------|--------|
|                                                                                                       |   |         |        |          |   |          |   |
| Capital contributions  paid and to be paid to operating limited partnerships, net of tax credit  adjusters |   | $            | 490,167,039 |          | $      | 28,279,735    |   | $ | 12,448,749 |   |
|                                                                                                       |   |         |        |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 46,954,889   |        | 3,726,293     |   | 1,923,140     |   |
|                                                                                                       |   |         |        |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (516,053     | )           | (73,449       | )      | (27,204       | )      |
|                                                                                                       |   |         |        |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (125,748,024 | )           | (17,237,206   | )      | (11,414,868   | )      |
|                                                                                                       |   |         |        |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 410,857,851  |        | 14,695,373    |   | 2,929,817     |   |
|                                                                                                            |        |              |             |               |        |               |        |  |  |  |

 

F-169

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Total**   |        | **Series 20** |   | **Series 21** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |        |        |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (38,323,461 | )           | —        |   | (474,354      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |        |        |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2002 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (7,582,381  | )           | (444,246      | )      | (110,624      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |        |        |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year  ends (see note A).                                                                  |   | 2,775,473   |        | 404,710       |   | 651,466       |   |
|                                                                                                                                                                                                                                                                                                                        |   |        |        |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | (8,285,544  | )           | (211,670      | )      | (6,257,772    | )      |
|                                                                                                                                                                                                                                                                                                                        |   |        |        |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 1,867,118   |        | 249,627       |   | 82,561        |   |
|                                                                                                                                                                                                                                                                                                                        |   |        |        |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (3,714,231  | )           | (35,750       | )      | (1,050        | )      |
|                                                                                                                                                                                                                                                                                                                        |   |        |        |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $           | 357,594,825 |          | $      | 14,658,044    |   | $ | (3,179,956 | ) |
|                                                                                                                                                                                                                                                                                                                             |        |             |             |               |        |               |        |  |  |  |

 

F-170

----

 
|                                                                                                       |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 18,295,534 |          | $      | 23,797,395    |   | $ | 15,665,033 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 2,504,765     |       | 3,504,553     |   | 2,030,314     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (68,522       | )          | (15,838       | )      | (56,838       | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (9,644,478    | )          | (9,559,282    | )      | (8,397,604    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 11,087,299    |       | 17,726,828    |   | 9,240,905     |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-171

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (684,398      | )          | (11,581       | )      | (773,022      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2002 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (365,605      | )          | (436,119      | )      | (516,941      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year  ends (see note A).                                                                  |   | 259,228       |       | 179,850       |   | 95,695        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | (170,267      | )          | —        |   | (362,514      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 116,346       |       | 46,426        |   | 61,209        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (136,550      | )          | (41,148       | )      | 49,076        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 10,106,053 |          | $      | 17,464,256    |   | $ | 7,794,408 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-172

----

 
|                                                                                                       |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 21,958,241 |          | $      | 28,872,636    |   | $ | 16,985,315 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 2,803,677     |       | 3,968,917     |   | 2,467,629     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (48,141       | )          | (65,203       | )      | (24,623       | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (8,448,215    | )          | (7,991,100    | )      | (3,981,160    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 16,265,562    |       | 24,785,250    |   | 15,447,161    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-173

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (1,244,750    | )          | (831,489      | )      | (348,552      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2002 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (689,409      | )          | (73,143       | )      | (534,689      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year  ends (see note A).                                                                  |   | 335,542       |       | 123,194       |   | 205,532       |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | (553,303      | )          | (225,038      | )      | (320,867      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 46,911        |       | 321,722       |   | 88,477        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (198,993      | )          | (72,679       | )      | 54,428        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 13,961,560 |          | $      | 24,027,817    |   | $ | 14,591,490 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-174

----

 
|                                                                                                       |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 28,566,056 |          | $      | 28,777,755    |   | $ | 19,306,955 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 4,191,674     |       | 4,151,886     |   | 2,226,856     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (44,377       | )          | (10,062       | )      | (37,497       | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (6,358,206    | )          | (8,428,919    | )      | (3,669,439    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 26,355,147    |       | 24,490,660    |   | 17,826,875    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-175

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (392,653      | )          | (255,440      | )      | (626,664      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2002 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (665,053      | )          | (772,541      | )      | (235,701      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year  ends (see note A).                                                                  |   | 129,668       |       | 265,241       |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 5,653         |       | 7,355         |   | 73,730        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (238,089      | )          | (67,713       | )      | 4,917         |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 25,194,673 |          | $      | 23,667,562    |   | $ | 17,043,157 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-176

----

 
|                                                                                                       |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital contributions  paid and to be paid to operating limited partnerships, net of tax credit  adjusters |   | $             | 31,876,958 |          | $      | 34,602,928    |   | $ | 19,375,924 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 4,586,765     |       | 4,291,123     |   | 2,010,987     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (12,568       | )          | (13,998       | )      | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (8,730,174    | )          | (5,920,892    | )      | (2,760,934    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 27,720,981    |       | 32,959,161    |   | 18,625,977    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-177

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (466,321      | )          | (1,982,110    | )      | (2,083,984    | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has recorded  acquisition costs at March 31, 2002 which have not been recorded in the  net assets of the operating limited partnerships (see note A).                                                                                                                                                         |   | (77,600       | )          | (1,741,159    | )      | (624,017      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year  ends (see note A).                                                                  |   | 125,347       |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | —        |       | (184,113      | )      | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 80,765        |       | 42,262        |   | 2,652         |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | 7,394         |       | (867,373      | )      | (10,799       | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 27,390,566 |          | $      | 28,226,668    |   | $ | 15,909,829 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-178

----

 
|                                                                                                       |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 25,656,209 |          | $      | 23,877,608    |   | $ | 15,361,602 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | 2,566,310     |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (631          | )          | —        |   | (1,644        | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (4,370,612    | )          | (2,944,750    | )      | (1,886,220    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 23,851,276    |       | 20,932,858    |   | 13,473,738    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-179

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (315,426      | )          | (1,383,138    | )      | (36,100       | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2002 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | (295,534      | )          | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended  March 31, 2002 which the operating limited partnerships have not  included in their capital as of December 31, 2001 due to different year  ends (see note A).                                                                  |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 8,576         |       | 91,805        |   | 56,903        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (139,108      | )          | (158,284      | )      | (110,224      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 23,109,784 |          | $      | 19,483,241    |   | $ | 13,384,317 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-180

----

 
|                                                                                                       |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 18,597,453 |          | $      | 18,998,365    |   | $ | 17,087,660 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | (13,899       | )          | (1,559        | )      | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (1,113,958    | )          | (1,364,717    | )      | (992,509      | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 17,469,596    |       | 17,632,089    |   | 16,095,151    |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-181

----

 
|                                                                                                                                                                                                                                                                                                                        |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002 which have not been included in the  partnership’s capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (2,045,431    | )          | (1,230,575    | )      | (1,997,147    | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded acquisition costs at March 31, 2002 which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                        |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March 31,  2002 which the operating limited partnerships have not included in their  capital as of December 31, 2001 due to different year ends (see note A).                                                                   |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity in loss  of operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |   | —        |       | —        |   | —        |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| The fund has  recorded low-income housing tax credit adjusters not recorded by operating  limited partnerships (see note A).                                                                                                                                                                                                |   | 259,074       |       | —        |   | 191,379       |   |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                       |   | (123,137      | )          | (435,107      | )      | (253,819      | )      |
|                                                                                                                                                                                                                                                                                                                        |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |   | $             | 15,560,102 |          | $      | 15,966,407    |   | $ | 14,035,564 |   |
|                                                                                                                                                                                                                                                                                                                             |        |               |            |               |        |               |        |  |  |  |

 

F-182

----

 
|                                                                                                       |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                       |   |          |       |          |   |          |   |
| Capital  contributions paid and to be paid to operating limited partnerships, net of  tax credit adjusters |   | $             | 18,979,586 |          | $      | 20,123,805    |   | $ | 2,675,537 |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Acquisition  costs of operating limited partnerships                                                       |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  distributions from operating limited partnerships                                              |   | —        |       | —        |   | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (438,656      | )          | (94,125       | )      | —        |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheet                                           |   | 18,540,930    |       | 20,029,680    |   | 2,675,537     |   |
|                                                                                                       |   |          |       |          |   |          |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-183

----

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

 

F-184

----

 

The combined summarized balance sheets of theoperating limited partnerships in which Series 20 through 43 hold an interestas of December 31, 2002 are as follows (Series 44 invested in operatinglimited partnerships subsequent to December 31, 2002):

 

COMBINED SUMMARIZEDBALANCE SHEETS

 
|                                                         |   | **Total**     |          | **Series 20** |   | **Series 21** |   |
|--------------------------------------------------------------|--------|---------------|---------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |          |          |   |          |   |
|                                                         |   |          |          |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 1,453,190,271 |          | $      | 70,340,460    |   | $ | 25,927,888 |   |
| Construction in  progress                                    |   | 27,948,732    |          | —        |   | —        |   |
| Land                                                         |   | 104,316,192   |          | 6,345,961     |   | 2,837,606     |   |
| Other assets                                                 |   | 105,179,728   |          | 5,676,433     |   | 2,328,897     |   |
|                                                         |   |          |          |          |   |          |   |
|                                                         |   | $             | 1,690,634,923 |          | $      | 82,362,854    |   | $ | 31,094,391 |   |
|                                                         |   |          |          |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |          |          |   |          |   |
|                                                         |   |          |          |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 993,731,051   |          | $      | 56,906,274    |   | $ | 27,623,271 |   |
| Accounts payable  and accrued expenses                       |   | 33,764,592    |          | 2,792,948     |   | 1,615,416     |   |
| Other  liabilities                                           |   | 135,845,270   |          | 5,105,288     |   | 4,640,210     |   |
|                                                         |   |          |          |          |   |          |   |
|                                                         |   | 1,163,340,913 |          | 64,804,510    |   | 33,878,897    |   |
| PARTNERS’  CAPITAL                                      |   |          |          |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 370,140,860   |          | 12,506,816    |   | (4,077,263    | )      |
| Other partners                                               |   | 157,153,150   |          | 5,051,528     |   | 1,292,757     |   |
|                                                         |   |          |          |          |   |          |   |
|                                                         |   | 527,294,010   |          | 17,558,344    |   | (2,784,506    | )      |
|                                                         |   |          |          |          |   |          |   |
|                                                         |   | $             | 1,690,634,923 |          | $      | 82,362,854    |   | $ | 31,094,391 |   |

 

F-185

----

 
|                                                         |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 67,684,352 |          | $      | 64,395,791    |   | $ | 52,121,223 |   |
| Construction in  progress                                    |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 4,242,201     |       | 3,957,131     |   | 3,941,855     |   |
| Other assets                                                 |   | 4,896,821     |       | 4,260,358     |   | 4,961,205     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 76,823,374 |          | $      | 72,613,280    |   | $ | 61,024,283 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 52,451,983 |          | $      | 42,124,130    |   | $ | 39,095,516 |   |
| Accounts payable  and accrued expenses                       |   | 3,338,079     |       | 3,929,074     |   | 1,386,514     |   |
| Other  liabilities                                           |   | 3,400,087     |       | 5,017,941     |   | 5,055,876     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 59,190,149    |       | 51,071,145    |   | 45,537,906    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 8,813,744     |       | 16,115,868    |   | 8,754,523     |   |
| Other partners                                               |   | 8,819,481     |       | 5,426,267     |   | 6,731,854     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 17,633,225    |       | 21,542,135    |   | 15,486,377    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 76,823,374 |          | $      | 72,613,280    |   | $ | 61,024,283 |   |

 

F-186

----

 
|                                                         |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 55,269,507 |          | $      | 81,752,637    |   | $ | 69,425,951 |   |
| Construction in  progress                                    |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 3,695,640     |       | 5,310,128     |   | 6,005,394     |   |
| Other assets                                                 |   | 6,780,911     |       | 7,636,071     |   | 6,207,679     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 65,746,058 |          | $      | 94,698,836    |   | $ | 81,639,024 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 37,006,817 |          | $      | 61,078,267    |   | $ | 52,145,525 |   |
| Accounts payable  and accrued expenses                       |   | 2,088,991     |       | 1,690,483     |   | 1,027,103     |   |
| Other  liabilities                                           |   | 6,973,531     |       | 4,254,256     |   | 6,885,365     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 46,069,339    |       | 67,023,006    |   | 60,057,993    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 13,832,516    |       | 23,381,737    |   | 13,769,350    |   |
| Other partners                                               |   | 5,844,203     |       | 4,294,093     |   | 7,811,681     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 19,676,719    |       | 27,675,830    |   | 21,581,031    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 65,746,058 |          | $      | 94,698,836    |   | $ | 81,639,024 |   |

 

F-187

----

 
|                                                         |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 70,739,715 |          | $      | 61,956,229    |   | $ | 50,380,621 |   |
| Construction in  progress                                    |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 5,513,936     |       | 2,841,806     |   | 2,658,139     |   |
| Other assets                                                 |   | 4,938,965     |       | 4,325,274     |   | 3,505,437     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 81,192,616 |          | $      | 69,123,309    |   | $ | 56,544,197 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 43,767,110 |          | $      | 39,990,570    |   | $ | 29,861,101 |   |
| Accounts payable  and accrued expenses                       |   | 1,544,422     |       | 1,638,993     |   | 870,976       |   |
| Other  liabilities                                           |   | 3,685,348     |       | 4,244,913     |   | 4,158,534     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 48,996,880    |       | 45,874,476    |   | 34,890,611    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 24,034,638    |       | 21,994,767    |   | 16,210,997    |   |
| Other partners                                               |   | 8,161,098     |       | 1,254,066     |   | 5,442,589     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 32,195,736    |       | 23,248,833    |   | 21,653,586    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 81,192,616 |          | $      | 69,123,309    |   | $ | 56,544,197 |   |

 

F-188

----

 
|                                                         |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 75,467,122 |          | $      | 76,614,887    |   | $ | 63,990,148 |   |
| Construction in  progress                                    |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 4,506,248     |       | 4,333,042     |   | 5,245,180     |   |
| Other assets                                                 |   | 7,561,527     |       | 4,836,598     |   | 3,443,556     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 87,534,897 |          | $      | 85,784,527    |   | $ | 72,678,884 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 53,502,066 |          | $      | 44,425,558    |   | $ | 36,301,806 |   |
| Accounts payable  and accrued expenses                       |   | 1,321,838     |       | 1,194,811     |   | 947,266       |   |
| Other  liabilities                                           |   | 7,244,081     |       | 6,051,555     |   | 3,366,985     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 62,067,985    |       | 51,671,924    |   | 40,616,057    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 25,343,599    |       | 26,316,816    |   | 15,566,606    |   |
| Other partners                                               |   | 123,313       |       | 7,795,787     |   | 16,496,221    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 25,466,912    |       | 34,112,603    |   | 32,062,827    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 87,534,897 |          | $      | 85,784,527    |   | $ | 72,678,884 |   |

 

F-189

----

 
|                                                         |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 69,738,359 |          | $      | 57,630,254    |   | $ | 51,672,482 |   |
| Construction in  progress                                    |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 5,358,490     |       | 3,734,936     |   | 2,883,167     |   |
| Other assets                                                 |   | 4,141,970     |       | 3,107,483     |   | 3,072,092     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 79,238,819 |          | $      | 64,472,673    |   | $ | 57,627,741 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 46,653,030 |          | $      | 29,337,777    |   | $ | 34,049,562 |   |
| Accounts payable  and accrued expenses                       |   | 1,152,295     |       | 765,537       |   | 852,177       |   |
| Other  liabilities                                           |   | 4,829,563     |       | 7,077,032     |   | 3,515,101     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 52,634,888    |       | 37,180,346    |   | 38,416,840    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 21,507,860    |       | 19,430,307    |   | 12,395,179    |   |
| Other partners                                               |   | 5,096,071     |       | 7,862,020     |   | 6,815,722     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 26,603,931    |       | 27,292,327    |   | 19,210,901    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 79,238,819 |          | $      | 64,472,673    |   | $ | 57,627,741 |   |

 

F-190

----

 
|                                                         |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 52,798,325 |          | $      | 40,578,253    |   | $ | 35,071,539 |   |
| Construction in  progress                                    |   | —        |       | —        |   | —        |   |
| Land                                                         |   | 2,423,561     |       | 2,253,007     |   | 1,909,789     |   |
| Other assets                                                 |   | 3,237,930     |       | 1,254,757     |   | 1,191,125     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 58,459,816 |          | $      | 44,086,017    |   | $ | 38,172,453 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 34,714,477 |          | $      | 17,187,743    |   | $ | 14,322,272 |   |
| Accounts payable  and accrued expenses                       |   | 1,411,642     |       | 544,684       |   | 361,797       |   |
| Other  liabilities                                           |   | 2,423,011     |       | 4,049,883     |   | 3,077,789     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 38,549,130    |       | 21,782,310    |   | 17,761,858    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 14,408,779    |       | 16,173,291    |   | 14,554,327    |   |
| Other partners                                               |   | 5,501,907     |       | 6,130,416     |   | 5,856,268     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 19,910,686    |       | 22,303,707    |   | 20,410,595    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 58,459,816 |          | $      | 44,086,017    |   | $ | 38,172,453 |   |

 

F-191

----

 
|                                                         |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 80,196,014 |          | $      | 99,418,301    |   | $ | 46,907,173 |   |
| Construction in  progress                                    |   | —        |       | —        |   | 8,286,472     |   |
| Land                                                         |   | 5,081,041     |       | 8,229,653     |   | 4,726,925     |   |
| Other assets                                                 |   | 3,229,777     |       | 4,631,070     |   | 4,048,749     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 88,506,832 |          | $      | 112,279,024   |   | $ | 63,969,319 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 52,702,475 |          | $      | 67,536,442    |   | $ | 36,481,104 |   |
| Accounts payable  and accrued expenses                       |   | 1,036,286     |       | 731,008       |   | 834,103       |   |
| Other  liabilities                                           |   | 10,223,070    |       | 15,561,344    |   | 8,679,101     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 63,961,831    |       | 83,828,794    |   | 45,994,308    |   |
| PARTNERS’  CAPITAL                                      |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 16,610,531    |       | 15,872,190    |   | 9,833,180     |   |
| Other partners                                               |   | 7,934,470     |       | 12,578,040    |   | 8,141,831     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 24,545,001    |       | 28,450,230    |   | 17,975,011    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 88,506,832 |          | $      | 112,279,024   |   | $ | 63,969,319 |   |

 

F-192

----

 
|                                                         |   | **Series 43** |       |
|--------------------------------------------------------------|--------|---------------|------------|
| ASSETS                                                       |   |          |       |
|                                                         |   |          |       |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 33,113,040 |   |
| Construction in  progress                                    |   | 19,662,260    |       |
| Land                                                         |   | 6,281,356     |       |
| Other assets                                                 |   | 5,905,043     |       |
|                                                         |   |          |       |
|                                                         |   | $             | 64,961,699 |   |
|                                                         |   |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |
|                                                         |   |          |       |
| Mortgages and  construction loans payable                    |   | $             | 44,466,175 |   |
| Accounts payable  and accrued expenses                       |   | 688,149       |       |
| Other  liabilities                                           |   | 6,325,406     |       |
|                                                         |   |          |       |
|                                                         |   | 51,479,730    |       |
| PARTNERS’  CAPITAL                                      |   |          |       |
| Boston Capital  Tax Credit Fund IV L.P.                      |   | 6,790,502     |       |
| Other partners                                               |   | 6,691,467     |       |
|                                                         |   |          |       |
|                                                         |   | 13,481,969    |       |
|                                                         |   |          |       |
|                                                         |   | $             | 64,961,699 |   |

 

F-193

----

 

The combined summarized balance sheets of theoperating limited partnerships in which Series 20 through 41 hold an interestas of December 31, 2001 are as follows (Series 42 invested in operatinglimited partnerships subsequent to December 31, 2001):

 

COMBINED SUMMARIZEDBALANCE SHEETS

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

 

F-194

----

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

 

F-195

----

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

 

F-196

----

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

 

F-197

----

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

 

F-198

----

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

 

F-199

----

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

 

F-200

----

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

 

F-201

----

 

The combined summarized statements of operations ofthe operating limited partnerships for the year ended December 31, 2002for operating limited partnerships in which Series 20 through Series 43 had aninterest as of December 31, 2002 are as follows (Series 44 invested inoperating limited partnerships subsequent to December 31, 2002):

 

COMBINED SUMMARIZEDSTATEMENTS OF OPERATIONS

 
|                                                                  |   | **Total**   |        | **Series 20** |   | **Series 21** |   |
|-----------------------------------------------------------------------|--------|-------------|-------------|---------------|--------|---------------|--------|
| Revenue                                                               |   |        |        |          |   |          |   |
| Rent                                                                  |   | $           | 159,657,657 |          | $      | 11,875,880    |   | $ | 5,191,301 |   |
| Interest and  other                                                   |   | 11,991,803  |        | 884,867       |   | 179,797       |   |
|                                                                  |   |        |        |          |   |          |   |
|                                                                  |   | 171,649,460 |        | 12,760,747    |   | 5,371,098     |   |
| Expenses                                                              |   |        |        |          |   |          |   |
| Interest                                                              |   | 52,642,294  |        | 4,004,170     |   | 1,972,676     |   |
| Depreciation and  amortization                                        |   | 57,582,248  |        | 3,649,676     |   | 927,204       |   |
| Taxes and  insurance                                                  |   | 24,334,714  |        | 1,727,929     |   | 731,811       |   |
| Repairs and  maintenance                                              |   | 25,529,365  |        | 2,512,591     |   | 1,171,291     |   |
| Operating  expenses                                                   |   | 50,883,653  |        | 3,448,337     |   | 1,594,189     |   |
| Other expenses                                                        |   | 4,709,802   |        | 181,316       |   | 132,083       |   |
|                                                                  |   |        |        |          |   |          |   |
|                                                                  |   | 215,682,076 |        | 15,524,019    |   | 6,529,254     |   |
|                                                                  |   |        |        |          |   |          |   |
| NET LOSS                                                              |   | $           | (44,032,616 | )             | $      | (2,763,272    | )      | $ | (1,158,156 | ) |
|                                                                  |   |        |        |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $           | (28,300,735 | )             | $      | (2,139,319    | )      | $ | (1,043,573 | ) |
|                                                                  |   |        |        |          |   |          |   |
| Net loss  allocated to other partners                                 |   | $           | (15,731,881 | )             | $      | (623,953      | )      | $ | (114,583 | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-202

----

 
|                                                            |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 9,101,750  |          | $      | 8,265,969     |   | $ | 8,030,634 |   |
| Interest and  other                                             |   | 667,058       |       | 406,342       |   | 2,277,606     |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 9,768,808     |       | 8,672,311     |   | 10,308,240    |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,893,491     |       | 2,734,917     |   | 2,656,741     |   |
| Depreciation and  amortization                                  |   | 2,816,716     |       | 2,434,323     |   | 2,517,117     |   |
| Taxes and  insurance                                            |   | 1,443,086     |       | 1,332,880     |   | 1,198,374     |   |
| Repairs and  maintenance                                        |   | 1,857,612     |       | 1,579,772     |   | 1,234,854     |   |
| Operating  expenses                                             |   | 2,893,929     |       | 2,670,273     |   | 2,550,939     |   |
| Other expenses                                                  |   | 366,827       |       | 276,039       |   | 177,688       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 12,271,661    |       | 11,028,204    |   | 10,335,713    |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,502,853 | )             | $      | (2,355,893    | )      | $ | (27,473 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P. * |   | $             | (1,285,468 | )             | $      | (1,347,032    | )      | $ | (145,447 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net income  (loss) allocated to other partners                  |   | $             | (1,217,385 | )             | $      | (1,008,861    | )      | $ | 117,974 |   |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-203

----

 
|                                                            |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 10,275,291 |          | $      | 10,177,213    |   | $ | 8,771,639 |   |
| Interest and other                                              |   | 1,188,355     |       | 1,226,006     |   | 263,322       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 11,463,646    |       | 11,403,219    |   | 9,034,961     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,919,200     |       | 2,737,264     |   | 3,265,331     |   |
| Depreciation and  amortization                                  |   | 2,739,574     |       | 3,308,517     |   | 2,589,974     |   |
| Taxes and  insurance                                            |   | 1,388,435     |       | 1,687,688     |   | 1,128,860     |   |
| Repairs and  maintenance                                        |   | 2,112,745     |       | 1,582,311     |   | 997,516       |   |
| Operating  expenses                                             |   | 3,264,286     |       | 3,238,445     |   | 2,189,846     |   |
| Other expenses                                                  |   | 251,719       |       | 260,750       |   | 243,361       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 12,675,959    |       | 12,814,975    |   | 10,414,888    |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (1,212,313 | )             | $      | (1,411,756    | )      | $ | (1,379,927 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P. * |   | $             | (1,121,397 | )             | $      | (1,157,861    | )      | $ | (917,180 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to other partners                           |   | $             | (90,916    | )             | $      | (253,895      | )      | $ | (462,747 | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-204

----

 
|                                                            |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 8,486,736  |          | $      | 6,916,360     |   | $ | 6,093,622 |   |
| Interest and  other                                             |   | 206,739       |       | 254,894       |   | 232,249       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 8,693,475     |       | 7,171,254     |   | 6,325,871     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,585,777     |       | 2,016,026     |   | 1,651,323     |   |
| Depreciation and  amortization                                  |   | 3,058,539     |       | 2,660,961     |   | 1,932,302     |   |
| Taxes and  insurance                                            |   | 1,129,167     |       | 1,058,777     |   | 879,856       |   |
| Repairs and  maintenance                                        |   | 1,235,518     |       | 944,152       |   | 974,599       |   |
| Operating  expenses                                             |   | 2,574,230     |       | 2,108,889     |   | 2,065,548     |   |
| Other expenses                                                  |   | 62,127        |       | 216,579       |   | 302,038       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 10,645,358    |       | 9,005,384     |   | 7,805,666     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (1,951,883 | )             | $      | (1,834,130    | )      | $ | (1,479,795 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P. * |   | $             | (1,131,178 | )             | $      | (1,671,213    | )      | $ | (1,158,391 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to other partners                           |   | $             | (820,705   | )             | $      | (162,917      | )      | $ | (321,404 | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-205

----

 
|                                                            |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 9,511,763  |          | $      | 7,838,059     |   | $ | 6,671,896 |   |
| Interest and  other                                             |   | 365,343       |       | 347,191       |   | 281,177       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 9,877,106     |       | 8,185,250     |   | 6,953,073     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,190,584     |       | 2,332,271     |   | 2,452,538     |   |
| Depreciation and  amortization                                  |   | 3,267,440     |       | 3,520,220     |   | 2,860,373     |   |
| Taxes and  insurance                                            |   | 1,527,741     |       | 1,334,762     |   | 1,022,065     |   |
| Repairs and  maintenance                                        |   | 1,447,899     |       | 1,116,747     |   | 826,282       |   |
| Operating  expenses                                             |   | 3,137,043     |       | 2,224,261     |   | 1,724,977     |   |
| Other expenses                                                  |   | 369,390       |       | 232,666       |   | 96,445        |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 11,940,097    |       | 10,760,927    |   | 8,982,680     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,062,991 | )             | $      | (2,575,677    | )      | $ | (2,029,607 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P. * |   | $             | (2,057,441 | )             | $      | (1,978,906    | )      | $ | (892,301 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to other partners                           |   | $             | (5,550     | )             | $      | (596,771      | )      | $ | (1,137,306 | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-206

----

 
|                                                            |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 7,346,400  |          | $      | 5,478,443     |   | $ | 5,470,468 |   |
| Interest and  other                                             |   | 445,961       |       | 653,548       |   | 601,614       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 7,792,361     |       | 6,131,991     |   | 6,072,082     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 2,571,682     |       | 1,703,764     |   | 2,146,344     |   |
| Depreciation and  amortization                                  |   | 3,107,186     |       | 2,200,417     |   | 2,102,933     |   |
| Taxes and  insurance                                            |   | 1,135,143     |       | 860,745       |   | 706,599       |   |
| Repairs and  maintenance                                        |   | 955,051       |       | 742,081       |   | 979,200       |   |
| Operating  expenses                                             |   | 2,033,084     |       | 1,848,842     |   | 1,836,621     |   |
| Other expenses                                                  |   | 113,280       |       | 485,790       |   | 96,246        |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 9,915,426     |       | 7,841,639     |   | 7,867,943     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (2,123,065 | )             | $      | (1,709,648    | )      | $ | (1,795,861 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P. * |   | $             | (1,610,062 | )             | $      | (1,198,689    | )      | $ | (982,302 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to other partners                           |   | $             | (513,003   | )             | $      | (510,959      | )      | $ | (813,559 | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-207

----

 
|                                                            |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|-----------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                         |   |          |       |          |   |          |   |
| Rent                                                            |   | $             | 5,031,297  |          | $      | 3,629,047     |   | $ | 2,667,994 |   |
| Interest and  other                                             |   | 206,123       |       | 87,921        |   | 123,888       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 5,237,420     |       | 3,716,968     |   | 2,791,882     |   |
| Expenses                                                        |   |          |       |          |   |          |   |
| Interest                                                        |   | 1,495,327     |       | 998,016       |   | 689,415       |   |
| Depreciation and  amortization                                  |   | 2,374,926     |       | 1,727,277     |   | 1,623,446     |   |
| Taxes and  insurance                                            |   | 785,869       |       | 557,976       |   | 461,375       |   |
| Repairs and  maintenance                                        |   | 608,312       |       | 475,393       |   | 300,498       |   |
| Operating  expenses                                             |   | 1,771,196     |       | 1,335,337     |   | 1,092,425     |   |
| Other expenses                                                  |   | 107,696       |       | 67,696        |   | 238,214       |   |
|                                                            |   |          |       |          |   |          |   |
|                                                            |   | 7,143,326     |       | 5,161,695     |   | 4,405,373     |   |
|                                                            |   |          |       |          |   |          |   |
| NET LOSS                                                        |   | $             | (1,905,906 | )             | $      | (1,444,727    | )      | $ | (1,613,491 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P. * |   | $             | (1,337,643 | )             | $      | (892,478      | )      | $ | (1,093,075 | ) |
|                                                            |   |          |       |          |   |          |   |
| Net loss  allocated to other partners                           |   | $             | (568,263   | )             | $      | (552,249      | )      | $ | (520,416 | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-208

----

 
|                                                                  |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|-----------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                               |   |          |       |          |   |          |   |
| Rent                                                                  |   | $             | 5,401,479  |          | $      | 3,865,359     |   | $ | 1,924,942 |   |
| Interest and  other                                                   |   | 293,117       |       | 342,820       |   | 96,908        |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 5,694,596     |       | 4,208,179     |   | 2,021,850     |   |
| Expenses                                                              |   |          |       |          |   |          |   |
| Interest                                                              |   | 2,570,774     |       | 2,127,638     |   | 841,461       |   |
| Depreciation and  amortization                                        |   | 2,542,183     |       | 2,326,576     |   | 767,987       |   |
| Taxes and  insurance                                                  |   | 941,898       |       | 820,093       |   | 230,567       |   |
| Repairs and  maintenance                                              |   | 704,363       |       | 596,930       |   | 286,010       |   |
| Operating  expenses                                                   |   | 1,981,469     |       | 1,940,501     |   | 759,601       |   |
| Other expenses                                                        |   | 103,478       |       | 129,535       |   | 123,749       |   |
|                                                                  |   |          |       |          |   |          |   |
|                                                                  |   | 8,844,165     |       | 7,941,273     |   | 3,009,375     |   |
|                                                                  |   |          |       |          |   |          |   |
| NET LOSS                                                              |   | $             | (3,149,569 | )             | $      | (3,733,094    | )      | $ | (987,525 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $             | (986,508   | )             | $      | (1,443,650    | )      | $ | (404,748 | ) |
|                                                                  |   |          |       |          |   |          |   |
| Net loss  allocated to other partners                                 |   | $             | (2,163,061 | )             | $      | (2,289,444    | )      | $ | (582,777 | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,382 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-209

----

 
|                                                                  |   | **Series 43** |      |
|-----------------------------------------------------------------------|--------|---------------|-----------|
| Revenue                                                               |   |          |      |
| Rent                                                                  |   | $             | 1,634,115 |   |
| Interest and  other                                                   |   | 358,957       |      |
|                                                                  |   |          |      |
|                                                                  |   | 1,993,072     |      |
| Expenses                                                              |   |          |      |
| Interest                                                              |   | 1,085,564     |      |
| Depreciation and  amortization                                        |   | 526,381       |      |
| Taxes and  insurance                                                  |   | 243,018       |      |
| Repairs and  maintenance                                              |   | 287,638       |      |
| Operating  expenses                                                   |   | 599,385       |      |
| Other expenses                                                        |   | 75,090        |      |
|                                                                  |   |          |      |
|                                                                  |   | 2,817,076     |      |
|                                                                  |   |          |      |
| NET LOSS                                                              |   | $             | (824,004  | ) |
|                                                                  |   |          |      |
| Net loss  allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $             | (304,873  | ) |
|                                                                  |   |          |      |
| Net loss  allocated to other partners                                 |   | $             | (519,131  | ) |

 

----

*            Amountsinclude $134,276, $589,657, $130,691, $82,684, $199,865, $103,502, $135,104 and$84,682 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of loss notrecognized under the equity method of accounting as described in note A.

 

F-210

----

 

The combined summarized statements of operations ofthe operating limited partnerships for the year ended December 31, 2001for operating limited partnerships in which Series 20 through Series 41 had aninterest as of December 31, 2002 are as follows (Series 42 invested inoperating limited partnerships subsequent to December 31, 2001):

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

 

----

*            Amountsinclude $82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322and $180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-211

----

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

 

----

*            Amountsinclude $82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322and $180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-212

----

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

 

----

*            Amountsinclude $82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322and $180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-213

----

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

 

----

*            Amountsinclude $82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322and $180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-214

----

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

 

----

*            Amountsinclude $82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322and $180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-215

----

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

 

----

*            Amountsinclude $82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322and $180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-216

----

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

 

----

*            Amountsinclude $82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322and $180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-217

----

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

 

----

*                Amounts include$82,671, $6,257,770, $82,786, $362,514, $296,353, $221,008, $115,322 and$180,818 for Series 20, 21, 22, 24, 25, 26, 27 and 32, respectively, of lossnot recognized under the equity method of accounting as described in note A.

 

F-218

----

 

The combined summarized statements of operations ofthe operating limited partnerships for the year ended December 31, 2000for operating limited partnerships in which Series 20 through Series 39 had aninterest as of December 31, 2000 are as follows (Series 40 invested inoperating limited partnerships subsequent to December 31, 2000):

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

 

----

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

 

F-219

----

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

 

----

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

 

F-220

----

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

 

----

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

 

F-221

----

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

 

----

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

 

F-222

----

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

 

----

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

 

F-223

----

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

 

----

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

 

F-224

----

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

 

----

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

 

F-225

----

 

NOTE D - NOTES RECEIVABLE

 

Notes receivable at March 31, 2003 and 2002 consist ofadvance installments of $14,733,948 and $17,736,231, respectively, of capitalcontributions to operating limited partnerships.  The notes are comprised of noninterest bearing and interestbearing notes with rates ranging from prime to prime + 1%.  Prime was 4.25% and 4.75% as of March 31,2003 and 2002, respectively.  Thesenotes will be applied against future payments of capital contributions or paidupon demand.  The carrying value of thenotes receivable at March 31, 2003 and 2002 approximates fair value.  The notes at March 31, 2003 and 2002 byseries are as follows:

 
|      |   | **2003**  |       | **2002**  |   |
|-----------|--------|-----------|------------|-----------|--------|
|      |   |      |       |      |   |
| Series 20 |   | $         | —     |      | $      | — |   |
| Series 21 |   | 457,639   |       | 641,542   |   |
| Series 22 |   | 450,981   |       | 450,981   |   |
| Series 23 |   | —    |       | —    |   |
| Series 24 |   | 155,478   |       | 534,342   |   |
| Series 25 |   | —    |       | 523,193   |   |
| Series 26 |   | 135,822   |       | 571,335   |   |
| Series 27 |   | —    |       | —    |   |
| Series 28 |   | 638,346   |       | 775,000   |   |
| Series 29 |   | 20,935    |       | 20,935    |   |
| Series 30 |   | 301,842   |       | 385,438   |   |
| Series 31 |   | 655,675   |       | 655,675   |   |
| Series 32 |   | 573,581   |       | 630,673   |   |
| Series 33 |   | 111,787   |       | 113,575   |   |
| Series 34 |   | 3,547     |       | 164,562   |   |
| Series 35 |   | 322,784   |       | 918,319   |   |
| Series 36 |   | 322,784   |       | 322,784   |   |
| Series 37 |   | 1,810,486 |       | 1,814,211 |   |
| Series 38 |   | —    |       | —    |   |
| Series 39 |   | —    |       | 543,567   |   |
| Series 40 |   | 312,318   |       | 1,321,601 |   |
| Series 41 |   | 372,883   |       | 6,058,498 |   |
| Series 42 |   | 3,361,150 |       | 1,290,000 |   |
| Series 43 |   | 3,361,995 |       | —    |   |
| Series 44 |   | 1,363,915 |       | —    |   |
|      |   |      |       |      |   |
|      |   | $         | 14,733,948 |      | $      | 17,736,231 |   |

 

F-226

----

 

NOTE E - OTHER ASSETS

 

Other assets include $2,372,306 of cash held by anescrow agent at March 31, 2002.  Thecash held for Series 20 through 42 at March 31, 2002 represents capitalcontributions to be released to the operating limited partnerships when certaincriteria have been met.  The escrowsheld at March 31, 2002 by series are as follows:

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

 

F-227

----

 

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

 

For income tax purposes, the fund reports using aDecember 31 year end.  The fund’s net income(loss) for financial reporting and tax return purposes for the year ended March31, 2003 is reconciled as follows:

 
|                                                                                                                     |   | **Total**  |        | **Series 20** |   | **Series 21** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $          | (34,363,004 | )             | $      | (2,384,789    | )      | $ | (658,405 | ) |
|                                                                                                                     |   |       |        |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | 219,131    |        | 64,063        |   | 203           |   |
|                                                                                                                     |   |       |        |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | 5,001,131  |        | 379,247       |   | 225,840       |   |
|                                                                                                                     |   |       |        |          |   |          |   |
| Other                                                                                                                    |   | (14,085    | )           | (49,180       | )      | 283,607       |   |
|                                                                                                                     |   |       |        |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | (1,460,461 | )           | (134,276      | )      | (589,657      | )      |
|                                                                                                                     |   |       |        |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (9,191,601 | )           | (86,976       | )      | (263,375      | )      |
|                                                                                                                     |   |       |        |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | 770,199    |        | —        |   | —        |   |
|                                                                                                                     |   |       |        |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —     |        | —        |   | —        |   |
|                                                                                                                     |   |       |        |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | (1,662,203 | )           | (5,102        | )      | (8,839        | )      |
|                                                                                                                     |   |       |        |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $          | (40,700,893 | )             | $      | (2,217,013    | )      | $ | (1,010,626 | ) |

 

F-228

----

 
|                                                                                                                     |   | **Series 22** |       | **Series 23** |   | **Series 24** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $             | (1,825,108 | )             | $      | (1,611,679    | )      | $ | (206,100 | ) |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | 874           |       | (5,915        | )      | 6,419         |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | 179,592       |       | 240,263       |   | 233,352       |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Other                                                                                                                    |   | (254,793      | )          | 281,369       |   | (356,644      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | (130,691      | )          | —        |   | (82,684       | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (259,869      | )          | (506,660      | )      | (72,599       | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | 404,691       |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | 15,105        |       | (65,116       | )      | (72,129       | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (1,870,199 | )             | $      | (1,667,738    | )      | $ | (550,385 | ) |

 

F-229

----

 
|                                                                                                                     |   | **Series 25** |       | **Series 26** |   | **Series 27** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $             | (1,063,014 | )             | $      | (1,428,884    | )      | $ | (1,080,803 | ) |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | 17,631        |       | 56,919        |   | 4,649         |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | 272,676       |       | 437,580       |   | 315,205       |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Other                                                                                                                    |   | (177,945      | )          | (389,879      | )      | 119,890       |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | (199,865      | )          | (103,502      | )      | (135,104      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (96,603       | )          | (545,162      | )      | (482,932      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | (119,020      | )          | (93,226       | )      | 38,709        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (1,366,140 | )             | $      | (2,066,154    | )      | $ | (1,220,386 | ) |

 

F-230

----

 
|                                                                                                                     |   | **Series 28** |       | **Series 29** |   | **Series 30** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $             | (1,443,856 | )             | $      | (2,395,108    | )      | $ | (1,425,215 | ) |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | (306          | )          | 27,763        |   | (83           | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | —        |       | 337,980       |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Other                                                                                                                    |   | 700,402       |       | (43,404       | )      | (1,372        | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (311,447      | )          | (354,808      | )      | (324,143      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | —        |       | 365,508       |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | 2,146         |       | (9,112        | )      | 32,102        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (1,053,061 | )             | $      | (2,071,181    | )      | $ | (1,718,711 | ) |

 

F-231

----

 
|                                                                                                                     |   | **Series 31** |       | **Series 32** |   | **Series 33** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $             | (2,409,358 | )             | $      | (2,292,954    | )      | $ | (1,118,654 | ) |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | 4,339         |       | 10,345        |   | 105           |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | —        |       | 332,904       |   | 173,964       |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Other                                                                                                                    |   | (75,321       | )          | 16,382        |   | (94,700       | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | —        |       | (84,682       | )      | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (566,728      | )          | (305,709      | )      | (243,884      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | 7,581         |       | (206,276      | )      | (1,064,156    | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (3,039,487 | )             | $      | (2,529,990    | )      | $ | (2,347,325 | ) |

 

F-232

----

 
|                                                                                                                     |   | **Series 34** |       | **Series 35** |   | **Series 36** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $             | (1,986,319 | )             | $      | (1,530,349    | )      | $ | (1,250,570 | ) |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | 17,004        |       | 1,692         |   | 13,301        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | 293,194       |       | 228,358       |   | 160,603       |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Other                                                                                                                    |   | (216,422      | )          | (118,958      | )      | (690          | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (363,539      | )          | (491,657      | )      | (524,864      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | (20,499       | )          | (182,960      | )      | (14,573       | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (2,276,581 | )             | $      | (2,093,874    | )      | $ | (1,616,793 | ) |

 

F-233

----

 
|                                                                                                                     |   | **Series 37** |       | **Series 38** |   | **Series 39** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $             | (1,643,835 | )             | $      | (1,170,974    | )      | $ | (1,340,819 | ) |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | (1,629        | )          | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | 176,944       |       | 164,404       |   | 136,800       |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Other                                                                                                                    |   | (237,432      | )          | 55,511        |   | 14,805        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (295,306      | )          | (459,238      | )      | (424,944      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | (19,944       | )          | (4,741        | )      | (25,070       | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (2,021,202 | )             | $      | (1,415,038    | )      | $ | (1,639,228 | ) |

 

F-234

----

 
|                                                                                                                     |   | **Series 40** |       | **Series 41** |   | **Series 42** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net income  (loss) for financial reporting purposes                                                                      |   | $             | (1,121,025 | )             | $      | (1,848,385    | )      | $ | (521,411 | ) |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | 1,344         |       | 21            |   | 392           |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Partnership fund  management fee                                                                                         |   | 192,002       |       | 270,837       |   | 145,722       |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Other                                                                                                                    |   | 310,347       |       | 130,484       |   | 56,442        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (352,572      | )          | (1,389,778    | )      | (435,214      | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Tax exempt  interest income                                                                                              |   | —        |       | —        |   | —        |   |
|                                                                                                                     |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | (116,239      | )          | (31,082       | )      | (1,892        | )      |
|                                                                                                                     |   |          |       |          |   |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (1,086,143 | )             | $      | (2,867,903    | )      | $ | (755,961 | ) |

 

F-235

----

 
|                                                                                                                     |   | **Series 43** |     | **Series 44** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|---------------|--------|
| Net income (loss)  for financial reporting purposes                                                                      |   | $             | (490,370 | )             | $      | (115,020 | ) |
|                                                                                                                     |   |          |     |          |   |
| Operating  limited partnership rents received in advance                                                                 |   | —        |     | —        |   |
|                                                                                                                     |   |          |     |          |   |
| Partnership fund  management fee                                                                                         |   | 97,417        |     | 6,247         |   |
|                                                                                                                     |   |          |     |          |   |
| Other                                                                                                                    |   | 33,416        |     | —        |   |
|                                                                                                                     |   |          |     |          |   |
| Operating limited  partnership losses not recognized for financial reporting purposes under  equity method of accounting |   | —        |     | —        |   |
|                                                                                                                     |   |          |     |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                               |   | (33,594       | )        | —        |   |
|                                                                                                                     |   |          |     |          |   |
| Impairment loss  not recognized for tax purposes                                                                         |   | —        |     | —        |   |
|                                                                                                                     |   |          |     |          |   |
| Tax exempt  interest income                                                                                              |   | —        |     | —        |   |
|                                                                                                                     |   |          |     |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                                      |   | 199,443       |     | 102,687       |   |
|                                                                                                                     |   |          |     |          |   |
| Income (loss)  for tax return purposes, December 31, 2002                                                                |   | $             | (193,688 | )             | $      | (6,086 | ) |

 

F-236

----

 

For income tax purposes,the fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax returnpurposes for the year ended March 31, 2002 is reconciled as follows:

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

 

F-237

----

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

 

F-238

----

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

 

F-239

----

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

 

F-240

----

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

 

F-241

----

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

 

F-242

----

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

 

F-243

----

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

 

F-244

----

 

For income tax purposes, the fund reports using aDecember 31 year end.  The fund’s netincome (loss) for financial reporting and tax return purposes for the yearended March 31, 2001 is reconciled as follows:

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

 

F-245

----

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

 

F-246

----

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

 

F-247

----

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

 

F-248

----

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

 

F-249

----

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

 

F-250

----

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

 

F-251

----

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

 

F-252

----

 

The differencesbetween the investments in operating limited partnerships for tax purposes andfinancial statement purposes at March 31, 2003, are as follows:

 
|                                                                                                                    |   | **Total**  |        | **Series 20** | ** ** | **Series 21** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------|-------------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $          | 390,269,813 |          | $          | 12,148,677    |       | $ | 4,343,316 |   |
|                                                                                                                    |   |       |        |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | 1,304,078  |        | —        |       | —        |       |
|                                                                                                                    |   |       |        |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | 9,394,342  |        | 345,946       |       | 6,847,429     |       |
|                                                                                                                    |   |       |        |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | 794,154    |        | 570,617       |       | —        |       |
|                                                                                                                    |   |       |        |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | (2,775,473 | )           | (404,710      | )          | (651,466      | )          |
|                                                                                                                    |   |       |        |          |       |          |       |
| Other                                                                                                                   |   | 25,896,531 |        | 15,240        |       | (8,145,403    | )          |
|                                                                                                                    |   |       |        |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $          | 424,883,445 |          | $          | 12,675,770    |       | $ | 2,393,876 |   |

 

F-253

----

 
|                                                                                                                    |   | **Series 22** |      | **Series 23** | ** ** | **Series 24** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 7,797,721 |          | $          | 13,582,126    |       | $ | 8,217,082 |   |
|                                                                                                                    |   |          |      |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | —        |      | —        |       | —        |       |
|                                                                                                                    |   |          |      |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | 300,958       |      | —        |       | 93,535        |       |
|                                                                                                                    |   |          |      |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | 223,537       |      | —        |       | —        |       |
|                                                                                                                    |   |          |      |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | (259,228      | )         | (179,850      | )          | (95,695       | )          |
|                                                                                                                    |   |          |      |          |       |          |       |
| Other                                                                                                                   |   | 1,451,707     |      | 2,971,717     |       | 953,738       |       |
|                                                                                                                    |   |          |      |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 9,514,695 |          | $          | 16,373,993    |       | $ | 9,168,660 |   |

 

F-254

----

 
|                                                                                                                    |   | **Series 25** |       | **Series 26** | ** ** | **Series 27** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 13,841,526 |          | $          | 20,252,587    |       | $ | 12,512,310 |   |
|                                                                                                                    |   |          |       |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | 753,168       |       | 328,540       |       | 455,971       |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | (335,542      | )          | (123,194      | )          | (205,532      | )          |
|                                                                                                                    |   |          |       |          |       |          |       |
| Other                                                                                                                   |   | 1,056,604     |       | 3,258,080     |       | 1,882,838     |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 15,315,756 |          | $          | 23,716,013    |       | $ | 14,645,587 |   |

 

F-255

----

 
|                                                                                                                    |   | **Series 28** |       | **Series 29** | ** ** | **Series 30** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 24,087,706 |          | $          | 21,584,242    |       | $ | 14,893,877 |   |
|                                                                                                                    |   |          |       |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | (129,668      | )          | (265,241      | )          | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Other                                                                                                                   |   | 1,226,438     |       | 1,131,899     |       | 1,768,057     |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 25,184,476 |          | $          | 22,450,900    |       | $ | 16,661,934 |   |

 

F-256

----

 
|                                                                                                                    |   | **Series 31** |       | **Series 32** | ** ** | **Series 33** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 23,111,051 |          | $          | 29,665,463    |       | $ | 16,680,498 |   |
|                                                                                                                    |   |          |       |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | —        |       | 268,795       |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | (125,347      | )          | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Other                                                                                                                   |   | 2,670,406     |       | 1,160,697     |       | 1,054,277     |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 25,656,110 |          | $          | 31,094,955    |       | $ | 17,734,775 |   |

 

F-257

----

 
|                                                                                                                    |   | **Series 34** |       | **Series 35** | ** ** | **Series 36** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 20,006,755 |          | $          | 18,276,918    |       | $ | 11,625,848 |   |
|                                                                                                                    |   |          |       |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Other                                                                                                                   |   | 2,233,354     |       | 1,490,763     |       | 860,165       |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Investments in operating limited partnerships - as reported                                                             |   | $             | 22,240,109 |          | $          | 19,767,681    |       | $ | 12,486,013 |   |

 

F-258

----

 
|                                                                                                                    |   | **Series 37** |       | **Series 38** | ** ** | **Series 39** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 15,662,758 |          | $          | 15,888,701    |       | $ | 14,309,713 |   |
|                                                                                                                    |   |          |       |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Other                                                                                                                   |   | 490,999       |       | 769,999       |       | 420,660       |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 16,153,757 |          | $          | 16,658,700    |       | $ | 14,730,373 |   |

 

F-259

----

 
|                                                                                                                    |   | **Series 40** |       | **Series 41** | ** ** | **Series 42** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 17,832,411 |          | $          | 18,644,417    |       | $ | 18,529,983 |   |
|                                                                                                                    |   |          |       |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | —        |       | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Other                                                                                                                   |   | 423,986       |       | 776,725       |       | 1,050,515     |       |
|                                                                                                                    |   |          |       |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 18,256,397 |          | $          | 19,421,142    |       | $ | 19,580,498 |   |

 

F-260

----

 
|                                                                                                                    |   | **Series 43** |       | **Series 44** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2002                                      |   | $             | 14,370,320 |          | $          | 2,403,807 |   |
|                                                                                                                    |   |          |       |          |       |
| Operating  limited partnerships acquired during the three month period ended  March 31, 2003                       |   | 1,304,078     |       | —        |       |
|                                                                                                                    |   |          |       |          |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |   | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |
| Historic  tax credits - cumulative                                                                                      |   | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |
| Less  share of loss - three months ended March 31, 2003                                                            |   | —        |       | —        |       |
|                                                                                                                    |   |          |       |          |       |
| Other                                                                                                                   |   | 2,675,201     |       | 2,247,869     |       |
|                                                                                                                    |   |          |       |          |       |
| Investments  in operating limited partnerships - as reported                                                            |   | $             | 18,349,599 |          | $          | 4,651,676 |   |

 

F-261

----

 

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

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

 

F-262

----

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

 

F-263

----

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

 

F-264

----

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

 

F-265

----

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

 

F-266

----

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

 

F-267

----

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

 

F-268

----

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

 

F-269

----

 

NOTE G - INVESTMENTS AVAILABLE-FOR-SALE

 

At March 31, 2003, the amortized cost and fairvalue of investments available-for-sale are as follows:

 
|                        |   | **Amortized  cost** |      | **Gross  unrealized  gains** |   | **Gross  unrealized  losses** |   | **Fair  value** |   |
|-----------------------------|--------|---------------------|-----------|------------------------------|--------|-------------------------------|--------|-----------------|--------|
| Tax-exempt  municipal bonds |   | $                   | 5,467,891 |                         | $      | 43,974                        |   | $               | — |   | $ | 5,511,865 |   |
|                        |   |                |      |                         |   |                          |   |            |   |
| Other                       |   | 503,883             |      | 2,632                        |   | —                        |   | 506,515         |   |
|                        |   |                |      |                         |   |                          |   |            |   |
|                        |   | $                   | 5,971,774 |                         | $      | 46,606                        |   | $               | — |   | $ | 6,018,380 |   |

 

The amortized cost and fair value of investmentsavailable-for-sale by maturity as of March 31, 2003 is shown below:

 
|                                |   | **Amortized  cost** |      | **Fair value** |   |
|-------------------------------------|--------|---------------------|-----------|----------------|--------|
|                                |   |                |      |           |   |
| Due in one year  or less            |   | $                   | 4,845,371 |           | $      | 4,824,100 |   |
| Due in one year  through five years |   | 1,126,403           |      | 1,194,280      |   |
|                                |   |                |      |           |   |
|                                |   | $                   | 5,971,774 |           | $      | 6,018,380 |   |

 

Proceeds from sales and maturities of investmentsduring the year ended March 31, 2003 were $2,472,446, resulting in arealized loss of $24,441, included in interest income.

 

The tax-exempt coupon rates for the investments heldduring the year ranged from 3.75% to 6.25%.

 

F-270

----

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

 

The amortized cost and fair value of investmentsavailable-for-sale by maturity as of March 31, 2002 is shown below:

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

 

Proceeds from sales and maturities of investmentsduring the year ended March 31, 2002 were $5,692,758, resulting in arealized loss of $63,626, included in interest income.

 

The tax-exempt coupon rates for the investments heldduring the year ranged from 1.55% to 7.375%.

 

F-271

----

 

NOTE H - CASH EQUIVALENTS

 

On March 31, 2003 and 2002, the fund purchased$20,150,000 and $11,400,259 of U.S. Government Securities under agreements forresale on April 1, 2003 and April 1, 2002, respectively.  Interest is earned at rates ranging from0.6% to 3.3% per annum.

 

Cash equivalents of $5,732,162 and $7,509,564 as ofMarch 31, 2003 and 2002, respectively, include tax-exempt sweep accountsand money market accounts with interest rates ranging from 0.62% to 2.6% perannum.

 

NOTE I - LINE OF CREDIT

 

During the years ended March 31, 2003 and 2002,the partnership has a line of credit with a bank in the amount of $40,000,000and $40,000,000, respectively, of which $0 and $5,708,074 was outstanding as ofMarch 31, 2003 and 2002, respectively. The line bears interest at the prime rate (4.25% and 4.75% atMarch 31, 2003 and 2002, respectively) plus .25%.  Interest is payable monthly.  During the years ended March 31, 2003and 2002, $196,831 and $69,039, respectively, of interest was incurred andpaid.  As of March 31, 2003 and2002, interest of $112,892 and $58,606, respectively, is included ininvestments in operating limited partnerships and $83,939 and $10,433,respectively, is included in other assets. The line is guaranteed by Boston Capital Holdings, L.P. and variousaffiliates and expires on August 31, 2003.

 

NOTE J - CONTINGENCIES

 

M.R.H., L.P., an operating limited partnership,received a 60-day letter issued by the IRS proposing to reduce the amount oflow-income housing tax credits allowable because it asserts that certain feesand other expenditures were not includible in the eligible basis of theproperty.  The 60-day letter was theresult of an IRS audit of the Operating Partnership’s books and records.  As a result of their audit, the IRS hasproposed an adjustment that would disallow approximately 18% of past and futuretax credits.  The adjustment will alsoinclude interest.  The InvestmentGeneral Partner and its counsel along with the Operating General Partner andits counsel will likely file an appeal and continue negotiations with the IRSAppeals Office.

 

F-272

----

 

The fund has invested innine operating partnerships in which the general partner of the operatinglimited partnerships has been found guilty of wire fraud and conspiracy tocommit equity skimming in connection with the cost certifications of theseproperties.  The investment balances in these properties total $5,092,117at March 31, 2003.  The fund has recorded tax credit adjusters totaling$457,575 at March 31, 2003 for what it believes is the impact of thismatter.  The tax credit adjuster receivable is expected to be funded froman escrow provided to an affiliate of the fund by the general partner of theoperating limited partnerships but there can be no assurance that there will besufficient funds in the escrow account to satisfy all receivables.  TheInternal Revenue Service is in the process of reviewing the revised costcertifications at the operating partnership level.  Consequently, the ultimateimpact to the fund for this matter cannot be determined and no additionalprovision has been made in the accompanying financial statements.

 

Martinsville-I, Ltd., anoperating limited partnership, is involved in several lawsuits with variousformer subcontractors over construction-related issues.  The Investment General Partner continues tomonitor this situation and does not anticipate an outcome that will have amaterial adverse effect on the financial statements.  Accordingly, no adjustment has been made in the accompanyingfinancial statements.

 

San Diego/Fox Hollow,L.P., an operating limited partnership, and its limited partners and affiliateshave filed a lawsuit against the former Operating General Partner and itsaffiliates for breaches of various agreements.  The former OperatingGeneral Partner and its affiliates have filed a counter lawsuit against theoperating limited partnership, its limited partners and affiliates.  Thelawsuits are in the discovery stage.  The Investment General Partnerbelieves the counter claim is without merit and intends to defend its positionvigorously.  Accordingly, no adjustment has been made in the accompanyingfinancial statements.

 

F-273

----

 

NOTE K - QUARTERLY FINANCIAL INFORMATION - UNAUDITED

 

The following is a summary of the results ofoperations for each of the four quarters for the years indicated:

 
|                                                 |   | **First  Quarter** |    | **Second  Quarter** |   | **Third  Quarter** |   | **Fourth  Quarter** |    |
|------------------------------------------------------|--------|--------------------|---------|---------------------|--------|--------------------|--------|---------------------|---------|
| 2003                                                 |   |               |    |                |   |               |   |                |    |
|                                                 |   |               |    |                |   |               |   |                |    |
| Total revenue                                        |   | $                  | 259,474 |                | $      | 142,336            |   | $                   | 294,586 |   | $ | 414,838 |   |
|                                                 |   |               |    |                |   |               |   |                |    |
| Loss from  operations                                |   | (1,453,307         | )       | (1,923,525          | )      | (1,698,902         | )      | (2,446,996          | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| Share of losses  from operating limited partnerships |   | (5,771,092         | )       | (6,486,339          | )      | (6,148,954         | )      | (8,433,889          | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| Net loss                                             |   | (7,224,399         | )       | (8,409,864          | )      | (7,847,856         | )      | (10,880,885         | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| 2002                                                 |   |               |    |                |   |               |   |                |    |
|                                                 |   |               |    |                |   |               |   |                |    |
| Total revenue                                        |   | $                  | 218,471 |                | $      | 206,062            |   | $                   | 335,241 |   | $ | 166,665 |   |
|                                                 |   |               |    |                |   |               |   |                |    |
| Loss from  operations                                |   | (1,266,160         | )       | (1,753,034          | )      | (1,621,962         | )      | (1,510,167          | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| Share of losses  from operating limited partnerships |   | (5,781,968         | )       | (5,671,369          | )      | (5,640,259         | )      | (12,999,836         | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| Net loss                                             |   | (7,048,128         | )       | (7,424,403          | )      | (7,262,221         | )      | (14,510,003         | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| 2001                                                 |   |               |    |                |   |               |   |                |    |
|                                                 |   |               |    |                |   |               |   |                |    |
| Total revenue                                        |   | $                  | 660,856 |                | $      | 832,357            |   | $                   | 596,209 |   | $ | 389,163 |   |
|                                                 |   |               |    |                |   |               |   |                |    |
| Loss from  operations                                |   | (881,971           | )       | (1,006,961          | )      | (974,738           | )      | (1,529,923          | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| Share of losses  from operating limited partnerships |   | (4,435,838         | )       | (3,966,301          | )      | (3,799,251         | )      | (15,056,976         | )       |
|                                                 |   |               |    |                |   |               |   |                |    |
| Net loss                                             |   | (5,317,809         | )       | (4,973,262          | )      | (4,773,989         | )      | (16,586,899         | )       |

 

F-274

----

Boston Capital Tax CreditFund IV LP - Series 20Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                 |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|----------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**      |   | **Encum-  brances**         |   | **Land**                                          |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| 2730 LAFFERTY ST     |   | 4,977,496                   |   | 435,550                                           |   | 3,717,895                                             |   | 4,177,621        |   | 435,550   |   | 7,895,516                       |   | 8,331,066 |   | 3,160,889 |   | 09/95 |   | 06/94 |   | 5-27.5 |   |
| ASHBURY APTS         |   | 1,138,137                   |   | 148,007                                           |   | 2,158,237                                             |   | 90,440           |   | 148,007   |   | 2,248,677                       |   | 2,396,684 |   | 665,587 |   | 06/94 |   | 04/94 |   | 5-27.5 |   |
| BENNETS PT           |   | 1,328,873                   |   | 71,749                                            |   | 1,557,622                                             |   | 21,304           |   | 71,749    |   | 1,578,926                       |   | 1,650,675 |   | 532,742 |   | 08/94 |   | 03/94 |   | 5-27.5 |   |
| BRADLEY ELDERLY      |   | 790,392                     |   | 4,000                                             |   | 986,204                                               |   | (18,018          | )      | 4,000     |   | 968,186                         |   | 972,186 |   | 296,442 |   | 03/95 |   | 08/94 |   | 5-27.5 |   |
| BREEZE COVE          |   | 2,644,416                   |   | 128,751                                           |   | 5,333,835                                             |   | 34,529           |   | 128,751   |   | 5,368,364                       |   | 5,497,115 |   | 1,851,166 |   | 10/94 |   | 05/94 |   | 5-27.5 |   |
| CASCADES COMMONS     |   | 14,241,563                  |   | 5,131,293                                         |   | 2,743,532                                             |   | 23,525,751       |   | 3,375,809 |   | 26,269,283                      |   | 29,645,092 |   | 6,816,593 |   | 10/95 |   | 06/94 |   | 5-27.5 |   |
| CLARKESVILLE ESTATES |   | 686,066                     |   | 28,550                                            |   | 838,235                                               |   | 14,646           |   | 28,550    |   | 852,881                         |   | 881,431 |   | 357,923 |   | 09/94 |   | 06/94 |   | 5-27.5 |   |
| COLLEGE GREEN        |   | 3,712,242                   |   | 225,000                                           |   | 6,813,536                                             |   | 45,975           |   | 225,000   |   | 6,859,511                       |   | 7,084,511 |   | 2,071,693 |   | 08/95 |   | 03/95 |   | 5-27.5 |   |
| CONCORDIA HOUSING    |   | 1,451,278                   |   | 0                                                 |   | 1,997,510                                             |   | 0                |   | 0         |   | 1,997,510                       |   | 1,997,510 |   | 427,684 |   | 07/95 |   | 08/94 |   | 10-40 |   |
| COUSHATTA SR II      |   | 705,304                     |   | 25,700                                            |   | 904,920                                               |   | 2,640            |   | 25,700    |   | 907,560                         |   | 933,260 |   | 202,074 |   | 03/94 |   | 05/94 |   | 5-27.5 |   |
| CYNTHIANA HOUSING    |   | 767,449                     |   | 32,117                                            |   | 1,016,135                                             |   | 678,695          |   | 32,117    |   | 1,694,830                       |   | 1,726,947 |   | 567,865 |   | 04/95 |   | 10/94 |   | 5-27.5 |   |
| EAST DOUGLAS         |   | 2,083,380                   |   | 23,913                                            |   | 2,593,259                                             |   | 1,460,043        |   | 23,913    |   | 4,053,302                       |   | 4,077,215 |   | 1,076,054 |   | 12/95 |   | 07/94 |   | 5-27.5 |   |
| EDISON LANE          |   | 712,943                     |   | 6,900                                             |   | 951,249                                               |   | 1,156            |   | 6,900     |   | 952,405                         |   | 959,305 |   | 275,811 |   | 10/95 |   | 09/94 |   | 5-27.5 |   |
| EVERGREEN HILLS      |   | 2,734,009                   |   | 157,537                                           |   | 4,337,312                                             |   | 565,830          |   | 157,537   |   | 4,903,142                       |   | 5,060,679 |   | 1,781,945 |   | 01/95 |   | 08/94 |   | 5-27.5 |   |
| FAIR OAKS            |   | 1,401,662                   |   | 123,600                                           |   | 1,767,207                                             |   | 2,689            |   | 125,000   |   | 1,769,896                       |   | 1,894,896 |   | 537,576 |   | 05/95 |   | 07/94 |   | 5-27.5 |   |
| FLORAL ACRES         |   | 1,022,690                   |   | 148,672                                           |   | 1,187,134                                             |   | 28,441           |   | 148,672   |   | 1,215,575                       |   | 1,364,247 |   | 250,108 |   | 08/94 |   | 05/94 |   | 5-27.5 |   |
| FOREST GLEN          |   | 1,317,667                   |   | 84,800                                            |   | 1,663,592                                             |   | 5,199            |   | 109,800   |   | 1,668,791                       |   | 1,778,591 |   | 540,489 |   | 02/95 |   | 07/94 |   | 5-27.5 |   |
| FRANKLINTON ELDERLY  |   | 1,678,258                   |   | 64,300                                            |   | 2,074,319                                             |   | 10,517           |   | 64,300    |   | 2,084,836                       |   | 2,149,136 |   | 434,114 |   | 10/94 |   | 04/94 |   | 5-50 |   |
| GOLDENROD LTD        |   | 7,156,224                   |   | 800,000                                           |   | 13,425,210                                            |   | 80,116           |   | 770,000   |   | 13,505,326                      |   | 14,275,326 |   | 4,023,581 |   | 06/95 |   | 04/94 |   | 5-27.5 |   |
| HARRISONBURG         |   | 679,874                     |   | 10,160                                            |   | 877,026                                               |   | 0                |   | 10,160    |   | 877,026                         |   | 887,186 |   | 209,747 |   | 01/94 |   | 05/94 |   | 7-40 |   |
| NORTHFIELD           |   | 2,829,171                   |   | 192,208                                           |   | 4,326,388                                             |   | 2,189,091        |   | 193,208   |   | 6,515,479                       |   | 6,708,687 |   | 1,900,020 |   | 05/95 |   | 06/94 |   | 5-27.5 |   |

 

F-275

----

 
|             |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**  |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| PARKSIDE HOUSING |   | 649,649                     |   | 80,000                                           |   | 943,917                                               |   | 51,750           |   | 80,000    |   | 995,667                         |   | 1,075,667 |   | 328,615 |   | 01/94 |   | 12/94 |   | 5-27.5 |   |
| SHADY LANE       |   | 932,056                     |   | 60,000                                           |   | 1,157,181                                             |   | 174,280          |   | 60,000    |   | 1,331,461                       |   | 1,391,461 |   | 272,419 |   | 10/93 |   | 05/94 |   | 5-27.5 |   |
| VIRGINIA AVENUE  |   | 1,265,475                   |   | 121,238                                          |   | 3,510,339                                             |   | 9,654            |   | 121,238   |   | 3,519,993                       |   | 3,641,231 |   | 1,112,546 |   | 10/94 |   | 10/94 |   | 5-27.5 |   |
|             |   | 56,906,274                  |   | 8,104,045                                        |   | 66,881,794                                            |   | 33,152,349       |   | 6,345,961 |   | 100,034,143                     |   | 106,380,104 |   | 29,693,683 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end the information reported on this schedule is as of December31, 2002.

There were no carrying costs as of December 31,2002.  The column has been omitted forpresentation purposes.

 

F-276

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 20

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period  - 4/1/94 |   |       |   | $      | 0           |   |
|------------------------------------------|--------|------------|--------|--------|-------------|--------|
| Additions during period:                 |   |       |   |   |        |
| Acquisitions through foreclosure         |   | $          | 0      |   |        |   |
| Other acquisitions                       |   | 47,152,331 |   |   |        |
| Improvements, etc                        |   | 0          |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 47,152,331  |   |
| Deductions during period:                |   |       |   |   |        |
| Cost of real estate sold                 |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at close of period - 3/31/95     |   |       |   | $      | 47,152,331  |   |
| Additions during period:                 |   |       |   |   |        |
| Acquisitions through foreclosure         |   | $          | 0      |   |        |   |
| Other acquisitions                       |   | 6,999,847  |   |   |        |
| Improvements, etc                        |   | 50,521,023 |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 57,520,870  |   |
| Deductions during period:                |   |       |   |   |        |
| Cost of real estate sold                 |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at close of period - 3/31/96     |   |       |   | $      | 104,673,201 |   |
| Additions during period:                 |   |       |   |   |        |
| Acquisitions through foreclosure         |   | $          | 0      |   |        |   |
| Other acquisitions                       |   | 0          |   |   |        |
| Improvements, etc                        |   | 718,412    |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 718,412     |   |
| Deductions during period:                |   |       |   |   |        |
| Cost of real estate sold                 |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at close of period - 3/31/97     |   |       |   | $      | 105,391,613 |   |

 

F-277

----

 
| Balance at close of period - 3/31/97  |   |    |   | $      | 105,391,613 |   |
|---------------------------------------|--------|---------|--------|--------|-------------|--------|
| Additions during period:              |   |    |   |   |        |
| Acquisitions through foreclosure      |   | $       | 0      |   |        |   |
| Other acquisitions                    |   | 0       |   |   |        |
| Improvements, etc                     |   | 286,982 |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 286,982     |   |
| Deductions during period:             |   |    |   |   |        |
| Cost of real estate sold              |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 0           |   |
| Balance  at close of period - 3/31/98 |   |    |   | $      | 105,678,595 |   |
| Additions during period:              |   |    |   |   |        |
| Acquisitions through foreclosure      |   | $       | 0      |   |        |   |
| Other acquisitions                    |   | 0       |   |   |        |
| Improvements, etc                     |   | 152,834 |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 152,834     |   |
| Deductions during period:             |   |    |   |   |        |
| Cost of real estate sold              |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 0           |   |
| Balance at close of period - 3/31/99  |   |    |   | $      | 105,831,429 |   |
| Additions during period:              |   |    |   |   |        |
| Acquisitions through foreclosure      |   | $       | 0      |   |        |   |
| Other acquisitions                    |   | 0       |   |   |        |
| Improvements, etc                     |   | 55,995  |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 55,995      |   |
| Deductions during period:             |   |    |   |   |        |
| Cost of real estate sold              |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 0           |   |
| Balance at close of period - 3/31/00  |   |    |   | $      | 105,887,424 |   |

 

F-278

----

 
| Balance at close of period - 3/31/00 |   |    |   | $      | 105,887,424 |   |
|--------------------------------------|--------|---------|--------|--------|-------------|--------|
| Additions during period:             |   |    |   |   |        |
| Acquisitions through foreclosure     |   | $       | 0      |   |        |   |
| Other acquisitions                   |   | 0       |   |   |        |
| Improvements, etc                    |   | 90,819  |   |   |        |
| Other                                |   | 0       |   |   |        |
|                                 |   |    |   | $      | 90,819      |   |
| Deductions during period:            |   |    |   |   |        |
| Cost of real estate sold             |   | $       | 0      |   |        |   |
| Other                                |   | 0       |   |   |        |
|                                 |   |    |   | $      | 0           |   |
| Balance at close of period - 3/31/01 |   |    |   | $      | 105,978,243 |   |
| Additions during period:             |   |    |   |   |        |
| Acquisitions through foreclosure     |   | $       | 0      |   |        |   |
| Other acquisitions                   |   | 0       |   |   |        |
| Improvements, etc                    |   | 124,625 |   |   |        |
| Other                                |   | 0       |   |   |        |
|                                 |   |    |   | $      | 124,625     |   |
| Deductions during period:            |   |    |   |   |        |
| Cost of real estate sold             |   | $       | 0      |   |        |   |
| Other                                |   | 0       |   |   |        |
|                                 |   |    |   | $      | 0           |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 106,102,868 |   |
| Additions during period:             |   |    |   |   |        |
| Acquisitions through foreclosure     |   | $       | 0      |   |        |   |
| Other acquisitions                   |   | 0       |   |   |        |
| Improvements, etc                    |   | 277,236 |   |   |        |
| Other                                |   | 0       |   |   |        |
|                                 |   |    |   | $      | 277,236     |   |
| Deductions during period:            |   |    |   |   |        |
| Cost of real estate sold             |   | $       | 0      |   |        |   |
| Other                                |   | 0       |   |   |        |
|                                 |   |    |   | $      | 0           |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 106,380,104 |   |

 

F-279

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/94 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 509,226   |   |       |   |
| Balance at close of period - 3/31/95    |   |   |      | $      | 509,226    |   |
| Current year expense                    |   | $      | 2,750,192 |   |       |   |
| Balance at close of period - 3/31/96    |   |   |      | $      | 3,259,418  |   |
| Current year expense                    |   | $      | 3,936,515 |   |       |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 7,195,933  |   |
| Current year expense                    |   | $      | 3,837,060 |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 11,032,933 |   |
| Current year expense                    |   | $      | 3,805,824 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 14,838,817 |   |
| Current year expense                    |   | $      | 3,729,052 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 18,567,869 |   |
| Current year expense                    |   | $      | 3,774,641 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 22,342,510 |   |
| Current year expense                    |   | $      | 3,752,932 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 26,095.442 |   |
| Current year expense                    |   | $      | 3,598,241 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 29,693,683 |   |

 

F-280

----

 

Boston Capital Tax CreditFund II Limited Partnership - Series 21Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|--------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**    |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| ATLANTIC CITY      |   | 5,175,000                   |   | 100,000                                          |   | 8,334,766                                             |   | (8,334,766       | )      | 0         |   | 0                               |   | 0 |   | 0 |   | 10/95 |   | 09/94 |   | 5-27.5 |   |
| BLACK RIVER RUN    |   | 1,188,136                   |   | 15,000                                           |   | 2,171,360                                             |   | 20,606           |   | 15,000    |   | 2,191,966                       |   | 2,206,966 |   | 515,978 |   | 12/94 |   | 10/94 |   | 5-27.5 |   |
| CAMPTON HOUSING    |   | 1,013,413                   |   | 74,511                                           |   | 1,256,245                                             |   | 38,703           |   | 74,511    |   | 1,294,948                       |   | 1,369,459 |   | 295,762 |   | 10/94 |   | 08/94 |   | 5-40 |   |
| CATTARAGUS MANOR   |   | 1,084,560                   |   | 56,630                                           |   | 1,238,241                                             |   | 190,196          |   | 56,630    |   | 1,428,437                       |   | 1,485,067 |   | 304,668 |   | 04/95 |   | 08/94 |   | 5-27.5 |   |
| CENTRUM FAIRFAX    |   | 5,731,944                   |   | 1,160,250                                        |   | 7,247,614                                             |   | (175,832         | )      | 1,160,250 |   | 7,071,782                       |   | 8,232,032 |   | 1,295,349 |   | 09/95 |   | 11/94 |   | 5-30 |   |
| CENTRUM FREDERICK  |   | 4,749,380                   |   | 1,380,000                                        |   | 6,922,259                                             |   | (86,761          | )      | 1,080,000 |   | 6,835,498                       |   | 7,915,498 |   | 1,298,825 |   | 09/95 |   | 10/94 |   | 5-27.5 |   |
| FORT HALIFAX       |   | 1,111,165                   |   | 120,000                                          |   | 1,324,762                                             |   | 260,877          |   | 121,200   |   | 1,585,639                       |   | 1,706,839 |   | 437,507 |   | 01/95 |   | 09/94 |   | 5-27.5 |   |
| HAVELOCK MANOR     |   | 1,826,589                   |   | 120,000                                          |   | 2,194,078                                             |   | 16,121           |   | 120,000   |   | 2,210,199                       |   | 2,330,199 |   | 503,320 |   | 10/95 |   | 12/94 |   | 5-27.5 |   |
| HOLLY VILLAGE      |   | 704,960                     |   | 15,270                                           |   | 962,236                                               |   | 6,231            |   | 15,270    |   | 968,467                         |   | 983,737 |   | 296,565 |   | 06/95 |   | 08/94 |   | 5-27.5 |   |
| LIVE OAK VILLAGE   |   | 755,654                     |   | 63,210                                           |   | 899,606                                               |   | 29,036           |   | 63,210    |   | 928,642                         |   | 991,852 |   | 190,346 |   | 07/95 |   | 10/94 |   | 6-40 |   |
| LOOKOUT RIDGE      |   | 618,548                     |   | 62,000                                           |   | 1,639,096                                             |   | 0                |   | 62,000    |   | 1,639,096                       |   | 1,701,096 |   | 476,824 |   | 12/94 |   | 12/94 |   | 5-27.5 |   |
| PINEDALE II        |   | 1,331,587                   |   | 27,906                                           |   | 2,876,158                                             |   | 8,568            |   | 12,906    |   | 2,884,726                       |   | 2,897,632 |   | 663,594 |   | 12/94 |   | 10/94 |   | 5-27.5 |   |
| PUMPHOUSE CROSSING |   | 1,217,042                   |   | 10,000                                           |   | 2,431,087                                             |   | 15,520           |   | 10,000    |   | 2,446,607                       |   | 2,456,607 |   | 584,368 |   | 12/94 |   | 10/94 |   | 5-27.5 |   |
| TOWERVIEW          |   | 1,115,293                   |   | 46,629                                           |   | 1,571,026                                             |   | 86,630           |   | 46,629    |   | 1,657,656                       |   | 1,704,285 |   | 352,669 |   | 05/95 |   | 11/94 |   | 5-27.5 |   |
|               |   | 27,623,271                  |   | 3,251,406                                        |   | 41,068,534                                            |   | (7,924,871       | )      | 2,837,606 |   | 33,143,663                      |   | 35,981,269 |   | 7,215,775 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end the information reported on this schedule is as of December31, 2002.

There were no carrying costs as of December 31,2002.  The column has been omitted forpresentation purposes.

 

F-281

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 21

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at beginning of period - 4/1/94 |   |       |       | $      | 0          |   |
|-----------------------------------------|--------|------------|------------|--------|------------|--------|
| Additions during period:                |   |       |       |   |       |
| Acquisitions through foreclosure        |   | $          | 0          |   |       |   |
| Other acquisitions                      |   | 14,011,014 |       |   |       |
| Improvements, etc                       |   | 0          |       |   |       |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 14,011,014 |   |
| Deductions during period:               |   |       |       |   |       |
| Cost of real estate sold                |   | $          | 0          |   |       |   |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 0          |   |
| Balance at close of period - 3/31/95    |   |       |       | $      | 14,011,014 |   |
| Additions during period:                |   |       |       |   |       |
| Acquisitions through foreclosure        |   | $          | 0          |   |       |   |
| Other acquisitions                      |   | 31,821,601 |       |   |       |
| Improvements, etc                       |   | 693,221    |       |   |       |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 32,514,822 |   |
| Deductions during period:               |   |       |       |   |       |
| Cost of real estate sold                |   | $          | 0          |   |       |   |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 0          |   |
| Balance at close of period - 3/31/96    |   |       |       | $      | 46,525,836 |   |
| Additions during period:                |   |       |       |   |       |
| Acquisitions through foreclosure        |   | $          | 0          |   |       |   |
| Other acquisitions                      |   | 0          |       |   |       |
| Improvements, etc                       |   | 102,815    |       |   |       |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 102,815    |   |
| Deductions during period:               |   |       |       |   |       |
| Cost of real estate sold                |   | $          | (1,512,675 | )      |       |   |
| Other                                   |   | (193,671   | )          |   |       |
|                                    |   |       |       | $      | (1,706,346 | )      |
| Balance at close of period - 3/31/97    |   |       |       | $      | 44,922,305 |   |

 

F-282

----

 
| Balance at close of period - 3/31/97 |   |    |   | $      | 44,922,305 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 108,749 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 108,749    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/98 |   |    |   | $      | 45,031,054 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 77,404  |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 77,404     |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/99 |   |    |   | $      | 45,108,458 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 135,007 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 135,007    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/00 |   |    |   | $      | 45,243,465 |   |

 

F-283

----

 
| Balance at close of period - 3/31/00 |   |       |   | $      | 45,243,465 |   |
|--------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:             |   |       |   |   |       |
| Acquisitions through foreclosure     |   | $          | 0      |   |       |   |
| Other acquisitions                   |   | 0          |   |   |       |
| Improvements, etc                    |   | 38,153     |   |   |       |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 38,153     |   |
| Deductions during period:            |   |       |   |   |       |
| Cost of real estate sold             |   | $          | 0      |   |       |   |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      |       |
| Balance at close of period - 3/31/01 |   |       |   | $      | 45,281,618 |   |
| Additions during period:             |   |       |   |   |       |
| Acquisitions through foreclosure     |   | $          | 0      |   |       |   |
| Other acquisitions                   |   | 0          |   |   |       |
| Improvements, etc                    |   | 46,621     |   |   |       |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 46,621     |   |
| Deductions during period:            |   |       |   |   |       |
| Cost of real estate sold             |   | $          | 0      |   |       |   |
| Other                                |   | (9,396,711 | )      |   |       |
|                                 |   |       |   | $      | (9,396,711 | )      |
| Balance at close of period - 3/31/02 |   |       |   | $      | 35,931,528 |   |
| Additions during period:             |   |       |   |   |       |
| Acquisitions through foreclosure     |   | $          | 0      |   |       |   |
| Other acquisitions                   |   | 0          |   |   |       |
| Improvements, etc                    |   | 49,741     |   |   |       |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 49,741     |   |
| Deductions during period:            |   |       |   |   |       |
| Cost of real estate sold             |   | $          | 0      |   |       |   |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |       |   | $      | 35,981,269 |   |

 

F-284

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/94 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 117,569   |   |      |   |
| Balance at close of period - 3/31/95    |   |   |      | $      | 117,569   |   |
| Current year expense                    |   | $      | 790,213   |   |      |   |
| Balance at close of period - 3/31/96    |   |   |      | $      | 907,782   |   |
| Current year expense                    |   | $      | 1,104,203 |   |      |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 2,011,985 |   |
| Current year expense                    |   | $      | 1,204,163 |   |      |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 3,216,148 |   |
| Current year expense                    |   | $      | 1,204,255 |   |      |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 4,420,403 |   |
| Current year expense                    |   | $      | 1,205,452 |   |      |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 5,625,855 |   |
| Current year expense                    |   | $      | 1,193,549 |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 6,819,404 |   |
| Current year expense                    |   | $      | (503,421  | )      |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 6,315,983 |   |
| Current year expense                    |   | $      | 899,792   |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 7,215,775 |   |

 

F-285

----

 

Boston Capital TaxCredit Fund IV Limited Partnership - Series 22Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                   |   | **Initial cost to company** | ** ** | **Cost  capitalized  subsequent to  acquisition** | ** ** | **Gross amount at which carried  at close of period** | ** ** |             | ** ** |     | ** ** | **Life on  which**              | ** ** |
|------------------------|--------|-----------------------------|------------|---------------------------------------------------|------------|-------------------------------------------------------|------------|------------------|------------|----------|------------|---------------------------------|------------|
| **Description**        |   | **Encum-  brances**         | ** ** | **Land**                                          | ** ** | **Buildings and  improvements**                       | ** ** | **Improvements** | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| ALBAMARLE VILLAGE      |   | 1,431,305                   |       | 91,280                                            |       | 1,720,443                                             |       | 21,921           |       | 91,280   |       | 1,742,364                       |       | 1,833,644 |   | 585,243 |   | 09/94 |   | 09/94 |   | 5-27.5 |   |
| BAYOU CROSSING         |   | 8,615,411                   |       | 867,209                                           |       | 16,061,472                                            |       | 60,768           |       | 857,500  |       | 16,122,240                      |       | 16,979,740 |   | 3,152,200 |   | 01/96 |   | 11/94 |   | 12-39 |   |
| BELLWOOD LP            |   | 1,235,761                   |       | 64,715                                            |       | 1,505,852                                             |       | 83,954           |       | 64,715   |       | 1,589,806                       |       | 1,654,521 |   | 323,218 |   | 07/95 |   | 09/95 |   | 5-27.5 |   |
| BIRCH RIDGE            |   | 2,800,000                   |       | 178,000                                           |       | 0                                                     |       | 5,680,205        |       | 178,000  |       | 5,680,205                       |       | 5,858,205 |   | 1,064,802 |   | 03/96 |   | 01/95 |   | 5-40 |   |
| BLACK RIVER RUN        |   | 1,188,136                   |       | 15,000                                            |       | 2,171,360                                             |       | 20,606           |       | 15,000   |       | 2,191,966                       |       | 2,206,966 |   | 515,978 |   | 12/94 |   | 04/95 |   | 5-27.5 |   |
| CLARENDON COURT        |   | 1,435,854                   |       | 41,930                                            |       | 1,799,906                                             |       | 1,328            |       | 41,930   |       | 1,801,234                       |       | 1,843,164 |   | 549,852 |   | 04/95 |   | 10/94 |   | 7-27.5 |   |
| COBBLESTONE            |   | 1,401,719                   |       | 79,567                                            |       | 1,679,627                                             |       | 6,537            |       | 79,567   |       | 1,686,164                       |       | 1,765,731 |   | 564,453 |   | 05/94 |   | 01/95 |   | 5-27.5 |   |
| CONCORDIA II           |   | 1,480,613                   |       | 169,820                                           |       | 1,854,563                                             |       | 0                |       | 179,040  |       | 1,854,563                       |       | 2,033,603 |   | 406,430 |   | 11/95 |   | 01/95 |   | 10-40 |   |
| CONCORDIA III          |   | 1,469,851                   |       | 0                                                 |       | 0                                                     |       | 1,895,814        |       | 172,090  |       | 1,895,814                       |       | 2,067,904 |   | 400,148 |   | 12/95 |   | 02/95 |   | 10-40 |   |
| CRYSTAL CITY FESTUS    |   | 1,369,910                   |       | 120,732                                           |       | 3,137,651                                             |       | 56,769           |       | 120,732  |       | 3,194,420                       |       | 3,315,152 |   | 917,299 |   | 11/95 |   | 01/95 |   | 5-27.5 |   |
| DRAKES BRANCH          |   | 1,254,181                   |       | 75,473                                            |       | 1,511,490                                             |       | (50,471          | )          | 75,473   |       | 1,461,019                       |       | 1,536,492 |   | 453,514 |   | 06/95 |   | 01/95 |   | 5-27.5 |   |
| EDMOND PROP            |   | 3,768,496                   |       | 160,000                                           |       | 0                                                     |       | 7,037,006        |       | 160,000  |       | 7,037,006                       |       | 7,197,006 |   | 1,549,695 |   | 03/96 |   | 11/94 |   | 5-27.5 |   |
| ELKS TOWER             |   | 795,675                     |       | 10,000                                            |       | 1,344,357                                             |       | 304,286          |       | 10,000   |       | 1,648,643                       |       | 1,658,643 |   | 335,303 |   | 12/96 |   | 10/95 |   | 27.5 |   |
| FONDA LP               |   | 1,013,411                   |       | 25,000                                            |       | 1,310,014                                             |       | 55,968           |       | 25,000   |       | 1,365,982                       |       | 1,390,982 |   | 453,524 |   | 10/94 |   | 12/94 |   | 5-27.5 |   |
| GOLDENROD              |   | 7,156,224                   |       | 770,000                                           |       | 13,323,746                                            |       | 181,580          |       | 770,000  |       | 13,505,326                      |       | 14,275,326 |   | 4,023,581 |   | 06/95 |   | 03/95 |   | 7-27.5 |   |
| KIMBARK 1200           |   | 1,960,989                   |       | 495,120                                           |       | 3,102,192                                             |       | 72,433           |       | 495,120  |       | 3,174,625                       |       | 3,669,745 |   | 576,161 |   | 12/95 |   | 09/95 |   | 40 |   |
| LAKE STREET            |   | 1,347,650                   |       | 20,000                                            |       | 1,846,543                                             |       | 80,799           |       | 20,000   |       | 1,927,342                       |       | 1,947,342 |   | 402,178 |   | 09/95 |   | 04/95 |   | 5-27.5 |   |
| LAKE CITY              |   | 1,275,486                   |       | 111,455                                           |       | 1,419,645                                             |       | 0                |       | 111,455  |       | 1,419,645                       |       | 1,531,100 |   | 269,728 |   | 08/98 |   | 06/98 |   | 5-27.5 |   |
| LOST TREE              |   | 1,549,505                   |       | 85,000                                            |       | 4,510,201                                             |       | 19,770           |       | 85,000   |       | 4,529,971                       |       | 4,614,971 |   | 1,005,300 |   | 06/95 |   | 04/95 |   | 5-27.5 |   |
| MARKSVILLE SQUARE      |   | 950,950                     |       | 66,000                                            |       | 250,449                                               |       | 996,658          |       | 66,000   |       | 1,247,107                       |       | 1,313,107 |   | 229,590 |   | 01/96 |   | 01/95 |   | 5-40 |   |
| PHILADELPHIA HOUSING I |   | 538,952                     |       | 13,750                                            |       | 757,989                                               |       | 16,430           |       | 13,750   |       | 774,419                         |       | 788,169 |   | 120,856 |   | 08/95 |   | 07/95 |   | 5-27.5 |   |

 

F-286

----

 
|                    |   | **Initial cost to company** | ** ** | **Cost capitalized  subsequent to  acquisition** | ** ** | **Gross amount at which carried  at close of period** | ** ** |             | ** ** |      | ** ** | **Life on  which**              | ** ** |
|-------------------------|--------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|------------------|------------|-----------|------------|---------------------------------|------------|
| **Description**         |   | **Encum-  brances**         | ** ** | **Land**                                         | ** ** | **Buildings and  improvements**                       | ** ** | **Improvements** | ** ** | **Land**  | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| PHILADELPHIA HOUSING II |   | 842,112                     |       | 25,000                                           |       | 1,219,579                                             |       | 18,002           |       | 25,000    |       | 1,237,581                       |       | 1,262,581 |   | 191,134 |   | 08/95 |   | 07/95 |   | 5-27.5 |   |
| QUANKEY HILLS           |   | 1,000,533                   |       | 51,368                                           |       | 1,189,397                                             |       | 4,656            |       | 51,368    |       | 1,194,053                       |       | 1,245,421 |   | 369,225 |   | 03/95 |   | 01/95 |   | 5-27.5 |   |
| RICHMOND HARDIN         |   | 840,696                     |       | 55,000                                           |       | 2,143,538                                             |       | 24,412           |       | 55,232    |       | 2,167,950                       |       | 2,223,182 |   | 692,241 |   | 02/95 |   | 12/94 |   | 5-27.5 |   |
| ROXBURY VETERANS        |   | 715,700                     |       | 0                                                |       | 0                                                     |       | 1,288,143        |       | 27,956    |       | 1,288,143                       |       | 1,316,099 |   | 297,417 |   | 05/97 |   | 12/96 |   | 5-27.5 |   |
| SACRAMENTO APTS         |   | 430,597                     |       | 18,000                                           |       | 575,442                                               |       | 0                |       | 18,000    |       | 575,442                         |       | 593,442 |   | 163,246 |   | 09/95 |   | 08/95 |   | 5-27.5 |   |
| SALEM LP                |   | 940,085                     |       | 33,093                                           |       | 1,132,389                                             |       | 4,657            |       | 33,093    |       | 1,137,046                       |       | 1,170,139 |   | 363,089 |   | 12/94 |   | 01/95 |   | 5-27.5 |   |
| SWEDESBORO HOUSING      |   | 1,800,015                   |       | 168,295                                          |       | 1,814,291                                             |       | (23,027          | )          | 168,295   |       | 1,791,264                       |       | 1,959,559 |   | 375,480 |   | 06/95 |   | 07/95 |   | 5-27.5 |   |
| TROY VILLA              |   | 1,842,166                   |       | 231,605                                          |       | 4,084,841                                             |       | 13,742           |       | 231,605   |       | 4,098,583                       |       | 4,330,188 |   | 1,304,686 |   | 06/95 |   | 12/94 |   | 5-27.5 |   |
|                    |   | 52,451,983                  |       | 4,042,412                                        |       | 71,466,977                                            |       | 17,872,946       |       | 4,242,201 |       | 89,339,923                      |       | 93,582,124 |   | 21,655,571 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end, the information reported on this schedule is as of December31, 2002.

There we no carrying costs as of December 31,2002. The Column has been omitted for presentation purposes.

 

F-287

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 22

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/94 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 2,699,758  |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 2,699,758  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/95    |   |       |   | $      | 2,699,758  |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 75,121,060 |   |   |       |
| Improvements, etc                       |   | 15,793     |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 75,136,853 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/96    |   |       |   | $      | 77,836,611 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 16,438,316 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 16,438,316 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | (3,852,006 | )      |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | (3,852,006 | )      |
| Balance at close of period - 3/31/97    |   |       |   | $      | 90,422,921 |   |

 

F-288

----

 
| Balance at close of period - 3/31/97 |   |      |   | $      | 90,422,921 |   |
|--------------------------------------|--------|-----------|--------|--------|------------|--------|
| Additions during period:             |   |      |   |   |       |
| Acquisitions through foreclosure     |   | $         | 0      |   |       |   |
| Other acquisitions                   |   | 0         |   |   |       |
| Improvements, etc                    |   | 1,217,148 |   |   |       |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 1,217,148  |   |
| Deductions during period:            |   |      |   |   |       |
| Cost of real estate sold             |   | $         | 0      |   |       |   |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/98 |   |      |   | $      | 91,640,069 |   |
| Additions during period:             |   |      |   |   |       |
| Acquisitions through foreclosure     |   | $         | 0      |   |       |   |
| Other acquisitions                   |   | 1,515,875 |   |   |       |
| Improvements, etc                    |   | 64,662    |   |   |       |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 1,580,537  |   |
| Deductions during period:            |   |      |   |   |       |
| Cost of real estate sold             |   | $         | 0      |   |       |   |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/99 |   |      |   | $      | 93,220,606 |   |
| Additions during period:             |   |      |   |   |       |
| Acquisitions through foreclosure     |   | $         | 0      |   |       |   |
| Other acquisitions                   |   | 0         |   |   |       |
| Improvements, etc                    |   | 186,728   |   |   |       |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 186,728    |   |
| Deductions during period:            |   |      |   |   |       |
| Cost of real estate sold             |   | $         | 0      |   |       |   |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/00 |   |      |   | $      | 93,407,334 |   |

 

F-289

----

 
| Balance at close of period - 3/31/00 |   |    |   | $      | 93,407,334 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 5,064   |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 5,064      |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/01 |   |    |   | $      | 93,412,398 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 122,651 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 122,651    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 93,535,049 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 47,075  |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 47,075     |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 93,582,124 |   |

 

F-290

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/94 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 16,389    |   |       |   |
| Balance at close of period - 3/31/95    |   |   |      | $      | 16,389     |   |
| Current year expense                    |   | $      | 1,685,278 |   |       |   |
| Balance at close of period - 3/31/96    |   |   |      | $      | 1,701,667  |   |
| Current year expense                    |   | $      | 2,638,228 |   |       |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 4,339,895  |   |
| Current year expense                    |   | $      | 2,931,844 |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 7,271,739  |   |
| Current year expense                    |   | $      | 2,937,708 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 10,209,447 |   |
| Current year expense                    |   | $      | 2,916,355 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 13,125,802 |   |
| Current year expense                    |   | $      | 2,896,137 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 16,021,939 |   |
| Current year expense                    |   | $      | 2,866,482 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 18,888,421 |   |
| Current year expense                    |   | $      | 2,767,150 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 21,655,571 |   |

 

F-291

----

 

Boston Capital Tax CreditFund II Limited Partnership - Series 23Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003
|                      |   | **Initial cost to company** | ** ** | **Cost capitalized  subsequent to  acquisition** | ** ** | **Gross amount at which carried  at close of period** | ** ** |             | ** ** |      | ** ** | **Life on which**               | ** ** |
|---------------------------|--------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|------------------|------------|-----------|------------|---------------------------------|------------|
| **Description**           |   | **Encum-  brances**         | ** ** | **Land**                                         | ** ** | **Buildings and  improvements**                       | ** ** | **Improvements** | ** ** | **Land**  | ** ** | **Buildings and  Improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date   acquired** | ** ** | **depreciation is  computed** | ** ** |
| BARLEE PROPERTIES         |   | 765,304                     |       | 64,000                                           |       | 1,641,754                                             |       | 9,345            |       | 64,000    |       | 1,651,099                       |       | 1,715,099 |   | 443,379 |   | 11/95 |   | 07/95 |   | 5-30 |   |
| BAYOU CROSSING            |   | 8,615,411                   |       | 857,500                                          |       | 16,061,472                                            |       | 60,768           |       | 857,500   |       | 16,122,240                      |       | 16,979,740 |   | 3,152,200 |   | 01/96 |   | 02/95 |   | 12-39 |   |
| BIRCH RIDGE               |   | 2,800,000                   |       | 178,000                                          |       | 0                                                     |       | 5,680,205        |       | 178,000   |       | 5,680,205                       |       | 5,858,205 |   | 1,064,802 |   | 03/96 |   | 01/95 |   | 5-40 |   |
| BRODERICK HOUSING         |   | 2,003,329                   |       | 275,037                                          |       | 4,540,011                                             |       | 93,141           |       | 275,037   |       | 4,633,152                       |       | 4,908,189 |   | 854,562 |   | 06/96 |   | 08/95 |   | 7-27.5 |   |
| COLONNA REDEVELOPMENT     |   | 1,219,072                   |       | 374,310                                          |       | 3,470,813                                             |       | 19,650           |       | 374,310   |       | 3,490,463                       |       | 3,864,773 |   | 739,018 |   | 05/94 |   | 05/95 |   | 7-40 |   |
| CONCORDIA II              |   | 1,480,613                   |       | 169,820                                          |       | 1,854,563                                             |       | 0                |       | 179,040   |       | 1,854,563                       |       | 2,033,603 |   | 406,430 |   | 11/95 |   | 01/95 |   | 10-40 |   |
| CONCORDIA III             |   | 1,469,851                   |       | 0                                                |       | 0                                                     |       | 1,895,814        |       | 172,090   |       | 1,895,814                       |       | 2,067,904 |   | 400,148 |   | 12/95 |   | 02/95 |   | 7-27.5 |   |
| CRYSTAL CITY  FESTUS |   | 1,369,910                   |       | 120,732                                          |       | 3,137,651                                             |       | 56,769           |       | 120,732   |       | 3,194,420                       |       | 3,315,152 |   | 917,299 |   | 11/95 |   | 02/95 |   | 5-40 |   |
| EDMOND PROP               |   | 3,768,496                   |       | 160,000                                          |       | 0                                                     |       | 7,037,006        |       | 160,000   |       | 7,037,006                       |       | 7,197,006 |   | 1,549,695 |   | 03/96 |   | 11/94 |   | 5-40 |   |
| HALLS FERRY APTS.         |   | 1,135,578                   |       | 5,064                                            |       | 2,984,978                                             |       | 197,648          |       | 5,064     |       | 3,182,626                       |       | 3,187,690 |   | 615,454 |   | 12/95 |   | 08/95 |   | 5-40 |   |
| HURLEYVILLE               |   | 1,154,952                   |       | 143,182                                          |       | 1,549,696                                             |       | 21,833           |       | 143,182   |       | 1,571,529                       |       | 1,714,711 |   | 305,815 |   | 12/95 |   | 07/95 |   | 5-15 |   |
| ITHACA I APTS.            |   | 639,712                     |       | 37,945                                           |       | 808,775                                               |       | 11,363           |       | 37,945    |       | 820,138                         |       | 858,083 |   | 187,932 |   | 07/95 |   | 11/95 |   | 7-27.5 |   |
| KIMBARK 1200              |   | 1,960,989                   |       | 495,120                                          |       | 3,102,192                                             |       | 72,433           |       | 495,120   |       | 3,174,625                       |       | 3,669,745 |   | 576,161 |   | 12/95 |   | 09/95 |   | 5-40 |   |
| MATHIS APTS.              |   | 900,794                     |       | 25,819                                           |       | 1,176,999                                             |       | 34,988           |       | 25,819    |       | 1,211,987                       |       | 1,237,806 |   | 237,171 |   | 01/95 |   | 01/95 |   | 5-40 |   |
| MID CITY ASSOC            |   | 2,841,065                   |       | 15,058                                           |       | 6,616,466                                             |       | 0                |       | 15,058    |       | 6,616,466                       |       | 6,631,524 |   | 2,034,715 |   | 06/94 |   | 09/95 |   | 5-27.5 |   |
| ORANGE GROVE              |   | 659,878                     |       | 43,180                                           |       | 824,814                                               |       | 24,713           |       | 43,180    |       | 849,527                         |       | 892,707 |   | 178,110 |   | 02/95 |   | 01/95 |   | 5-40 |   |
| PHILMONT                  |   | 1,481,857                   |       | 40,000                                           |       | 1,885,476                                             |       | 40,565           |       | 40,000    |       | 1,926,041                       |       | 1,966,041 |   | 585,092 |   | 05/95 |   | 05/95 |   | 5-40 |   |
| SACRAMENTO SRO            |   | 2,451,101                   |       | 0                                                |       | 0                                                     |       | 5,381,314        |       | 133,000   |       | 5,381,314                       |       | 5,514,314 |   | 934,781 |   | 12/96 |   | 09/95 |   | 7-39 |   |
| SOUTH HILLS               |   | 1,827,280                   |       | 131,000                                          |       | 1,261,754                                             |       | 2,637,639        |       | 131,000   |       | 3,899,393                       |       | 4,030,393 |   | 763,960 |   | 02/96 |   | 06/95 |   | 5-40 |   |
| ST. PETERS VILLA          |   | 1,748,012                   |       | 425,974                                          |       | 0                                                     |       | 3,488,776        |       | 425,974   |       | 3,488,776                       |       | 3,914,750 |   | 996,992 |   | 03/96 |   | 07/95 |   | 5-27.5 |   |
| VILLAGE WOODS             |   | 1,537,726                   |       | 51,080                                           |       | 3,637,023                                             |       | 341,539          |       | 51,080    |       | 3,978,562                       |       | 4,029,642 |   | 754,526 |   | 12/95 |   | 05/95 |   | 5-40 |   |
| WOODLAND PROP             |   | 293,200                     |       | 30,000                                           |       | 593,884                                               |       | 2,722            |       | 30,000    |       | 596,606                         |       | 626,606 |   | 162,519 |   | 06/95 |   | 07/95 |   | 7-30 |   |
|                      |   | 42,124,130                  |       | 3,642,821                                        |       | 55,148,321                                            |       | 27,108,231       |       | 3,957,131 |       | 82,256,552                      |       | 86,213,683 |   | 17,860,761 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end the information reported on this schedule is as of December31, 2002.

There were no carrying costs as of December 31,2002.  The column has been omitted forpresentation purposes.

 

F-292

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 23

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/95 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 58,791,142 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 58,791,142 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/96    |   |       |   | $      | 58,791,142 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 25,651,522 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 25,651,522 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | (21,382    | )      |   |       |
|                                    |   |       |   | $      | (21,382    | )      |
| Balance at close of period - 3/31/97    |   |       |   | $      | 84,421,282 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 874,764    |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 874,764    |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/98    |   |       |   | $      | 85,296,046 |   |

 

F-293

----

 
| Balance at close of period - 3/31/98 |   |     |   | $      | 85,296,046 |   |
|--------------------------------------|--------|----------|--------|--------|------------|--------|
| Additions during period:             |   |     |   |   |       |
| Acquisitions through foreclosure     |   | $        | 0      |   |       |   |
| Other acquisitions                   |   | 0        |   |   |       |
| Improvements, etc                    |   | 800,197  |   |   |       |
| Other                                |   | 0        |   |   |       |
|                                 |   |     |   | $      | 800,197    |   |
| Deductions during period:            |   |     |   |   |       |
| Cost of real estate sold             |   | $        | 0      |   |       |   |
| Other                                |   | 0        |   |   |       |
|                                 |   |     |   | $      | 0          |   |
| Balance at close of period - 3/31/99 |   |     |   | $      | 86,096,243 |   |
| Additions during period:             |   |     |   |   |       |
| Acquisitions through foreclosure     |   | $        | 0      |   |       |   |
| Other acquisitions                   |   | 0        |   |   |       |
| Improvements, etc                    |   | 62,167   |   |   |       |
| Other                                |   | 0        |   |   |       |
|                                 |   |     |   | $      | 62,167     |   |
| Deductions during period:            |   |     |   |   |       |
| Cost of real estate sold             |   | $        | 0      |   |       |   |
| Other                                |   | 0        |   |   |       |
|                                 |   |     |   | $      | 0          |   |
| Balance at close of period - 3/31/00 |   |     |   | $      | 86,158,410 |   |
| Additions during period:             |   |     |   |   |       |
| Acquisitions through foreclosure     |   | $        | 0      |   |       |   |
| Other acquisitions                   |   | 0        |   |   |       |
| Improvements, etc                    |   | 24,036   |   |   |       |
| Other                                |   | 0        |   |   |       |
|                                 |   |     |   | $      | 24,036     |   |
| Deductions during period:            |   |     |   |   |       |
| Cost of real estate sold             |   | $        | 0      |   |       |   |
| Other                                |   | (222,349 | )      |   |       |
|                                 |   |     |   | $      | (222,349   | )      |
| Balance at close of period - 3/31/01 |   |     |   | $      | 85,960,097 |   |

 

F-294

----

 
| Balance at close of period - 3/31/01 |   |    |   | $      | 85,960,097 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 197,306 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 197,306    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 86,157,403 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 56,280  |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 56,280     |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 86,213,683 |   |

 

F-295

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/95 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 693,729   |   |       |   |
| Balance at close of period - 3/31/96    |   |   |      | $      | 693,729    |   |
| Current year expense                    |   | $      | 2,288,171 |   |       |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 2,981,900  |   |
| Current year expense                    |   | $      | 2,505,105 |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 5,487,005  |   |
| Current year expense                    |   | $      | 2,518,829 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 8,005,834  |   |
| Current year expense                    |   | $      | 2,486,449 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 10,492,283 |   |
| Current year expense                    |   | $      | 2,490,673 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 12,982,956 |   |
| Current year expense                    |   | $      | 2,454,712 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 15,437,668 |   |
| Current year expense                    |   | $      | 2,423,093 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 17,860,761 |   |

 

F-296

----

 

Boston Capital TaxCredit Fund IV LP-Series 24Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                      |   | **Initial cost to company** | ** ** | **Cost  capitalized  subsequent to  acquisition** | ** ** | **Gross amount at which carried  at close of period** | ** ** |             | ** ** |     | ** ** | **Life on  which**              | ** ** |
|---------------------------|--------|-----------------------------|------------|---------------------------------------------------|------------|-------------------------------------------------------|------------|------------------|------------|----------|------------|---------------------------------|------------|
| **Description**           |   | **Encum-brances**           | ** ** | **Land**                                          | ** ** | **Buildings and  improvements**                       | ** ** | **Improvements** | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| AUTUMN RIDGE              |   | 1,525,327                   |       | 125,347                                           |       | 0                                                     |       | 1,764,294        |       | 125,347  |       | 1,764,294                       |       | 1,889,641 |   | 411,922 |   | 01/97 |   | 07/96 |   | 5-27.5 |   |
| BROOKS SUMMIT APTS.       |   | 1,106,420                   |       | 44,000                                            |       | 0                                                     |       | 1,459,753        |       | 44,000   |       | 1,459,753                       |       | 1,503,753 |   | 375,150 |   | 11/97 |   | 12/95 |   | 5-27.5 |   |
| BROWNSVILLE ASSOC         |   | 1,190,954                   |       | 58,945                                            |       | 1,476,197                                             |       | (256,822         | )          | 58,945   |       | 1,219,375                       |       | 1,278,320 |   | 259,027 |   | 0.09 |   | 09/95 |   | 5-40 |   |
| CENTENARY HOUSING         |   | 2,435,000                   |       | 57,760                                            |       | 3,697,046                                             |       | 51,374           |       | 57,760   |       | 3,748,420                       |       | 3,806,180 |   | 785,802 |   | 12/97 |   | 05/97 |   | 5-27.5 |   |
| CENTURY EAST IV APTS.     |   | 611,365                     |       | 90,000                                            |       | 984,989                                               |       | 21,490           |       | 90,000   |       | 1,006,479                       |       | 1,096,479 |   | 230,875 |   | 08/95 |   | 08/95 |   | 5-40 |   |
| CENTURY EAST V APTS.      |   | 611,365                     |       | 90,000                                            |       | 982,504                                               |       | 21,958           |       | 90,000   |       | 1,004,462                       |       | 1,094,462 |   | 228,250 |   | 09/95 |   | 11/95 |   | 5-40 |   |
| COMMERCE PKWY             |   | 1,781,058                   |       | 242,000                                           |       | 1,579,251                                             |       | 2,773,238        |       | 242,000  |       | 4,352,489                       |       | 4,594,489 |   | 1,222,548 |   | 04/97 |   | 09/95 |   | 5-27.5 |   |
| COOLIDGE PINAL            |   | 1,121,443                   |       | 40,000                                            |       | 1,363,991                                             |       | 4,222            |       | 40,000   |       | 1,368,213                       |       | 1,408,213 |   | 261,900 |   | 04/96 |   | 04/96 |   | 5-27.5 |   |
| EDENFIELD                 |   | 1,251,535                   |       | 10,280                                            |       | 1,709,535                                             |       | 37,190           |       | 10,280   |       | 1,746,725                       |       | 1,757,005 |   | 480,374 |   | 12/96 |   | 01/96 |   | 28 |   |
| ELM STREET                |   | 1,771,308                   |       | 183,547                                           |       | 3,715,562                                             |       | 26,430           |       | 183,547  |       | 3,741,992                       |       | 3,925,539 |   | 640,652 |   | 01/96 |   | 01/96 |   | 5-27.5 |   |
| JEREMY ASSOC              |   | 3,485,836                   |       | 522,890                                           |       | 6,954,516                                             |       | 456,622          |       | 522,890  |       | 7,411,138                       |       | 7,934,028 |   | 1,553,255 |   | 12/95 |   | 06/96 |   | 5-40 |   |
| LAKE I APTS.              |   | 592,831                     |       | 85,000                                            |       | 1,012,730                                             |       | 27,836           |       | 85,000   |       | 1,040,566                       |       | 1,125,566 |   | 243,164 |   | 07/95 |   | 08/95 |   | 5-40 |   |
| LAURELWOOD PARK           |   | 2,279,621                   |       | 230,000                                           |       | 5,379,607                                             |       | 6,801            |       | 230,000  |       | 5,386,408                       |       | 5,616,408 |   | 1,304,094 |   | 10/96 |   | 02/96 |   | 5-27.5 |   |
| LOS LUNAS                 |   | 215,000                     |       | 150,000                                           |       | 2,280,094                                             |       | (38,848          | )          | 150,000  |       | 2,241,246                       |       | 2,391,246 |   | 575,754 |   | 06/96 |   | 08/96 |   | 5-27.5 |   |
| NEW HILLTOP               |   | 1,669,914                   |       | 54,366                                            |       | 2,145,934                                             |       | 7,574            |       | 52,591   |       | 2,153,508                       |       | 2,206,099 |   | 612,790 |   | 11/95 |   | 11/95 |   | 5-40 |   |
| NEW MADISON  PARK IV |   | 7,480,131                   |       | 541,624                                           |       | 11,606,586                                            |       | 263,533          |       | 541,624  |       | 11,870,119                      |       | 12,411,743 |   | 2,958,481 |   | 03/97 |   | 05/96 |   | 5-27.5 |   |
| NORTH HAMPTON PLACE       |   | 752,514                     |       | 207,550                                           |       | 2,230,062                                             |       | 2,200            |       | 0        |       | 2,232,262                       |       | 2,232,262 |   | 637,963 |   | 03/96 |   | 11/95 |   | 5-27.5 |   |
| NORTHFIELD HOUSING        |   | 183,259                     |       | 70,000                                            |       | 446,355                                               |       | 3,513            |       | 70,000   |       | 449,868                         |       | 519,868 |   | 117,866 |   | 09/96 |   | 12/96 |   | 5-27.5 |   |
| OVERTON ASSOC             |   | 1,216,411                   |       | 130,000                                           |       | 1,529,213                                             |       | 34,215           |       | 130,000  |       | 1,563,428                       |       | 1,693,428 |   | 254,884 |   | 09/96 |   | 06/96 |   | 5-40 |   |
| PAHRUMP VALLEY            |   | 1,383,399                   |       | 63,000                                            |       | 1,757,158                                             |       | 0                |       | 63,000   |       | 1,757,158                       |       | 1,820,158 |   | 456,275 |   | 07/96 |   | 07/96 |   | 7-27.5 |   |
| STANTON ASSOC             |   | 1,201,329                   |       | 85,971                                            |       | 1,535,425                                             |       | (260,151         | )          | 85,971   |       | 1,275,274                       |       | 1,361,245 |   | 263,907 |   | 09/95 |   | 09/95 |   | 5-40 |   |

 

F-297

----

 

 
|                |   | **Initial cost to company** |   | **Cost capitalized subsequent to acquisition** |   | **Gross amount at  which carried at  close of period** |   |             |   |      |   |                            |   |
|---------------------|--------|-----------------------------|--------|------------------------------------------------|--------|--------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**     |   | **Encum-  brances**         |   | **Land**                                       |   | **Buildings and  improvements**                        |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **Life on which depreciation is  computed** |   |
| SG WYANDOTTE        |   | 3,245,714                   |   | 950,000                                        |   | 0                                                      |   | 6,616,598        |   | 950,000   |   | 6,616,598                       |   | 7,566,598 |   | 1,545,339 |   | 02/97 |   | 04/96 |   | 5-27.5 |   |
| WOODLAND ASSOCIATES |   | 1,125,907                   |   | 108,900                                        |   | 1,437,608                                              |   | 100,978          |   | 108,900   |   | 1,538,586                       |   | 1,647,486 |   | 283,464 |   | 09/95 |   | 11/95 |   | 5-50 |   |
| ZWOLLE APTS.        |   | 857,875                     |   | 10,000                                         |   | 930,782                                                |   | 188,315          |   | 10,000    |   | 1,119,097                       |   | 1,129,097 |   | 242,499 |   | 04/96 |   | 11/95 |   | 5-40 |   |
|                |   | 39,095,516                  |   | 4,151,180                                      |   | 54,755,145                                             |   | 13,312,313       |   | 3,941,855 |   | 68,067,458                      |   | 72,009,313 |   | 15,946,235 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end the information reported on this schedule is as of December31, 2002.

There were no carrying costs as of December 31,2002.  The column has been omitted forpresentation purposes.

 

F-298

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 24

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/95 |   |       |       | $      | 0          |   |
|-----------------------------------------|--------|------------|------------|--------|------------|--------|
| Additions during period:                |   |       |       |   |       |
| Acquisitions through foreclosure        |   | $          | 0          |   |       |   |
| Other acquisitions                      |   | 15,269,744 |       |   |       |
| Improvements, etc                       |   | 0          |       |   |       |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 15,269,744 |   |
| Deductions during period:               |   |       |       |   |       |
| Cost of real estate sold                |   | $          | 0          |   |       |   |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 0          |   |
| Balance at close of period - 3/31/96    |   |       |       | $      | 15,269,744 |   |
| Additions during period:                |   |       |       |   |       |
| Acquisitions through foreclosure        |   | $          | 0          |   |       |   |
| Other acquisitions                      |   | 44,018,168 |       |   |       |
| Improvements, etc                       |   | 1,703,291  |       |   |       |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 45,721,459 |   |
| Deductions during period:               |   |       |       |   |       |
| Cost of real estate sold                |   | $          | (4,136,393 | )      |       |   |
| Other                                   |   | (550,346   | )          |   |       |
|                                    |   |       |       | $      | (4,686,739 | )      |
| Balance at close of period - 3/31/97    |   |       |       | $      | 56,304,464 |   |
| Additions during period:                |   |       |       |   |       |
| Acquisitions through foreclosure        |   | $          | 0          |   |       |   |
| Other acquisitions                      |   | 3,754,806  |       |   |       |
| Improvements, etc                       |   | 10,437,670 |       |   |       |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 14,192,476 |   |
| Deductions during period:               |   |       |       |   |       |
| Cost of real estate sold                |   | $          | 0          |   |       |   |
| Other                                   |   | 0          |       |   |       |
|                                    |   |       |       | $      | 0          |   |
| Balance at close of period - 3/31/98    |   |       |       | $      | 70,496,940 |   |

 

F-299

----

 
| Balance at close of period - 3/31/98 |   |    |   | $      | 70,496,940 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 435,029 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 435,029    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/99 |   |    |   | $      | 70,931,969 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 422,139 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 422,139    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/00 |   |    |   | $      | 71,354,108 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 83,882  |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 83,882     |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/01 |   |    |   | $      | 71,437,990 |   |

 

F-300

----

 
| Balance at close of period - 3/31/01 |   |    |   | $      | 71,437,990 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 269,565 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 269,565    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 71,707,555 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 301,758 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 301,758    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 72,009,313 |   |

 

F-301

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/95 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 176,661   |   |       |   |
| Balance at close of period - 3/31/96    |   |   |      | $      | 176,661    |   |
| Current year expense                    |   | $      | 1,093,319 |   |       |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 1,269,980  |   |
| Current year expense                    |   | $      | 2,321,086 |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 3,591,066  |   |
| Current year expense                    |   | $      | 2,545,309 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 6,136,375  |   |
| Current year expense                    |   | $      | 2,475,802 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 8,612,177  |   |
| Current year expense                    |   | $      | 2,442,201 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 11,054,378 |   |
| Current year expense                    |   | $      | 2,435,488 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 13,489,866 |   |
| Current year expense                    |   | $      | 2,456,369 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 15,946,235 |   |

 

F-302

----

 

Boston Capital Tax CreditFund II Limited Partnership - Series 25Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                     |   | **Initial cost to company** | ** ** | **Cost capitalized  subsequent to  acquisition** | ** ** | **Gross amount at which carried  at close of period** | ** ** |             | ** ** |      | ** ** | **Life on which**               | ** ** |
|--------------------------|--------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|------------------|------------|-----------|------------|---------------------------------|------------|
| **Description**          |   | **Encum-  brances**         | ** ** | **Land**                                         | ** ** | **Buildings and  improvements**                       | ** ** | **Improvements** | ** ** | **Land**  | ** ** | **Buildings and  Improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date acquired** | ** ** | **depreciation is  computed** | ** ** |
| 352 LENOX AVE            |   | 513,285                     |       | 6,250                                            |       | 167,568                                               |       | 1,654,227        |       | 6,250     |       | 1,821,795                       |       | 1,828,045 |   | 360,175 |   | 09/97 |   | 10/96 |   | 5-27.5 |   |
| CENTURY EAST II          |   | 522,284                     |       | 70,000                                           |       | 888,314                                               |       | 34,948           |       | 70,000    |       | 923,262                         |       | 993,262 |   | 192,014 |   | 06/96 |   | 08/96 |   | 5-27.5 |   |
| DOGWOOD PARK             |   | 2,532,344                   |       | 235,000                                          |       | 0                                                     |       | 6,486,819        |       | 241,948   |       | 6,486,819                       |       | 6,728,767 |   | 1,575,330 |   | 10/96 |   | 12/95 |   | 5-27.5 |   |
| DUBLIN HOUSING  TWO |   | 673,896                     |       | 15,000                                           |       | 0                                                     |       | 816,370          |       | 15,000    |       | 816,370                         |       | 831,370 |   | 201,206 |   | 12/96 |   | 09/96 |   | 5-27.5 |   |
| ETHEL HOUSING            |   | 806,612                     |       | 18,600                                           |       | 1,058,460                                             |       | 112,088          |       | 18,600    |       | 1,170,548                       |       | 1,189,148 |   | 197,628 |   | 12/96 |   | 06/96 |   | 5-27.5 |   |
| HORSE CAVE               |   | 839,140                     |       | 75,000                                           |       | 1,053,944                                             |       | 5,561            |       | 75,000    |       | 1,059,505                       |       | 1,134,505 |   | 190,354 |   | 11/96 |   | 05/96 |   | 5-27.5 |   |
| HURRICANE HILLS          |   | 1,232,903                   |       | 150,000                                          |       | 416,357                                               |       | 3,243,817        |       | 248,816   |       | 3,660,174                       |       | 3,908,990 |   | 547,547 |   | 04/97 |   | 09/96 |   | 5-27.5 |   |
| LAURELWOOD  PARK    |   | 2,307,935                   |       | 230,000                                          |       | 5,379,607                                             |       | 6,801            |       | 230,000   |       | 5,386,408                       |       | 5,616,408 |   | 1,304,094 |   | 10/96 |   | 02/96 |   | 5-27.5 |   |
| MAIN EVERETT             |   | 603,112                     |       | 95,786                                           |       | 1,378,380                                             |       | 4,979            |       | 95,786    |       | 1,383,359                       |       | 1,479,145 |   | 327,252 |   | 06/96 |   | 01/97 |   | 27.5 |   |
| MAPLE HILL               |   | 998,687                     |       | 182,000                                          |       | 1,560,386                                             |       | (39,303          | )          | 182,000   |       | 1,521,083                       |       | 1,703,083 |   | 216,436 |   | 02/98 |   | 02/97 |   | 5-27.5 |   |
| MOKEAPOKE                |   | 1,211,927                   |       | 60,000                                           |       | 1,907,937                                             |       | 0                |       | 60,000    |       | 1,907,937                       |       | 1,967,937 |   | 334,268 |   | 04/96 |   | 02/96 |   | 5-27.5 |   |
| MRH LP                   |   | 72,887                      |       | 105,726                                          |       | 3,610,331                                             |       | 212,110          |       | 105,726   |       | 3,822,441                       |       | 3,928,167 |   | 945,008 |   | 06/96 |   | 01/97 |   | 5-27.5 |   |
| NEW MADISON              |   | 7,480,131                   |       | 541,624                                          |       | 11,606,586                                            |       | 263,533          |       | 541,624   |       | 11,870,119                      |       | 12,411,743 |   | 2,958,481 |   | 03/97 |   | 05/96 |   | 5-27.5 |   |
| OHIO INVESTORS           |   | 1,837,828                   |       | 31,650                                           |       | 2,354,099                                             |       | 187,816          |       | 31,650    |       | 2,541,915                       |       | 2,573,565 |   | 716,934 |   | 09/95 |   | 02/96 |   | 5-27.5 |   |
| OSBORNE HOUSING          |   | 416,061                     |       | 50,667                                           |       | 1,099,730                                             |       | 58,504           |       | 50,667    |       | 1,158,234                       |       | 1,208,901 |   | 253,419 |   | 12/96 |   | 06/96 |   | 27.5 |   |
| ROSE SQUARE              |   | 386,504                     |       | 106,942                                          |       | 615,913                                               |       | 19,521           |       | 106,942   |       | 635,434                         |       | 742,376 |   | 93,641 |   | 02/97 |   | 10/96 |   | 5-27.5 |   |
| SANDSTONE VILLAGE        |   | 1,175,986                   |       | 96,047                                           |       | 0                                                     |       | 2,608,751        |       | 96,047    |       | 2,608,751                       |       | 2,704,798 |   | 635,008 |   | 08/96 |   | 11/95 |   | 5-27.5 |   |
| SHANNON HOUSING          |   | 1,252,959                   |       | 34,800                                           |       | 1,466,352                                             |       | 160,184          |       | 34,800    |       | 1,626,536                       |       | 1,661,336 |   | 286,841 |   | 01/97 |   | 04/96 |   | 40.7 |   |
| SMITH HOUSE              |   | 1,837,630                   |       | 107,284                                          |       | 5,108,688                                             |       | 226,787          |       | 107,284   |       | 5,335,475                       |       | 5,442,759 |   | 1,377,649 |   | 03/97 |   | 04/96 |   | 5-27..5 |   |
| SG WAYNDOTTE             |   | 3,245,714                   |       | 950,000                                          |       | 1,254,765                                             |       | 5,361,833        |       | 950,000   |       | 6,616,598                       |       | 7,566,598 |   | 1,545,339 |   | 02/97 |   | 04/96 |   | 5-27.5 |   |
| SUTTON PLACE             |   | 5,980,786                   |       | 352,500                                          |       | 7,055,577                                             |       | 1,110,474        |       | 352,500   |       | 8,166,051                       |       | 8,518,551 |   | 2,369,873 |   | 10/97 |   | 11/96 |   | 5-27.5 |   |
| WEST POINT  HOUSING |   | 1,078,206                   |       | 75,000                                           |       | 1,188,623                                             |       | 475,635          |       | 75,000    |       | 1,664,258                       |       | 1,739,258 |   | 285,068 |   | 04/96 |   | 09/96 |   | 40.7 |   |
|                     |   | 37,006,817                  |       | 3,589,876                                        |       | 49,171,617                                            |       | 23,011,455       |       | 3,695,640 |       | 72,183,072                      |       | 75,878,712 |   | 16,913,565 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end the information reported on this schedule is as of December31, 2002.

There were no carrying costs as of December 31,2002.  The column has been omitted forpresentation purposes.

 

F-303

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 25

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/95 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 331,047    |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 331,047    |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/96    |   |       |   | $      | 331,047    |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 43,624,585 |   |   |       |
| Improvements, etc                       |   | 9,149,104  |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 52,773,689 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/97    |   |       |   | $      | 53,104,736 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 5,458,443  |   |   |       |
| Improvements, etc                       |   | 15,277,130 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 20,735,573 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/98    |   |       |   | $      | 73,840,309 |   |

 

F-304

----

 
| Balance at close of period - 3/31/98 |   |    |   | $      | 73,840,309 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 651,749 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 651,749    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/99 |   |    |   | $      | 74,492,058 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 282,521 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 282,521    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/00 |   |    |   | $      | 74,774,579 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 572,576 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 572,576    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/01 |   |    |   | $      | 75,347,155 |   |

 

F-305

----

 
| Balance at close of period - 3/31/01 |   |    |   | $      | 75,347,155 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 293,218 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 293,218    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 75,640,373 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 238,339 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 238,339    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 75,878,712 |   |

 

F-306

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/95 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 20,636    |   |       |   |
| Balance at close of period - 3/31/96    |   |   |      | $      | 20,636     |   |
| Current year expense                    |   | $      | 1,056,849 |   |       |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 1,077,485  |   |
| Current year expense                    |   | $      | 2,388,275 |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 3,465,760  |   |
| Current year expense                    |   | $      | 2,657,320 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 6,123,080  |   |
| Current year expense                    |   | $      | 2,661,938 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 8,785,018  |   |
| Current year expense                    |   | $      | 2,765,041 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 11,550,059 |   |
| Current year expense                    |   | $      | 2,682,797 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 14,232,856 |   |
| Current year expense                    |   | $      | 2,680,709 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 16,913,565 |   |

 

F-307

----

 

Boston Capital TaxCredit Fund IV LP-Series 26Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |         |   |    |   | **Life on  which**          |   |
|--------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|--------------|--------|---------|--------|-----------------------------|--------|
| Description        |   | Encum-  brances             |   | Land                                             |   | Buildings and  improvements                           |   | Improvements |   | Land    |   | Buildings and  improvements |   | Total |   | Accumulated  depreciation |   | Date of construction |   | Date  acquired |   | depreciation  is computed |   |
| 200 EAST AVE LP    |   | 9,044,710                   |   | 61,000                                           |   | 7,896,816                                             |   | 2,264,221    |   | 61,000  |   | 10,161,037                  |   | 10,222,037 |   | 984,574 |   | 07/00 |   | 01/99 |   | 12-40 |   |
| AVA LP             |   | 1,270,518                   |   | 82,757                                           |   | 914,666                                               |   | 604,352      |   | 82,757  |   | 1,519,018                   |   | 1,601,775 |   | 218,138 |   | 04/98 |   | 11/97 |   | 5-27.5 |   |
| BEAUREGARD APTS    |   | 817,064                     |   | 70,000                                           |   | 1,640,768                                             |   | 0            |   | 70,000  |   | 1,640,768                   |   | 1,710,768 |   | 289,102 |   | 09/96 |   | 08/96 |   | 7-40 |   |
| BECKWOOD MANOR ONE |   | 1,032,590                   |   | 20,000                                           |   | 1,335,215                                             |   | 2,420        |   | 20,000  |   | 1,337,635                   |   | 1,357,635 |   | 344,587 |   | 10/96 |   | 08/96 |   | 5-27.5 |   |
| BRADLEY PHASE I    |   | 1,778,168                   |   | 290,000                                          |   | 3,476,912                                             |   | 4,136        |   | 290,000 |   | 3,481,048                   |   | 3,771,048 |   | 491,907 |   | 12/97 |   | 02/97 |   | 20-40 |   |
| BRADLEY PHASE II   |   | 1,060,133                   |   | 190,000                                          |   | 2,405,548                                             |   | (73,893      | )      | 190,000 |   | 2,331,655                   |   | 2,521,655 |   | 332,462 |   | 12/97 |   | 02/97 |   | 20-40 |   |
| BROOKHAVEN APTS    |   | 1,027,761                   |   | 52,272                                           |   | 1,800,921                                             |   | 0            |   | 52,272  |   | 1,800,921                   |   | 1,853,193 |   | 290,030 |   | 01/97 |   | 02/97 |   | 7-40 |   |
| BUTLER APTS        |   | 165,930                     |   | 2,908                                            |   | 314,128                                               |   | 0            |   | 2,908   |   | 314,128                     |   | 317,036 |   | 49,650 |   | 10/96 |   | 08/96 |   | 40 |   |
| CALGORY APTS I     |   | 611,356                     |   | 100,000                                          |   | 985,781                                               |   | 12,586       |   | 100,000 |   | 998,367                     |   | 1,098,367 |   | 212,742 |   | 12/95 |   | 02/96 |   | 5-27.5 |   |
| CALGORY APTS II    |   | 613,933                     |   | 100,000                                          |   | 988,294                                               |   | 17,858       |   | 100,000 |   | 1,006,152                   |   | 1,106,152 |   | 213,307 |   | 12/95 |   | 02/96 |   | 5-27.5 |   |
| CALGORY APTS III   |   | 608,731                     |   | 100,000                                          |   | 983,301                                               |   | 14,063       |   | 100,000 |   | 997,364                     |   | 1,097,364 |   | 213,909 |   | 12/95 |   | 02/96 |   | 5-27.5 |   |
| CAMERON HOUSING    |   | 748,420                     |   | 74,000                                           |   | 1,736,306                                             |   | 0            |   | 74,000  |   | 1,736,306                   |   | 1,810,306 |   | 313,377 |   | 10/96 |   | 08/96 |   | 40 |   |
| COUNTRY EDGE       |   | 1,039,512                   |   | 140,000                                          |   | 2,258,924                                             |   | 29,276       |   | 140,000 |   | 2,288,200                   |   | 2,428,200 |   | 335,764 |   | 12/97 |   | 07/97 |   | 5-27.5 |   |
| DECRO NORDOFF      |   | 1,962,631                   |   | 555,000                                          |   | 3,240,184                                             |   | 150,300      |   | 555,000 |   | 3,390,484                   |   | 3,945,484 |   | 690,894 |   | 07/97 |   | 09/96 |   | 5-27.5 |   |
| EAST PARK II       |   | 552,350                     |   | 35,000                                           |   | 1,120,448                                             |   | 18,474       |   | 35,000  |   | 1,138,922                   |   | 1,173,922 |   | 226,855 |   | 08/96 |   | 08/96 |   | 5-27.5 |   |
| EDGEWOOD ESTATES   |   | 606,296                     |   | 27,000                                           |   | 759,092                                               |   | 13,710       |   | 27,000  |   | 772,802                     |   | 799,802 |   | 137,621 |   | 11/96 |   | 06/97 |   | 7-40 |   |
| EDGEWOOD PARK      |   | 1,500,000                   |   | 125,000                                          |   | 2,943,474                                             |   | 24,019       |   | 125,000 |   | 2,967,493                   |   | 3,092,493 |   | 651,970 |   | 01/97 |   | 05/96 |   | 5-27.5 |   |
| ESCHER STREET      |   | 2,297,001                   |   | 100,000                                          |   | 356,532                                               |   | 6,198,394    |   | 100,000 |   | 6,554,926                   |   | 6,654,926 |   | 1,141,869 |   | 05/98 |   | 04/97 |   | 5-27.5 |   |
| GRANDVIEW APTS     |   | 1,131,756                   |   | 180,000                                          |   | 2,198,865                                             |   | 28,431       |   | 180,000 |   | 2,227,296                   |   | 2,407,296 |   | 426,026 |   | 08/96 |   | 08/96 |   | 5-27.5 |   |
| GRAYSON MANOR      |   | 1,046,397                   |   | 80,000                                           |   | 1,733,403                                             |   | (8,114       | )      | 80,000  |   | 1,725,289                   |   | 1,805,289 |   | 331,148 |   | 11/98 |   | 03/98 |   | 5-27.5 |   |
| GVA LP             |   | 1,142,469                   |   | 54,946                                           |   | 1,445,428                                             |   | 0            |   | 54,946  |   | 1,445,428                   |   | 1,500,374 |   | 238,384 |   | 11/97 |   | 04/97 |   | 5-27.5 |   |
| HANOVER TOWERS     |   | 4,586,221                   |   | 580,000                                          |   | 7,092,714                                             |   | (13,689      | )      | 580,000 |   | 7,079,025                   |   | 7,659,025 |   | 997,055 |   | 11/97 |   | 02/97 |   | 5-27.5 |   |
| HOLLY HILLS        |   | 1,251,476                   |   | 60,000                                           |   | 1,685,727                                             |   | 0            |   | 60,000  |   | 1,685,727                   |   | 1,745,727 |   | 251,888 |   | 08/97 |   | 05/97 |   | 5-27.5 |   |

 

F-308

----

 
|                  |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |     |   | **Life on  which**              |   |
|-----------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|----------|--------|---------------------------------|--------|
| **Description**       |   | **Encumbr-  ances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of construction** |   | **Date  acquired** |   | **depreciation  is computed** | ** ** |
| JACKSON BOND          |   | 5,000,000                   |   | 536,323                                          |   | 952,071                                               |   | 6,825,030        |   | 536,323  |   | 7,777,101                       |   | 8,313,424 |   | 1,107,176 |   | 12/99 |   | 11/98 |   | 5-27.5 |   |
| LAKE IV APTS          |   | 623,821                     |   | 85,000                                           |   | 1,016,090                                             |   | 14,347           |   | 85,000   |   | 1,030,437                       |   | 1,115,437 |   | 219,158 |   | 12/95 |   | 02/96 |   | 5-27.5 |   |
| LAKE V APTS           |   | 597,881                     |   | 85,000                                           |   | 1,018,755                                             |   | 19,319           |   | 85,000   |   | 1,038,074                       |   | 1,123,074 |   | 221,731 |   | 12/95 |   | 02/96 |   | 5-27.5 |   |
| LIBERTY VILLAGE       |   | 1,731,599                   |   | 43,085                                           |   | 2,165,569                                             |   | 17,346           |   | 44,000   |   | 2,182,915                       |   | 2,226,915 |   | 490,209 |   | 05/97 |   | 01/97 |   | 5-27.5 |   |
| LITTLE VALLEY ESTATES |   | 1,141,423                   |   | 44,000                                           |   | 1,453,331                                             |   | 103,278          |   | 44,000   |   | 1,556,609                       |   | 1,600,609 |   | 250,677 |   | 04/97 |   | 01/97 |   | 5-27.5 |   |
| MASON LP              |   | 922,794                     |   | 14,000                                           |   | 1,195,375                                             |   | 36,457           |   | 14,000   |   | 1,231,832                       |   | 1,245,832 |   | 325,841 |   | 01/96 |   | 02/96 |   | 5-27.5 |   |
| MAXTON GREEN          |   | 958,818                     |   | 30,500                                           |   | 1,264,803                                             |   | 1,496            |   | 30,500   |   | 1,266,299                       |   | 1,296,799 |   | 320,304 |   | 12/96 |   | 09/96 |   | 5-27.5 |   |
| MB APTS               |   | 1,080,227                   |   | 350,000                                          |   | 2,321,961                                             |   | 0                |   | 350,000  |   | 2,321,961                       |   | 2,671,961 |   | 485,504 |   | 06/97 |   | 03/96 |   | 5-27.5 |   |
| MERIDIAN HOUSING      |   | 1,111,687                   |   | 72,000                                           |   | 1,137,270                                             |   | 378,876          |   | 72,000   |   | 1,516,146                       |   | 1,588,146 |   | 168,506 |   | 05/99 |   | 12/98 |   | 7-40 |   |
| MOSBY FOREST          |   | 677,824                     |   | 31,275                                           |   | 1,342,190                                             |   | 4,656            |   | 31,275   |   | 1,346,846                       |   | 1,378,121 |   | 335,976 |   | 10/96 |   | 10/96 |   | 5-27.5 |   |
| NEW DEVONSHILRE II    |   | 761,022                     |   | 76,211                                           |   | 904,064                                               |   | 32,858           |   | 76,211   |   | 936,922                         |   | 1,013,133 |   | 228,501 |   | 12/96 |   | 01/97 |   | 5-27.5 |   |
| NEW DEVONSHIRE WEST   |   | 528,913                     |   | 31,000                                           |   | 628,776                                               |   | 27,295           |   | 31,000   |   | 656,071                         |   | 687,071 |   | 156,300 |   | 01/97 |   | 01/97 |   | 5-27.5 |   |
| POWELL VALLEY         |   | 735,464                     |   | 78,947                                           |   | 2,310,346                                             |   | 8,434            |   | 78,947   |   | 2,318,780                       |   | 2,397,727 |   | 420,927 |   | 12/98 |   | 03/98 |   | 5-27.5 |   |
| SG HAZELTINE          |   | 1,379,996                   |   | 464,955                                          |   | 2,934,870                                             |   | 286,524          |   | 464,955  |   | 3,221,394                       |   | 3,686,349 |   | 748,039 |   | 01/97 |   | 06/96 |   | 5-27.5 |   |
| SOUTHWIND APTS        |   | 834,653                     |   | 32,000                                           |   | 1,607,903                                             |   | 0                |   | 32,000   |   | 1,607,903                       |   | 1,639,903 |   | 262,447 |   | 12/96 |   | 08/96 |   | 40 |   |
| TR BOBB APTS          |   | 676,662                     |   | 75,000                                           |   | 1,530,233                                             |   | 0                |   | 75,000   |   | 1,530,233                       |   | 1,605,233 |   | 274,416 |   | 01/96 |   | 08/96 |   | 40 |   |
| TIMMONSVILLE GREEN    |   | 1,062,564                   |   | 41,000                                           |   | 1,427,096                                             |   | 12,085           |   | 41,000   |   | 1,439,181                       |   | 1,480,181 |   | 352,990 |   | 02/97 |   | 10/96 |   | 5-27.5 |   |
| TREMONT STATION       |   | 1,149,464                   |   | 35,803                                           |   | 1,633,750                                             |   | 153,925          |   | 35,803   |   | 1,787,675                       |   | 1,823,478 |   | 291,423 |   | 11/96 |   | 05/96 |   | 5-27.5 |   |
| THE WILLOWS           |   | 798,420                     |   | 13,000                                           |   | 1,067,939                                             |   | (1)              |   | 13,000   |   | 1,067,938                       |   | 1,080,938 |   | 204,201 |   | 05/96 |   | 05/96 |   | 5-27.5 |   |
| VVA LP                |   | 1,148,517                   |   | 21,861                                           |   | 935,951                                               |   | 562,887          |   | 21,861   |   | 1,498,838                       |   | 1,520,699 |   | 216,201 |   | 10/98 |   | 04/97 |   | 7-40 |   |

 

F-309

----

 
|                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on  which**              |   |
|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**     |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  Construction** |   | **Date  acquired** |   | **depreciation  is computed** | ** ** |
| WARRENSBURG HEIGHTS |   | 1,105,339                   |   | 23,370                                           |   | 1,397,872                                             |   | 11,556           |   | 23,370    |   | 1,409,428                       |   | 1,432,798 |   | 376,911 |   | 11/96 |   | 12/96 |   | 5-27.5 |   |
| WPVA LP             |   | 1,155,756                   |   | 45,000                                           |   | 929,628                                               |   | 546,701          |   | 45,000    |   | 1,476,329                       |   | 1,521,329 |   | 225,569 |   | 03/98 |   | 04/97 |   | 5-27.5 |   |
|                |   | 61,078,267                  |   | 5,309,213                                        |   | 80,489,290                                            |   | 18,329,613       |   | 5,310,128 |   | 98,818,903                      |   | 104,129,031 |   | 17,066,266 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end, the information reported on this schedule is as of December31, 2002.

There we no carrying costs as of December 31, 2002.The Column has been omitted for presentation purposes.

 

F-310

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 26

 
| Balance at beginning of period - 4/1/96 |   |       |   | $      | 0                |   |
|-----------------------------------------|--------|------------|--------|--------|------------------|--------|
| Additions during period:                |   |       |   |   |             |
| Acquisitions through foreclosure        |   | $          | 0      |   |             |   |
| Other acquisitions                      |   | 32,787,138 |   |   |             |
| Improvements, etc                       |   | 0          |   |   |             |
| Other                                   |   | 0          |   |   |             |
|                                    |   |       |   | $      |  32,787,138 |   |
| Deductions during period:               |   |       |   |   |             |
| Cost of real estate sold                |   | $          | 0      |   |             |   |
| Other                                   |   | 0          |   |   |             |
|                                    |   |       |   | $      | 0                |   |
| Balance at close of period - 3/31/97    |   |       |   | $      |  32,787,138 |   |
| Additions during period:                |   |       |   |   |             |
| Acquisitions through foreclosure        |   | $          | 0      |   |             |   |
| Other acquisitions                      |   | 31,051,915 |   |   |             |
| Improvements, etc                       |   | 7,109,210  |   |   |             |
| Other                                   |   | 0          |   |   |             |
|                                    |   |       |   | $      |  38,161,125 |   |
| Deductions during period:               |   |       |   |   |             |
| Cost of real estate sold                |   | $          | 0      |   |             |   |
| Other                                   |   | 0          |   |   |             |
|                                    |   |       |   | 0      |             |
| Balance at close of period - 3/31/98    |   |       |   | $      | 70,948,263       |   |
| Additions during period:                |   |       |   |   |             |
| Acquisitions through foreclosure        |   | $          | 0      |   |             |   |
| Other acquisitions                      |   | 6,900,360  |   |   |             |
| Improvements, etc                       |   | 7,109,210  |   |   |             |
| Other                                   |   | 0          |   |   |             |
|                                    |   |       |   | $      | 15,122,103       |   |
| Deductions during period:               |   |       |   |   |             |
| Cost of real estate sold                |   | $          | 0      |   |             |   |
| Other                                   |   | 0          |   |   |             |
|                                    |   |       |   | $      | 0                |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 86,070,366       |   |

 

F-311

----

 
| Balance at close of period - 3/31/99 |   |      |   | $      | 86,070,366  |   |
|--------------------------------------|--------|-----------|--------|--------|-------------|--------|
| Additions during period:             |   |      |   |   |        |
| Acquisitions through foreclosure     |   | $         | 0      |   |        |   |
| Other acquisitions                   |   | 7,957,816 |   |   |        |
| Improvements, etc                    |   | 7,497,422 |   |   |        |
| Other                                |   | 0         |   |   |        |
|                                 |   |      |   | $      | 15,455,238  |   |
| Deductions during period:            |   |      |   |   |        |
| Cost of real estate sold             |   | $         | 0      |   |        |   |
| Other                                |   | 0         |   |   |        |
|                                 |   |      |   | $      | 0           |   |
| Balance at close of period - 3/31/00 |   |      |   | $      | 101,525,604 |   |
| Additions during period:             |   |      |   |   |        |
| Acquisitions through foreclosure     |   | $         | 0      |   |        |   |
| Other acquisitions                   |   | 0         |   |   |        |
| Improvements, etc                    |   | 2,480,794 |   |   |        |
| Other                                |   | 0         |   |   |        |
|                                 |   |      |   | $      | 2,480,794   |   |
| Deductions during period:            |   |      |   |   |        |
| Cost of real estate sold             |   | $         | 0      |   |        |   |
| Other                                |   | 0         |   |   |        |
|                                 |   |      |   | $      | 0           |   |
| Balance at close of period - 3/31/01 |   |      |   | $      | 104,006,398 |   |
| Additions during period:             |   |      |   |   |        |
| Acquisitions through foreclosure     |   | $         | 0      |   |        |   |
| Other acquisitions                   |   | 0         |   |   |        |
| Improvements, etc                    |   | 101,734   |   |   |        |
| Other                                |   | 0         |   |   |        |
|                                 |   |      |   | $      | 101,734     |   |
| Deductions during period:            |   |      |   |   |        |
| Cost of real estate sold             |   | $         | 0      |   |        |   |
| Other                                |   | 0         |   |   |        |
|                                 |   |      |   | $      | 0           |   |
| Balance at close of period - 3/31/02 |   |      |   | $      | 104,108,132 |   |

 

F-312

----

 
| Balance at close of period - 3/31/02 |   |   |   | $      | 104,108,132 |   |
|--------------------------------------|--------|--------|--------|--------|-------------|--------|
| Additions during period:             |   |   |   |   |        |
| Acquisitions through foreclosure     |   | $      | 0      |   |        |   |
| Other acquisitions                   |   | 0      |   |   |        |
| Improvements, etc                    |   | 20,899 |   |   |        |
| Other                                |   | 0      |   |   |        |
|                                 |   |   |   | $      | 20,899      |   |
| Deductions during period:            |   |   |   |   |        |
| Cost of real estate sold             |   | $      | 0      |   |        |   |
| Other                                |   | 0      |   |   |        |
|                                 |   |   |   | $      | 0           |   |
| Balance at close of period - 3/31/02 |   |   |   | $      | 104,129,031 |   |

 

F-313

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/96 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 361,387   |   |       |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 361,387    |   |
| Current year expense                    |   | $      | 1,764,231 |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 2,125,618  |   |
| Current year expense                    |   | $      | 2,289,241 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 4,414,859  |   |
| Current year expense                    |   | $      | 2,753,759 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 7,168,618  |   |
| Current year expense                    |   | $      | 3,295,505 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 10,464,123 |   |
| Current year expense                    |   | $      | 3,360,613 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 13,824,736 |   |
| Current year expense                    |   | $      | 3,241,530 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 17,066,266 |   |

 

F-314

----

 

Boston Capital Tax CreditFund IV LP - Series 27Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2002

 
|                    |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|-------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**         |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| AHAB PROJ #1            |   | 480,285                     |   | 2,850                                            |   | 1,253,094                                             |   | 4,639            |   | 2,850     |   | 1,257,733                       |   | 1,260,583 |   | 190,643 |   | 11/97 |   | 06/97 |   | 5-27.5 |   |
| ANGELOU COURT           |   | 986,635                     |   | 3                                                |   | 2,685,763                                             |   | 0                |   | 3         |   | 2,685,763                       |   | 2,685,766 |   | 327,776 |   | 08/99 |   | 10/97 |   | 5-27.5 |   |
| CASA ROSA               |   | 851,418                     |   | 0                                                |   | 2,487,701                                             |   | 712,366          |   | 0         |   | 3,200,067                       |   | 3,200,067 |   | 514,033 |   | 04/98 |   | 09/97 |   | 5-27.5 |   |
| CANISTEO MANOR          |   | 889,480                     |   | 46,553                                           |   | 1,567,499                                             |   | 5,325            |   | 46,553    |   | 1,572,824                       |   | 1,619,377 |   | 309,689 |   | 04/98 |   | 04/98 |   | 5-27.5 |   |
| CENTRUM FAIRFAX II      |   | 6,462,143                   |   | 1,054,099                                        |   | 0                                                     |   | 7,431,128        |   | 1,054,099 |   | 7,431,128                       |   | 8,485,227 |   | 1,064,640 |   | 06/97 |   | 08/96 |   | 5-27.5 |   |
| HARBOR LP               |   | 11,400,636                  |   | 1,250,000                                        |   | 14,491,429                                            |   | 150,791          |   | 1,250,000 |   | 14,642,220                      |   | 15,892,220 |   | 2,058,103 |   | 11/97 |   | 02/97 |   | 5-40 |   |
| HARRISSONVILLE          |   | 1,252,626                   |   | 102,637                                          |   | 3,021,382                                             |   | 1,305            |   | 102,637   |   | 3,022,687                       |   | 3,125,324 |   | 706,889 |   | 12/96 |   | 01/98 |   | 5-27.5 |   |
| HOLLY HEIGHTS           |   | 491,156                     |   | 31,914                                           |   | 0                                                     |   | 1,780,662        |   | 31,914    |   | 1,780,662                       |   | 1,812,576 |   | 218,050 |   | 08/98 |   | 04/97 |   | 5-27.5 |   |
| KIEHL PARTNERS          |   | 9,200,000                   |   | 747,825                                          |   | 13,193,825                                            |   | 136,999          |   | 747,825   |   | 13,330,824                      |   | 14,078,649 |   | 2,088,033 |   | 06/99 |   | 11/99 |   | 5-27.5 |   |
| LAKE APTS II            |   | 593,060                     |   | 80,000                                           |   | 930,841                                               |   | 23,640           |   | 80,000    |   | 954,481                         |   | 1,034,481 |   | 177,954 |   | 12/95 |   | 01/97 |   | 5-27.5 |   |
| MAGNOLIA PLACE LP       |   | 866,894                     |   | 150,000                                          |   | 0                                                     |   | 1,596,432        |   | 160,500   |   | 1,596,432                       |   | 1,756,932 |   | 242,775 |   | 01/98 |   | 11/97 |   | 5-27.5 |   |
| NORTHROCK  HOUSING |   | 2,539,290                   |   | 250,478                                          |   | 1,356,518                                             |   | 3,304,851        |   | 250,478   |   | 4,661,369                       |   | 4,911,847 |   | 351,352 |   | 05/00 |   | 05/99 |   | 10-40 |   |
| PEAR VILLAGE            |   | 495,710                     |   | 50,000                                           |   | 512,155                                               |   | 545,102          |   | 50,000    |   | 1,057,257                       |   | 1,107,257 |   | 231,029 |   | 02/97 |   | 08/96 |   | 5-27.5 |   |
| RANDOLPH VILLAGE        |   | 5,695,044                   |   | 1,168,500                                        |   | 0                                                     |   | 9,192,092        |   | 1,168,500 |   | 9,192,092                       |   | 10,360,592 |   | 1,361,905 |   | 08/97 |   | 09/96 |   | 5-27.5 |   |
| SUNDAY SUN              |   | 866,579                     |   | 156,600                                          |   | 1,638,376                                             |   | 0                |   | 156,600   |   | 1,638,376                       |   | 1,794,976 |   | 386,467 |   | 12/96 |   | 10/96 |   | 5-27.5 |   |
| WAYNE HOUSING           |   | 9,074,569                   |   | 1,200,000                                        |   | 0                                                     |   | 13,339,731       |   | 903,435   |   | 13,339,731                      |   | 14,243,166 |   | 1,708,357 |   | 04/98 |   | 11/96 |   | 5-27.5 |   |
|                    |   | 52,145,525                  |   | 6,291,459                                        |   | 43,138,583                                            |   | 38,225,063       |   | 6,005,394 |   | 81,363,646                      |   | 87,369,040 |   | 11,937,695 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain acalendar year end the information reported on this schedule is as of December31, 2002.

There were no carrying costs as of December 31,2002.  The column has been omitted forpresentation purposes.

 

F-315

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 27

 

Reconciliation of Land, Building & Improvementscurrent year changes

 
| Balance at beginning of period - 4/1/96 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 5,779,730  |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 5,779,730  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/97    |   |       |   | $      | 5,779,730  |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 20,677,829 |   |   |       |
| Other                                   |   | 17,177,150 |   |   |       |
|                                    |   |       |   | $      | 37,854,979 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/98    |   |       |   | $      | 43,634,709 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 4,738,071  |   |   |       |
| Improvements, etc                       |   | 17,179,919 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 21,917,990 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 65,552,699 |   |

 

F-316

----

 
| Balance at close of period - 3/31/99 |   |       |   | $      | 65,552,699 |   |
|--------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:             |   |       |   |   |       |
| Acquisitions through foreclosure     |   | $          | 0      |   |       |   |
| Other acquisitions                   |   | 15,548,646 |   |   |       |
| Improvements, etc                    |   | 2,444,640  |   |   |       |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 17,993,286 |   |
| Deductions during period:            |   |       |   |   |       |
| Cost of real estate sold             |   | $          | 0      |   |       |   |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00 |   |       |   | $      | 83,545,985 |   |
| Additions during period:             |   |       |   |   |       |
| Acquisitions through foreclosure     |   | $          | 0      |   |       |   |
| Other acquisitions                   |   | 0          |   |   |       |
| Improvements, etc                    |   | 3,502,518  |   |   |       |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 3,502,518  |   |
| Deductions during period:            |   |       |   |   |       |
| Cost of real estate sold             |   | $          | 0      |   |       |   |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01 |   |       |   | $      | 87,048,503 |   |
| Additions during period:             |   |       |   |   |       |
| Acquisitions through foreclosure     |   | $          |   |   |       |
| Other acquisitions                   |   |       |   |   |       |
| Improvements, etc                    |   | 27,925     |   |   |       |
| Other                                |   |       |   |   |       |
|                                 |   |       |   | $      | 27,925     |   |
| Deductions during period:            |   |       |   |   |       |
| Cost of real estate sold             |   | $          | 0      |   |       |   |
| Other                                |   | 0          |   |   |       |
|                                 |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |       |   | $      | 87,076,428 |   |

 

F-317

----

 
| Balance at close of period - 3/31/02 |   |    |   | $      | 87,076,428 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       |   |   |       |   |
| Other acquisitions                   |   |    |   |   |       |
| Improvements, etc                    |   | 292,612 |   |   |       |
| Other                                |   |    |   |   |       |
|                                 |   |    |   | $      | 292,612    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 87,369,040 |   |

 

F-318

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of  period - 4/1/96 |   |   |      | $      | 0          |   |
|------------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                     |   | $      | 10,734    |   |       |   |
| Balance at close of period - 3/31/97     |   |   |      | $      | 10,734     |   |
| Current year expense                     |   | $      | 594,951   |   |       |   |
| Balance at close of period - 3/31/98     |   |   |      | $      | 605,685    |   |
| Current year expense                     |   | $      | 1,573,377 |   |       |   |
| Balance at close of period - 3/31/99     |   |   |      | $      | 2,179,062  |   |
| Current year expense                     |   | $      | 2,071,362 |   |       |   |
| Balance at close of period - 3/31/00     |   |   |      | $      | 4,250,424  |   |
| Current year expense                     |   | $      | 2,690,062 |   |       |   |
| Balance at close of period - 3/31/01     |   |   |      | $      | 6,940,486  |   |
| Current year expense                     |   | $      | 2,499,683 |   |       |   |
| Balance at close of period - 3/31/02     |   |   |      | $      | 9,440,169  |   |
| Current year expense                     |   | $      | 2,497,526 |   |       |   |
| Balance at close of period - 3/31/03     |   |   |      | $      | 11,937,695 |   |

 

F-319

----

 

Boston Capital TaxCredit Fund IV LP-Series 28Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003
|                         |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|------------------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**              |   | **Encum-  brances**         |   | **Land**                                          |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  Acquired** |   | **depreciation  is computed** |   |
| 1374 BOSTON POST ROAD        |   | 492,293                     |   | 100,000                                           |   | 1,086,670                                             |   | 69,441           |   | 100,000   |   | 1,156,111                       |   | 1,256,111 |   | 254,219 |   | 06/97 |   | 02/97 |   | 5-27.5 |   |
| ASHBERRY MANOR               |   | 636,455                     |   | 100,500                                           |   | 1,192,737                                             |   | 0                |   | 100,500   |   | 1,192,737                       |   | 1,293,237 |   | 183,741 |   | 03/97 |   | 02/97 |   | 5-27.5 |   |
| ATHENS PARTNERS              |   | 1,189,692                   |   | 327,639                                           |   | 2,978,391                                             |   | 2,184,813        |   | 342,639   |   | 5,163,204                       |   | 5,505,843 |   | 829,743 |   | 6/99 |   | 10/98 |   | 5-27.5 |   |
| BIENVILLE, L.P.              |   | 955,724                     |   | 20,300                                            |   | 1,194,688                                             |   | 45,729           |   | 20,300    |   | 1,240,417                       |   | 1,260,717 |   | 198,799 |   | 02/97 |   | 02/97 |   | 7-40 |   |
| BLANCHARD APTS               |   | 906,098                     |   | 20,000                                            |   | 807,233                                               |   | 353,314          |   | 46,728    |   | 1,160,547                       |   | 1,207,275 |   | 164,842 |   | 07/97 |   | 07/97 |   | 7-40 |   |
| CHANDLER VILLAGE             |   | 901,986                     |   | 32,000                                            |   | 1,249,842                                             |   | 0                |   | 32,000    |   | 1,249,842                       |   | 1,281,842 |   | 257,546 |   | 07/97 |   | 04/97 |   | 5-30 |   |
| COTTONWOOD                   |   | 731,207                     |   | 20,000                                            |   | 0                                                     |   | 964,795          |   | 20,000    |   | 964,795                         |   | 984,795 |   | 137,627 |   | 07/97 |   | 07/97 |   | 5-27.5 |   |
| EVANGELINE APTS              |   | 966,118                     |   | 20,000                                            |   | 1,364,939                                             |   | 0                |   | 20,000    |   | 1,364,939                       |   | 1,384,939 |   | 223,469 |   | 01/98 |   | 11/97 |   | 7-40 |   |
| EVERGREEN III                |   | 926,458                     |   | 6,000                                             |   | 1,250,781                                             |   | 10,309           |   | 6,000     |   | 1,261,090                       |   | 1,267,090 |   | 301,436 |   | 04/97 |   | 02/97 |   | 5-27.5 |   |
| FAIRWAY II LP                |   | 1,031,364                   |   | 48,000                                            |   | 1,277,751                                             |   | 11,953           |   | 48,000    |   | 1,289,704                       |   | 1,337,704 |   | 214,631 |   | 03/97 |   | 12/96 |   | 7-40 |   |
| FORT BEND                    |   | 3,067,836                   |   | 538,500                                           |   | 0                                                     |   | 7,474,269        |   | 538,500   |   | 7,474,269                       |   | 8,012,769 |   | 1,387,058 |   | 10/99 |   | 04/98 |   | 12-40 |   |
| JACKSON PLACE                |   | 998,492                     |   | 74,943                                            |   | 2,095,999                                             |   | (57,061          | )      | 74,943    |   | 2,038,938                       |   | 2,113,881 |   | 317,955 |   | 10/97 |   | 07/97 |   | 5-27.5 |   |
| MAPLEWOOD APTS               |   | 903,952                     |   | 47,125                                            |   | 1,923,321                                             |   | 0                |   | 47,125    |   | 1,923,321                       |   | 1,970,446 |   | 256,794 |   | 08/98 |   | 03/98 |   | 5-27.5 |   |
| MILTON SENIOR LP             |   | 1,172,913                   |   | 51,400                                            |   | 2,385,863                                             |   | 39,055           |   | 51,400    |   | 2,424,918                       |   | 2,476,318 |   | 529,768 |   | 06/97 |   | 02/97 |   | 5-27.5 |   |
| NEIGHBORHOOD RESTORATION VII |   | 2,114,533                   |   | 42,825                                            |   | 6,368,910                                             |   | 0                |   | 42,825    |   | 6,368,910                       |   | 6,411,735 |   | 1,118,126 |   | 02/98 |   | 02/98 |   | 5-27.5 |   |
| PIN OAK ELDERLY ASSOC.       |   | 8,926,368                   |   | 832,000                                           |   | 7,701,570                                             |   | 7,633,573        |   | 2,024,000 |   | 15,335,143                      |   | 17,359,143 |   | 2,490,852 |   | 01/96 |   | 11/97 |   | 5-27.5 |   |
| RANDOLPH VILLAGE             |   | 5,695,044                   |   | 1,168,500                                         |   | 9,187,147                                             |   | 4,945            |   | 1,168,500 |   | 9,192,092                       |   | 10,360,592 |   | 1,361,905 |   | 08/97 |   | 12/97 |   | 5-27.5 |   |
| RVKY,LP                      |   | 1,333,380                   |   | 65,582                                            |   | 1,315,622                                             |   | 373,066          |   | 65,582    |   | 1,688,688                       |   | 1,754,270 |   | 262,049 |   | 04/98 |   | 11/97 |   | 5-27.5 |   |
| SAND LANE MANOR              |   | 665,700                     |   | 104,000                                           |   | 0                                                     |   | 1,217,985        |   | 104,000   |   | 1,217,985                       |   | 1,321,985 |   | 151,392 |   | 04/98 |   | 08/97 |   | 5-27.5 |   |
| SENIOR SUITES CHICAGO        |   | 4,073,056                   |   | 14,922                                            |   | 0                                                     |   | 7,280,884        |   | 14,922    |   | 7,280,884                       |   | 7,295,806 |   | 1,151,732 |   | 12/98 |   | 12/97 |   | 5-27.5 |   |

 

F-320

----

 
|                   |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**        |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| SUMNER HOUSE           |   | 1,110,066                   |   | 62,370                                           |   | 3,451,950                                             |   | 0                |   | 62,370    |   | 3,451,950                       |   | 3,514,320 |   | 500,997 |   | 07/98 |   | 01/98 |   | 5-27.5 |   |
| TERRACEVIEW APTS       |   | 682,335                     |   | 16,900                                           |   | 1,612,988                                             |   | 24,900           |   | 16,900    |   | 1,637,888                       |   | 1,654,788 |   | 249,122 |   | 10/97 |   | 07/97 |   | 5-27.5 |   |
| TILGHMAN SQ LP         |   | 769,657                     |   | 60,314                                           |   | 1,108,725                                             |   | 6,366            |   | 60,314    |   | 1,115,091                       |   | 1,175,405 |   | 229,927 |   | 10/97 |   | 11/97 |   | 5-27.5 |   |
| WELLSTON VILLAGE       |   | 372,809                     |   | 12,500                                           |   | 412,617                                               |   | 106,366          |   | 12,500    |   | 518,983                         |   | 531,483 |   | 100,857 |   | 08/97 |   | 04/97 |   | 5-27.5 |   |
| WEST MEMHIS (CLUBVIEW) |   | 2,946,619                   |   | 481,388                                          |   | 7,259,784                                             |   | 265,589          |   | 481,388   |   | 7,525,373                       |   | 8,006,761 |   | 1,901,048 |   | 11/96 |   | 12/97 |   | 5-27.5 |   |
| YALE VILLAGE           |   | 196,955                     |   | 12,500                                           |   | 238,542                                               |   | 119,139          |   | 12,500    |   | 357,681                         |   | 370,181 |   | 80,150 |   | 07/98 |   | 02/98 |   | 5-27.5 |   |
|                   |   | 43,767,110                  |   | 4,280,208                                        |   | 57,466,070                                            |   | 28,129,430       |   | 5,513,936 |   | 85,595,500                      |   | 91,109,436 |   | 14,855,785 |   |   |   |   |   |   |   |

 

Since the Operating Partnerships maintain a calendar year end theinformation reported on this schedule is as of December 31, 2002.

There were no carrying costs as of December 31, 2002.  The column has been omitted for presentationpurposes.

 

F-321

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 28

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/96 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 647,230    |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 647,230    |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/97    |   |       |   | $      | 647,230    |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 45,106,975 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 45,106,975 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/98    |   |       |   | $      | 45,754,205 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 15,992,073 |   |   |       |
| Improvements, etc                       |   | 19,183,519 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 35,175,592 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 80,929,797 |   |

 

F-322

----

 
| Balance at close of period -  3/31/99 |   |      |   | $      | 80,929,797 |   |
|---------------------------------------|--------|-----------|--------|--------|------------|--------|
| Additions during period:              |   |      |   |   |       |
| Acquisitions through foreclosure      |   | $         | 0      |   |       |   |
| Other acquisitions                    |   | 9,620,933 |   |   |       |
| Improvements, etc                     |   | 0         |   |   |       |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 9,620,933  |   |
| Deductions during period:             |   |      |   |   |       |
| Cost of real estate sold              |   | $         | 0      |   |       |   |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/00  |   |      |   | $      | 90,550,730 |   |
| Additions during period:              |   |      |   |   |       |
| Acquisitions through foreclosure      |   | $         | 0      |   |       |   |
| Other acquisitions                    |   | 0         |   |   |       |
| Improvements, etc                     |   | 312,027   |   |   |       |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 312,027    |   |
| Deductions during period:             |   |      |   |   |       |
| Cost of real estate sold              |   | $         | 0      |   |       |   |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/01  |   |      |   | $      | 90,862,757 |   |
| Acquisitions through foreclosure      |   | $         | 0      |   |       |   |
| Other acquisitions                    |   | 0         |   |   |       |
| Improvements, etc                     |   | 182,164   |   |   |       |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 182,164    |   |
| Deductions during period:             |   |      |   |   |       |
| Cost of real estate sold              |   | $         | 0      |   |       |   |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/02  |   |      |   | $      | 91,044,921 |   |

 

F-323

----

 
| Balance at close of period -  3/31/02 |   |   |   | $      | 91,044,921 |   |
|---------------------------------------|--------|--------|--------|--------|------------|--------|
| Acquisitions through foreclosure      |   | $      | 0      |   |       |   |
| Other acquisitions                    |   | 0      |   |   |       |
| Improvements, etc                     |   | 64,515 |   |   |       |
| Other                                 |   | 0      |   |   |       |
|                                  |   |   |   | $      | 64,515     |   |
| Deductions during period:             |   |   |   |   |       |
| Cost of real estate sold              |   | $      | 0      |   |       |   |
| Other                                 |   | 0      |   |   |       |
|                                  |   |   |   | $      | 0          |   |
| Balance at close of period - 3/31/02  |   |   |   | $      | 91,109,436 |   |

 

F-324

----

 

Reconciliation of AccumulatedDepreciation current year changes

 
| Balance at beginning of period - 4/1/96 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 8,223     |   |       |   |
| Balance at close of period - 3/31/97    |   |   |      | $      | 8,223      |   |
| Current year expense                    |   | $      | 1,264,549 |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 1,272,772  |   |
| Current year expense                    |   | $      | 1,834,970 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 3,107,742  |   |
| Current year expense                    |   | $      | 2,674,330 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 5,782,072  |   |
| Current year expense                    |   | $      | 3,196,013 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 8,978,085  |   |
| Current year expense                    |   | $      | 2,988,638 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 11,966,723 |   |
| Current year expense                    |   | $      | 2,889,062 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 14,855,785 |   |

 

F-325

----

 

Boston Capital Tax CreditFund II Limited Partnership - Series 29Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**     |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| BARRINGTON COVE     |   | 2,041,191                   |   | 183,750                                          |   | 6,403,281                                             |   | 25,136           |   | 183,700   |   | 6,428,417                       |   | 6,612,117 |   | 1,334,544 |   | 05/97 |   | 04/97 |   | 5-39 |   |
| BRYSON APTS         |   | 378,621                     |   | 10,728                                           |   | 269,886                                               |   | 258,916          |   | 10,728    |   | 528,802                         |   | 539,530 |   | 98,186 |   | 01/98 |   | 08/97 |   | 5-27.5 |   |
| COLLINS HOUSING     |   | 676,232                     |   | 22,500                                           |   | 370,580                                               |   | 519,385          |   | 22,500    |   | 889,965                         |   | 912,465 |   | 156,174 |   | 06/98 |   | 09/97 |   | 5-27.5 |   |
| DOGWOOD RURAL ASSOC |   | 1,362,344                   |   | 56,332                                           |   | 1,616,052                                             |   | 478,806          |   | 56,332    |   | 2,094,858                       |   | 2,151,190 |   | 282,819 |   | 05/99 |   | 10/98 |   | 5-27.5 |   |
| EDGEWOOD EST        |   | 1,965,451                   |   | 283,199                                          |   | 3,951,368                                             |   | 0                |   | 283,199   |   | 3,951,368                       |   | 4,234,567 |   | 557,635 |   | 09/98 |   | 03/98 |   | 5-27.5 |   |
| EMERALD TRACE       |   | 1,325,314                   |   | 43,548                                           |   | 0                                                     |   | 2,658,982        |   | 43,548    |   | 2,658,982                       |   | 2,702,530 |   | 303,143 |   | 04/99 |   | 08/98 |   | 5-27.5 |   |
| FORREST HILL APTS   |   | 2,871,026                   |   | 191,250                                          |   | 0                                                     |   | 5,516,703        |   | 221,250   |   | 5,516,703                       |   | 5,737,953 |   | 595,321 |   | 11/98 |   | 07/97 |   | 5-27.5 |   |
| GLENBROOK APTS      |   | 501,979                     |   | 4,606                                            |   | 674,111                                               |   | 16,801           |   | 4,606     |   | 690,912                         |   | 695,518 |   | 133,458 |   | 03/97 |   | 12/97 |   | 5-27.5 |   |
| HARBOR POINTE       |   | 1,537,416                   |   | 280,000                                          |   | 5,672,581                                             |   | 115,327          |   | 280,000   |   | 5,787,908                       |   | 6,067,908 |   | 565,342 |   | 10/99 |   | 12/97 |   | 5-40 |   |
| JACKSBORO APTS      |   | 594,156                     |   | 31,893                                           |   | 268,583                                               |   | 496,747          |   | 31,893    |   | 765,330                         |   | 797,223 |   | 148,304 |   | 01/98 |   | 12/97 |   | 5-27.5 |   |
| JACKSON PARTNERS    |   | 5,640,000                   |   | 300,067                                          |   | 6,039,223                                             |   | 3,627,536        |   | 315,352   |   | 9,666,759                       |   | 9,982,111 |   | 1,876,265 |   | 06/98 |   | 12/96 |   | 5-27.5 |   |
| KIEHL PARTNERS      |   | 9,200,000                   |   | 747,825                                          |   | 9,410,576                                             |   | 3,920,248        |   | 747,825   |   | 13,330,824                      |   | 14,078,649 |   | 2,088,033 |   | 06/99 |   | 02/98 |   | 5-27.5 |   |
| LOMBARD PARTNERS    |   | 965,294                     |   | 25,000                                           |   | 1,470,259                                             |   | 0                |   | 25,000    |   | 1,470,259                       |   | 1,495,259 |   | 248,600 |   | 07/98 |   | 10/98 |   | 5-27.5 |   |
| LUTKIN BAYOU ASSOC  |   | 818,994                     |   | 25,000                                           |   | 878,839                                               |   | 74,606           |   | 25,000    |   | 953,445                         |   | 978,445 |   | 155,985 |   | 06/97 |   | 11/97 |   | 5-27.5 |   |
| THE LINCOLN HOTEL   |   | 797,847                     |   | 0                                                |   | 1,454,115                                             |   | 110,273          |   | 0         |   | 1,564,388                       |   | 1,564,388 |   | 277,334 |   | 07/97 |   | 02/97 |   | 5-27.5 |   |
| NORTHFIELD APTS III |   | 4,525,000                   |   | 200,613                                          |   | 5,814,532                                             |   | 1,179,792        |   | 214,213   |   | 6,994,324                       |   | 7,208,537 |   | 1,463,513 |   | 02/98 |   | 12/96 |   | 5-27.5 |   |
| NORTHWAY DRIVE      |   | 1,551,817                   |   | 280,849                                          |   | 1,480                                                 |   | 4,794,044        |   | 280,849   |   | 4,795,524                       |   | 5,076,373 |   | 623,719 |   | 03/98 |   | 04/97 |   | 5-45 |   |
| OZARK ASSOC         |   | 454,684                     |   | 13,750                                           |   | 511,269                                               |   | 38,096           |   | 13,750    |   | 549,365                         |   | 563,115 |   | 93,220 |   | 07/97 |   | 10/97 |   | 5-27.5 |   |
| PALMETTO PLACE      |   | 1,094,545                   |   | 56,000                                           |   | 0                                                     |   | 2,106,692        |   | 12,000    |   | 2,106,692                       |   | 2,118,692 |   | 231,168 |   | 04/99 |   | 10/98 |   | 5-27.5 |   |
| POPLARVILLE APTS    |   | 392,005                     |   | 12,000                                           |   | 406,502                                               |   | 36,569           |   | 12,000    |   | 443,071                         |   | 455,071 |   | 73,301 |   | 07/97 |   | 10/97 |   | 5-27.5 |   |
| RHOME APTS          |   | 506,027                     |   | 8,313                                            |   | 675,804                                               |   | 10,800           |   | 8,313     |   | 686,604                         |   | 694,917 |   | 130,826 |   | 07/97 |   | 12/97 |   | 5-27.5 |   |
| WESTFIELD APTS      |   | 790,627                     |   | 49,748                                           |   | 1,773,153                                             |   | 0                |   | 49,748    |   | 1,773,153                       |   | 1,822,901 |   | 254,534 |   | 08/98 |   | 11/97 |   | 5-27.5 |   |
|                |   | 39,990,570                  |   | 2,826,971                                        |   | 47,662,194                                            |   | 25,985,459       |   | 2,841,806 |   | 73,647,653                      |   | 76,489,459 |   | 11,691,424 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-326

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 29

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of  period - 4/1/97 |   |       |   | $      | 0          |   |
|------------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                 |   |       |   |   |       |
| Acquisitions through foreclosure         |   | $          | 0      |   |       |   |
| Other acquisitions                       |   | 25,053,524 |   |   |       |
| Improvements, etc                        |   | 0          |   |   |       |
| Other                                    |   | 0          |   |   |       |
|                                     |   |       |   | $      | 25,053,524 |   |
| Deductions during period:                |   |       |   |   |       |
| Cost of real estate sold                 |   | $          | 0      |   |       |   |
| Other                                    |   | 0          |   |   |       |
|                                     |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/98     |   |       |   | $      | 25,053,524 |   |
| Additions during period:                 |   |       |   |   |       |
| Acquisitions through foreclosure         |   | $          | 0      |   |       |   |
| Other acquisitions                       |   | 19,483,060 |   |   |       |
| Improvements, etc                        |   | 16,333,428 |   |   |       |
| Other                                    |   | 0          |   |   |       |
|                                     |   |       |   | $      | 35,816,488 |   |
| Deductions during period:                |   |       |   |   |       |
| Cost of real estate sold                 |   | $          | 0      |   |       |   |
| Other                                    |   | 0          |   |   |       |
|                                     |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99     |   |       |   | $      | 60,870,012 |   |
| Additions during period:                 |   |       |   |   |       |
| Acquisitions through foreclosure         |   | $          | 0      |   |       |   |
| Other acquisitions                       |   | 5,952,581  |   |   |       |
| Improvements, etc                        |   | 9,065,633  |   |   |       |
| Other                                    |   | 0          |   |   |       |
|                                     |   |       |   | $      | 15,018,214 |   |
| Deductions during period:                |   |       |   |   |       |
| Cost of real estate sold                 |   | $          | 0      |   |       |   |
| Other                                    |   | 0          |   |   |       |
|                                     |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00     |   |       |   | $      | 75,888,226 |   |

 

F-327

----

 
| Balance at close of period - 3/31/00 |   |    |   | $      | 75,888,226 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 191,162 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 191,162    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/01 |   |    |   | $      | 76,079,388 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 180,150 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 180,150    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 76,259,538 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 229,921 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 229,921    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 76,489,459 |   |

 

F-328

----

 
| Balance at beginning of period - 4/1/97 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 271,480   |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 271,480    |   |
| Current year expense                    |   | $      | 1,330,842 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 1,602,322  |   |
| Current year expense                    |   | $      | 2,247,040 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 3,849,362  |   |
| Current year expense                    |   | $      | 2,630,360 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 6,479,722  |   |
| Current year expense                    |   | $      | 2,600,798 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 9,080,520  |   |
| Current year expense                    |   | $      | 2,610,904 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 11,691,424 |   |

 

F-329

----

 

Boston Capital Tax CreditFund IV LP - Series 30Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2002

 
|                    |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|-------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**         |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| BELLWOOD FOUR           |   | 699,934                     |   | 45,000                                           |   | 676,598                                               |   | 704,456          |   | 45,000    |   | 1,381,054                       |   | 1,426,054 |   | 264,451 |   | 05/98 |   | 09/97 |   | 5-27.5 |   |
| BOWIE APTS              |   | 1,101,383                   |   | 32,714                                           |   | 267,955                                               |   | 1,206,137        |   | 32,714    |   | 1,474,092                       |   | 1,506,806 |   | 249,684 |   | 10/98 |   | 08/97 |   | 5-27.5 |   |
| BYAM LP                 |   | 1,036,125                   |   | 185,000                                          |   | 2,261,674                                             |   | (28,934          | )      | 185,000   |   | 2,232,740                       |   | 2,417,740 |   | 317,715 |   | 02/98 |   | 02/97 |   | 5-27.5 |   |
| CVVA LP                 |   | 1,542,500                   |   | 60,000                                           |   | 1,250,961                                             |   | 686,809          |   | 60,000    |   | 1,937,770                       |   | 1,997,770 |   | 336,111 |   | 10/99 |   | 03/98 |   | 5-27.5 |   |
| EMERALD TRACE II        |   | 390,581                     |   | 20,500                                           |   | 1,322,164                                             |   | 0                |   | 20,500    |   | 1,322,164                       |   | 1,342,664 |   | 152,556 |   | 12/98 |   | 07/98 |   | 5-27.5 |   |
| FVA LP                  |   | 888,206                     |   | 36,000                                           |   | 668,440                                               |   | 426,716          |   | 36,000    |   | 1,095,156                       |   | 1,131,156 |   | 129,726 |   | 07/99 |   | 03/98 |   | 5-27.5 |   |
| GRAHAM  APARTMENTS |   | 1,504,641                   |   | 45,563                                           |   | 366,387                                               |   | 1,491,064        |   | 45,563    |   | 1,857,451                       |   | 1,903,014 |   | 350,881 |   | 09/98 |   | 08/97 |   | 5-27.5 |   |
| HILLSIDE TERRACE        |   | 1,781,009                   |   | 369,421                                          |   | 4,812,286                                             |   | 1,661,174        |   | 330,000   |   | 6,473,460                       |   | 6,803,460 |   | 497,777 |   | 07/00 |   | 04/99 |   | 12/40 |   |
| JEFFRIES ASSOC          |   | 1,461,053                   |   | 62,000                                           |   | 1,662,694                                             |   | 459,614          |   | 62,000    |   | 2,122,308                       |   | 2,184,308 |   | 257,795 |   | 05/99 |   | 10/98 |   | 5-27.5 |   |
| JMC LIMITED LIABILITY   |   | 775,606                     |   | 50,000                                           |   | 0                                                     |   | 1,711,213        |   | 11,000    |   | 1,711,213                       |   | 1,722,213 |   | 220,417 |   | 03/98 |   | 08/97 |   | 5-27.5 |   |
| KGVA LP                 |   | 1,864,956                   |   | 112,000                                          |   | 1,697,834                                             |   | 654,888          |   | 112,000   |   | 2,352,722                       |   | 2,464,722 |   | 330,437 |   | 02/99 |   | 03/98 |   | 5-27.5 |   |
| LINDEN PARTERS          |   | 919,789                     |   | 4,848                                            |   | 1,819,922                                             |   | 0                |   | 4,848     |   | 1,819,922                       |   | 1,824,770 |   | 195,368 |   | 06/99 |   | 07/98 |   | 7-40 |   |
| MADISON PTRS LP         |   | 1,615,999                   |   | 314,510                                          |   | 788,736                                               |   | 4,615,084        |   | 322,023   |   | 5,403,820                       |   | 5,725,843 |   | 925,958 |   | 03/99 |   | 11/97 |   | 5-27.5 |   |
| MESA GRANDE             |   | 1,958,321                   |   | 0                                                |   | 4,153,914                                             |   | 31,697           |   | 117,000   |   | 4,185,611                       |   | 4,302,611 |   | 439,866 |   | 12/98 |   | 02/98 |   | 5-27.5 |   |
| MILLWOOD                |   | 8,191,837                   |   | 892,181                                          |   | 0                                                     |   | 11,502,980       |   | 869,681   |   | 11,502,980                      |   | 12,372,661 |   | 1,069,016 |   | 11/99 |   | 12/98 |   | 10-40 |   |
| NOCONA APTS             |   | 817,388                     |   | 15,651                                           |   | 207,520                                               |   | 904,532          |   | 15,651    |   | 1,112,052                       |   | 1,127,703 |   | 173,364 |   | 12/98 |   | 08/97 |   | 5-27.5 |   |
| PYRAMID ONE             |   | 653,773                     |   | 100,000                                          |   | 1,445,832                                             |   | 1,125            |   | 100,000   |   | 1,446,957                       |   | 1,546,957 |   | 197,192 |   | 11/99 |   | 04/99 |   | 5-27.5 |   |
| SUNRISE HOMES           |   | 769,445                     |   | 0                                                |   | 2,679,914                                             |   | 209,756          |   | 134,259   |   | 2,889,670                       |   | 3,023,929 |   | 304,452 |   | 12/98 |   | 02/98 |   | 5-27.5 |   |
| TRINITY LIFE GARDENS    |   | 1,276,805                   |   | 65,575                                           |   | 2,309,061                                             |   | 923,964          |   | 60,000    |   | 3,233,025                       |   | 3,293,025 |   | 519,585 |   | 12/99 |   | 04/99 |   | 5-27.5 |   |
| WEST SWANZEY            |   | 611,750                     |   | 94,900                                           |   | 2,010,096                                             |   | 54,761           |   | 94,900    |   | 2,064,857                       |   | 2,159,757 |   | 306,052 |   | 02/98 |   | 07/97 |   | 5-27.5 |   |
|                    |   | 29,861,101                  |   | 2,505,863                                        |   | 30,401,988                                            |   | 27,217,036       |   | 2,658,139 |   | 57,619,024                      |   | 60,277,163 |   | 7,238,403 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-330

----

 

Notesto Schedule III

BostonCapital Tax Credit Fund IV LP - Series 30

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/97 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 7,362,304  |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 7,362,304  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/98    |   |       |   | $      | 7,362,304  |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 14,618,602 |   |   |       |
| Improvements, etc                       |   | 9,868,994  |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 24,487,596 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 31,849,900 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 9,102,175  |   |   |       |
| Improvements, etc                       |   | 16,227,330 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 25,329,505 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 57,179,405 |   |

 

F-331

----

 
| Balance at close of period -  3/31/00 |   |      |   | $      | 57,179,405 |   |
|---------------------------------------|--------|-----------|--------|--------|------------|--------|
| Additions during period:              |   |      |   |   |       |
| Acquisitions through foreclosure      |   | $         | 0      |   |       |   |
| Other acquisitions                    |   | 0         |   |   |       |
| Improvements, etc                     |   | 2,489,235 |   |   |       |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 2,489,235  |   |
| Deductions during period:             |   |      |   |   |       |
| Cost of real estate sold              |   | $         | 0      |   |       |   |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/01  |   |      |   | $      | 59,668,640 |   |
| Additions during period:              |   |      |   |   |       |
| Acquisitions through foreclosure      |   | $         | 0      |   |       |   |
| Other acquisitions                    |   | 0         |   |   |       |
| Improvements, etc                     |   | 536,047   |   |   |       |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 536,047    |   |
| Deductions during period:             |   |      |   |   |       |
| Cost of real estate sold              |   | $         | 0      |   |       |   |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/02  |   |      |   | $      | 60,204,687 |   |
| Additions during period:              |   |      |   |   |       |
| Acquisitions through foreclosure      |   | $         | 0      |   |       |   |
| Other acquisitions                    |   | 0         |   |   |       |
| Improvements, etc                     |   | 72,476    |   |   |       |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 72,476     |   |
| Deductions during period:             |   |      |   |   |       |
| Cost of real estate sold              |   | $         | 0      |   |       |   |
| Other                                 |   | 0         |   |   |       |
|                                  |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/03  |   |      |   | $      | 60,277,163 |   |

 

F-332

----

 
| Balance at beginning of period - 4/1/97 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 49,478    |   |      |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 49,478    |   |
| Current year expense                    |   | $      | 463,672   |   |      |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 513,150   |   |
| Current year expense                    |   | $      | 945,532   |   |      |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 1,458,682 |   |
| Current year expense                    |   | $      | 1,631,321 |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 3,090,003 |   |
| Current year expense                    |   | $      | 2,263,225 |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 5,353,228 |   |
| Current year expense                    |   | $      | 1,885,175 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 7,238,403 |   |

 

F-333

----

 

Boston Capital TaxCredit Fund IV LP-Series 31Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                       |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|----------------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**            |   | **Encum-  brances**         |   | **Land**                                          |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| BRITTNEY SQUARE            |   | 615,951                     |   | 247,000                                           |   | 1,280,705                                             |   | 0                |   | 247,000   |   | 1,280,705                       |   | 1,527,705 |   | 149,913 |   | 07/98 |   | 07/98 |   | 5-27.5 |   |
| CANTON HOUSING I           |   | 2,231,124                   |   | 99,900                                            |   | 2,245,160                                             |   | 617,383          |   | 99,900    |   | 2,862,543                       |   | 2,962,443 |   | 537,016 |   | 07/98 |   | 11/97 |   | 5-27.5 |   |
| CANTON HOUSING II          |   | 1,128,638                   |   | 66,920                                            |   | 1,023,746                                             |   | 297,129          |   | 66,920    |   | 1,320,875                       |   | 1,387,795 |   | 255,362 |   | 07/98 |   | 11/97 |   | 5-27.5 |   |
| CANTON HOUSING III         |   | 836,757                     |   | 38,205                                            |   | 799,913                                               |   | 232,881          |   | 38,205    |   | 1,032,794                       |   | 1,070,999 |   | 196,751 |   | 07/98 |   | 11/97 |   | 5-27.5 |   |
| CANTON HOUSING IV          |   | 809,397                     |   | 40,500                                            |   | 784,923                                               |   | 231,437          |   | 40,500    |   | 1,016,360                       |   | 1,056,860 |   | 197,247 |   | 07/98 |   | 11/97 |   | 5-27.5 |   |
| CLEVELAND PTRS             |   | 1,566,428                   |   | 244,500                                           |   | 1,941,969                                             |   | 3,487,313        |   | 265,000   |   | 5,429,282                       |   | 5,694,282 |   | 1,045,657 |   | 06/98 |   | 11/97 |   | 5-27.5 |   |
| DOUBLE SPRINGS             |   | 384,455                     |   | 157,000                                           |   | 960,378                                               |   | 505,494          |   | 157,000   |   | 1,465,872                       |   | 1,622,872 |   | 168,763 |   | 03/99 |   | 09/98 |   | 5-27.5 |   |
| EAGLE’S RIDGE TERRACE |   | 1,807,880                   |   | 63,200                                            |   | 508,815                                               |   | 1,886,795        |   | 63,200    |   | 2,395,610                       |   | 2,458,810 |   | 322,143 |   | 05/98 |   | 12/97 |   | 5-27.5 |   |
| ELLISVILLE LP              |   | 655,941                     |   | 31,000                                            |   | 723,650                                               |   | 173,808          |   | 31,000    |   | 897,458                         |   | 928,458 |   | 122,404 |   | 06/98 |   | 12/97 |   | 5-27.5 |   |
| G.A.V.A. LP                |   | 716,501                     |   | 35,500                                            |   | 616,645                                               |   | 274,109          |   | 35,500    |   | 890,754                         |   | 926,254 |   | 113,042 |   | 02/99 |   | 03/98 |   | 5-27.5 |   |
| HATTIESBURG LP             |   | 824,549                     |   | 15,000                                            |   | 979,143                                               |   | 216,591          |   | 15,000    |   | 1,195,734                       |   | 1,210,734 |   | 156,729 |   | 06/98 |   | 12/97 |   | 5-27.5 |   |
| HENDERSON TERRACE          |   | 518,106                     |   | 22,000                                            |   | 221,549                                               |   | 471,530          |   | 22,000    |   | 693,079                         |   | 715,079 |   | 90,040 |   | 09/98 |   | 11/97 |   | 5-27.5 |   |
| HERITAGE I                 |   | 885,130                     |   | 46,000                                            |   | 522,601                                               |   | 830,209          |   | 46,014    |   | 1,352,810                       |   | 1,398,824 |   | 223,885 |   | 05/98 |   | 10/97 |   | 5-27.5 |   |
| HURRICANE HILLS            |   | 770,408                     |   | 121,171                                           |   | 3,086,025                                             |   | 12,332           |   | 121,171   |   | 3,098,357                       |   | 3,219,528 |   | 423,673 |   | 08/98 |   | 09/97 |   | 5-27.5 |   |
| LAKEVIEW LITTLE ELM        |   | 442,121                     |   | 28,750                                            |   | 255,929                                               |   | 320,939          |   | 28,750    |   | 576,868                         |   | 605,618 |   | 93,031 |   | 01/99 |   | 11/97 |   | 5-27.5 |   |
| LEVEL CREEK                |   | 12,790,000                  |   | 1,120,908                                         |   | 0                                                     |   | 13,502,051       |   | 1,120,908 |   | 13,502,051                      |   | 14,622,959 |   | 2,838,594 |   | 05/99 |   | 05/98 |   | 5-27.5 |   |
| MESQUITE TRAILS            |   | 678,710                     |   | 10,860                                            |   | 240,143                                               |   | 708,972          |   | 10,860    |   | 949,115                         |   | 959,975 |   | 149,760 |   | 11/98 |   | 11/97 |   | 5-27.5 |   |
| MONFORT HOUSING            |   | 3,662,717                   |   | 436,143                                           |   | 2,661,689                                             |   | 1,587,100        |   | 436,143   |   | 4,248,789                       |   | 4,684,932 |   | 594,050 |   | 10/98 |   | 09/97 |   | 5-27.5 |   |
| N.M.V.A.  LP          |   | 858,810                     |   | 44,114                                            |   | 679,817                                               |   | 401,449          |   | 44,114    |   | 1,081,266                       |   | 1,125,380 |   | 133,408 |   | 04/99 |   | 03/98 |   | 5-27.5 |   |
| PILOT POINT LP             |   | 762,219                     |   | 65,570                                            |   | 339,377                                               |   | 602,440          |   | 65,570    |   | 941,817                         |   | 1,007,387 |   | 154,225 |   | 02/99 |   | 11/97 |   | 5-27.5 |   |
| RIVERBEND APTS             |   | 778,501                     |   | 201,961                                           |   | 0                                                     |   | 2,497,209        |   | 201,961   |   | 2,497,209                       |   | 2,699,170 |   | 304,034 |   | 07/98 |   | 10/97 |   | 5-27.5 |   |

 

F-334

----

 
|                 |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|----------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**      |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| SAN ANGELO BENT TREE |   | 2,645,902                   |   | 294,023                                          |   | 0                                                     |   | 6,596,124        |   | 300,841   |   | 6,596,124                       |   | 6,896,965 |   | 725,832 |   | 07/99 |   | 12/97 |   | 5-27.5 |   |
| SEAGRAVES APTS       |   | 450,241                     |   | 25,200                                           |   | 537,944                                               |   | 2,061            |   | 25,200    |   | 540,005                         |   | 565,205 |   | 44,860 |   | 05/00 |   | 09/00 |   | 5-27.5 |   |
| SENCIT HAMPDEN       |   | 2,121,747                   |   | 307,860                                          |   | 0                                                     |   | 5,091,539        |   | 307,860   |   | 5,091,539                       |   | 5,399,399 |   | 564,559 |   | 09/98 |   | 10/97 |   | 7-40 |   |
| SILVER CREEK         |   | 3,326,722                   |   | 175,000                                          |   | 0                                                     |   | 9,019,724        |   | 175,000   |   | 9,019,724                       |   | 9,194,724 |   | 1,082,816 |   | 08/99 |   | 03/98 |   | 5-27.5 |   |
| SUMMERDALE PTRS      |   | 3,733,111                   |   | 420,540                                          |   | 1,386,000                                             |   | 4,969,876        |   | 271,620   |   | 6,355,876                       |   | 6,627,496 |   | 704,058 |   | 04/99 |   | 12/98 |   | 5-27.5 |   |
| WINDSOR PARK PTRS    |   | 7,500,000                   |   | 248,000                                          |   | 5,105,823                                             |   | 7,580,278        |   | 269,011   |   | 12,686,101                      |   | 12,955,112 |   | 2,159,743 |   | 03/99 |   | 11/97 |   | 5-27.5 |   |
|                 |   | 53,502,066                  |   | 4,606,825                                        |   | 26,901,945                                            |   | 62,116,772       |   | 4,506,248 |   | 89,018,717                      |   | 93,524,965 |   | 13,551,595 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-335

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP - Series 31

 

Reconciliation of Land, Building & Improvements current yearchanges

 
| Balance at beginning of period - 4/1/97 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 20,789,823 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 20,789,823 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/98    |   |       |   | $      | 20,789,823 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 10,155,803 |   |   |       |
| Improvements, etc                       |   | 23,622,080 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 33,777,883 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 54,567,706 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 37,773,041 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 37,773,041 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 92,340,747 |   |

 

F-336

----

 
| Balance at close of period - 3/31/00 |   |    |   | $      | 92,340,747 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 561,718 |   |   |       |
| Improvements, etc                    |   | 171,433 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 733,151    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/01 |   |    |   | $      | 93,073,898 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 277,575 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 277,575    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 93,351,473 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 173,492 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 173,492    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 93,524,965 |   |

 

F-337

----

 

Reconciliation ofAccumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/97 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 41,619    |   |       |   |
| Balance at close of period - 3/31/98    |   |   |      | $      | 41,619     |   |
| Current year expense                    |   | $      | 973,901   |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 1,015,520  |   |
| Current year expense                    |   | $      | 2,743,105 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 3,758,625  |   |
| Current year expense                    |   | $      | 3,363,318 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 7,121,943  |   |
| Current year expense                    |   | $      | 3,254,509 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 10,376,452 |   |
| Current year expense                    |   | $      | 3,175,143 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 13,551,595 |   |

 

F-338

----

 

Boston Capital Tax CreditFund IV LP - Series 32Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                      |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|---------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**           |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| 200 EAST AVENUE           |   | 9,044,710                   |   | 61,000                                           |   | 7,896,816                                             |   | 2,264,221        |   | 61,000    |   | 10,161,037                      |   | 10,222,037 |   | 984,574 |   | 07/00 |   | 01/99 |   | 12-40 |   |
| ATHENS PARTNERS           |   | 1,189,692                   |   | 327,639                                          |   | 2,978,391                                             |   | 2,184,813        |   | 342,639   |   | 5,163,204                       |   | 5,505,843 |   | 829,743 |   | 06/99 |   | 10/98 |   | 5/27.5 |   |
| CHARDONNAY LP             |   | 73,891                      |   | 5,200                                            |   | 586,804                                               |   | 33,748           |   | 5,200     |   | 620,552                         |   | 625,752 |   | 138,644 |   | 01/97 |   | 01/98 |   | 5-27.5 |   |
| COGIC VILLAGE             |   | 2,380,023                   |   | 115,000                                          |   | 0                                                     |   | 8,689,057        |   | 115,000   |   | 8,689,057                       |   | 8,804,057 |   | 1,679,006 |   | 07/99 |   | 04/98 |   | 5-27.5 |   |
| COURTSIDE                 |   | 894,138                     |   | 146,529                                          |   | 2,820,490                                             |   | 12,662           |   | 146,529   |   | 2,833,152                       |   | 2,979,681 |   | 426,906 |   | 07/98 |   | 06/98 |   | 7-40 |   |
| FFLM ASSOC                |   | 7,439,635                   |   | 1,359,240                                        |   | 12,454,121                                            |   | 32,122           |   | 1,359,240 |   | 12,486,243                      |   | 13,845,483 |   | 3,855,023 |   | 01/95 |   | 01/98 |   | 5-40 |   |
| GRANDA ROSE               |   | 216,466                     |   | 5,000                                            |   | 271,347                                               |   | 2,390            |   | 5,000     |   | 273,737                         |   | 278,737 |   | 19,992 |   | 11/01 |   | 05/01 |   | 5-27.5 |   |
| INDIANA DEV (CLEAR CREEK) |   | 1,643,345                   |   | 55,000                                           |   | 3,760,163                                             |   | (109,376         | )      | 55,000    |   | 3,650,787                       |   | 3,705,787 |   | 433,379 |   | 09/99 |   | 07/98 |   | 5-27.5 |   |
| JACKSON BOND              |   | 5,000,000                   |   | 536,323                                          |   | 952,071                                               |   | 6,825,030        |   | 536,323   |   | 7,777,101                       |   | 8,313,424 |   | 1,107,176 |   | 12/99 |   | 07/98 |   | 5-27.5 |   |
| KEIST TOWNHOMES           |   | 3,589,850                   |   | 622,558                                          |   | 0                                                     |   | 12,155,646       |   | 622,558   |   | 12,155,646                      |   | 12,778,204 |   | 1,008,644 |   | 12/99 |   | 11/98 |   | 10-40 |   |
| MARTINSVILLE I            |   | 236,938                     |   | 24,000                                           |   | 0                                                     |   | 1,102,604        |   | 52,000    |   | 1,102,604                       |   | 1,154,604 |   | 100,008 |   | 02/00 |   | 08/99 |   | 5-40 |   |
| PARKSIDE PLAZA            |   | 1,283,045                   |   | 0                                                |   | 0                                                     |   | 4,110,581        |   | 0         |   | 4,110,581                       |   | 4,110,581 |   | 288,007 |   | 05/01 |   | 07/99 |   | 5-27.5 |   |
| PECAN MANOR               |   | 777,437                     |   | 60,400                                           |   | 1,961,002                                             |   | 160,953          |   | 60,400    |   | 2,121,955                       |   | 2,182,355 |   | 248,249 |   | 10/98 |   | 07/98 |   | 5-27.5 |   |
| PEARL PARTNERS            |   | 8,000,000                   |   | 599,461                                          |   | 2,248,687                                             |   | 9,290,999        |   | 615,788   |   | 11,539,686                      |   | 12,155,474 |   | 1,679,187 |   | 12/99 |   | 06/98 |   | 5-27.5 |   |
| PEARLWOOD LP              |   | 947,268                     |   | 162,032                                          |   | 2,099,724                                             |   | (300,770         | )      | 162,032   |   | 1,798,954                       |   | 1,960,986 |   | 333,940 |   | 05/98 |   | 02/98 |   | 5-27.5 |   |
| PINE RIDGE                |   | 796,591                     |   | 88,220                                           |   | 0                                                     |   | 2,134,022        |   | 94,833    |   | 2,134,022                       |   | 2,228,855 |   | 242,457 |   | 01/99 |   | 07/98 |   | 5-27.5 |   |
| PYRAMID IV LP             |   | 912,529                     |   | 99,500                                           |   | 368,780                                               |   | 3,418,489        |   | 99,500    |   | 3,787,269                       |   | 3,886,769 |   | 415,765 |   | 05/00 |   | 05/98 |   | 5-27.5 |   |
|                      |   | 44,425,558                  |   | 4,267,102                                        |   | 38,398,396                                            |   | 52,007,191       |   | 4,333,042 |   | 90,405,587                      |   | 94,738,629 |   | 13,790,700 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-339

----

 

Notesto Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 32

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/98 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 30,592,172 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 30,592,172 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 30,592,172 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 11,796,979 |   |   |       |
| Improvements, etc                       |   | 42,439,868 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 54,236,847 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 84,829,019 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 4,887,087  |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 4,887,087  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01    |   |       |   | $      | 89,716,106 |   |

 

F-340

----

 
| Balance at close of period - 3/31/01 |   |      |   | $      | 89,716,106 |   |
|--------------------------------------|--------|-----------|--------|--------|------------|--------|
| Additions during period:             |   |      |   |   |       |
| Acquisitions through foreclosure     |   | $         | 0      |   |       |   |
| Other acquisitions                   |   | 276,347   |   |   |       |
| Improvements, etc                    |   | 4,688,499 |   |   |       |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 4,964,846  |   |
| Deductions during period:            |   |      |   |   |       |
| Cost of real estate sold             |   | $         | 0      |   |       |   |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |      |   | $      | 94,680,952 |   |
| Additions during period:             |   |      |   |   |       |
| Acquisitions through foreclosure     |   | $         | 0      |   |       |   |
| Other acquisitions                   |   | 0         |   |   |       |
| Improvements, etc                    |   | 57,677    |   |   |       |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 57,677     |   |
| Deductions during period:            |   |      |   |   |       |
| Cost of real estate sold             |   | $         | 0      |   |       |   |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |      |   | $      | 94,738,629 |   |

 

F-341

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/98 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 1,855,693 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 1,855,693  |   |
| Current year expense                    |   | $      | 1,533,304 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 3,388,997  |   |
| Current year expense                    |   | $      | 3,367,095 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 6,756,092  |   |
| Current year expense                    |   | $      | 3,601,011 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 10,357,103 |   |
| Current year expense                    |   | $      | 3,433,597 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 13,790,700 |   |

 

F-342

----

 

Boston Capital Tax CreditFund IV LP - Series 33Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                   |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**                |   |
|------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|----------------------------------|--------|
| **Description**        |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and   Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date   acquired** |   | **depreciation is  computed** | ** ** |
| BRADFORD GROUP         |   | 1,049,494                   |   | 101,388                                          |   | 0                                                     |   | 2,695,584        |   | 101,388   |   | 2,695,584                        |   | 2,796,972 |   | 321,870 |   | 09/99 |   | 10/98 |   | 5-27.5 |   |
| FFLM ASSOC.            |   | 7,439,635                   |   | 1,359,240                                        |   | 12,454,121                                            |   | 32,122           |   | 1,359,240 |   | 12,486,243                       |   | 13,845,483 |   | 3,855,023 |   | 01/95 |   | 01/98 |   | 5-40 |   |
| FOREST PARK            |   | 879,266                     |   | 175,500                                          |   | 0                                                     |   | 2,156,764        |   | 175,500   |   | 2,156,764                        |   | 2,332,264 |   | 254,991 |   | 01/99 |   | 07/98 |   | 5-27.5 |   |
| HARBOUR POINTE         |   | 1,537,416                   |   | 280,000                                          |   | 5,672,581                                             |   | 115,327          |   | 280,000   |   | 5,787,908                        |   | 6,067,908 |   | 565,342 |   | 10/99 |   | 01/99 |   | 5-40 |   |
| KIEST TOWNHOMES        |   | 3,589,850                   |   | 622,558                                          |   | 0                                                     |   | 12,155,646       |   | 622,558   |   | 12,155,646                       |   | 12,778,204 |   | 1,008,644 |   | 12/99 |   | 08/98 |   | 10-40 |   |
| MERCHANT’S COURT  |   | 5,980,841                   |   | 0                                                |   | 0                                                     |   | 13,295,023       |   | 1,069,682 |   | 13,295,023                       |   | 14,364,705 |   | 1,508,688 |   | 12/99 |   | 10/98 |   | 10-40 |   |
| NHC #5                 |   | 3,060,514                   |   | 387,045                                          |   | 0                                                     |   | 6,363,027        |   | 387,045   |   | 6,363,027                        |   | 6,750,072 |   | 1,215,165 |   | 07/99 |   | 03/98 |   | 5-27.5 |   |
| NORTHROCK HOUSING      |   | 2,539,290                   |   | 250,478                                          |   | 1,356,518                                             |   | 3,304,851        |   | 250,478   |   | 4,661,369                        |   | 4,911,847 |   | 351,352 |   | 05/00 |   | 05/99 |   | 10-40 |   |
| SOUTHAVEN              |   | 9,790,000                   |   | 974,288                                          |   | 1,815,504                                             |   | 10,740,345       |   | 999,288   |   | 12,555,849                       |   | 13,555,137 |   | 1,876,852 |   | 12/99 |   | 10/98 |   | 5-27.5 |   |
| STEARNS ASSITED LIVING |   | 435,500                     |   | 1                                                |   | 0                                                     |   | 2,934,502        |   | 1         |   | 2,934,502                        |   | 2,934,503 |   | 143,840 |   | 3/01 |   | 12/99 |   | 5-27.5 |   |
|                   |   | 36,301,806                  |   | 4,150,498                                        |   | 21,298,724                                            |   | 53,793,191       |   | 5,245,180 |   | 75,091,915                       |   | 80,337,095 |   | 11,101,767 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs as ofDecember 31, 2002.  The column has beenomitted for presentation purposes.

 

F-343

----

 

Notesto Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 33

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/98 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 17,889,644 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 17,889,644 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 17,889,644 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 7,559,577  |   |   |       |
| Improvements, etc                       |   | 37,620,253 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 45,179,830 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 63,069,474 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 13,783,067 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 13,783,067 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01    |   |       |   | $      | 76,852,541 |   |

 

F-344

----

 
| Balance at close of period - 3/31/01 |   |      |   | $      | 76,852,541 |   |
|--------------------------------------|--------|-----------|--------|--------|------------|--------|
| Additions during period:             |   |      |   |   |       |
| Acquisitions through foreclosure     |   | $         | 0      |   |       |   |
| Other acquisitions                   |   | 0         |   |   |       |
| Improvements, etc                    |   | 3,396,126 |   |   |       |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 3,396,126  |   |
| Deductions during period:            |   |      |   |   |       |
| Cost of real estate sold             |   | $         | 0      |   |       |   |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |      |   | $      | 80,248,667 |   |
| Additions during period:             |   |      |   |   |       |
| Acquisitions through foreclosure     |   | $         | 0      |   |       |   |
| Other acquisitions                   |   | 0         |   |   |       |
| Improvements, etc                    |   | 88,428    |   |   |       |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 88,428     |   |
| Deductions during period:            |   |      |   |   |       |
| Cost of real estate sold             |   | $         | 0      |   |       |   |
| Other                                |   | 0         |   |   |       |
|                                 |   |      |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |      |   | $      | 80,337,095 |   |

 

F-345

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/98 |   |   |      | $      | 0          |   |
|-----------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                    |   | $      | 1,694,284 |   |       |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 1,694,284  |   |
| Current year expense                    |   | $      | 1,033,967 |   |       |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 2,728,251  |   |
| Current year expense                    |   | $      | 2,717,698 |   |       |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 5,445,949  |   |
| Current year expense                    |   | $      | 2,873,929 |   |       |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 8,319,878  |   |
| Current year expense                    |   | $      | 2,781,889 |   |       |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 11,101,767 |   |

 

F-346

----

 

Boston Capital Tax CreditFund IV LP - Series 34Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                                   |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**                |   |
|----------------------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|----------------------------------|--------|
| **Description**                        |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and   Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date   acquired** |   | **depreciation  is computed** | ** ** |
| ABBEY RIDGE                            |   | 472,651                     |   | 48,000                                           |   | 2,129,097                                             |   | 0                |   | 48,000    |   | 2,129,097                        |   | 2,177,097 |   | 183,731 |   | 01/00 |   | 02/00 |   | 5-27.5 |   |
| ALLISON APTS                           |   | 871,667                     |   | 208,000                                          |   | 0                                                     |   | 1,733,194        |   | 208,000   |   | 1,733,194                        |   | 1,941,194 |   | 206,221 |   | 01/99 |   | 11/98 |   | 5-27.5 |   |
| BELMONT  AFFORDABLE  HOUSING |   | 505,044                     |   | 5,000                                            |   | 2,374,186                                             |   | 0                |   | 5,000     |   | 2,374,186                        |   | 2,379,186 |   | 254,913 |   | 12/98 |   | 01/99 |   | 5-27.5 |   |
| BOERNE CREEKSIDE                       |   | 2,020,713                   |   | 204,622                                          |   | 0                                                     |   | 4,770,432        |   | 205,736   |   | 4,770,432                        |   | 4,976,168 |   | 395,158 |   | 06/00 |   | 11/98 |   | 5-27.5 |   |
| HIGHWAY 18 PARTNERS                    |   | 10,550,000                  |   | 766,286                                          |   | 7,424,418                                             |   | 5,615,532        |   | 797,823   |   | 13,039,950                       |   | 13,837,773 |   | 1,565,088 |   | 06/00 |   | 10/99 |   | 5-27.5 |   |
| HOWARD PARK                            |   | 379,144                     |   | 75,000                                           |   | 1,159,772                                             |   | 12,000           |   | 75,000    |   | 1,171,772                        |   | 1,246,772 |   | 210,571 |   | 12/99 |   | 04/99 |   | 5-27.5 |   |
| KERRVILLE MEADOWS                      |   | 1,577,114                   |   | 174,699                                          |   | 0                                                     |   | 4,345,403        |   | 226,306   |   | 4,345,403                        |   | 4,571,709 |   | 461,859 |   | 04/00 |   | 11/98 |   | 5-27.5 |   |
| MERCHANT’S COURT                  |   | 5,980,841                   |   | 1,069,682                                        |   | 3,060,740                                             |   | 10,234,283       |   | 1,069,682 |   | 13,295,023                       |   | 14,364,705 |   | 1,508,688 |   | 12/99 |   | 02/99 |   | 5-27.5 |   |
| MILLWOOD PARK                          |   | 8,191,837                   |   | 892,181                                          |   | 0                                                     |   | 11,502,980       |   | 869,681   |   | 11,502,980                       |   | 12,372,661 |   | 1,069,016 |   | 11/99 |   | 12/98 |   | 10-40 |   |
| MONTOUR FALLS VILLAGE                  |   | 1,020,464                   |   | 65,556                                           |   | 0                                                     |   | 1,827,334        |   | 35,000    |   | 1,827,334                        |   | 1,862,334 |   | 311,288 |   | 04/99 |   | 10/98 |   | 5-27.5 |   |
| NORTHWOOD HOMES                        |   | 783,030                     |   | 96,000                                           |   | 1,953,479                                             |   | 0                |   | 96,000    |   | 1,953,479                        |   | 2,049,479 |   | 214,443 |   | 06/99 |   | 04/99 |   | 5-27.5 |   |
| RHP-96                                 |   | 1,670,656                   |   | 142,576                                          |   | 0                                                     |   | 3,647,061        |   | 142,576   |   | 3,647,061                        |   | 3,789,637 |   | 372,389 |   | 12/99 |   | 10/98 |   | 5-27.5 |   |
| SOUTHAVEN PTRS I                       |   | 9,790,000                   |   | 974,288                                          |   | 1,815,504                                             |   | 10,740,345       |   | 999,288   |   | 12,555,849                       |   | 13,555,137 |   | 1,876,852 |   | 12/99 |   | 03/99 |   | 5-27.5 |   |
| WASHINGTON COURTYARD                   |   | 2,839,869                   |   | 580,398                                          |   | 0                                                     |   | 4,538,554        |   | 580,398   |   | 4,538,554                        |   | 5,118,952 |   | 515,738 |   | 08/00 |   | 08/99 |   | 5-27.5 |   |
|                                   |   | 46,653,030                  |   | 5,302,288                                        |   | 19,917,196                                            |   | 58,967,118       |   | 5,358,490 |   | 78,884,314                       |   | 84,242,804 |   | 9,145,955 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column has beenomitted for presentation purposes.

 

F-347

----

 

Notesto Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 34

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/98 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 4,477,426  |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 4,477,426  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/99    |   |       |   | $      | 4,477,426  |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 14,434,539 |   |   |       |
| Improvements, etc                       |   | 36,399,836 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 50,834,375 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 55,311,801 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 28,731,541 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 28,731,541 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
|                                    |   |       |   | $      | 84,043,342 |   |

 

F-348

----

 
| Balance at close of period - 3/31/01 |   |    |   | $      | 84,043,342 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 77,421  |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 77,421     |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 84,120,763 |   |
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 122,041 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 122,041    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 84,242,804 |   |

 

F-349

----

 

Reconciliationof Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/98 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 0         |   |      |   |
| Balance at close of period - 3/31/99    |   |   |      | $      | 0         |   |
| Current year expense                    |   | $      | 496,969   |   |      |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 496,969   |   |
| Current year expense                    |   | $      | 2,631,105 |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 3,128,074 |   |
| Current year expense                    |   | $      | 3,040,893 |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 6,168,967 |   |
| Current year expense                    |   | $      | 2,976,988 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 9,145,955 |   |

 

F-350

----

 

Boston Capital Tax CreditFund IV LP - Series 35Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                             |   | **Initial cost to company** |   | **Cost capitalized subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**                |   |
|----------------------------------|--------|-----------------------------|--------|-------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|----------------------------------|--------|
| **Description**                  |   | **Encum-  brances**         |   | **Land**                                        |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and   Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date   acquired** |   | **depreciation is  computed** |   |
| ASHTON COVE                      |   | 1,953,875                   |   | 315,041                                         |   | 0                                                     |   | 4,496,758        |   | 315,041   |   | 4,496,758                        |   | 4,811,799 |   | 326,514 |   | 04/00 |   | 01/00 |   | 7-40 |   |
| BRAZOSWOOD                       |   | 1,985,833                   |   | 83,741                                          |   | 0                                                     |   | 5,529,182        |   | 162,413   |   | 5,529,182                        |   | 5,691,595 |   | 429,127 |   | 07/00 |   | 07/99 |   | 5-27.5 |   |
| COLUMBIA WOODS                   |   | 5,516,794                   |   | 605,453                                         |   | 0                                                     |   | 10,570,351       |   | 630,361   |   | 10,570,351                       |   | 11,200,712 |   | 423,265 |   | 06/02 |   | 10/00 |   | 5-40 |   |
| CYPRESS POINTE                   |   | 1,595,206                   |   | 247,810                                         |   | 3,148,052                                             |   | 2,436,848        |   | 247,810   |   | 5,584,900                        |   | 5,832,710 |   | 629,089 |   | 03/00 |   | 04/99 |   | 5-27.5 |   |
| GARDEN GATE II  (NEW CANEY) |   | 850,681                     |   | 34,078                                          |   | 0                                                     |   | 1,883,198        |   | 34,078    |   | 1,883,198                        |   | 1,917,276 |   | 126,010 |   | 07/00 |   | 03/99 |   | 7-40 |   |
| HILLSIDE TERRACE                 |   | 1,781,009                   |   | 369,421                                         |   | 4,812,286                                             |   | 1,661,174        |   | 330,000   |   | 6,473,460                        |   | 6,803,460 |   | 497,777 |   | 07/00 |   | 04/99 |   | 12-40 |   |
| MULVANE HOUSING                  |   | 1,979,350                   |   | 188,000                                         |   | 4,043,181                                             |   | 6,038            |   | 188,000   |   | 4,049,219                        |   | 4,237,219 |   | 359,091 |   | 11/99 |   | 12/98 |   | 10-40 |   |
| RIVERWALK APTS HOMES             |   | 413,880                     |   | 44,380                                          |   | 1,699,925                                             |   | 2,976            |   | 44,380    |   | 1,702,901                        |   | 1,747,281 |   | 251,000 |   | 07/99 |   | 12/98 |   | 5-27.5 |   |
| TENNESSEE PARTNERS XII           |   | 5,000,000                   |   | 390,100                                         |   | 6,182,403                                             |   | 31,095           |   | 390,100   |   | 6,213,498                        |   | 6,603,598 |   | 867,983 |   | 12/99 |   | 04/99 |   | 5-27.5 |   |
| WASHINGTON COURTYARD             |   | 2,839,869                   |   | 580,398                                         |   | 0                                                     |   | 4,538,554        |   | 580,398   |   | 4,538,554                        |   | 5,118,952 |   | 515,738 |   | 08/00 |   | 08/99 |   | 5-27.5 |   |
| WEDGEWOOD PARK                   |   | 5,421,280                   |   | 750,000                                         |   | 0                                                     |   | 11,893,797       |   | 812,355   |   | 11,893,797                       |   | 12,706,152 |   | 879,970 |   | 08/00 |   | 12/99 |   | 5-27.5 |   |
|                             |   | 29,337,777                  |   | 3,608,422                                       |   | 19,885,847                                            |   | 43,049,971       |   | 3,734,936 |   | 62,935,818                       |   | 66,670,754 |   | 5,305,564 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-351

----

 

Notesto Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 35

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/99 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 22,888,816 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 22,888,816 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 22,888,816 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 605,453    |   |   |       |
| Improvements, etc                       |   | 32,788,341 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 33,393,794 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01    |   |       |   | $      | 56,282,610 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 10,256,693 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 10,256,693 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/02    |   |       |   | $      | 66,539,303 |   |

 

F-352

----

 
| Balance at close of period - 3/31/01 |   |    |   | $      | 66,539,303 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 131,451 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 131,451    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 66,670,754 |   |

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/99 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 109,873   |   |      |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 109,873   |   |
| Current year expense                    |   | $      | 1,272,940 |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 1,382,813 |   |
| Current year expense                    |   | $      | 1,810,098 |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 3,192,911 |   |
| Current year expense                    |   | $      | 2,112,653 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 5,305,564 |   |

 

F-353

----

 

Boston Capital Tax CreditFund IV LP - Series 36Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                      |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|---------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**           |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date   acquired** |   | **depreciation is  computed** |   |
| ALOHA HOUSING             |   | 3,396,420                   |   | 552,000                                          |   | 3,283,217                                             |   | 32,203           |   | 552,000   |   | 3,315,420                       |   | 3,867,420 |   | 412,874 |   | 11/99 |   | 08/99 |   | 5-27.5 |   |
| ANNADALE HOUSING          |   | 11,144,863                  |   | 226,000                                          |   | 12,231,650                                            |   | 133,813          |   | 226,000   |   | 12,365,463                      |   | 12,591,463 |   | 2,916,669 |   | 06/90 |   | 01/00 |   | 5-50 |   |
| ASHTON RIDGE              |   | 2,646,471                   |   | 300,500                                          |   | 9,547,932                                             |   | 250,558          |   | 300,500   |   | 9,798,490                       |   | 10,098,990 |   | 1,306,179 |   | 12/00 |   | 02/00 |   | 5-27.5 |   |
| NOWATA                    |   | 1,256,757                   |   | 35,000                                           |   | 859,081                                               |   | 733,408          |   | 30,000    |   | 1,592,489                       |   | 1,622,489 |   | 176,196 |   | 02/00 |   | 08/99 |   | 5-30 |   |
| PARIS PLACE               |   | 1,256,104                   |   | 272,000                                          |   | 0                                                     |   | 2,010,100        |   | 272,000   |   | 2,010,100                       |   | 2,282,100 |   | 557,511 |   | 09/00 |   | 11/99 |   | 5-27.5 |   |
| RIVERVIEW BEND            |   | 3,312,500                   |   | 150,000                                          |   | 3,277,543                                             |   | 1,183,294        |   | 241,987   |   | 4,460,837                       |   | 4,702,824 |   | 124,803 |   | 03/00 |   | 12/99 |   | 5-27.5 |   |
| SR SUITES WASHINGTON HGTS |   | 3,413,006                   |   | 29,876                                           |   | 7,361,729                                             |   | 40,238           |   | 29,876    |   | 7,401,967                       |   | 7,431,843 |   | 626,259 |   | 11/00 |   | 12/99 |   | 5-27.5 |   |
| VALLEYVIEW EST            |   | 463,819                     |   | 188,091                                          |   | 2,125,968                                             |   | 114,442          |   | 63,649    |   | 2,240,410                       |   | 2,304,059 |   | 292,948 |   | 05/00 |   | 11/99 |   | 5-27.5 |   |
| WEDGEWOOD PARK            |   | 5,421,280                   |   | 750,000                                          |   | 0                                                     |   | 11,893,797       |   | 812,355   |   | 11,893,797                      |   | 12,706,152 |   | 879,970 |   | 08/00 |   | 12/99 |   | 5-27.5 |   |
| WILLOWBROOK APTS          |   | 1,053,826                   |   | 215,000                                          |   | 2,220,401                                             |   | 0                |   | 215,000   |   | 2,220,401                       |   | 2,435,401 |   | 210,178 |   | 09/99 |   | 06/99 |   | 5-27.5 |   |
| WINGFILED APTS            |   | 684,516                     |   | 139,800                                          |   | 2,104,682                                             |   | 0                |   | 139,800   |   | 2,104,682                       |   | 2,244,482 |   | 227,987 |   | 07/99 |   | 06/99 |   | 5-27.5 |   |
|                      |   | 34,049,562                  |   | 2,858,267                                        |   | 43,012,203                                            |   | 16,391,853       |   | 2,883,167 |   | 59,404,056                      |   | 62,287,223 |   | 7,731,574 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-354

----

 

Notesto Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 36

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/99 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 13,858,724 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 13,858,724 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 13,858,724 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 22,306,082 |   |   |       |
| Improvements, etc                       |   | 25,593,908 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 47,899,990 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01    |   |       |   | $      | 61,758,714 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   |       |   |   |       |
| Improvements, etc                       |   | 423,780    |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 423,780    |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/02    |   |       |   | $      | 62,182,494 |   |

 

F-355

----

 
| Balance at close of period - 3/31/02 |   |    |   | $      | 62,181,494 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   |    |   |   |       |
| Improvements, etc                    |   | 104,729 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 104,729    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/02 |   |    |   | $      | 62,287,223 |   |

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/99 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 109,722   |   |      |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 109,722   |   |
| Current year expense                    |   | $      | 3,420,983 |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 3,530,705 |   |
| Current year expense                    |   | $      | 2,140,499 |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 5,671,204 |   |
| Current year expense                    |   | $      | 2,060,370 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 7,731,574 |   |

 

F-356

----

 

Boston Capital Tax CreditFund IV LP - Series 37Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                      |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|---------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**           |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date   acquired** |   | **depreciation is  computed** |   |
| ASHTON RIDGE              |   | 2,646,471                   |   | 300,500                                          |   | 9,547,932                                             |   | 250,558          |   | 300,500   |   | 9,798,490                       |   | 10,098,990 |   | 1,306,179 |   | 12/00 |   | 02/00 |   | 5-27.5 |   |
| BALDWIN VILLAS            |   | 7,648,775                   |   | 200,000                                          |   | 0                                                     |   | 7,889,883        |   | 325,000   |   | 7,889,883                       |   | 8,214,883 |   | 491,397 |   | 7/01 |   | 10/99 |   | 5-27.5 |   |
| COLUMBIA WOODS            |   | 5,516,794                   |   | 605,453                                          |   | 0                                                     |   | 10,570,351       |   | 630,361   |   | 10,570,351                      |   | 11,200,712 |   | 423,265 |   | 06/02 |   | 10/00 |   | 5-40 |   |
| HIGHWAY 18                |   | 10,550,000                  |   | 766,286                                          |   | 7,424,418                                             |   | 5,615,532        |   | 797,823   |   | 13,039,950                      |   | 13,837,773 |   | 1,565,088 |   | 06/00 |   | 10/99 |   | 5-27.5 |   |
| SR SUITES WASHINTGON HGTS |   | 3,413,006                   |   | 29,876                                           |   | 7,361,729                                             |   | 40,238           |   | 29,876    |   | 7,401,967                       |   | 7,431,843 |   | 626,259 |   | 11/00 |   | 12/99 |   | 5-27.5 |   |
| SILVER POND               |   | 4,503,931                   |   | 340,000                                          |   | 3,518,005                                             |   | 2,522,908        |   | 340,000   |   | 6,040,913                       |   | 6,380,913 |   | 321,703 |   | 12/01 |   | 06/00 |   | 40 |   |
| STEARNS ASSISTED LIVING   |   | 435,500                     |   | 1                                                |   | 0                                                     |   | 2,934,502        |   | 1         |   | 2,934,502                       |   | 2,934,503 |   | 143,840 |   | 3/01 |   | 12/99 |   | 5-27.5 |   |
|                      |   | 34,714,477                  |   | 2,242,116                                        |   | 27,852,084                                            |   | 29,823,972       |   | 2,423,561 |   | 57,676,056                      |   | 60,099,617 |   | 4,877,731 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-357

----

 

Notesto Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 37

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/99 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 8,390,705  |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 8,390,705  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/00    |   |       |   | $      | 8,390,705  |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 10,519,032 |   |   |       |
| Improvements, etc                       |   | 19,144,384 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 29,663,416 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01    |   |       |   | $      | 38,054,121 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 21,802,305 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 21,802,305 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/02    |   |       |   | $      | 59,856,426 |   |

 

F-358

----

 
| Balance at close of period - 3/31/02 |   |    |   | $      | 59,856,426 |   |
|--------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions during period:             |   |    |   |   |       |
| Acquisitions through foreclosure     |   | $       | 0      |   |       |   |
| Other acquisitions                   |   | 0       |   |   |       |
| Improvements, etc                    |   | 243,191 |   |   |       |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 243,191    |   |
| Deductions during period:            |   |    |   |   |       |
| Cost of real estate sold             |   | $       | 0      |   |       |   |
| Other                                |   | 0       |   |   |       |
|                                 |   |    |   | $      | 0          |   |
| Balance at close of period - 3/31/03 |   |    |   | $      | 60,099,617 |   |

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/99 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 0         |   |      |   |
| Balance at close of period - 3/31/00    |   |   |      | $      | 0         |   |
| Current year expense                    |   | $      | 719,027   |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 719,027   |   |
| Current year expense                    |   | $      | 1,847,312 |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 2,566,339 |   |
| Current year expense                    |   | $      | 2,311,392 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 4,877,731 |   |

 

 

F-359

----

 

Boston Capital Tax CreditFund IV LP - Series 38Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                  |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|-----------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**       |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| ALDINE WESTFIELD      |   | 2,124,578                   |   | 334,472                                          |   | 0                                                     |   | 8,894,479        |   | 347,330   |   | 8,894,479                       |   | 9,241,809 |   | 421,269 |   | 07/01 |   | 04/00 |   | 5-27.5 |   |
| ANDOVER HOUSING       |   | 2,635,662                   |   | 150,000                                          |   | 4,645,760                                             |   | 356,952          |   | 150,000   |   | 5,002,712                       |   | 5,152,712 |   | 312,393 |   | 12/00 |   | 05/00 |   | 10-40 |   |
| ARBORS AT EAGLE CREST |   | 1,778,353                   |   | 305,872                                          |   | 0                                                     |   | 8,377,643        |   | 290,000   |   | 8,377,643                       |   | 8,667,643 |   | 741,765 |   | 10/01 |   | 12/00 |   | 5-27.5 |   |
| BRISTOW PLACE         |   | 1,238,788                   |   | 32,500                                           |   | 896,311                                               |   | 906,749          |   | 32,500    |   | 1,803,060                       |   | 1,835,560 |   | 129,363 |   | 12/00 |   | 06/00 |   | 5-30 |   |
| COLUMBIA CREEK        |   | 5,600,000                   |   | 1,068,040                                        |   | 0                                                     |   | 11,862,224       |   | 1,070,161 |   | 11,862,224                      |   | 12,932,385 |   | 583,205 |   | 11/01 |   | 08/00 |   | 5-27.5 |   |
| CUSHING PLACE         |   | 1,104,910                   |   | 0                                                |   | 1,358,355                                             |   | 207,052          |   | 30,000    |   | 1,565,407                       |   | 1,595,407 |   | 167,084 |   | 10/00 |   | 03/00 |   | 5-27.5 |   |
| EDNA VANDERBILT       |   | 327,979                     |   | 10,000                                           |   | 502,555                                               |   | 10,000           |   | 503,687   |   | 513,687                         |   | 31,418 |   | 10/01 |   | 05/01 |   | 5-27.5 |   |   |   |
| HAMMOND PLACE         |   | 494,484                     |   | 94,026                                           |   | 2,164,107                                             |   | 0                |   | 94,026    |   | 2,164,107                       |   | 2,258,133 |   | 164,562 |   | 04/00 |   | 03/00 |   | 5-27.5 |   |
| HERITAGE II           |   | 910,854                     |   | 60,130                                           |   | 1,171,322                                             |   | (11,257          | )      | 60,130    |   | 1,160,065                       |   | 1,220,195 |   | 130,552 |   | 06/00 |   | 06/00 |   | 5-27.5 |   |
| WILLOWBROOK II        |   | 972,135                     |   | 168,860                                          |   | 2,093,435                                             |   | 0                |   | 168,860   |   | 2,093,435                       |   | 2,262,295 |   | 166,955 |   | 10/01 |   | 03/00 |   | 5-27.5 |   |
|                  |   | 17,187,743                  |   | 2,223,900                                        |   | 12,831,845                                            |   | 30,593,842       |   | 2,253,007 |   | 43,426,819                      |   | 45,679,826 |   | 2,848,566 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-360

----

 

Notesto Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 38

 

Reconciliationof Land, Building & Improvements current year changes

 
| Balance at beginning of period - 4/1/00 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 14,543,190 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 14,543,190 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01    |   |       |   | $      | 14,543,190 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 512,555    |   |   |       |
| Improvements, etc                       |   | 30,124,847 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 30,637,402 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/02    |   |       |   | $      | 45,180,592 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 499,234    |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 499,234    |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/03    |   |       |   | $      | 45,679,826 |   |

 

F-361

----

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/00 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 143,616   |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 143,616   |   |
| Current year expense                    |   | $      | 1,011,977 |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 1,155,593 |   |
| Current year expense                    |   | $      | 1,692,973 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 2,848,566 |   |

 

F-362

----

 

Boston Capital Tax CreditFund IV LP - Series 39Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                  |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   |                            |   | **Life on which** |   |
|-----------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|-------------------|--------|
| **Description**       |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total**         |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| ARBORS AT EAGLE CREST |   | 1,778,353                   |   | 305,872                                          |   | 0                                                     |   | 8,377,643        |   | 290,000   |   | 8,377,643                       |   | 8,667,643         |   | 741,765 |   | 10/01 |   | 12/00 |   | 5-27.5 |   |
| ARBORS AT IRONWOOD    |   | 1,815,392                   |   | 121,057                                          |   | 0                                                     |   | 5,643,937        |   | 110,000   |   | 5,643,937                       |   | 5,753,937         |   | 520,342 |   | 09/01 |   | 07/00 |   | 5-27.5 |   |
| AUSTIN ACRES          |   | 874,755                     |   | 128,000                                          |   | 0                                                     |   | 2,045,772        |   | 128,000   |   | 2,045,772                       |   | 2,173,772         |   | 73,623 |   | 09/01 |   | 11/00 |   | 5-27.5 |   |
| COLUMBIA CREEK        |   | 5,600,000                   |   | 1,068,040                                        |   | 0                                                     |   | 11,862,224       |   | 1,070,161 |   | 11,862,224                      |   | 12,932,385        |   | 583,205 |   | 11/01 |   | 08/00 |   | 5-27.5 |   |
| DAYSTAR               |   | 807,075                     |   | 155,028                                          |   | 0                                                     |   | 1,800,059        |   | 155,028   |   | 1,800,059                       |   | 1,955,087         |   | 91,194 |   | 01/01 |   | 02/01 |   | 5-27.5 |   |
| GOUVERNEUR SR         |   | 1,125,000                   |   | 0                                                |   | 0                                                     |   | 4,167,315        |   | 66,600    |   | 4,167,315                       |   | 4,233,915         |   | 141,023 |   | 10/01 |   | 12/00 |   | 12-40 |   |
| HILLVIEW              |   | 919,540                     |   | 10,000                                           |   | 1,201,246                                             |   | 0                |   | 10,000    |   | 1,201,246                       |   | 1,211,246         |   | 71,653 |   | 12/01 |   | 05/01 |   | 5-27.5 |   |
| TALLY  HO II          |   | 580,993                     |   | 30,000                                           |   | 1,131,775                                             |   | (67,711          | )      | 30,000    |   | 1,064,064                       |   | 1,094,064         |   | 61,455 |   | 12/01 |   | 06/01 |   | 5-27.5 |   |
| TIMEVER  TRAILS I     |   | 821,164                     |   | 50,000                                           |   | 1,280,757                                             |   | (21,668          | )      | 50,000    |   | 1,259,089                       |   | 1,309,089         |   | 65,550 |   | 07/01 |   | 06/01 |   | 5-27.5 |   |
|                  |   | 14,322,272                  |   | 1,867,997                                        |   | 3,613,778                                             |   | 33,807,571       |   | 1,909,789 |   | 37,421,349                      |   | 39,331,138        |   | 2,349,810 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-363

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 39

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at beginning of period - 4/1/00 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 4,376,035  |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 4,376,035  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
| Other                                   |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/01    |   |       |   | $      | 4,376,035  |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 3,703,778  |   |   |       |
| Improvements, etc                       |   | 29,690,055 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 33,393,833 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | (2,598,038 | )      |   |       |
|                                    |   |       |   | $      | (2,598,038 | )      |
| Balance at close of period - 3/31/02    |   |       |   | $      | 35,171,830 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 0          |   |   |       |
| Improvements, etc                       |   | 4,159,308  |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 4,159,308  |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/03    |   |       |   | $      | 39,331,138 |   |

 

F-364

----

 

Reconciliation of Accumulated Depreciation current year changes

 
| Balance at beginning of period - 4/1/00 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 11,017    |   |      |   |
| Balance at close of period - 3/31/01    |   |   |      | $      | 11,017    |   |
| Current year expense                    |   | $      | 735,243   |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 746,260   |   |
| Current year expense                    |   | $      | 1,603,550 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 2,349,810 |   |

 

F-365

----

 

Boston Capital Tax CreditFund IV LP - Series 40Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|--------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**    |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| ARBORS IRONWOOD II |   | 903,000                     |   | 115,000                                          |   | 2,665,008                                             |   | 12,820           |   | 115,000   |   | 2,677,828                       |   | 2,792,828 |   | 207,976 |   | 11/01 |   | 02/01 |   | 5-27.5 |   |
| AZLE FOUNTAINHEAD  |   | 1,245,222                   |   | 52,400                                           |   | 782,639                                               |   | 1,108,076        |   | 52,400    |   | 1,890,715                       |   | 1,943,115 |   | 68,951 |   | 05/02 |   | 10/01 |   | 5-27.5 |   |
| BALDWIN VILLAS     |   | 7,648,775                   |   | 325,000                                          |   | 7,838,615                                             |   | 51,268           |   | 325,000   |   | 7,889,883                       |   | 8,214,883 |   | 491,397 |   | 07/01 |   | 07/01 |   | 5-27.5 |   |
| CAPITAL FIVE       |   | 1,208,315                   |   | 107,162                                          |   | 1,117,138                                             |   | 1,767,534        |   | 107,162   |   | 2,884,672                       |   | 2,991,834 |   | 70,450 |   | 07/02 |   | 06/01 |   | 5-27.5 |   |
| CARLISLE APTS      |   | 906,643                     |   | 84,027                                           |   | 2,158,184                                             |   | 593              |   | 84,027    |   | 2,158,777                       |   | 2,242,804 |   | 147,999 |   | 06/01 |   | 02/01 |   | 5-27.5 |   |
| CENTER PLACE II    |   | 786,740                     |   | 28,590                                           |   | 1,267,462                                             |   | 0                |   | 28,590    |   | 1,267,462                       |   | 1,296,052 |   | 66,256 |   | 10/01 |   | 10/01 |   | 5-27.5 |   |
| KC HOMES           |   | 3,857,866                   |   | 275,100                                          |   | 4,764,685                                             |   | 35,285           |   | 275,100   |   | 4,799,970                       |   | 5,075,070 |   | 233,046 |   | 11/01 |   | 08/01 |   | 5-27.5 |   |
| LONDONTOWN HOMES   |   | 598,355                     |   | 257,366                                          |   | 2,281,695                                             |   | 0                |   | 257,366   |   | 2,281,695                       |   | 2,539,061 |   | 96,191 |   | 06/01 |   | 02/01 |   | 5-27.5 |   |
| MA NO. 2           |   | 1,526,654                   |   | 66,500                                           |   | 2,450,256                                             |   | 117,348          |   | 66,500    |   | 2,567,604                       |   | 2,634,104 |   | 91,758 |   | 02/02 |   | 02/01 |   | 5-27.5 |   |
| MEADOWSIDE ASSOC   |   | 1,576,004                   |   | 0                                                |   | 0                                                     |   | 3,287,878        |   | 51,725    |   | 3,287,878                       |   | 3,339,603 |   | 101,522 |   | 12/01 |   | 05/01 |   | 5-27.5 |   |
| NORTHROCK II       |   | 2,385,435                   |   | 110,000                                          |   | 892,246                                               |   | 3,569,009        |   | 110,000   |   | 4,461,255                       |   | 4,571,255 |   | 120,415 |   | 05/02 |   | 07/01 |   | 10-40 |   |
| OAKLAND PSHP       |   | 1,249,560                   |   | 40,000                                           |   | 2,017,047                                             |   | (39,561          | )      | 40,000    |   | 1,977,486                       |   | 2,017,486 |   | 139,992 |   | 07/01 |   | 02/01 |   | 5-27.5 |   |
| SEDGWICK SUNDANCE  |   | 915,000                     |   | 5,000                                            |   | 2,176,106                                             |   | 0                |   | 5,000     |   | 2,176,106                       |   | 2,181,106 |   | 73,239 |   | 10/01 |   | 09/01 |   | 5-27.5 |   |
| SOUTHBROOK HOMES   |   | 545,460                     |   | 240,000                                          |   | 2,272,500                                             |   | 0                |   | 240,000   |   | 2,272,500                       |   | 2,512,500 |   | 72,766 |   | 11/01 |   | 04/01 |   | 5-27.5 |   |
| SPRINGFIELD METRO  |   | 26,052,055                  |   | 3,282,371                                        |   | 38,725,894                                            |   | 0                |   | 3,282,371 |   | 38,725,894                      |   | 42,008,265 |   | 980,258 |   | 10/01 |   | 06/02 |   | 5-40 |   |
| WESTERN GARDENS    |   | 1,297,391                   |   | 40,800                                           |   | 2,086,305                                             |   | (100,861         | )      | 40,800    |   | 1,985,444                       |   | 2,026,244 |   | 146,939 |   | 07/01 |   | 02/01 |   | 5-27.5 |   |
|               |   | 52,702,475                  |   | 5,029,316                                        |   | 73,495,780                                            |   | 9,809,389        |   | 5,081,041 |   | 83,305,169                      |   | 88,386,210 |   | 3,109,155 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-366

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 40

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at beginning of period - 4/1/01 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 36,516,831 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 36,516,831 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/02    |   |       |   | $      | 36,516,831 |   |
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 42,008,265 |   |   |       |
| Improvements, etc                       |   | 10,001,536 |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 52,009,801 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | (140,422   | )      |   |       |
|                                    |   |       |   | $      | (140,422   | )      |
| Balance at close of period - 3/31/03    |   |       |   | $      | 88,386,210 |   |

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/01 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 584,300   |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 584,300   |   |
| Current year expense                    |   | $      | 2,524,855 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 3,109,155 |   |

 

F-367

----

 

Boston Capital Tax CreditFund IV LP - Series 41Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|--------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**    |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| BIENVILLE          |   | 815,086                     |   | 16,500                                           |   | 1,309,576                                             |   | 0                |   | 16,500    |   | 1,309,576                       |   | 1,326,076 |   | 86,827 |   | 11/01 |   | 12/01 |   | 5-27.5 |   |
| BREEZEWOOD         |   | 1,000,454                   |   | 42,500                                           |   | 0                                                     |   | 1,667,004        |   | 42,500    |   | 1,667,004                       |   | 1,709,504 |   | 31,133 |   | 06/02 |   | 10/01 |   | 5-27.5 |   |
| BROOKSTONE APTS II |   | 2,481,872                   |   | 223,150                                          |   | 0                                                     |   | 5,228,055        |   | 222,750   |   | 5,228,055                       |   | 5,450,805 |   | 121,660 |   | 08/02 |   | 08/01 |   | 5-27.5 |   |
| CEDAR GROVE        |   | 1,066,439                   |   | 112,500                                          |   | 1,447,390                                             |   | 0                |   | 112,500   |   | 1,447,390                       |   | 1,559,890 |   | 141,287 |   | 07/01 |   | 05/02 |   | 5-27.5 |   |
| CRANBERRY COVE     |   | 1,001,136                   |   | 134,400                                          |   | 1,475,984                                             |   | 0                |   | 134,400   |   | 1,475,984                       |   | 1,610,384 |   | 68,781 |   | 01/02 |   | 05/02 |   | 5-27.5 |   |
| DS HOUSING         |   | 1,716,000                   |   | 330,720                                          |   | 1,652,898                                             |   | 0                |   | 330,720   |   | 1,652,898                       |   | 1,983,618 |   | 23,608 |   | U/C |   | 07/02 |   | 30 |   |
| HALFMOON BDC, LP   |   | 1,348,733                   |   | 292,000                                          |   | 0                                                     |   | 2,621,699        |   | 292,000   |   | 2,621,699                       |   | 2,913,699 |   | 83,647 |   | 04/02 |   | 07/01 |   | 5-27.5 |   |
| HARBOR POINT       |   | 1,672,163                   |   | 440,000                                          |   | 0                                                     |   | 5,361,554        |   | 440,126   |   | 5,361,554                       |   | 5,801,680 |   | 40,734 |   | 10/02 |   | 08/01 |   | 5-27.5 |   |
| HAWTHORNE          |   | 998,413                     |   | 77,698                                           |   | 1,162,871                                             |   | 0                |   | 77,698    |   | 1,162,871                       |   | 1,240,569 |   | 67,371 |   | 07/01 |   | 05/02 |   | 5-27.5 |   |
| HOLLYWOOD PALMS    |   | 10,004,500                  |   | 850,000                                          |   | 14,921,469                                            |   | 0                |   | 850,000   |   | 14,921,469                      |   | 15,771,469 |   | 96,763 |   | 11/02 |   | 03/02 |   | 5-27.5 |   |
| MADISON HOUSING II |   | 1,586,355                   |   | 35,000                                           |   | 3,953,209                                             |   | 0                |   | 35,000    |   | 3,953,209                       |   | 3,988,209 |   | 129,979 |   | 05/02 |   | 09/01 |   | 10-40 |   |
| MARWOOD SENIOR     |   | 12,377,110                  |   | 2,011,263                                        |   | 12,393,753                                            |   | 0                |   | 2,011,263 |   | 12,393,753                      |   | 14,405,016 |   | 139,281 |   | 08/02 |   | 07/01 |   | 10-40 |   |
| MEADOWSIDE ASSOC   |   | 1,576,004                   |   | 51,725                                           |   | 3,287,878                                             |   | 0                |   | 51,725    |   | 3,287,878                       |   | 3,339,603 |   | 101,522 |   | 12/01 |   | 05/01 |   | 5-27.5 |   |
| RED HILL APTS      |   | 839,469                     |   | 24,600                                           |   | 1,344,222                                             |   | (35,817          | )      | 24,600    |   | 1,308,405                       |   | 1,333,005 |   | 92,295 |   | 06/01 |   | 11/01 |   | 5-27.5 |   |
| RH-FRANKIN         |   | 393,878                     |   | 36,000                                           |   | 620,928                                               |   | 0                |   | 36,000    |   | 620,928                         |   | 656,928 |   | 28,126 |   | 09/01 |   | 05/02 |   | 5-27.5 |   |
| RH-FULTON          |   | 558,001                     |   | 42,500                                           |   | 839,311                                               |   | 0                |   | 42,500    |   | 839,311                         |   | 881,811 |   | 39,046 |   | 09/01 |   | 05/02 |   | 5-27.5 |   |
| RF-MENDOTA         |   | 739,001                     |   | 42,500                                           |   | 1,142,673                                             |   | 0                |   | 42,500    |   | 1,142,673                       |   | 1,185,173 |   | 55,637 |   | 06/01 |   | 05/02 |   | 5-27.5 |   |
| RH-MT  CARROLL     |   | 417,278                     |   | 24,500                                           |   | 611,397                                               |   | 0                |   | 24,500    |   | 611,397                         |   | 635,897 |   | 28,394 |   | 09/01 |   | 05/02 |   | 5-27.5 |   |
| SPRINGFIELD  METRO |   | 26,052,055                  |   | 3,282,371                                        |   | 38,725,894                                            |   | 0                |   | 3,282,371 |   | 38,725,894                      |   | 42,008,265 |   | 980,258 |   | 10/01 |   | 06/02 |   | 5-40 |   |
| SUNSHINE  APTS     |   | 892,495                     |   | 160,000                                          |   | 2,067,906                                             |   | 0                |   | 160,000   |   | 2,067,906                       |   | 2,227,906 |   | 25,204 |   | 08/02 |   | 03/02 |   | 5-27.5 |   |
|               |   | 67,536,442                  |   | 8,229,927                                        |   | 86,957,359                                            |   | 14,842,495       |   | 8,229,653 |   | 101,799,854                     |   | 110,029,507 |   | 2,381,553 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002

U/C-Property was underconstruction as of March 31, 2003

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-368

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 41

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at beginning of period - 4/1/01 |   |       |   | $      | 0           |   |
|-----------------------------------------|--------|------------|--------|--------|-------------|--------|
| Additions during period:                |   |       |   |   |        |
| Acquisitions through foreclosure        |   | $          | 0      |   |        |   |
| Other acquisitions                      |   | 7,680,757  |   |   |        |
| Improvements, etc                       |   | 0          |   |   |        |
| Other                                   |   | 0          |   |   |        |
|                                    |   |       |   | $      | 7,680,757   |   |
| Deductions during period:               |   |       |   |   |        |
| Cost of real estate sold                |   | $          | 0      |   |        |   |
| Other                                   |   | 0          |   |   |        |
|                                    |   |       |   | $      | 0           |   |
| Balance at close of period - 3/31/02    |   |       |   | $      | 7,680,757   |   |
| Additions during period:                |   |       |   |   |        |
| Acquisitions through foreclosure        |   | $          | 0      |   |        |   |
| Other acquisitions                      |   | 69,761,910 |   |   |        |
| Improvements, etc                       |   | 32,622,657 |   |   |        |
| Other                                   |   | 0          |   |   |        |
|                                    |   |       |   | $      | 102,384,567 |   |
| Deductions during period:               |   |       |   |   |        |
| Cost of real estate sold                |   | $          | 0      |   |        |   |
| Other                                   |   | (35,817    | )      |   |        |
|                                    |   |       |   | $      | (35,817     | )      |
| Balance at close of period - 3/31/03    |   |       |   | $      | 110,029,507 |   |

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/01 |   |   |      | $      | 0         |   |
|-----------------------------------------|--------|--------|-----------|--------|-----------|--------|
| Current year expense                    |   | $      | 104,810   |   |      |   |
| Balance at close of period - 3/31/02    |   |   |      | $      | 104,810   |   |
| Current year expense                    |   | $      | 2,276,743 |   |      |   |
| Balance at close of period - 3/31/03    |   |   |      | $      | 2,381,553 |   |

 

F-369

----

 

Boston Capital Tax CreditFund IV LP - Series 42Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|--------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**    |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| BREEZEWOOD II      |   | 756,490                     |   | 42,500                                           |   | 0                                                     |   | 0                |   | 42,500    |   | 0                               |   | 42,500 |   | 0 |   | 3/03 |   | 04/02 |   | N/A |   |
| CC HOUSING         |   | 1,190,000                   |   | 64,162                                           |   | 1,360,312                                             |   | 0                |   | 64,162    |   | 1,360,312                       |   | 1,424,474 |   | 21,827 |   | U/C |   | 07/02 |   | 30 |   |
| CT HOUSING         |   | 3,019,000                   |   | 195,275                                          |   | 3,211,525                                             |   | 0                |   | 195,275   |   | 3,211,525                       |   | 3,406,800 |   | 46,779 |   | U/C |   | 07/02 |   | 30 |   |
| CRITTENDEN COUNTY  |   | 1,053,936                   |   | 96,688                                           |   | 2,016,683                                             |   | 0                |   | 96,688    |   | 2,016,683                       |   | 2,113,371 |   | 28,170 |   | 10/02 |   | 06/02 |   | 5-27.5 |   |
| DORCHESTER CT      |   | 1,521,613                   |   | 528,000                                          |   | 0                                                     |   | 0                |   | 528,000   |   | 0                               |   | 528,000 |   | 0 |   | U/C |   | 04/02 |   | N/A |   |
| GREAT BRIDGE-DOVER |   | 1,678,496                   |   | 180,000                                          |   | 0                                                     |   | 0                |   | 180,000   |   | 0                               |   | 180,000 |   | 0 |   | 12/02 |   | 04/02 |   | N/A |   |
| HARBOR PT II       |   | 1,672,163                   |   | 440,126                                          |   | 5,361,554                                             |   | 0                |   | 440,126   |   | 5,361,554                       |   | 5,801,680 |   | 40,734 |   | 10/02 |   | 04/02 |   | 5-27.5 |   |
| HOLLYWOOD PALMS    |   | 10,004,500                  |   | 850,000                                          |   | 14,921,469                                            |   | 0                |   | 850,000   |   | 14,921,469                      |   | 15,771,469 |   | 96,763 |   | 11/02 |   | 08/02 |   | 5-27.5 |   |
| HS HOUSING         |   | 1,735,000                   |   | 456,889                                          |   | 1,593,468                                             |   | 0                |   | 456,889   |   | 1,593,468                       |   | 2,050,357 |   | 22,742 |   | U/C |   | 07/02 |   | 30 |   |
| LYNELLE LANDING    |   | 1,613,096                   |   | 340,000                                          |   | 3,438,633                                             |   | 0                |   | 340,000   |   | 3,438,633                       |   | 3,778,633 |   | 41,699 |   | 9/02 |   | 03/02 |   | 5-27.5 |   |
| NATCHEZ PLACE      |   | 843,071                     |   | 35,864                                           |   | 1,507,640                                             |   | 0                |   | 35,864    |   | 1,507,640                       |   | 1,543,504 |   | 104,658 |   | 11/01 |   | 08/02 |   | 5-27.5 |   |
| PARKHURST PLACE    |   | 3,563,000                   |   | 767,254                                          |   | 3,320,955                                             |   | 0                |   | 767,254   |   | 3,320,955                       |   | 4,088,209 |   | 34,040 |   | 9/02 |   | 01/02 |   | 5-27.5 |   |
| PW HOUSING         |   | 1,546,000                   |   | 77,445                                           |   | 1,730,611                                             |   | 0                |   | 77,445    |   | 1,730,611                       |   | 1,808,056 |   | 25,269 |   | U/C |   | 07/02 |   | 30 |   |
| SM HOUSING         |   | 2,014,000                   |   | 73,780                                           |   | 2,263,816                                             |   | 0                |   | 73,780    |   | 2,263,816                       |   | 2,337,596 |   | 32,861 |   | U/C |   | 07/02 |   | 30 |   |
| STARWBERRY LANE    |   | 1,987,305                   |   | 63,212                                           |   | 2,992,381                                             |   | 0                |   | 63,212    |   | 2,992,381                       |   | 3,055,593 |   | 93,729 |   | 8/02 |   | 03/02 |   | 5-27.5 |   |
| TS HOUSING         |   | 1,671,000                   |   | 366,794                                          |   | 1,629,068                                             |   | 0                |   | 366,794   |   | 1,629,068                       |   | 1,995,862 |   | 23,339 |   | U/C |   | 07/02 |   | 30 |   |
| WINGFEILD APTS II  |   | 612,434                     |   | 148,936                                          |   | 2,242,481                                             |   | 0                |   | 148,936   |   | 2,242,481                       |   | 2,391,417 |   | 70,813 |   | 11/01 |   | 08/02 |   | 5-27.5 |   |
|               |   |                        |   |                                             |   |                                                  |   |             |   |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|               |   | 36,481,104                  |   | 4,726,925                                        |   | 47,590,596                                            |   | 0                |   | 4,726,925 |   | 47,590,596                      |   | 52,317,521 |   | 683,423 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

U/C-Property was underconstruction as of March 31, 2003

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-370

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 42

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at beginning of period - 4/1/02 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 52,317,521 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 52,317,521 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/03    |   |       |   | $      | 52,317,521 |   |

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/02 |   |   |    | $      | 0       |   |
|-----------------------------------------|--------|--------|---------|--------|---------|--------|
| Current year expense                    |   | $      | 683,423 |   |    |   |
| Balance at close of period - 3/31/03    |   |   |    | $      | 683,423 |   |
|                                         |        |        |         |        |         |        |  |

 

F-371

----

 

Boston Capital Tax CreditFund IV LP - Series 43Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                      |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |             |   |      |   | **Life on which**               |   |
|---------------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------|--------|
| **Description**           |   | **Encum-  brances**         |   | **Land**                                         |   | **Buildings and  improvements**                       |   | **Improvements** |   | **Land**  |   | **Buildings and  Improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
| AM HOUSING                |   | 5,169,000                   |   | 1,010,088                                        |   | 4,887,737                                             |   | 0                |   | 1,010,088 |   | 4,887,737                       |   | 5,897,825 |   | 69,152 |   | U/C |   | 09/02 |   | 5-27.5 |   |
| AP HOUSING                |   | 2,492,000                   |   | 723,530                                          |   | 2,147,588                                             |   | 0                |   | 723,530   |   | 2,147,588                       |   | 2,871,118 |   | 30,768 |   | U/C |   | 09/02 |   | 5-27.5 |   |
| CHARLEVOIX APTS           |   | 1,277,701                   |   | 64,259                                           |   | 1,458,895                                             |   | 0                |   | 64,259    |   | 1,458,895                       |   | 1,523,154 |   | 14,874 |   | 11/02 |   | 09/02 |   | 10-40 |   |
| CLOVER LANE               |   | 500,916                     |   | 36,194                                           |   | 834,077                                               |   | 0                |   | 36,194    |   | 834,077                         |   | 870,271 |   | 11,416 |   | 10/02 |   | 09/02 |   | 10-40 |   |
| DORCHESTER CT             |   | 1,521,613                   |   | 528,000                                          |   | 0                                                     |   | 0                |   | 528,000   |   | 0                               |   | 528,000 |   | 0 |   | U/C |   | 09/02 |   | N/A |   |
| HENDERSON FOUNTAINHEAD    |   | 743,643                     |   | 25,000                                           |   | 999,547                                               |   | 0                |   | 25,000    |   | 999,547                         |   | 1,024,547 |   | 26,529 |   | U/C |   | 09/02 |   | 5-27.5 |   |
| HOLLYWOOD PALMS           |   | 10,004,500                  |   | 850,000                                          |   | 14,921,469                                            |   | 0                |   | 850,000   |   | 14,921,469                      |   | 15,771,469 |   | 96,763 |   | 11/02 |   | 12/02 |   | 5-27.5 |   |
| KP HOUSING                |   | 1,533,000                   |   | 177,147                                          |   | 1,608,794                                             |   | 0                |   | 177,147   |   | 1,608,794                       |   | 1,785,941 |   | 23,446 |   | U/C |   | 09/02 |   | 5-27.5 |   |
| LAKEWOOD APTS             |   | 846,675                     |   | 36,332                                           |   | 1,248,636                                             |   | 0                |   | 36,332    |   | 1,248,636                       |   | 1,284,968 |   | 15,259 |   | 10/02 |   | 09/02 |   | 10-40 |   |
| LAWRENCEVILLE             |   | 13,800,000                  |   | 1,632,824                                        |   | 0                                                     |   | 0                |   | 1,632,824 |   | 0                               |   | 1,632,824 |   | 0 |   | 01/03 |   | 12/02 |   | N/A |   |
| PARKSIDE APTS-COLEMAN     |   | 1,002,017                   |   | 65,119                                           |   | 650,632                                               |   | 0                |   | 65,119    |   | 650,632                         |   | 715,751 |   | 6,777 |   | 12/02 |   | 09/02 |   | 10-40 |   |
| RIVERVIEW APTS-BLISSFIELD |   | 756,287                     |   | 51,214                                           |   | 664,606                                               |   | 0                |   | 51,214    |   | 664,606                         |   | 715,820 |   | 7,047 |   | 02/02 |   | 09/02 |   | 10-40 |   |
| SG HOUSING                |   | 2,167,000                   |   | 618,589                                          |   | 1,899,538                                             |   | 0                |   | 618,589   |   | 1,899,538                       |   | 2,518,127 |   | 26,593 |   | U/C |   | 09/02 |   | 5-27.5 |   |
| STOTTVILLE LP             |   | 625,823                     |   | 36,375                                           |   | 0                                                     |   | 0                |   | 36,375    |   | 0                               |   | 36,375 |   | 0 |   | U/C |   | 09/02 |   | N/A |   |
| VG HOSUING                |   | 2,026,000                   |   | 426,685                                          |   | 2,150,765                                             |   | 0                |   | 426,685   |   | 2,150,765                       |   | 2,577,450 |   | 30,620 |   | U/C |   | 09/02 |   | 5-27.5 |   |
|                      |   |                        |   |                                             |   |                                                  |   |             |   |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|                      |   | 44,466,175                  |   | 6,281,356                                        |   | 33,472,284                                            |   | 0                |   | 6,281,356 |   | 33,472,284                      |   | 39,753,640 |   | 359,244 |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

U/C-Property was underconstruction as of March 31, 2003

There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-372

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund IV LP - Series 43

 

Reconciliation of Land, Building & Improvementscurrent year changes

 
| Balance at beginning of period - 4/1/02 |   |       |   | $      | 0          |   |
|-----------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:                |   |       |   |   |       |
| Acquisitions through foreclosure        |   | $          | 0      |   |       |   |
| Other acquisitions                      |   | 39,753,640 |   |   |       |
| Improvements, etc                       |   | 0          |   |   |       |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 39,753,640 |   |
| Deductions during period:               |   |       |   |   |       |
| Cost of real estate sold                |   | $          | 0      |   |       |   |
| Other                                   |   | 0          |   |   |       |
|                                    |   |       |   | $      | 0          |   |
| Balance at close of period - 3/31/03    |   |       |   | $      | 39,753,640 |   |

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period - 4/1/02 |   |   |    | $      | 0       |   |
|-----------------------------------------|--------|--------|---------|--------|---------|--------|
| Current year expense                    |   | $      | 359,244 |   |    |   |
| Balance at close of period - 3/31/03    |   |   |    | $      | 359,244 |   |
|                                         |        |        |         |        |         |        |  |

 

F-373

----