----

|                                                    |                                                       |   |
|---------------------------------------------------------|------------------------------------------------------------|--------|
|                                                    |                                                       |   |
|                                                    |                                                       | PAGE   |
|                                                    |                                                       |   |
|                                                    |                                                       |   |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | F-3                                                        |
|                                                    |                                                       |   |
| FINANCIAL STATEMENTS                                    |                                                       |
|                                                    |                                                       |   |
|                                                    | BALANCE SHEETS                                             | F-6    |
|                                                    |                                                       |   |
|                                                    | STATEMENTS OF OPERATIONS                                   | F-34   |
|                                                    |                                                       |   |
|                                                    | STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) | F-62   |
|                                                    |                                                       |   |
|                                                    | STATEMENTS OF CASH FLOWS                                   | F-90   |
|                                                    |                                                       |   |
|                                                    | NOTES TO FINANCIAL STATEMENTS                              | F-146  |

----

----

----

----

|                                                                                                                                                                                                              |   | Total  |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|
|                                                                                                                                                                                                              |   | 2011   |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                              |   |   |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                     |   | $      | 47,231,216 |   |   | $ | 79,603,328 |   |
|                                                                                                                                                                                                              |   |   |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                      |   |   |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                         |   |   | 7,926,372  |   |   |   | 6,498,869 |   |
| Notes receivable                                                                                                                                                                                                  |   |   | 69,698     |   |   |   | 723,071 |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                       |   |   | 5,139,203  |   |   |   | 8,667,943 |   |
| Other assets                                                                                                                                                                                                      |   |   | 200,011    |   |   |   | 205,926 |   |
|                                                                                                                                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                                                                                                                                              |   | $      | 60,566,500 |   |   | $ | 95,699,137 |   |
|                                                                                                                                                                                                              |   |   |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                 |   |
|                                                                                                                                                                                                              |   |   |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                       |   |   |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                             |   | $      | 184,088    |   |   | $ | 90,252 |   |
| Accounts payable - affiliates                                                                                                                                                                                     |   |   | 51,518,653 |   |   |   | 51,204,507 |   |
| Capital contributions payable                                                                                                                                                                                     |   |   | 1,158,822  |   |   |   | 2,081,011 |   |
|                                                                                                                                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                                                                                                                                              |   |   | 52,861,563 |   |   |   | 53,375,770 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                 |   |   |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 83,651,080 issued to the assignees at March 31, 2011 and 2010       |   |   | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                  |   |   |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 83,649,080 and 83,651,080  outstanding at March 31, 2011 and 2010, respectively |   |   | 14,794,108 |   |   |   | 49,066,354 |   |
| General partner                                                                                                                                                                                                   |   |   | (7,089,171 | ) |   |   | (6,742,987 | ) |
|                                                                                                                                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                                                                                                                                              |   |   | 7,704,937  |   |   |   | 42,323,367 |   |
|                                                                                                                                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                                                                                                                                              |   | $      | 60,566,500 |   |   | $ | 95,699,137 |   |

----

|                                                                                                                                                                                                       |   | Series 20 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 245,496    |   |   |   | 187,333 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | 2,633 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 245,496    |   |   | $ | 189,966 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 17,876     |   |   | $ | 7,500 |   |
| Accounts payable - affiliates                                                                                                                                                                         |   |      | 2,695,130  |   |   |   | 3,432,216 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,713,006  |   |   |   | 3,439,716 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (2,134,583 | ) |   |   | (2,909,001 | ) |
| General partner                                                                                                                                                                                            |   |      | (332,927   | ) |   |   | (340,749 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (2,467,510 | ) |   |   | (3,249,750 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 245,496    |   |   | $ | 189,966 |   |

----

|                                                                                                                                                                                                           |   | Series 21 |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                           |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                           |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                  |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                      |   |      | 338,841    |   |   |   | 287,156 |   |
| Notes receivable                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                    |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                                   |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                           |   | $         | 338,841    |   |   | $ | 287,156 |   |
|                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                              |   |
|                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                    |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                          |   | $         | 8,020      |   |   | $ | 15,808 |   |
| Accounts payable - affiliates                                                                                                                                                                                  |   |      | 1,585,039  |   |   |   | 1,515,274 |   |
| Capital contributions payable                                                                                                                                                                                  |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                           |   |      | 1,593,059  |   |   |   | 1,531,082 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                              |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700 issued to the assignees at March 31, 2011 and 2010     |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 issued and 1,890,700 and 1,892,700  outstanding at March 31, 2011 and 2010, respectively |   |      | (1,079,725 | ) |   |   | (1,069,536 | ) |
| General partner                                                                                                                                                                                                |   |      | (174,493   | ) |   |   | (174,390 | ) |
|                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                           |   |      | (1,254,218 | ) |   |   | (1,243,926 | ) |
|                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                           |   | $         | 338,841    |   |   | $ | 287,156 |   |

----

|                                                                                                                                                                                                       |   | Series 22 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 344,376    |   |   |   | 150,885 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | 500        |   |   |   | 3,000 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 344,876    |   |   | $ | 153,885 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 12,501     |   |   | $ | 20,115 |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 3,001,623  |   |   |   | 3,344,254 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 9,352      |   |   |   | 9,352 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 3,023,476  |   |   |   | 3,373,721 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,564,400 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (2,432,731 | ) |   |   | (2,968,555 | ) |
| General partner                                                                                                                                                                                            |   |      | (245,869   | ) |   |   | (251,281 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (2,678,600 | ) |   |   | (3,219,836 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 344,876    |   |   | $ | 153,885 |   |

----

|                                                                                                                                                                                                       |   | Series 23 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 325,579    |   |   |   | 96,567 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 325,579    |   |   | $ | 96,567 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 19,800     |   |   | $ | 30,173 |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,443,015  |   |   |   | 2,814,021 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,462,815  |   |   |   | 2,844,194 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,336,727 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,831,017 | ) |   |   | (2,435,304 | ) |
| General partner                                                                                                                                                                                            |   |      | (306,219   | ) |   |   | (312,323 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (2,137,236 | ) |   |   | (2,747,627 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 325,579    |   |   | $ | 96,567 |   |

----

|                                                                                                                                                                                                       |   | Series 24 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 200,227    |   |   |   | 247,141 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 200,227    |   |   | $ | 247,141 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 8,178      |   |   | $ | 15,678 |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,610,014  |   |   |   | 2,532,114 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 9,999      |   |   |   | 9,999 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,628,191  |   |   |   | 2,557,791 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,169,878 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (2,218,387 | ) |   |   | (2,102,246 | ) |
| General partner                                                                                                                                                                                            |   |      | (209,577   | ) |   |   | (208,404 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (2,427,964 | ) |   |   | (2,310,650 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 200,227    |   |   | $ | 247,141 |   |

----

|                                                                                                                                                                                                       |   | Series 25 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 562,226    |   |   |   | 256,530 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | 1,250      |   |   |   | 1,250 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 563,476    |   |   | $ | 257,780 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 55,386     |   |   | $ | 978 |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,155,199  |   |   |   | 2,343,988 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 10,001     |   |   |   | 10,001 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,220,586  |   |   |   | 2,354,967 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,026,109 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,383,095 | ) |   |   | (1,818,771 | ) |
| General partner                                                                                                                                                                                            |   |      | (274,015   | ) |   |   | (278,416 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,657,110 | ) |   |   | (2,097,187 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 563,476    |   |   | $ | 257,780 |   |

----

|                                                                                                                                                                                                       |   | Series 26 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 476,868    |   |   |   | 312,412 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | 5,400      |   |   |   | 5,400 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 482,268    |   |   | $ | 317,812 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 30,000     |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,300,560  |   |   |   | 3,306,873 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 14,490     |   |   |   | 14,490 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,345,050  |   |   |   | 3,321,363 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,995,900 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,503,901 | ) |   |   | (2,633,262 | ) |
| General partner                                                                                                                                                                                            |   |      | (358,881   | ) |   |   | (370,289 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,862,782 | ) |   |   | (3,003,551 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 482,268    |   |   | $ | 317,812 |   |

----

|                                                                                                                                                                                                       |   | Series 27 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | 2,342,151 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 550,614    |   |   |   | 273,885 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | 130,783    |   |   |   | 196,175 |   |
| Other assets                                                                                                                                                                                               |   |      | 20,074     |   |   |   | 20,074 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 701,471    |   |   | $ | 2,832,285 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 10,000     |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,195,499  |   |   |   | 3,300,668 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 22,861     |   |   |   | 22,861 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,228,360  |   |   |   | 3,323,529 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,460,700 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,305,173 | ) |   |   | (279,884 | ) |
| General partner                                                                                                                                                                                            |   |      | (221,716   | ) |   |   | (211,360 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,526,889 | ) |   |   | (491,244 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 701,471    |   |   | $ | 2,832,285 |   |

----

|                                                                                                                                                                                                       |   | Series 28 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 259,714    |   |   |   | 262,507 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | 3,550      |   |   |   | 3,550 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 263,264    |   |   | $ | 266,057 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 1,329,696  |   |   |   | 1,045,580 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 40,968     |   |   |   | 40,968 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 1,370,664  |   |   |   | 1,086,548 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,000,738 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (752,578   | ) |   |   | (468,538 | ) |
| General partner                                                                                                                                                                                            |   |      | (354,822   | ) |   |   | (351,953 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,107,400 | ) |   |   | (820,491 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 263,264    |   |   | $ | 266,057 |   |

----

|                                                                                                                                                                                                       |   | Series 29 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | 24,395 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 214,315    |   |   |   | 206,375 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | 28,950 |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 214,315    |   |   | $ | 259,720 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,895,197  |   |   |   | 2,563,793 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 10,197     |   |   |   | 10,197 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,905,394  |   |   |   | 2,573,990 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,991,800 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (2,325,521 | ) |   |   | (1,952,480 | ) |
| General partner                                                                                                                                                                                            |   |      | (365,558   | ) |   |   | (361,790 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (2,691,079 | ) |   |   | (2,314,270 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 214,315    |   |   | $ | 259,720 |   |

----

|                                                                                                                                                                                                       |   | Series 30 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | 83,042 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 421,530    |   |   |   | 280,327 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | 26,275 |   |
| Other assets                                                                                                                                                                                               |   |      | 6,675      |   |   |   | 6,675 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 428,205    |   |   | $ | 396,319 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 10,000     |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 1,396,458  |   |   |   | 1,213,298 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 127,396    |   |   |   | 127,396 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 1,533,854  |   |   |   | 1,340,694 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,651,000 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (867,536   | ) |   |   | (707,875 | ) |
| General partner                                                                                                                                                                                            |   |      | (238,113   | ) |   |   | (236,500 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,105,649 | ) |   |   | (944,375 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 428,205    |   |   | $ | 396,319 |   |

----

|                                                                                                                                                                                                       |   | Series 31 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | 31,776     |   |   | $ | 42,364 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 181,199    |   |   |   | 166,800 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | 25,000     |   |   |   | 25,000 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 237,975    |   |   | $ | 234,164 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,346,962  |   |   |   | 1,982,810 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 66,294     |   |   |   | 66,294 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,413,256  |   |   |   | 2,049,104 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,417,857 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,774,270 | ) |   |   | (1,417,532 | ) |
| General partner                                                                                                                                                                                            |   |      | (401,011   | ) |   |   | (397,408 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (2,175,281 | ) |   |   | (1,814,940 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 237,975    |   |   | $ | 234,164 |   |

----

|                                                                                                                                                                                                       |   | Series 32 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | 52,794     |   |   | $ | 698,752 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 495,360    |   |   |   | 340,581 |   |
| Notes receivable                                                                                                                                                                                           |   |      | 46,908     |   |   |   | 46,908 |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 595,062    |   |   | $ | 1,086,241 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 2,411,011  |   |   |   | 2,521,238 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 173,561    |   |   |   | 173,561 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 2,584,572  |   |   |   | 2,694,799 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,754,198 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,563,253 | ) |   |   | (1,186,111 | ) |
| General partner                                                                                                                                                                                            |   |      | (426,257   | ) |   |   | (422,447 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,989,510 | ) |   |   | (1,608,558 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 595,062    |   |   | $ | 1,086,241 |   |

----

|                                                                                                                                                                                                       |   | Series 33 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | 150,153 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 240,231    |   |   |   | 184,115 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 240,231    |   |   | $ | 334,268 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | 3,403      |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 1,639,856  |   |   |   | 1,495,481 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 69,154     |   |   |   | 69,154 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 1,712,413  |   |   |   | 1,564,635 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,636,533 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,231,680 | ) |   |   | (992,283 | ) |
| General partner                                                                                                                                                                                            |   |      | (240,502   | ) |   |   | (238,084 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,472,182 | ) |   |   | (1,230,367 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 240,231    |   |   | $ | 334,268 |   |

----

|                                                                                                                                                                                                       |   | Series 34 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | -          |   |   | $ | 452,150 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 64,486     |   |   |   | 74,138 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | 224,375 |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 64,486     |   |   | $ | 750,663 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 3,022,850  |   |   |   | 2,712,281 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 3,022,850  |   |   |   | 2,712,281 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,529,319 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (2,628,390 | ) |   |   | (1,641,611 | ) |
| General partner                                                                                                                                                                                            |   |      | (329,974   | ) |   |   | (320,007 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (2,958,364 | ) |   |   | (1,961,618 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 64,486     |   |   | $ | 750,663 |   |

----

|                                                                                                                                                                                                       |   | Series 35 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | 93,491     |   |   | $ | 2,576,041 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 116,848    |   |   |   | 127,244 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | 216,861 |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 210,339    |   |   | $ | 2,920,146 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 1,613,702  |   |   |   | 1,385,342 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 1,613,702  |   |   |   | 1,385,342 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,300,463 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,107,304 | ) |   |   | 1,801,481 |   |
| General partner                                                                                                                                                                                            |   |      | (296,059   | ) |   |   | (266,677 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,403,363 | ) |   |   | 1,534,804 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 210,339    |   |   | $ | 2,920,146 |   |

----

|                                                                                                                                                                                                       |   | Series 36 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | 57,706     |   |   | $ | 1,812,747 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 133,266    |   |   |   | 142,855 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | - |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 190,972    |   |   | $ | 1,955,602 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 1,840,826  |   |   |   | 1,674,205 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 1,840,826  |   |   |   | 1,674,205 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,106,837 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,837 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,454,692 | ) |   |   | 457,246 |   |
| General partner                                                                                                                                                                                            |   |      | (195,162   | ) |   |   | (175,849 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,649,854 | ) |   |   | 281,397 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 190,972    |   |   | $ | 1,955,602 |   |

----

|                                                                                                                                                                                                       |   | Series 37 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                       |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | 36,479     |   |   | $ | 1,400,181 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 346,391    |   |   |   | 309,745 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -          |   |   |   | 354,744 |   |
| Other assets                                                                                                                                                                                               |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 382,870    |   |   | $ | 2,064,670 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 1,632,555  |   |   |   | 1,427,691 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | 138,438    |   |   |   | 138,438 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 1,770,993  |   |   |   | 1,566,129 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,512,500 issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | (1,158,678 | ) |   |   | 709,119 |   |
| General partner                                                                                                                                                                                            |   |      | (229,445   | ) |   |   | (210,578 | ) |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (1,388,123 | ) |   |   | 498,541 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 382,870    |   |   | $ | 2,064,670 |   |
|                                                                                                                                                                                                       |   |      |       |   |   |   |   |   |

----

|                                                                                                                                                                                                       |   | Series 38 |      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                                                                                                                                                       |   | 2011      |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                       |   |      |      |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                              |   | $         | 999,523   |   |   | $ | 3,761,779 |   |
|                                                                                                                                                                                                       |   |      |      |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                               |   |      |      |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                  |   |      | 235,617   |   |   |   | 209,324 |   |
| Notes receivable                                                                                                                                                                                           |   |      | -         |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                |   |      | -         |   |   |   | 41,876 |   |
| Other assets                                                                                                                                                                                               |   |      | -         |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 1,235,140 |   |   | $ | 4,012,979 |   |
|                                                                                                                                                                                                       |   |      |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |      |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                |   |      |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                      |   | $         | -         |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                              |   |      | 1,392,823 |   |   |   | 1,228,423 |   |
| Capital contributions payable                                                                                                                                                                              |   |      | -         |   |   |   | - |   |
|                                                                                                                                                                                                       |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | 1,392,823 |   |   |   | 1,228,423 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |      |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                   |   |      |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,543,100 issued to the assignees at March 31, 2011 and 2010 |   |      | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                           |   |      |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 at March 31, 2011 and 2010 issued and outstanding                                              |   |      | 62,178    |   |   |   | 2,974,995 |   |
| General partner                                                                                                                                                                                            |   |      | (219,861  | ) |   |   | (190,439 | ) |
|                                                                                                                                                                                                       |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                       |   |      | (157,683  | ) |   |   | 2,784,556 |   |
|                                                                                                                                                                                                       |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                       |   | $         | 1,235,140 |   |   | $ | 4,012,979 |   |

----

|                                                                                                                                                                                                                  |   | Series 39 |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                                                                                                                                                                  |   | 2011      |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 1,378,166 |   |   | $ | 3,970,104 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |      |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 187,805   |   |   |   | 183,296 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | -         |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | -         |   |   |   | 33,348 |   |
| Other assets                                                                                                                                                                                                          |   |      | -         |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 1,565,971 |   |   | $ | 4,186,748 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | -         |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 1,187,499 |   |   |   | 1,050,699 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | -         |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 1,187,499 |   |   |   | 1,050,699 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,292,152  issued to the assignees at March 31, 2011 and 2010 |   |      | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,152 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 571,129   |   |   |   | 3,301,130 |   |
| General partner                                                                                                                                                                                                       |   |      | (192,657  | ) |   |   | (165,081 | ) |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 378,472   |   |   |   | 3,136,049 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 1,565,971 |   |   | $ | 4,186,748 |   |

----

|                                                                                                                                                                                                                  |   | Series 40 |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                                                                                                                                                                  |   | 2011      |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 2,491,075 |   |   | $ | 4,858,175 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |      |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 109,745   |   |   |   | 120,514 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | -         |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | -         |   |   |   | 159,105 |   |
| Other assets                                                                                                                                                                                                          |   |      | -         |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 2,600,820 |   |   | $ | 5,137,794 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | -         |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 2,206,199 |   |   |   | 1,994,200 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | 102       |   |   |   | 102 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 2,206,301 |   |   |   | 1,994,302 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,630,256  issued to the assignees at March 31, 2011 and 2010 |   |      | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 615,517   |   |   |   | 3,337,000 |   |
| General partner                                                                                                                                                                                                       |   |      | (220,998  | ) |   |   | (193,508 | ) |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 394,519   |   |   |   | 3,143,492 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 2,600,820 |   |   | $ | 5,137,794 |   |

----

|                                                                                                                                                                                                                  |   | Series 41 |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                                                                                                                                                                  |   | 2011      |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 2,811,584 |   |   | $ | 4,593,671 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |      |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 215,834   |   |   |   | 78,660 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | -         |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | 458,451   |   |   |   | 890,050 |   |
| Other assets                                                                                                                                                                                                          |   |      | 1,218     |   |   |   | 2,052 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 3,487,087 |   |   | $ | 5,564,433 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | 8,924     |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 2,418,072 |   |   |   | 2,478,543 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | 100       |   |   |   | 100 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 2,427,096 |   |   |   | 2,478,643 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,891,626  issued to the assignees at March 31, 2011 and 2010 |   |      | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 1,298,560 |   |   |   | 3,304,101 |   |
| General partner                                                                                                                                                                                                       |   |      | (238,569  | ) |   |   | (218,311 | ) |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 1,059,991 |   |   |   | 3,085,790 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 3,487,087 |   |   | $ | 5,564,433 |   |

----

|                                                                                                                                                                                                                  |   | Series 42 |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                                                                                                                                                                  |   | 2011      |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 3,740,801 |   |   | $ | 5,635,060 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |      |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 311,423   |   |   |   | 348,800 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | 22,790    |   |   |   | 292,933 |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | 430,304   |   |   |   | 695,692 |   |
| Other assets                                                                                                                                                                                                          |   |      | 51,003    |   |   |   | 51,003 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 4,556,321 |   |   | $ | 7,023,488 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | -         |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 1,523,753 |   |   |   | 1,273,973 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | 73,433    |   |   |   | 452,937 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 1,597,186 |   |   |   | 1,726,910 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,744,262  issued to the assignees at March 31, 2011 and 2010 |   |      | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 3,170,482 |   |   |   | 5,484,551 |   |
| General partner                                                                                                                                                                                                       |   |      | (211,347  | ) |   |   | (187,973 | ) |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 2,959,135 |   |   |   | 5,296,578 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 4,556,321 |   |   | $ | 7,023,488 |   |

----

|                                                                                                                                                                                                                  |   | Series 43 |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                                                                                                                                                                  |   | 2011      |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 6,613,148 |   |   | $ | 9,259,429 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |      |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 234,982   |   |   |   | 256,265 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | -         |   |   |   | 186,626 |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | 593,492   |   |   |   | 1,608,977 |   |
| Other assets                                                                                                                                                                                                          |   |      | 85,341    |   |   |   | 85,289 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 7,526,963 |   |   | $ | 11,396,586 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | -         |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 1,704,370 |   |   |   | 1,397,590 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | 121,112   |   |   |   | 307,738 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 1,825,482 |   |   |   | 1,705,328 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,637,987  issued to the assignees at March 31, 2011 and 2010 |   |      | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 5,965,988 |   |   |   | 9,915,867 |   |
| General partner                                                                                                                                                                                                       |   |      | (264,507  | ) |   |   | (224,609 | ) |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 5,701,481 |   |   |   | 9,691,258 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 7,526,963 |   |   | $ | 11,396,586 |   |

----

|                                                                                                                                                                                                                  |   | Series 44 |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|
|                                                                                                                                                                                                                  |   | 2011      |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 5,205,103 |   |   | $ | 7,784,498 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |      |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 395,938   |   |   |   | 590,586 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | -         |   |   |   | 196,604 |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | 1,696,790 |   |   |   | 1,979,590 |   |
| Other assets                                                                                                                                                                                                          |   |      | -         |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 7,297,831 |   |   | $ | 10,551,278 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | -         |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 808,505   |   |   |   | 523,804 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | 254,640   |   |   |   | 590,561 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 1,063,145 |   |   |   | 1,114,365 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,193  issued to the assignees at March 31, 2011 and 2010 |   |      | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,193 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 6,409,788 |   |   |   | 9,579,993 |   |
| General partner                                                                                                                                                                                                       |   |      | (175,102  | ) |   |   | (143,080 | ) |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 6,234,686 |   |   |   | 9,436,913 |   |
|                                                                                                                                                                                                                  |   |      |      |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 7,297,831 |   |   | $ | 10,551,278 |   |

----

|                                                                                                                                                                                                                  |   | Series 45 |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                                  |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 12,086,770 |   |   | $ | 15,742,704 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 425,893    |   |   |   | 537,189 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | 1,638,551  |   |   |   | 1,911,643 |   |
| Other assets                                                                                                                                                                                                          |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 14,151,214 |   |   | $ | 18,191,536 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 633,993    |   |   |   | 367,429 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | 16,724     |   |   |   | 16,724 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 650,717    |   |   |   | 384,153 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,014,367  issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 13,719,154 |   |   |   | 17,982,971 |   |
| General partner                                                                                                                                                                                                       |   |      | (218,657   | ) |   |   | (175,588 | ) |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 13,500,497 |   |   |   | 17,807,383 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 14,151,214 |   |   | $ | 18,191,536 |   |

----

|                                                                                                                                                                                                                  |   | Series 46 |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                                  |   | 2011      |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                         |   | $         | 11,632,800 |   |   | $ | 14,415,932 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                          |   |      |       |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                             |   |      | 291,568    |   |   |   | 267,639 |   |
| Notes receivable                                                                                                                                                                                                      |   |      | -          |   |   |   | - |   |
| Deferred acquisition costs, net of accumulated amortization                                                                                                                                                           |   |      | 190,832    |   |   |   | 300,282 |   |
| Other assets                                                                                                                                                                                                          |   |      | -          |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 12,115,200 |   |   | $ | 14,983,853 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                     |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                           |   |      |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                 |   | $         | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                         |   |      | 528,247    |   |   |   | 278,719 |   |
| Capital contributions payable                                                                                                                                                                                         |   |      | -          |   |   |   | 20,138 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 528,247    |   |   |   | 298,857 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                     |   |      |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                              |   |      |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,980,998  issued to the assignees at March 31, 2011 and 2010 |   |      | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                      |   |      |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 at March 31, 2011 and 2010 issued and outstanding                                                         |   |      | 11,733,826 |   |   |   | 14,800,889 |   |
| General partner                                                                                                                                                                                                       |   |      | (146,873   | ) |   |   | (115,893 | ) |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   |      | 11,586,953 |   |   |   | 14,684,996 |   |
|                                                                                                                                                                                                                  |   |      |       |   |   |   |   |   |
|                                                                                                                                                                                                                  |   | $         | 12,115,200 |   |   | $ | 14,983,853 |   |

----

|                                                         |   | Total  |        |
|--------------------------------------------------------------|--------|--------|-------------|
|                                                         |   | 2011   |        |   | 2010 |   |
| Income                                                       |   |   |        |   |   |   |
| Interest income                                              |   | $      | 137,688     |   |   | $ | 31,866 |   |
| Miscellaneous                                                |   |   | 607,819     |   |   |   | 523,613 |   |
|                                                         |   |   |        |   |   |   |   |   |
|                                                         |   |   | 745,507     |   |   |   | 555,479 |   |
|                                                         |   |   |        |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |   | (3,954,019  | ) |   |   | (12,195,721 | ) |
|                                                         |   |   |        |   |   |   |   |   |
| Expenses and loss                                            |   |   |        |   |   |   |   |   |
| Fund management fee                                          |   |   | 5,297,336   |   |   |   | 5,572,190 |   |
| Amortization                                                 |   |   | 1,786,355   |   |   |   | 2,460,106 |   |
| General and administrative expenses                          |   |   | 576,759     |   |   |   | 707,116 |   |
| Professional fees                                            |   |   | 711,340     |   |   |   | 718,814 |   |
| Impairment loss                                              |   |   | 23,038,128  |   |   |   | 27,675,675 |   |
|                                                         |   |   |        |   |   |   |   |   |
|                                                         |   |   | 31,409,918  |   |   |   | 37,133,901 |   |
|                                                         |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $      | (34,618,430 | ) |   | $ | (48,774,143 | ) |
|                                                         |   |   |        |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $      | (346,184    | ) |   | $ | (487,741 | ) |
|                                                         |   |   |        |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $      | (34,272,246 | ) |   | $ | (48,286,402 | ) |
|                                                         |   |   |        |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $      | (0.41       | ) |   | $ | (0.58 | ) |

----

|                                                         |   | Series 20 |    |
|--------------------------------------------------------------|--------|-----------|---------|
|                                                         |   | 2011      |    |   | 2010 |   |
| Income                                                       |   |      |    |   |   |   |
| Interest income                                              |   | $         | 3,664   |   |   | $ | 2,221 |   |
| Miscellaneous                                                |   |      | 82,647  |   |   |   | 76,958 |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 86,311  |   |   |   | 79,179 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 921,489 |   |   |   | (29,623 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Expenses and loss                                            |   |      |    |   |   |   |   |   |
| Fund management fee                                          |   |      | 164,780 |   |   |   | 261,521 |   |
| Amortization                                                 |   |      | -       |   |   |   | - |   |
| General and administrative expenses                          |   |      | 23,592  |   |   |   | 27,341 |   |
| Professional fees                                            |   |      | 37,188  |   |   |   | 39,783 |   |
| Impairment loss                                              |   |      | -       |   |   |   | - |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 225,560 |   |   |   | 328,645 |   |
|                                                         |   |      |    |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | 782,240 |   |   | $ | (279,089 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | 7,822   |   |   | $ | (2,791 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | 774,418 |   |   | $ | (276,298 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | 0.20    |   |   | $ | (0.07 | ) |

----

|                                                         |   | Series 21 |    |
|--------------------------------------------------------------|--------|-----------|---------|
|                                                         |   | 2011      |    |   | 2010 |   |
| Income                                                       |   |      |    |   |   |   |
| Interest income                                              |   | $         | 1,051   |   |   | $ | 269 |   |
| Miscellaneous                                                |   |      | 1,538   |   |   |   | 5,056 |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 2,589   |   |   |   | 5,325 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 25,729  |   |   |   | 634,441 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Expenses and loss                                            |   |      |    |   |   |   |   |   |
| Fund management fee                                          |   |      | (3,588  | ) |   |   | 76,287 |   |
| Amortization                                                 |   |      | -       |   |   |   | - |   |
| General and administrative expenses                          |   |      | 16,262  |   |   |   | 17,063 |   |
| Professional fees                                            |   |      | 25,936  |   |   |   | 18,157 |   |
| Impairment loss                                              |   |      | -       |   |   |   | - |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 38,610  |   |   |   | 111,507 |   |
|                                                         |   |      |    |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (10,292 | ) |   | $ | 528,259 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (103    | ) |   | $ | 5,283 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (10,189 | ) |   | $ | 522,976 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.01   | ) |   | $ | 0.28 |   |

----

|                                                         |   | Series 22 |    |
|--------------------------------------------------------------|--------|-----------|---------|
|                                                         |   | 2011      |    |   | 2010 |   |
| Income                                                       |   |      |    |   |   |   |
| Interest income                                              |   | $         | 357     |   |   | $ | 82 |   |
| Miscellaneous                                                |   |      | 15,840  |   |   |   | 13,614 |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 16,197  |   |   |   | 13,696 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 754,900 |   |   |   | 60,867 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Expenses and loss                                            |   |      |    |   |   |   |   |   |
| Fund management fee                                          |   |      | 182,982 |   |   |   | 231,667 |   |
| Amortization                                                 |   |      | -       |   |   |   | - |   |
| General and administrative expenses                          |   |      | 19,193  |   |   |   | 22,504 |   |
| Professional fees                                            |   |      | 27,686  |   |   |   | 29,070 |   |
| Impairment loss                                              |   |      | -       |   |   |   | - |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 229,861 |   |   |   | 283,241 |   |
|                                                         |   |      |    |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | 541,236 |   |   | $ | (208,678 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | 5,412   |   |   | $ | (2,087 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | 535,824 |   |   | $ | (206,591 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | 0.21    |   |   | $ | (0.08 | ) |

----

|                                                         |   | Series 23 |    |
|--------------------------------------------------------------|--------|-----------|---------|
|                                                         |   | 2011      |    |   | 2010 |   |
| Income                                                       |   |      |    |   |   |   |
| Interest income                                              |   | $         | 697     |   |   | $ | 160 |   |
| Miscellaneous                                                |   |      | 114,766 |   |   |   | 801 |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 115,463 |   |   |   | 961 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 688,724 |   |   |   | 38,225 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Expenses and loss                                            |   |      |    |   |   |   |   |   |
| Fund management fee                                          |   |      | 141,628 |   |   |   | 209,275 |   |
| Amortization                                                 |   |      | -       |   |   |   | - |   |
| General and administrative expenses                          |   |      | 25,904  |   |   |   | 25,079 |   |
| Professional fees                                            |   |      | 26,264  |   |   |   | 23,828 |   |
| Impairment loss                                              |   |      | -       |   |   |   | - |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 193,796 |   |   |   | 258,182 |   |
|                                                         |   |      |    |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | 610,391 |   |   | $ | (218,996 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | 6,104   |   |   | $ | (2,190 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | 604,287 |   |   | $ | (216,806 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | 0.18    |   |   | $ | (0.06 | ) |

----

|                                                         |   | Series 24 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 1,467    |   |   | $ | 138 |   |
| Miscellaneous                                                |   |      | 88,954   |   |   |   | 62,132 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 90,421   |   |   |   | 62,270 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | -        |   |   |   | 107,945 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 162,294  |   |   |   | 130,818 |   |
| Amortization                                                 |   |      | -        |   |   |   | - |   |
| General and administrative expenses                          |   |      | 18,356   |   |   |   | 19,347 |   |
| Professional fees                                            |   |      | 27,085   |   |   |   | 31,452 |   |
| Impairment loss                                              |   |      | -        |   |   |   | - |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 207,735  |   |   |   | 181,617 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (117,314 | ) |   | $ | (11,402 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (1,173   | ) |   | $ | (114 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (116,141 | ) |   | $ | (11,288 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.05    | ) |   | $ | (0.01 | ) |

----

|                                                         |   | Series 25 |    |
|--------------------------------------------------------------|--------|-----------|---------|
|                                                         |   | 2011      |    |   | 2010 |   |
| Income                                                       |   |      |    |   |   |   |
| Interest income                                              |   | $         | 3,185   |   |   | $ | 2,935 |   |
| Miscellaneous                                                |   |      | 170,778 |   |   |   | 121,979 |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 173,963 |   |   |   | 124,914 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 469,513 |   |   |   | 68,662 |   |
|                                                         |   |      |    |   |   |   |   |   |
| Expenses and loss                                            |   |      |    |   |   |   |   |   |
| Fund management fee                                          |   |      | 158,216 |   |   |   | 156,684 |   |
| Amortization                                                 |   |      | -       |   |   |   | 11,423 |   |
| General and administrative expenses                          |   |      | 20,742  |   |   |   | 22,562 |   |
| Professional fees                                            |   |      | 24,441  |   |   |   | 27,870 |   |
| Impairment loss                                              |   |      | -       |   |   |   | 62,147 |   |
|                                                         |   |      |    |   |   |   |   |   |
|                                                         |   |      | 203,399 |   |   |   | 280,686 |   |
|                                                         |   |      |    |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | 440,077 |   |   | $ | (87,110 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | 4,401   |   |   | $ | (871 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | 435,676 |   |   | $ | (86,239 | ) |
|                                                         |   |      |    |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | 0.14    |   |   | $ | (0.03 | ) |

----

|                                                         |   | Series 26 |      |
|--------------------------------------------------------------|--------|-----------|-----------|
|                                                         |   | 2011      |      |   | 2010 |   |
| Income                                                       |   |      |      |   |   |   |
| Interest income                                              |   | $         | 1,217     |   |   | $ | 827 |   |
| Miscellaneous                                                |   |      | 26,680    |   |   |   | 62,389 |   |
|                                                         |   |      |      |   |   |   |   |   |
|                                                         |   |      | 27,897    |   |   |   | 63,216 |   |
|                                                         |   |      |      |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 1,451,966 |   |   |   | (724,045 | ) |
|                                                         |   |      |      |   |   |   |   |   |
| Expenses and loss                                            |   |      |      |   |   |   |   |   |
| Fund management fee                                          |   |      | 274,363   |   |   |   | 298,631 |   |
| Amortization                                                 |   |      | -         |   |   |   | 34,324 |   |
| General and administrative expenses                          |   |      | 25,779    |   |   |   | 29,560 |   |
| Professional fees                                            |   |      | 38,952    |   |   |   | 43,503 |   |
| Impairment loss                                              |   |      | -         |   |   |   | 606,124 |   |
|                                                         |   |      |      |   |   |   |   |   |
|                                                         |   |      | 339,094   |   |   |   | 1,012,142 |   |
|                                                         |   |      |      |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | 1,140,769 |   |   | $ | (1,672,971 | ) |
|                                                         |   |      |      |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | 11,408    |   |   | $ | (16,730 | ) |
|                                                         |   |      |      |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | 1,129,361 |   |   | $ | (1,656,241 | ) |
|                                                         |   |      |      |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | 0.28      |   |   | $ | (0.41 | ) |

----

|                                                         |   | Series 27 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 1,478      |   |   | $ | 126 |   |
| Miscellaneous                                                |   |      | 11,791     |   |   |   | 8,522 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 13,269     |   |   |   | 8,648 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (676,060   | ) |   |   | (80,272 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 242,040    |   |   |   | 175,634 |   |
| Amortization                                                 |   |      | 68,492     |   |   |   | 68,492 |   |
| General and administrative expenses                          |   |      | 16,798     |   |   |   | 60,255 |   |
| Professional fees                                            |   |      | 21,215     |   |   |   | 22,159 |   |
| Impairment loss                                              |   |      | 24,309     |   |   |   | 153,410 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 372,854    |   |   |   | 479,950 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (1,035,645 | ) |   | $ | (551,574 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (10,356    | ) |   | $ | (5,516 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (1,025,289 | ) |   | $ | (546,058 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.42      | ) |   | $ | (0.22 | ) |

----

|                                                         |   | Series 28 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 3,842    |   |   | $ | 2,262 |   |
| Miscellaneous                                                |   |      | 28,868   |   |   |   | 28,200 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 32,710   |   |   |   | 30,462 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | -        |   |   |   | (455,332 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 269,189  |   |   |   | 257,632 |   |
| Amortization                                                 |   |      | -        |   |   |   | - |   |
| General and administrative expenses                          |   |      | 23,318   |   |   |   | 27,715 |   |
| Professional fees                                            |   |      | 27,112   |   |   |   | 29,923 |   |
| Impairment loss                                              |   |      | -        |   |   |   | 183,235 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 319,619  |   |   |   | 498,505 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (286,909 | ) |   | $ | (923,375 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (2,869   | ) |   | $ | (9,234 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (284,040 | ) |   | $ | (914,141 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.07    | ) |   | $ | (0.23 | ) |

----

|                                                         |   | Series 29 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 1,709    |   |   | $ | 179 |   |
| Miscellaneous                                                |   |      | 12,038   |   |   |   | 24,975 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 13,747   |   |   |   | 25,154 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (24,395  | ) |   |   | (204,007 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 283,476  |   |   |   | 224,592 |   |
| Amortization                                                 |   |      | 28,950   |   |   |   | 28,948 |   |
| General and administrative expenses                          |   |      | 23,550   |   |   |   | 28,417 |   |
| Professional fees                                            |   |      | 30,185   |   |   |   | 35,829 |   |
| Impairment loss                                              |   |      | -        |   |   |   | 380,451 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 366,161  |   |   |   | 698,237 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (376,809 | ) |   | $ | (877,090 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (3,768   | ) |   | $ | (8,771 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (373,041 | ) |   | $ | (868,319 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.09    | ) |   | $ | (0.22 | ) |

----

|                                                         |   | Series 30 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 3,780    |   |   | $ | 3,798 |   |
| Miscellaneous                                                |   |      | 2,535    |   |   |   | 555 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 6,315    |   |   |   | 4,353 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 83,888   |   |   |   | (566,987 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 167,720  |   |   |   | 157,242 |   |
| Amortization                                                 |   |      | 26,275   |   |   |   | 104,340 |   |
| General and administrative expenses                          |   |      | 18,424   |   |   |   | 21,671 |   |
| Professional fees                                            |   |      | 23,469   |   |   |   | 25,077 |   |
| Impairment loss                                              |   |      | 15,589   |   |   |   | 615,661 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 251,477  |   |   |   | 923,991 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (161,274 | ) |   | $ | (1,486,625 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (1,613   | ) |   | $ | (14,866 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (159,661 | ) |   | $ | (1,471,759 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.06    | ) |   | $ | (0.56 | ) |

----

|                                                         |   | Series 31 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 2,172    |   |   | $ | 1,939 |   |
| Miscellaneous                                                |   |      | 2,107    |   |   |   | 5,925 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 4,279    |   |   |   | 7,864 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 156,023  |   |   |   | 197,045 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 301,200  |   |   |   | 325,984 |   |
| Amortization                                                 |   |      | -        |   |   |   | - |   |
| General and administrative expenses                          |   |      | 23,490   |   |   |   | 29,807 |   |
| Professional fees                                            |   |      | 29,342   |   |   |   | 37,669 |   |
| Impairment loss                                              |   |      | 166,611  |   |   |   | 796,383 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 520,643  |   |   |   | 1,189,843 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (360,341 | ) |   | $ | (984,934 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (3,603   | ) |   | $ | (9,849 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (356,738 | ) |   | $ | (975,085 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.08    | ) |   | $ | (0.22 | ) |

----

|                                                         |   | Series 32 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 3,923    |   |   | $ | 3,037 |   |
| Miscellaneous                                                |   |      | 6,262    |   |   |   | 38,436 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 10,185   |   |   |   | 41,473 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | 186,600  |   |   |   | (903,427 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 253,986  |   |   |   | 200,086 |   |
| Amortization                                                 |   |      | -        |   |   |   | 131,056 |   |
| General and administrative expenses                          |   |      | 23,608   |   |   |   | 28,859 |   |
| Professional fees                                            |   |      | 27,583   |   |   |   | 25,113 |   |
| Impairment loss                                              |   |      | 272,560  |   |   |   | 1,688,725 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 577,737  |   |   |   | 2,073,839 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (380,952 | ) |   | $ | (2,935,793 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (3,810   | ) |   | $ | (29,358 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (377,142 | ) |   | $ | (2,906,435 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.08    | ) |   | $ | (0.61 | ) |

----

|                                                         |   | Series 33 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 1,521    |   |   | $ | 940 |   |
| Miscellaneous                                                |   |      | 4,452    |   |   |   | 581 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 5,973    |   |   |   | 1,521 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (52,927  | ) |   |   | (387,789 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 117,876  |   |   |   | 139,550 |   |
| Amortization                                                 |   |      | -        |   |   |   | 11,980 |   |
| General and administrative expenses                          |   |      | 19,102   |   |   |   | 20,406 |   |
| Professional fees                                            |   |      | 20,657   |   |   |   | 18,239 |   |
| Impairment loss                                              |   |      | 37,226   |   |   |   | 1,267,778 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 194,861  |   |   |   | 1,457,953 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (241,815 | ) |   | $ | (1,844,221 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (2,418   | ) |   | $ | (18,442 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (239,397 | ) |   | $ | (1,825,779 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.09    | ) |   | $ | (0.69 | ) |

----

|                                                         |   | Series 34 |     |
|--------------------------------------------------------------|--------|-----------|----------|
|                                                         |   | 2011      |     |   | 2010 |   |
| Income                                                       |   |      |     |   |   |   |
| Interest income                                              |   | $         | 182      |   |   | $ | 42 |   |
| Miscellaneous                                                |   |      | 1,539    |   |   |   | 5,505 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 1,721    |   |   |   | 5,547 |   |
|                                                         |   |      |     |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (227,070 | ) |   |   | (610,451 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Expenses and loss                                            |   |      |     |   |   |   |   |   |
| Fund management fee                                          |   |      | 279,042  |   |   |   | 270,742 |   |
| Amortization                                                 |   |      | 224,375  |   |   |   | 384,440 |   |
| General and administrative expenses                          |   |      | 21,853   |   |   |   | 24,097 |   |
| Professional fees                                            |   |      | 21,047   |   |   |   | 22,003 |   |
| Impairment loss                                              |   |      | 225,080  |   |   |   | 1,042,951 |   |
|                                                         |   |      |     |   |   |   |   |   |
|                                                         |   |      | 771,397  |   |   |   | 1,744,233 |   |
|                                                         |   |      |     |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (996,746 | ) |   | $ | (2,349,137 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (9,967   | ) |   | $ | (23,491 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (986,779 | ) |   | $ | (2,325,646 | ) |
|                                                         |   |      |     |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.28    | ) |   | $ | (0.66 | ) |

----

|                                                         |   | Series 35 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 831        |   |   | $ | 191 |   |
| Miscellaneous                                                |   |      | 4,094      |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 4,925      |   |   |   | 191 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (609,403   | ) |   |   | (815,231 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 203,016    |   |   |   | 192,057 |   |
| Amortization                                                 |   |      | 72,288     |   |   |   | 72,288 |   |
| General and administrative expenses                          |   |      | 21,224     |   |   |   | 23,465 |   |
| Professional fees                                            |   |      | 19,441     |   |   |   | 19,567 |   |
| Impairment loss                                              |   |      | 2,017,720  |   |   |   | 2,237,536 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 2,333,689  |   |   |   | 2,544,913 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (2,938,167 | ) |   | $ | (3,359,953 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (29,382    | ) |   | $ | (33,600 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (2,908,785 | ) |   | $ | (3,326,353 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.88      | ) |   | $ | (1.01 | ) |

----

|                                                         |   | Series 36 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 673        |   |   | $ | 155 |   |
| Miscellaneous                                                |   |      | -          |   |   |   | 1,550 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 673        |   |   |   | 1,705 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (336,138   | ) |   |   | (492,791 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 153,365    |   |   |   | 135,349 |   |
| Amortization                                                 |   |      | -          |   |   |   | 29,840 |   |
| General and administrative expenses                          |   |      | 17,888     |   |   |   | 18,664 |   |
| Professional fees                                            |   |      | 19,270     |   |   |   | 18,998 |   |
| Impairment loss                                              |   |      | 1,405,263  |   |   |   | 1,548,176 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 1,595,786  |   |   |   | 1,751,027 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (1,931,251 | ) |   | $ | (2,242,113 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (19,313    | ) |   | $ | (22,421 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (1,911,938 | ) |   | $ | (2,219,692 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.91      | ) |   | $ | (1.05 | ) |

----

|                                                         |   | Series 37 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 3,602      |   |   | $ | 3,025 |   |
| Miscellaneous                                                |   |      | -          |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 3,602      |   |   |   | 3,025 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (228,964   | ) |   |   | (599,344 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 184,364    |   |   |   | 178,046 |   |
| Amortization                                                 |   |      | 118,248    |   |   |   | 118,248 |   |
| General and administrative expenses                          |   |      | 18,635     |   |   |   | 22,634 |   |
| Professional fees                                            |   |      | 15,990     |   |   |   | 15,958 |   |
| Impairment loss                                              |   |      | 1,324,065  |   |   |   | 1,849,293 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 1,661,302  |   |   |   | 2,184,179 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (1,886,664 | ) |   | $ | (2,780,498 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (18,867    | ) |   | $ | (27,805 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (1,867,797 | ) |   | $ | (2,752,693 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.74      | ) |   | $ | (1.10 | ) |

----

|                                                         |   | Series 38 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 940        |   |   | $ | 558 |   |
| Miscellaneous                                                |   |      | -          |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 940        |   |   |   | 558 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (564,465   | ) |   |   | (658,134 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 145,865    |   |   |   | 123,264 |   |
| Amortization                                                 |   |      | 13,960     |   |   |   | 26,220 |   |
| General and administrative expenses                          |   |      | 19,375     |   |   |   | 23,535 |   |
| Professional fees                                            |   |      | 18,966     |   |   |   | 18,514 |   |
| Impairment loss                                              |   |      | 2,180,548  |   |   |   | 1,863,888 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 2,378,714  |   |   |   | 2,055,421 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (2,942,239 | ) |   | $ | (2,712,997 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (29,422    | ) |   | $ | (27,130 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (2,912,817 | ) |   | $ | (2,685,867 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (1.15      | ) |   | $ | (1.06 | ) |

----

|                                                         |   | Series 39 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 2,845      |   |   | $ | 769 |   |
| Miscellaneous                                                |   |      | -          |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 2,845      |   |   |   | 769 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (890,369   | ) |   |   | (779,953 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 111,465    |   |   |   | 119,665 |   |
| Amortization                                                 |   |      | 11,116     |   |   |   | 22,072 |   |
| General and administrative expenses                          |   |      | 18,112     |   |   |   | 21,875 |   |
| Professional fees                                            |   |      | 18,313     |   |   |   | 17,607 |   |
| Impairment loss                                              |   |      | 1,711,047  |   |   |   | 1,331,559 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 1,870,053  |   |   |   | 1,512,778 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (2,757,577 | ) |   | $ | (2,291,962 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (27,576    | ) |   | $ | (22,920 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (2,730,001 | ) |   | $ | (2,269,042 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (1.19      | ) |   | $ | (0.99 | ) |

----

|                                                         |   | Series 40 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 649        |   |   | $ | 150 |   |
| Miscellaneous                                                |   |      | -          |   |   |   | 36,733 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 649        |   |   |   | 36,883 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (601,594   | ) |   |   | (900,724 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 179,279    |   |   |   | 180,246 |   |
| Amortization                                                 |   |      | 53,036     |   |   |   | 53,036 |   |
| General and administrative expenses                          |   |      | 20,102     |   |   |   | 24,037 |   |
| Professional fees                                            |   |      | 24,711     |   |   |   | 23,396 |   |
| Impairment loss                                              |   |      | 1,870,900  |   |   |   | 1,565,033 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 2,148,028  |   |   |   | 1,845,748 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (2,748,973 | ) |   | $ | (2,709,589 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (27,490    | ) |   | $ | (27,096 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (2,721,483 | ) |   | $ | (2,682,493 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (1.03      | ) |   | $ | (1.02 | ) |

----

|                                                         |   | Series 41 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 1,435      |   |   | $ | 116 |   |
| Miscellaneous                                                |   |      | 32,502     |   |   |   | 29,378 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 33,937     |   |   |   | 29,494 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (302,783   | ) |   |   | (553,631 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 184,032    |   |   |   | 207,772 |   |
| Amortization                                                 |   |      | 222,512    |   |   |   | 282,764 |   |
| General and administrative expenses                          |   |      | 22,718     |   |   |   | 27,285 |   |
| Professional fees                                            |   |      | 27,285     |   |   |   | 27,903 |   |
| Impairment loss                                              |   |      | 1,300,406  |   |   |   | 1,370,664 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 1,756,953  |   |   |   | 1,916,388 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (2,025,799 | ) |   | $ | (2,440,525 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (20,258    | ) |   | $ | (24,405 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (2,005,541 | ) |   | $ | (2,416,120 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.69      | ) |   | $ | (0.84 | ) |

----

|                                                         |   | Series 42 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 7,667      |   |   | $ | 1,159 |   |
| Miscellaneous                                                |   |      | 218        |   |   |   | 324 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 7,885      |   |   |   | 1,483 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (347,607   | ) |   |   | (342,003 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 130,906    |   |   |   | 225,604 |   |
| Amortization                                                 |   |      | 99,384     |   |   |   | 128,732 |   |
| General and administrative expenses                          |   |      | 23,194     |   |   |   | 27,461 |   |
| Professional fees                                            |   |      | 32,586     |   |   |   | 28,766 |   |
| Impairment loss                                              |   |      | 1,711,651  |   |   |   | 1,688,303 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 1,997,721  |   |   |   | 2,098,866 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (2,337,443 | ) |   | $ | (2,439,386 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (23,374    | ) |   | $ | (24,394 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (2,314,069 | ) |   | $ | (2,414,992 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (0.84      | ) |   | $ | (0.88 | ) |

----

|                                                         |   | Series 43 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 1,966      |   |   | $ | 1,010 |   |
| Miscellaneous                                                |   |      | 25         |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 1,991      |   |   |   | 1,010 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (503,263   | ) |   |   | (514,076 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 187,208    |   |   |   | 289,686 |   |
| Amortization                                                 |   |      | 247,749    |   |   |   | 289,737 |   |
| General and administrative expenses                          |   |      | 24,829     |   |   |   | 29,698 |   |
| Professional fees                                            |   |      | 35,621     |   |   |   | 31,628 |   |
| Impairment loss                                              |   |      | 2,993,098  |   |   |   | 2,024,801 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 3,488,505  |   |   |   | 2,665,550 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (3,989,777 | ) |   | $ | (3,178,616 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (39,898    | ) |   | $ | (31,786 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (3,949,879 | ) |   | $ | (3,146,830 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (1.09      | ) |   | $ | (0.86 | ) |

----

|                                                         |   | Series 44 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 78,270     |   |   | $ | 2,434 |   |
| Miscellaneous                                                |   |      | 25         |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 78,295     |   |   |   | 2,434 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (1,281,159 | ) |   |   | (1,444,199 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 267,673    |   |   |   | 248,351 |   |
| Amortization                                                 |   |      | 283,982    |   |   |   | 294,134 |   |
| General and administrative expenses                          |   |      | 20,415     |   |   |   | 24,809 |   |
| Professional fees                                            |   |      | 31,133     |   |   |   | 19,351 |   |
| Impairment loss                                              |   |      | 1,396,160  |   |   |   | 1,198,091 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 1,999,363  |   |   |   | 1,784,736 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (3,202,227 | ) |   | $ | (3,226,501 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (32,022    | ) |   | $ | (32,265 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (3,170,205 | ) |   | $ | (3,194,236 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (1.17      | ) |   | $ | (1.18 | ) |

----

|                                                         |   | Series 45 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 4,018      |   |   | $ | 1,889 |   |
| Miscellaneous                                                |   |      | 25         |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 4,043      |   |   |   | 1,889 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (1,187,195 | ) |   |   | (1,379,202 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 341,411    |   |   |   | 328,620 |   |
| Amortization                                                 |   |      | 273,092    |   |   |   | 288,104 |   |
| General and administrative expenses                          |   |      | 27,606     |   |   |   | 32,502 |   |
| Professional fees                                            |   |      | 35,839     |   |   |   | 42,276 |   |
| Impairment loss                                              |   |      | 2,445,786  |   |   |   | 2,117,133 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 3,123,734  |   |   |   | 2,808,635 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (4,306,886 | ) |   | $ | (4,185,948 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (43,069    | ) |   | $ | (41,859 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (4,263,817 | ) |   | $ | (4,144,089 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (1.06      | ) |   | $ | (1.03 | ) |

----

|                                                         |   | Series 46 |       |
|--------------------------------------------------------------|--------|-----------|------------|
|                                                         |   | 2011      |       |   | 2010 |   |
| Income                                                       |   |      |       |   |   |   |
| Interest income                                              |   | $         | 4,547      |   |   | $ | 1,455 |   |
| Miscellaneous                                                |   |      | 135        |   |   |   | - |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 4,682      |   |   |   | 1,455 |   |
|                                                         |   |      |       |   |   |   |   |   |
| Share of income (losses) from operating limited partnerships |   |      | (859,459   | ) |   |   | (861,685 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Expenses and loss                                            |   |      |       |   |   |   |   |   |
| Fund management fee                                          |   |      | 213,548    |   |   |   | 227,185 |   |
| Amortization                                                 |   |      | 42,896     |   |   |   | 79,928 |   |
| General and administrative expenses                          |   |      | 22,690     |   |   |   | 26,468 |   |
| Professional fees                                            |   |      | 24,023     |   |   |   | 25,175 |   |
| Impairment loss                                              |   |      | 1,940,109  |   |   |   | 2,084,333 |   |
|                                                         |   |      |       |   |   |   |   |   |
|                                                         |   |      | 2,243,266  |   |   |   | 2,443,089 |   |
|                                                         |   |      |       |   |   |   |   |   |
| NET INCOME (LOSS)                                            |   | $         | (3,098,043 | ) |   | $ | (3,303,319 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to general partner               |   | $         | (30,980    | ) |   | $ | (33,033 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) allocated to limited partners              |   | $         | (3,067,063 | ) |   | $ | (3,270,286 | ) |
|                                                         |   |      |       |   |   |   |   |   |
| Net income (loss) per BAC                                    |   | $         | (1.03      | ) |   | $ | (1.10 | ) |

----

| Total                                             |   | Limitedpartners |        |   | Generalpartner |   |       | Total  |   |
|---------------------------------------------------|--------|-----------------|-------------|--------|----------------|--------|------------|--------|--------|
|                                              |   |            |        |   |           |   |       |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 97,352,756  |   |           | $      | (6,255,246 | )      |   | $ | 91,097,510 |   |
|                                              |   |            |        |   |           |   |       |   |   |   |   |   |
| Net income (loss)                                 |   |            | (48,286,402 | )      |           |   | (487,741   | )      |   |   | (48,774,143 | ) |
|                                              |   |            |        |   |           |   |       |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 49,066,354  |   |           |   | (6,742,987 | )      |   |   | 42,323,367 |   |
|                                              |   |            |        |   |           |   |       |   |   |   |   |   |
| Net income (loss)                                 |   |            | (34,272,246 | )      |           |   | (346,184   | )      |   |   | (34,618,430 | ) |
|                                              |   |            |        |   |           |   |       |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 14,794,108  |   |           | $      | (7,089,171 | )      |   | $ | 7,704,937 |   |

----

| Series 20                                         |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (2,632,703 | )      |           | $      | (337,958 | )      |   | $ | (2,970,661 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (276,298   | )      |           |   | (2,791   | )      |   |   | (279,089 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (2,909,001 | )      |           |   | (340,749 | )      |   |   | (3,249,750 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | 774,418    |   |           |   | 7,822    |   |   |   | 782,240 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (2,134,583 | )      |           | $      | (332,927 | )      |   | $ | (2,467,510 | ) |

----

| Series 21                                         |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (1,592,512 | )      |           | $      | (179,673 | )      |   | $ | (1,772,185 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | 522,976    |   |           |   | 5,283    |   |   |   | 528,259 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (1,069,536 | )      |           |   | (174,390 | )      |   |   | (1,243,926 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (10,189    | )      |           |   | (103     | )      |   |   | (10,292 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,079,725 | )      |           | $      | (174,493 | )      |   | $ | (1,254,218 | ) |

----

| Series 22                                         |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (2,761,964 | )      |           | $      | (249,194 | )      |   | $ | (3,011,158 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (206,591   | )      |           |   | (2,087   | )      |   |   | (208,678 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (2,968,555 | )      |           |   | (251,281 | )      |   |   | (3,219,836 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | 535,824    |   |           |   | 5,412    |   |   |   | 541,236 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (2,432,731 | )      |           | $      | (245,869 | )      |   | $ | (2,678,600 | ) |

----

| Series 23                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (2,218,498 | )      |           | $      | (310,133 | )      |   | $ | (2,528,631 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (216,806   | )      |           |   | (2,190   | )      |   |   | (218,996 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (2,435,304 | )      |           |   | (312,323 | )      |   |   | (2,747,627 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | 604,287    |   |           |   | 6,104    |   |   |   | 610,391 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,831,017 | )      |           | $      | (306,219 | )      |   | $ | (2,137,236 | ) |

----

| Series 24                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (2,090,958 | )      |           | $      | (208,290 | )      |   | $ | (2,299,248 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (11,288    | )      |           |   | (114     | )      |   |   | (11,402 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (2,102,246 | )      |           |   | (208,404 | )      |   |   | (2,310,650 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (116,141   | )      |           |   | (1,173   | )      |   |   | (117,314 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (2,218,387 | )      |           | $      | (209,577 | )      |   | $ | (2,427,964 | ) |

----

| Series 25                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (1,732,532 | )      |           | $      | (277,545 | )      |   | $ | (2,010,077 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (86,239    | )      |           |   | (871     | )      |   |   | (87,110 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (1,818,771 | )      |           |   | (278,416 | )      |   |   | (2,097,187 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | 435,676    |   |           |   | 4,401    |   |   |   | 440,077 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,383,095 | )      |           | $      | (274,015 | )      |   | $ | (1,657,110 | ) |

----

| Series 26                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (977,021   | )      |           | $      | (353,559 | )      |   | $ | (1,330,580 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (1,656,241 | )      |           |   | (16,730  | )      |   |   | (1,672,971 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (2,633,262 | )      |           |   | (370,289 | )      |   |   | (3,003,551 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | 1,129,361  |   |           |   | 11,408   |   |   |   | 1,140,769 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,503,901 | )      |           | $      | (358,881 | )      |   | $ | (1,862,782 | ) |

----

| Series 27                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 266,174    |   |           | $      | (205,844 | )      |   | $ | 60,330 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (546,058   | )      |           |   | (5,516   | )      |   |   | (551,574 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (279,884   | )      |           |   | (211,360 | )      |   |   | (491,244 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (1,025,289 | )      |           |   | (10,356  | )      |   |   | (1,035,645 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,305,173 | )      |           | $      | (221,716 | )      |   | $ | (1,526,889 | ) |

----

| Series 28                                    |   | Limitedpartners |     |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|----------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |     |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 445,603  |   |           | $      | (342,719 | )      |   | $ | 102,884 |   |
|                                              |   |            |     |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (914,141 | )      |           |   | (9,234   | )      |   |   | (923,375 | ) |
|                                              |   |            |     |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (468,538 | )      |           |   | (351,953 | )      |   |   | (820,491 | ) |
|                                              |   |            |     |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (284,040 | )      |           |   | (2,869   | )      |   |   | (286,909 | ) |
|                                              |   |            |     |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (752,578 | )      |           | $      | (354,822 | )      |   | $ | (1,107,400 | ) |

----

| Series 29                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (1,084,161 | )      |           | $      | (353,019 | )      |   | $ | (1,437,180 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (868,319   | )      |           |   | (8,771   | )      |   |   | (877,090 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (1,952,480 | )      |           |   | (361,790 | )      |   |   | (2,314,270 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (373,041   | )      |           |   | (3,768   | )      |   |   | (376,809 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (2,325,521 | )      |           | $      | (365,558 | )      |   | $ | (2,691,079 | ) |

----

| Series 30                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 763,884    |   |           | $      | (221,634 | )      |   | $ | 542,250 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (1,471,759 | )      |           |   | (14,866  | )      |   |   | (1,486,625 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (707,875   | )      |           |   | (236,500 | )      |   |   | (944,375 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (159,661   | )      |           |   | (1,613   | )      |   |   | (161,274 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (867,536   | )      |           | $      | (238,113 | )      |   | $ | (1,105,649 | ) |

----

| Series 31                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | (442,447   | )      |           | $      | (387,559 | )      |   | $ | (830,006 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (975,085   | )      |           |   | (9,849   | )      |   |   | (984,934 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (1,417,532 | )      |           |   | (397,408 | )      |   |   | (1,814,940 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (356,738   | )      |           |   | (3,603   | )      |   |   | (360,341 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,774,270 | )      |           | $      | (401,011 | )      |   | $ | (2,175,281 | ) |

----

| Series 32                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 1,720,324  |   |           | $      | (393,089 | )      |   | $ | 1,327,235 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,906,435 | )      |           |   | (29,358  | )      |   |   | (2,935,793 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (1,186,111 | )      |           |   | (422,447 | )      |   |   | (1,608,558 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (377,142   | )      |           |   | (3,810   | )      |   |   | (380,952 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,563,253 | )      |           | $      | (426,257 | )      |   | $ | (1,989,510 | ) |

----

| Series 33                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 833,496    |   |           | $      | (219,642 | )      |   | $ | 613,854 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (1,825,779 | )      |           |   | (18,442  | )      |   |   | (1,844,221 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (992,283   | )      |           |   | (238,084 | )      |   |   | (1,230,367 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (239,397   | )      |           |   | (2,418   | )      |   |   | (241,815 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,231,680 | )      |           | $      | (240,502 | )      |   | $ | (1,472,182 | ) |

----

| Series 34                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 684,035    |   |           | $      | (296,516 | )      |   | $ | 387,519 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,325,646 | )      |           |   | (23,491  | )      |   |   | (2,349,137 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | (1,641,611 | )      |           |   | (320,007 | )      |   |   | (1,961,618 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (986,779   | )      |           |   | (9,967   | )      |   |   | (996,746 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (2,628,390 | )      |           | $      | (329,974 | )      |   | $ | (2,958,364 | ) |

----

| Series 35                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 5,127,834  |   |           | $      | (233,077 | )      |   | $ | 4,894,757 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (3,326,353 | )      |           |   | (33,600  | )      |   |   | (3,359,953 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 1,801,481  |   |           |   | (266,677 | )      |   |   | 1,534,804 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,908,785 | )      |           |   | (29,382  | )      |   |   | (2,938,167 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,107,304 | )      |           | $      | (296,059 | )      |   | $ | (1,403,363 | ) |

----

| Series 36                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 2,676,938  |   |           | $      | (153,428 | )      |   | $ | 2,523,510 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,219,692 | )      |           |   | (22,421  | )      |   |   | (2,242,113 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 457,246    |   |           |   | (175,849 | )      |   |   | 281,397 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (1,911,938 | )      |           |   | (19,313  | )      |   |   | (1,931,251 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,454,692 | )      |           | $      | (195,162 | )      |   | $ | (1,649,854 | ) |

----

| Series 37                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 3,461,812  |   |           | $      | (182,773 | )      |   | $ | 3,279,039 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,752,693 | )      |           |   | (27,805  | )      |   |   | (2,780,498 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 709,119    |   |           |   | (210,578 | )      |   |   | 498,541 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (1,867,797 | )      |           |   | (18,867  | )      |   |   | (1,886,664 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | (1,158,678 | )      |           | $      | (229,445 | )      |   | $ | (1,388,123 | ) |

----

| Series 38                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 5,660,862  |   |           | $      | (163,309 | )      |   | $ | 5,497,553 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,685,867 | )      |           |   | (27,130  | )      |   |   | (2,712,997 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 2,974,995  |   |           |   | (190,439 | )      |   |   | 2,784,556 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,912,817 | )      |           |   | (29,422  | )      |   |   | (2,942,239 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 62,178     |   |           | $      | (219,861 | )      |   | $ | (157,683 | ) |

----

| Series 39                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 5,570,172  |   |           | $      | (142,161 | )      |   | $ | 5,428,011 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,269,042 | )      |           |   | (22,920  | )      |   |   | (2,291,962 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 3,301,130  |   |           |   | (165,081 | )      |   |   | 3,136,049 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,730,001 | )      |           |   | (27,576  | )      |   |   | (2,757,577 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 571,129    |   |           | $      | (192,657 | )      |   | $ | 378,472 |   |

----

| Series 40                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 6,019,493  |   |           | $      | (166,412 | )      |   | $ | 5,853,081 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,682,493 | )      |           |   | (27,096  | )      |   |   | (2,709,589 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 3,337,000  |   |           |   | (193,508 | )      |   |   | 3,143,492 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,721,483 | )      |           |   | (27,490  | )      |   |   | (2,748,973 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 615,517    |   |           | $      | (220,998 | )      |   | $ | 394,519 |   |

----

| Series 41                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 5,720,221  |   |           | $      | (193,906 | )      |   | $ | 5,526,315 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,416,120 | )      |           |   | (24,405  | )      |   |   | (2,440,525 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 3,304,101  |   |           |   | (218,311 | )      |   |   | 3,085,790 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,005,541 | )      |           |   | (20,258  | )      |   |   | (2,025,799 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 1,298,560  |   |           | $      | (238,569 | )      |   | $ | 1,059,991 |   |

----

| Series 42                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 7,899,543  |   |           | $      | (163,579 | )      |   | $ | 7,735,964 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,414,992 | )      |           |   | (24,394  | )      |   |   | (2,439,386 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 5,484,551  |   |           |   | (187,973 | )      |   |   | 5,296,578 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (2,314,069 | )      |           |   | (23,374  | )      |   |   | (2,337,443 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 3,170,482  |   |           | $      | (211,347 | )      |   | $ | 2,959,135 |   |

----

| Series 43                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 13,062,697 |   |           | $      | (192,823 | )      |   | $ | 12,869,874 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (3,146,830 | )      |           |   | (31,786  | )      |   |   | (3,178,616 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 9,915,867  |   |           |   | (224,609 | )      |   |   | 9,691,258 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (3,949,879 | )      |           |   | (39,898  | )      |   |   | (3,989,777 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 5,965,988  |   |           | $      | (264,507 | )      |   | $ | 5,701,481 |   |

----

| Series 44                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 12,774,229 |   |           | $      | (110,815 | )      |   | $ | 12,663,414 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (3,194,236 | )      |           |   | (32,265  | )      |   |   | (3,226,501 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 9,579,993  |   |           |   | (143,080 | )      |   |   | 9,436,913 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (3,170,205 | )      |           |   | (32,022  | )      |   |   | (3,202,227 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 6,409,788  |   |           | $      | (175,102 | )      |   | $ | 6,234,686 |   |

----

| Series 45                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 22,127,060 |   |           | $      | (133,729 | )      |   | $ | 21,993,331 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (4,144,089 | )      |           |   | (41,859  | )      |   |   | (4,185,948 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 17,982,971 |   |           |   | (175,588 | )      |   |   | 17,807,383 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (4,263,817 | )      |           |   | (43,069  | )      |   |   | (4,306,886 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 13,719,154 |   |           | $      | (218,657 | )      |   | $ | 13,500,497 |   |

----

| Series 46                                    |   | Limitedpartners |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |            |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   | $               | 18,071,175 |   |           | $      | (82,860  | )      |   | $ | 17,988,315 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (3,270,286 | )      |           |   | (33,033  | )      |   |   | (3,303,319 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |            | 14,800,889 |   |           |   | (115,893 | )      |   |   | 14,684,996 |   |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |            | (3,067,063 | )      |           |   | (30,980  | )      |   |   | (3,098,043 | ) |
|                                              |   |            |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $               | 11,733,826 |   |           | $      | (146,873 | )      |   | $ | 11,586,953 |   |

----

|                                                                                              |   | Total  |        |
|---------------------------------------------------------------------------------------------------|--------|--------|-------------|
|                                                                                              |   | 2011   |        |   | 2010 |   |
| Cash flows from operating activities                                                              |   |   |        |   |   |   |
| Net income (loss)                                                                                 |   | $      | (34,618,430 | ) |   | $ | (48,774,143 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |   |        |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |   | 3,954,019   |   |   |   | 12,195,721 |   |
| Impairment loss                                                                                   |   |   | 23,038,128  |   |   |   | 27,675,675 |   |
| Distributions received from operating limited partnerships                                        |   |   | 182,237     |   |   |   | 464,620 |   |
| Amortization                                                                                      |   |   | 1,786,355   |   |   |   | 2,460,106 |   |
| Changes in assets and liabilities                                                                 |   |   |        |   |   |   |   |   |
| Other assets                                                                                      |   |   | (165,855    | ) |   |   | 295,631 |   |
| Accounts payable and accrued expenses                                                             |   |   | 93,836      |   |   |   | 51,863 |   |
| Accounts payable - affiliates                                                                     |   |   | 314,146     |   |   |   | 4,959,048 |   |
|                                                                                              |   |   |        |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |   | (5,415,564  | ) |   |   | (671,479 | ) |
|                                                                                              |   |   |        |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |   |        |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |   | (259,901    | ) |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |   | 7,102,968   |   |   |   | 988,360 |   |
|                                                                                              |   |   |        |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |   | 6,843,067   |   |   |   | 988,360 |   |
|                                                                                              |   |   |        |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |   | 1,427,503   |   |   |   | 316,881 |   |
|                                                                                              |   |   |        |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |   | 6,498,869   |   |   |   | 6,181,988 |   |
|                                                                                              |   |   |        |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $      | 7,926,372   |   |   | $ | 6,498,869 |   |

----

|                                                                                                                                                                                                   |   | Total  |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
|                                                                                                                                                                                                   |   | 2011   |    |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |   |    |   |   |   |
|                                                                                                                                                                                                   |   |   |    |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated. |   | $      | 8,915   |   |   | $ | 16,888 |   |
|                                                                                                                                                                                                   |   |   |    |   |   |   |   |   |
| The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.                                                                           |   | $      | 653,373 |   |   | $ | 250,000 |   |
|                                                                                                                                                                                                   |   |   |    |   |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.                     |   | $      | 18,818  |   |   | $ | 41,331 |   |

----

|                                                                                              |   | Series 20 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | 782,240  |   |   | $ | (279,089 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (921,489 | ) |   |   | 29,623 |   |
| Impairment loss                                                                                   |   |      | -        |   |   |   | - |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | - |   |
| Amortization                                                                                      |   |      | -        |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | 2,633    |   |   |   | (42,424 | ) |
| Accounts payable and accrued expenses                                                             |   |      | 10,376   |   |   |   | 7,500 |   |
| Accounts payable - affiliates                                                                     |   |      | (737,086 | ) |   |   | 287,024 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (863,326 | ) |   |   | 2,634 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 921,489  |   |   |   | 10,168 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 921,489  |   |   |   | 10,168 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 58,163   |   |   |   | 12,802 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 187,333  |   |   |   | 174,531 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 245,496  |   |   | $ | 187,333 |   |

----

|                                                                                                                                                                                                   |   | Series 20 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 21 |    |
|---------------------------------------------------------------------------------------------------|--------|-----------|---------|
|                                                                                              |   | 2011      |    |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |    |   |   |   |
| Net income (loss)                                                                                 |   | $         | (10,292 | ) |   | $ | 528,259 |   |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |    |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (25,729 | ) |   |   | (634,441 | ) |
| Impairment loss                                                                                   |   |      | -       |   |   |   | - |   |
| Distributions received from operating limited partnerships                                        |   |      | -       |   |   |   | 1 |   |
| Amortization                                                                                      |   |      | -       |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |      |    |   |   |   |   |   |
| Other assets                                                                                      |   |      | -       |   |   |   | 88,577 |   |
| Accounts payable and accrued expenses                                                             |   |      | (7,788  | ) |   |   | 15,808 |   |
| Accounts payable - affiliates                                                                     |   |      | 69,765  |   |   |   | (458,867 | ) |
|                                                                                              |   |      |    |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 25,956  |   |   |   | (460,663 | ) |
|                                                                                              |   |      |    |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |    |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -       |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 25,729  |   |   |   | 732,319 |   |
|                                                                                              |   |      |    |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 25,729  |   |   |   | 732,319 |   |
|                                                                                              |   |      |    |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 51,685  |   |   |   | 271,656 |   |
|                                                                                              |   |      |    |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 287,156 |   |   |   | 15,500 |   |
|                                                                                              |   |      |    |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 338,841 |   |   | $ | 287,156 |   |

----

|                                                                                                                                                                                                   |   | Series 21 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 22 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | 541,236  |   |   | $ | (208,678 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (754,900 | ) |   |   | (60,867 | ) |
| Impairment loss                                                                                   |   |      | -        |   |   |   | - |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | - |   |
| Amortization                                                                                      |   |      | -        |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | 2,500    |   |   |   | (2,500 | ) |
| Accounts payable and accrued expenses                                                             |   |      | (7,614   | ) |   |   | 20,115 |   |
| Accounts payable - affiliates                                                                     |   |      | (342,631 | ) |   |   | 264,288 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (561,409 | ) |   |   | 12,358 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 754,900  |   |   |   | 60,867 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 754,900  |   |   |   | 60,867 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 193,491  |   |   |   | 73,225 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 150,885  |   |   |   | 77,660 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 344,376  |   |   | $ | 150,885 |   |

----

|                                                                                                                                                                                                   |   | Series 22 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 23 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | 610,391  |   |   | $ | (218,996 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (688,724 | ) |   |   | (38,225 | ) |
| Impairment loss                                                                                   |   |      | -        |   |   |   | - |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | - |   |
| Amortization                                                                                      |   |      | -        |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | (10,373  | ) |   |   | 30,173 |   |
| Accounts payable - affiliates                                                                |   |      | (371,006 | ) |   |   | 250,488 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (459,712 | ) |   |   | 23,440 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 688,724  |   |   |   | 38,225 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 688,724  |   |   |   | 38,225 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 229,012  |   |   |   | 61,665 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 96,567   |   |   |   | 34,902 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 325,579  |   |   | $ | 96,567 |   |

----

|                                                                                                                                                                                                   |   | Series 23 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 24 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (117,314 | ) |   | $ | (11,402 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | -        |   |   |   | (107,945 | ) |
| Impairment loss                                                                                   |   |      | -        |   |   |   | - |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | - |   |
| Amortization                                                                                      |   |      | -        |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | (7,500   | ) |   |   | 15,000 |   |
| Accounts payable - affiliates                                                                     |   |      | 77,900   |   |   |   | 124,222 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (46,914  | ) |   |   | 19,875 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -        |   |   |   | 107,945 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -        |   |   |   | 107,945 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (46,914  | ) |   |   | 127,820 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 247,141  |   |   |   | 119,321 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 200,227  |   |   | $ | 247,141 |   |

----

|                                                                                                                                                                                                   |   | Series 24 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 25 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | 440,077  |   |   | $ | (87,110 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (469,513 | ) |   |   | (68,662 | ) |
| Impairment loss                                                                                   |   |      | -        |   |   |   | 62,147 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | - |   |
| Amortization                                                                                      |   |      | -        |   |   |   | 11,423 |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | (1,250 | ) |
| Accounts payable and accrued expenses                                                             |   |      | 54,408   |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | (188,789 | ) |   |   | 134,550 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (163,817 | ) |   |   | 51,098 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 469,513  |   |   |   | 38,836 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 469,513  |   |   |   | 38,836 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 305,696  |   |   |   | 89,934 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 256,530  |   |   |   | 166,596 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 562,226  |   |   | $ | 256,530 |   |

----

|                                                                                                                                                                                                   |   | Series 25 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 26 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | 1,140,769  |   |   | $ | (1,672,971 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (1,451,966 | ) |   |   | 724,045 |   |
| Impairment loss                                                                                   |   |      | -          |   |   |   | 606,124 |   |
| Distributions received from operating limited partnerships                                        |   |      | -          |   |   |   | 42,403 |   |
| Amortization                                                                                      |   |      | -          |   |   |   | 34,324 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | (5,400 | ) |
| Accounts payable and accrued expenses                                                             |   |      | 30,000     |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | (1,006,313 | ) |   |   | 217,273 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (1,287,510 | ) |   |   | (54,202 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 1,451,966  |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 1,451,966  |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 164,456    |   |   |   | (54,202 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 312,412    |   |   |   | 366,614 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 476,868    |   |   | $ | 312,412 |   |

----

|                                                                                                                                                                                                   |   | Series 26 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 27 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (1,035,645 | ) |   | $ | (551,574 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 676,060    |   |   |   | 80,272 |   |
| Impairment loss                                                                                   |   |      | 24,309     |   |   |   | 153,410 |   |
| Distributions received from operating limited partnerships                                        |   |      | 100        |   |   |   | 58,048 |   |
| Amortization                                                                                      |   |      | 68,492     |   |   |   | 68,492 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | 27,757 |   |
| Accounts payable and accrued expenses                                                             |   |      | 10,000     |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | (1,105,169 | ) |   |   | 327,526 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (1,361,853 | ) |   |   | 163,931 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 1,638,582  |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 1,638,582  |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 276,729    |   |   |   | 163,931 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 273,885    |   |   |   | 109,954 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 550,614    |   |   | $ | 273,885 |   |

----

|                                                                                                                                                                                                   |   | Series 27 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated. |   | $         | -      |   |   | $ | 16,888 |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |   |   |
| 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.                     |   | $         | -      |   |   | $ | 41,331 |   |

----

|                                                                                              |   | Series 28 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (286,909 | ) |   | $ | (923,375 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | -        |   |   |   | 455,332 |   |
| Impairment loss                                                                                   |   |      | -        |   |   |   | 183,235 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | 49,621 |   |
| Amortization                                                                                      |   |      | -        |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | (3,550 | ) |
| Accounts payable and accrued expenses                                                             |   |      | -        |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 284,116  |   |   |   | 309,116 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (2,793   | ) |   |   | 70,379 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (2,793   | ) |   |   | 70,379 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 262,507  |   |   |   | 192,128 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 259,714  |   |   | $ | 262,507 |   |

----

|                                                                                                                                                                                                   |   | Series 28 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 29 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (376,809 | ) |   | $ | (877,090 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 24,395   |   |   |   | 204,007 |   |
| Impairment loss                                                                                   |   |      | -        |   |   |   | 380,451 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | 669 |   |
| Amortization                                                                                      |   |      | 28,950   |   |   |   | 28,948 |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -        |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 331,404  |   |   |   | 331,404 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 7,940    |   |   |   | 68,389 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 7,940    |   |   |   | 68,389 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 206,375  |   |   |   | 137,986 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 214,315  |   |   | $ | 206,375 |   |

----

|                                                                                                                                                                                                   |   | Series 29 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 30 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (161,274 | ) |   | $ | (1,486,625 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (83,888  | ) |   |   | 566,987 |   |
| Impairment loss                                                                                   |   |      | 15,589   |   |   |   | 615,661 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | 29,701 |   |
| Amortization                                                                                      |   |      | 26,275   |   |   |   | 104,340 |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | 10,000   |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 183,160  |   |   |   | 186,169 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (10,138  | ) |   |   | 16,233 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 151,341  |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 151,341  |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 141,203  |   |   |   | 16,233 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 280,327  |   |   |   | 264,094 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 421,530  |   |   | $ | 280,327 |   |

----

|                                                                                                                                                                                                   |   | Series 30 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 31 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (360,341 | ) |   | $ | (984,934 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (156,023 | ) |   |   | (197,045 | ) |
| Impairment loss                                                                                   |   |      | 166,611  |   |   |   | 796,383 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | 5,441 |   |
| Amortization                                                                                      |   |      | -        |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -        |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 364,152  |   |   |   | 364,152 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 14,399   |   |   |   | (16,003 | ) |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 14,399   |   |   |   | (16,003 | ) |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 166,800  |   |   |   | 182,803 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 181,199  |   |   | $ | 166,800 |   |

----

|                                                                                                                                                                                                   |   | Series 31 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 32 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (380,952 | ) |   | $ | (2,935,793 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | (186,600 | ) |   |   | 903,427 |   |
| Impairment loss                                                                                   |   |      | 272,560  |   |   |   | 1,688,725 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | 2,984 |   |
| Amortization                                                                                      |   |      | -        |   |   |   | 131,056 |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -        |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | (110,227 | ) |   |   | 312,615 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (405,219 | ) |   |   | 103,014 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 559,998  |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 559,998  |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 154,779  |   |   |   | 103,014 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 340,581  |   |   |   | 237,567 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 495,360  |   |   | $ | 340,581 |   |

----

|                                                                                                                                                                                                   |   | Series 32 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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.                                                                           |   | $         | -      |   |   | $ | 125,000 |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.                     |   | $         | -      |   |   | $ | - |   |

----

|                                                                                              |   | Series 33 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (241,815 | ) |   | $ | (1,844,221 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 52,927   |   |   |   | 387,789 |   |
| Impairment loss                                                                                   |   |      | 37,226   |   |   |   | 1,267,778 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | 7,370 |   |
| Amortization                                                                                      |   |      | -        |   |   |   | 11,980 |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | 3,403    |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 144,375  |   |   |   | 173,767 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (3,884   | ) |   |   | 4,463 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 60,000   |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 60,000   |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 56,116   |   |   |   | 4,463 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 184,115  |   |   |   | 179,652 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 240,231  |   |   | $ | 184,115 |   |

----

|                                                                                                                                                                                                   |   | Series 33 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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.                                                                           |   | $         | -      |   |   | $ | 125,000 |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.                     |   | $         | -      |   |   | $ | - |   |

----

|                                                                                              |   | Series 34 |     |
|---------------------------------------------------------------------------------------------------|--------|-----------|----------|
|                                                                                              |   | 2011      |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |     |   |   |   |
| Net income (loss)                                                                                 |   | $         | (996,746 | ) |   | $ | (2,349,137 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |     |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 227,070  |   |   |   | 610,451 |   |
| Impairment loss                                                                                   |   |      | 225,080  |   |   |   | 1,042,951 |   |
| Distributions received from operating limited partnerships                                        |   |      | -        |   |   |   | 4,182 |   |
| Amortization                                                                                      |   |      | 224,375  |   |   |   | 384,440 |   |
| Changes in assets and liabilities                                                                 |   |      |     |   |   |   |   |   |
| Other assets                                                                                      |   |      | -        |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -        |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 310,569  |   |   |   | 308,882 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (9,652   | ) |   |   | 1,769 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -        |   |   |   | - |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (9,652   | ) |   |   | 1,769 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 74,138   |   |   |   | 72,369 |   |
|                                                                                              |   |      |     |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 64,486   |   |   | $ | 74,138 |   |

----

|                                                                                                                                                                                                   |   | Series 34 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 35 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (2,938,167 | ) |   | $ | (3,359,953 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 609,403    |   |   |   | 815,231 |   |
| Impairment loss                                                                                   |   |      | 2,017,720  |   |   |   | 2,237,536 |   |
| Distributions received from operating limited partnerships                                        |   |      | -          |   |   |   | 15,731 |   |
| Amortization                                                                                      |   |      | 72,288     |   |   |   | 72,288 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 228,360    |   |   |   | 228,360 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (10,396    | ) |   |   | 9,193 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (10,396    | ) |   |   | 9,193 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 127,244    |   |   |   | 118,051 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 116,848    |   |   | $ | 127,244 |   |

----

|                                                                                                                                                                                                   |   | Series 35 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 36 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (1,931,251 | ) |   | $ | (2,242,113 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 336,138    |   |   |   | 492,791 |   |
| Impairment loss                                                                                   |   |      | 1,405,263  |   |   |   | 1,548,176 |   |
| Distributions received from operating limited partnerships                                        |   |      | 13,640     |   |   |   | 38,403 |   |
| Amortization                                                                                      |   |      | -          |   |   |   | 29,840 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 166,621    |   |   |   | 174,143 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (9,589     | ) |   |   | 41,240 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (9,589     | ) |   |   | 41,240 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 142,855    |   |   |   | 101,615 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 133,266    |   |   | $ | 142,855 |   |

----

|                                                                                                                                                                                                   |   | Series 36 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 37 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (1,886,664 | ) |   | $ | (2,780,498 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 228,964    |   |   |   | 599,344 |   |
| Impairment loss                                                                                   |   |      | 1,324,065  |   |   |   | 1,849,293 |   |
| Distributions received from operating limited partnerships                                        |   |      | 47,169     |   |   |   | 45,997 |   |
| Amortization                                                                                      |   |      | 118,248    |   |   |   | 118,248 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 204,864    |   |   |   | 204,864 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 36,646     |   |   |   | 37,248 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 36,646     |   |   |   | 37,248 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 309,745    |   |   |   | 272,497 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 346,391    |   |   | $ | 309,745 |   |

----

|                                                                                                                                                                                                   |   | Series 37 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 38 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (2,942,239 | ) |   | $ | (2,712,997 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 564,465    |   |   |   | 658,134 |   |
| Impairment loss                                                                                   |   |      | 2,180,548  |   |   |   | 1,863,888 |   |
| Distributions received from operating limited partnerships                                        |   |      | 45,159     |   |   |   | 48,286 |   |
| Amortization                                                                                      |   |      | 13,960     |   |   |   | 26,220 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 164,400    |   |   |   | 64,400 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 26,293     |   |   |   | (52,069 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 26,293     |   |   |   | (52,069 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 209,324    |   |   |   | 261,393 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 235,617    |   |   | $ | 209,324 |   |

----

|                                                                                                                                                                                                   |   | Series 38 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 39 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (2,757,577 | ) |   | $ | (2,291,962 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of  (income) losses from operating limited partnerships                           |   |      | 890,369    |   |   |   | 779,953 |   |
| Impairment loss                                                                                   |   |      | 1,711,047  |   |   |   | 1,331,559 |   |
| Distributions received from operating limited partnerships                                        |   |      | 12,754     |   |   |   | 14,953 |   |
| Amortization                                                                                      |   |      | 11,116     |   |   |   | 22,072 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 136,800    |   |   |   | 86,800 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 4,509      |   |   |   | (56,625 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 4,509      |   |   |   | (56,625 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 183,296    |   |   |   | 239,921 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 187,805    |   |   | $ | 183,296 |   |

----

|                                                                                                                                                                                                   |   | Series 39 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 40 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (2,748,973 | ) |   | $ | (2,709,589 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 601,594    |   |   |   | 900,724 |   |
| Impairment loss                                                                                   |   |      | 1,870,900  |   |   |   | 1,565,033 |   |
| Distributions received from operating limited partnerships                                        |   |      | 675        |   |   |   | 2,430 |   |
| Amortization                                                                                      |   |      | 53,036     |   |   |   | 53,036 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | (36,733 | ) |
| Accounts payable - affiliates                                                                     |   |      | 211,999    |   |   |   | 218,094 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (10,769    | ) |   |   | (7,005 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (10,769    | ) |   |   | (7,005 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 120,514    |   |   |   | 127,519 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 109,745    |   |   | $ | 120,514 |   |

----

|                                                                                                                                                                                                   |   | Series 40 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 41 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (2,025,799 | ) |   | $ | (2,440,525 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 302,783    |   |   |   | 553,631 |   |
| Impairment loss                                                                                   |   |      | 1,300,406  |   |   |   | 1,370,664 |   |
| Distributions received from operating limited partnerships                                        |   |      | 7,259      |   |   |   | 6,437 |   |
| Amortization                                                                                      |   |      | 222,512    |   |   |   | 282,764 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | 834        |   |   |   | (835 | ) |
| Accounts payable and accrued expenses                                                             |   |      | 8,924      |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | (60,471    | ) |   |   | 266,149 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (243,552   | ) |   |   | 38,285 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | 380,726    |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | 380,726    |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 137,174    |   |   |   | 38,285 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 78,660     |   |   |   | 40,375 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 215,834    |   |   | $ | 78,660 |   |

----

|                                                                                                                                                                                                   |   | Series 41 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 42 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (2,337,443 | ) |   | $ | (2,439,386 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 347,607    |   |   |   | 342,003 |   |
| Impairment loss                                                                                   |   |      | 1,711,651  |   |   |   | 1,688,303 |   |
| Distributions received from operating limited partnerships                                        |   |      | 1,005      |   |   |   | 609 |   |
| Amortization                                                                                      |   |      | 99,384     |   |   |   | 128,732 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | 117,628 |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 249,780    |   |   |   | 151,056 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 71,984     |   |   |   | (11,055 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | (109,361   | ) |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | (109,361   | ) |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (37,377    | ) |   |   | (11,055 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 348,800    |   |   |   | 359,855 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 311,423    |   |   | $ | 348,800 |   |

----

|                                                                                                                                                                                                   |   | Series 42 |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|
|                                                                                                                                                                                                   |   | 2011      |    |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |    |   |   |   |
|                                                                                                                                                                                                   |   |      |    |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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.                                                                           |   | $         | 270,143 |   |   | $ | - |   |
|                                                                                                                                                                                                   |   |      |    |   |   |   |   |   |
| 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 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (3,989,777 | ) |   | $ | (3,178,616 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 503,263    |   |   |   | 514,076 |   |
| Impairment loss                                                                                   |   |      | 2,993,098  |   |   |   | 2,024,801 |   |
| Distributions received from operating limited partnerships                                        |   |      | 3,410      |   |   |   | 20,907 |   |
| Amortization                                                                                      |   |      | 247,749    |   |   |   | 289,737 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | (85,806    | ) |   |   | 117,628 |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 306,780    |   |   |   | 281,780 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (21,283    | ) |   |   | 70,313 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (21,283    | ) |   |   | 70,313 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 256,265    |   |   |   | 185,952 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 234,982    |   |   | $ | 256,265 |   |

----

|                                                                                                                                                                                                   |   | Series 43 |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|
|                                                                                                                                                                                                   |   | 2011      |    |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |    |   |   |   |
|                                                                                                                                                                                                   |   |      |    |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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.                                                                           |   | $         | 186,626 |   |   | $ | - |   |
|                                                                                                                                                                                                   |   |      |    |   |   |   |   |   |
| 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 44 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (3,202,227 | ) |   | $ | (3,226,501 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 1,281,159  |   |   |   | 1,444,199 |   |
| Impairment loss                                                                                   |   |      | 1,396,160  |   |   |   | 1,198,091 |   |
| Distributions received from operating limited partnerships                                        |   |      | 5,728      |   |   |   | 4,129 |   |
| Amortization                                                                                      |   |      | 283,982    |   |   |   | 294,134 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | (104,834   | ) |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 284,701    |   |   |   | 84,701 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (55,331    | ) |   |   | (201,247 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | (139,317   | ) |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | (139,317   | ) |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (194,648   | ) |   |   | (201,247 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 590,586    |   |   |   | 791,833 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 395,938    |   |   | $ | 590,586 |   |

----

|                                                                                                                                                                                                   |   | Series 44 |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|
|                                                                                                                                                                                                   |   | 2011      |    |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |    |   |   |   |
|                                                                                                                                                                                                   |   |      |    |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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.                                                                           |   | $         | 196,604 |   |   | $ | - |   |
|                                                                                                                                                                                                   |   |      |    |   |   |   |   |   |
| 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 45 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (4,306,886 | ) |   | $ | (4,185,948 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 1,187,195  |   |   |   | 1,379,202 |   |
| Impairment loss                                                                                   |   |      | 2,445,786  |   |   |   | 2,117,133 |   |
| Distributions received from operating limited partnerships                                        |   |      | 22,953     |   |   |   | 51,029 |   |
| Amortization                                                                                      |   |      | 273,092    |   |   |   | 288,104 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | -          |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 266,564    |   |   |   | 16,564 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | (111,296   | ) |   |   | (333,916 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | (111,296   | ) |   |   | (333,916 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 537,189    |   |   |   | 871,105 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 425,893    |   |   | $ | 537,189 |   |

----

|                                                                                                                                                                                                   |   | Series 45 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to 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 46 |       |
|---------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                              |   | 2011      |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |      |       |   |   |   |
| Net income (loss)                                                                                 |   | $         | (3,098,043 | ) |   | $ | (3,303,319 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |      |       |   |   |   |   |   |
| Share of (income) losses from operating limited partnerships                                      |   |      | 859,459    |   |   |   | 861,685 |   |
| Impairment loss                                                                                   |   |      | 1,940,109  |   |   |   | 2,084,333 |   |
| Distributions received from operating limited partnerships                                        |   |      | 22,385     |   |   |   | 15,289 |   |
| Amortization                                                                                      |   |      | 42,896     |   |   |   | 79,928 |   |
| Changes in assets and liabilities                                                                 |   |      |       |   |   |   |   |   |
| Other assets                                                                                      |   |      | 18,818     |   |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |      | -          |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |      | 249,528    |   |   |   | 49,528 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |      | 35,152     |   |   |   | (212,556 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |      |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |      | (11,223    | ) |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |      | -          |   |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |      | (11,223    | ) |   |   | - |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |      | 23,929     |   |   |   | (212,556 | ) |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |      | 267,639    |   |   |   | 480,195 |   |
|                                                                                              |   |      |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                 |   | $         | 291,568    |   |   | $ | 267,639 |   |

----

|                                                                                                                                                                                                   |   | Series 46 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                   |   | 2011      |   |   | 2010 |   |
| Supplemental schedule of noncash investing and financing activities                                                                                                                                    |   |      |   |   |   |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |
| The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated. |   | $         | 8,915  |   |   | $ | - |   |
|                                                                                                                                                                                                   |   |      |   |   |   |   |   |   |
| 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.                     |   | $         | 18,818 |   |   | $ | - |   |

----

----

|      |   | Issued |       |   | Outstanding |   |
|-----------|--------|--------|------------|--------|-------------|--------|
|      |   | 2011   |       |   | 2010        |   |   | 2011 |   |   | 2010 |   |
|      |   |   |       |   |        |   |   |   |   |   |   |   |
| Series 20 |   |   | 3,866,700  |   |        |   | 3,866,700 |   |   |   | 3,866,700 |   |   |   | 3,866,700 |   |
| Series 21 |   |   | 1,892,700  |   |        |   | 1,892,700 |   |   |   | 1,890,700 |   |   |   | 1,892,700 |   |
| Series 22 |   |   | 2,564,400  |   |        |   | 2,564,400 |   |   |   | 2,564,400 |   |   |   | 2,564,400 |   |
| Series 23 |   |   | 3,336,727  |   |        |   | 3,336,727 |   |   |   | 3,336,727 |   |   |   | 3,336,727 |   |
| Series 24 |   |   | 2,169,878  |   |        |   | 2,169,878 |   |   |   | 2,169,878 |   |   |   | 2,169,878 |   |
| Series 25 |   |   | 3,026,109  |   |        |   | 3,026,109 |   |   |   | 3,026,109 |   |   |   | 3,026,109 |   |
| Series 26 |   |   | 3,995,900  |   |        |   | 3,995,900 |   |   |   | 3,995,900 |   |   |   | 3,995,900 |   |
| Series 27 |   |   | 2,460,700  |   |        |   | 2,460,700 |   |   |   | 2,460,700 |   |   |   | 2,460,700 |   |
| Series 28 |   |   | 4,000,738  |   |        |   | 4,000,738 |   |   |   | 4,000,738 |   |   |   | 4,000,738 |   |
| Series 29 |   |   | 3,991,800  |   |        |   | 3,991,800 |   |   |   | 3,991,800 |   |   |   | 3,991,800 |   |
| Series 30 |   |   | 2,651,000  |   |        |   | 2,651,000 |   |   |   | 2,651,000 |   |   |   | 2,651,000 |   |
| Series 31 |   |   | 4,417,857  |   |        |   | 4,417,857 |   |   |   | 4,417,857 |   |   |   | 4,417,857 |   |
| Series 32 |   |   | 4,754,198  |   |        |   | 4,754,198 |   |   |   | 4,754,198 |   |   |   | 4,754,198 |   |
| Series 33 |   |   | 2,636,533  |   |        |   | 2,636,533 |   |   |   | 2,636,533 |   |   |   | 2,636,533 |   |
| Series 34 |   |   | 3,529,319  |   |        |   | 3,529,319 |   |   |   | 3,529,319 |   |   |   | 3,529,319 |   |
| Series 35 |   |   | 3,300,463  |   |        |   | 3,300,463 |   |   |   | 3,300,463 |   |   |   | 3,300,463 |   |
| Series 36 |   |   | 2,106,837  |   |        |   | 2,106,837 |   |   |   | 2,106,837 |   |   |   | 2,106,837 |   |
| Series 37 |   |   | 2,512,500  |   |        |   | 2,512,500 |   |   |   | 2,512,500 |   |   |   | 2,512,500 |   |
| Series 38 |   |   | 2,543,100  |   |        |   | 2,543,100 |   |   |   | 2,543,100 |   |   |   | 2,543,100 |   |
| Series 39 |   |   | 2,292,152  |   |        |   | 2,292,152 |   |   |   | 2,292,152 |   |   |   | 2,292,152 |   |
| Series 40 |   |   | 2,630,256  |   |        |   | 2,630,256 |   |   |   | 2,630,256 |   |   |   | 2,630,256 |   |
| Series 41 |   |   | 2,891,626  |   |        |   | 2,891,626 |   |   |   | 2,891,626 |   |   |   | 2,891,626 |   |
| Series 42 |   |   | 2,744,262  |   |        |   | 2,744,262 |   |   |   | 2,744,262 |   |   |   | 2,744,262 |   |
| Series 43 |   |   | 3,637,987  |   |        |   | 3,637,987 |   |   |   | 3,637,987 |   |   |   | 3,637,987 |   |
| Series 44 |   |   | 2,701,973  |   |        |   | 2,701,973 |   |   |   | 2,701,973 |   |   |   | 2,701,973 |   |
| Series 45 |   |   | 4,014,367  |   |        |   | 4,014,367 |   |   |   | 4,014,367 |   |   |   | 4,014,367 |   |
| Series 46 |   |   | 2,980,998  |   |        |   | 2,980,998 |   |   |   | 2,980,998 |   |   |   | 2,980,998 |   |
|      |   |   |       |   |        |   |   |   |   |   |   |   |   |   |   |   |
|      |   |   | 83,651,080 |   |        |   | 83,651,080 |   |   |   | 83,649,080 |   |   |   | 83,651,080 |   |

----

----

----

|            |   | AccumulatedAmortization |   |   | AccumulatedAmortization |   |   | Capitalized InterestImpairment |   |   | Capitalized InterestImpairment |   |   | Remaining Life ofCapitalized Interest |   |
|-----------------|--------|-------------------------|--------|--------|-------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|------------------------------------------------------|--------|
|            |   | 2011                    |   |   | 2010                    |   |   | 2011                                |   |   | 2010                                |   |   | Years                                                |   |
|  Series 20 |   | $                       | -      |   |                    | $      | -      |                                |   | $      | -                                   |   |   | $                                                    | -      |   |   |   | - |   |
|  Series 21 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 22 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 23 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 24 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 25 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 26 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 27 |   |                    | 13,281 |   |                    |   | 10,181 |                                |   |   | 6,193                               |   |   |                                                 | -      |   |   |   | - |   |
|  Series 28 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 29 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 30 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 31 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 32 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 33 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 34 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | 5,090  |   |   |   | - |   |
|  Series 35 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 36 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 37 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 38 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 39 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 40 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 41 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 42 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 43 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 44 |   |                    | 3,618  |   |                    |   | 2,436  |                                |   |   | 7,095                               |   |   |                                                 | -      |   |   |   | - |   |
|  Series 45 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|  Series 46 |   |                    | -      |   |                    |   | -      |                                |   |   | -                                   |   |   |                                                 | -      |   |   |   | - |   |
|            |   | $                       | 16,899 |   |                    | $      | 12,617 |                                |   | $      | 13,288                              |   |   | $                                                    | 5,090  |   |   |   |   |   |

----

|            |   | AccumulatedAmortization |      |   | AccumulatedAmortization |   |      | Acquisition CostsImpairment |   |   | Acquisition CostsImpairment |   |   | Remaining LifeAcquistion Costs |      |
|-----------------|--------|-------------------------|-----------|--------|-------------------------|--------|-----------|----------------------------------|--------|--------|----------------------------------|--------|--------|------------------------------------------|-----------|
|            |   | 2011                    |      |   | 2010                    |   |      | 2011                             |   |   | 2010                             |   |   | Years                                    |      |
|  Series 20 |   | $                       | -         |   |                    | $      | -         |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 21 |   |                    | -         |   |                    |   | -         |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 22 |   |                    | -         |   |                    |   | -         |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 23 |   |                    | -         |   |                    |   | -         |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 24 |   |                    | -         |   |                    |   | -         |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 25 |   |                    | -         |   |                    |   | 11,423    |                             |   |   | -                                |   |   |                                     | 22,855    |   |   |   | - |   |
|  Series 26 |   |                    | -         |   |                    |   | 34,324    |                             |   |   | -                                |   |   |                                     | 34,322    |   |   |   | - |   |
|  Series 27 |   |                    | 130,784   |   |                    |   | 65,392    |                             |   |   | -                                |   |   |                                     | -         |   |   |   | 2 |   |
|  Series 28 |   |                    | -         |   |                    |   | -         |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 29 |   |                    | 57,900    |   |                    |   | 28,950    |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 30 |   |                    | 26,275    |   |                    |   | 104,340   |                             |   |   | -                                |   |   |                                     | 78,065    |   |   |   | - |   |
|  Series 31 |   |                    | -         |   |                    |   | -         |                             |   |   | -                                |   |   |                                     | -         |   |   |   | - |   |
|  Series 32 |   |                    | -         |   |                    |   | 131,056   |                             |   |   | -                                |   |   |                                     | 262,118   |   |   |   | - |   |
|  Series 33 |   |                    | -         |   |                    |   | 11,980    |                             |   |   | -                                |   |   |                                     | 23,960    |   |   |   | - |   |
|  Series 34 |   |                    | 224,375   |   |                    |   | 379,347   |                             |   |   | -                                |   |   |                                     | 154,970   |   |   |   | - |   |
|  Series 35 |   |                    | 144,576   |   |                    |   | 72,288    |                             |   |   | 144,573                          |   |   |                                     | -         |   |   |   | - |   |
|  Series 36 |   |                    | -         |   |                    |   | 29,840    |                             |   |   | -                                |   |   |                                     | 59,676    |   |   |   | - |   |
|  Series 37 |   |                    | 236,496   |   |                    |   | 118,248   |                             |   |   | 236,496                          |   |   |                                     | -         |   |   |   | - |   |
|  Series 38 |   |                    | 13,960    |   |                    |   | 26,220    |                             |   |   | 27,916                           |   |   |                                     | 36,781    |   |   |   | - |   |
|  Series 39 |   |                    | 11,116    |   |                    |   | 22,072    |                             |   |   | 22,232                           |   |   |                                     | 32,860    |   |   |   | - |   |
|  Series 40 |   |                    | 106,072   |   |                    |   | 53,036    |                             |   |   | 106,069                          |   |   |                                     | -         |   |   |   | - |   |
|  Series 41 |   |                    | 222,512   |   |                    |   | 282,764   |                             |   |   | 209,087                          |   |   |                                     | 240,999   |   |   |   | 3 |   |
|  Series 42 |   |                    | 99,384    |   |                    |   | 128,732   |                             |   |   | 166,004                          |   |   |                                     | 205,435   |   |   |   | 6 |   |
|  Series 43 |   |                    | 229,852   |   |                    |   | 271,840   |                             |   |   | 785,633                          |   |   |                                     | 293,908   |   |   |   | 6 |   |
|  Series 44 |   |                    | 565,599   |   |                    |   | 282,799   |                             |   |   | -                                |   |   |                                     | -         |   |   |   | 6 |   |
|  Series 45 |   |                    | 273,092   |   |                    |   | 288,104   |                             |   |   | -                                |   |   |                                     | 105,080   |   |   |   | 6 |   |
|  Series 46 |   |                    | 42,896    |   |                    |   | 79,928    |                             |   |   | 66,554                           |   |   |                                     | 259,201   |   |   |   | 6 |   |
|            |   | $                       | 2,384,889 |   |                    | $      | 2,422,683 |                             |   | $      | 1,764,564                        |   |   | $                                        | 1,810,230 |   |   |   |   |   |

----

----

|      |   | 2011   |       |   | 2010   |   |
|-----------|--------|--------|------------|--------|--------|--------|
|      |   |   |       |   |   |   |
| Series 20 |   |   | 3,866,700  |   |   |   | 3,866,700 |   |
| Series 21 |   |   | 1,890,700  |   |   |   | 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  |   |   |   | 2,744,262 |   |
| Series 43 |   |   | 3,637,987  |   |   |   | 3,637,987 |   |
| Series 44 |   |   | 2,701,973  |   |   |   | 2,701,973 |   |
| Series 45 |   |   | 4,014,367  |   |   |   | 4,014,367 |   |
| Series 46 |   |   | 2,980,998  |   |   |   | 2,980,998 |   |
|      |   |   |       |   |   |   |   |   |
|      |   |   | 83,649,080 |   |   |   | 83,651,080 |   |

----

----

----

|      |   | 2011   |      |   | 2010   |   |
|-----------|--------|--------|-----------|--------|--------|--------|
|      |   |   |      |   |   |   |
| Series 20 |   | $      | 227,914   |   |   | $      | 337,024 |   |
| Series 21 |   |   | 119,765   |   |   |   | 141,133 |   |
| Series 22 |   |   | 205,723   |   |   |   | 249,803 |   |
| Series 23 |   |   | 177,348   |   |   |   | 235,714 |   |
| Series 24 |   |   | 177,900   |   |   |   | 199,222 |   |
| Series 25 |   |   | 211,211   |   |   |   | 234,550 |   |
| Series 26 |   |   | 393,687   |   |   |   | 417,273 |   |
| Series 27 |   |   | 294,831   |   |   |   | 315,204 |   |
| Series 28 |   |   | 334,116   |   |   |   | 334,116 |   |
| Series 29 |   |   | 331,404   |   |   |   | 331,404 |   |
| Series 30 |   |   | 183,160   |   |   |   | 186,169 |   |
| Series 31 |   |   | 364,152   |   |   |   | 364,152 |   |
| Series 32 |   |   | 289,773   |   |   |   | 312,615 |   |
| Series 33 |   |   | 138,265   |   |   |   | 159,745 |   |
| Series 34 |   |   | 293,196   |   |   |   | 293,196 |   |
| Series 35 |   |   | 228,360   |   |   |   | 228,360 |   |
| Series 36 |   |   | 160,599   |   |   |   | 160,599 |   |
| Series 37 |   |   | 204,864   |   |   |   | 204,864 |   |
| Series 38 |   |   | 164,400   |   |   |   | 164,400 |   |
| Series 39 |   |   | 136,800   |   |   |   | 136,800 |   |
| Series 40 |   |   | 200,017   |   |   |   | 200,017 |   |
| Series 41 |   |   | 239,529   |   |   |   | 246,830 |   |
| Series 42 |   |   | 249,780   |   |   |   | 251,056 |   |
| Series 43 |   |   | 306,780   |   |   |   | 306,780 |   |
| Series 44 |   |   | 284,701   |   |   |   | 284,701 |   |
| Series 45 |   |   | 366,564   |   |   |   | 366,564 |   |
| Series 46 |   |   | 249,528   |   |   |   | 249,528 |   |
|      |   |   |      |   |   |   |   |   |
|      |   | $      | 6,534,367 |   |   | $      | 6,911,819 |   |

----

|      |   | 2011   |      |   | 2010   |   |
|-----------|--------|--------|-----------|--------|--------|--------|
|      |   |   |      |   |   |   |
| Series 20 |   | $      | 63,134    |   |   | $      | 75,503 |   |
| Series 21 |   |   | 123,353   |   |   |   | 64,846 |   |
| Series 22 |   |   | 22,741    |   |   |   | 18,136 |   |
| Series 23 |   |   | 35,720    |   |   |   | 26,439 |   |
| Series 24 |   |   | 15,606    |   |   |   | 68,404 |   |
| Series 25 |   |   | 52,995    |   |   |   | 77,866 |   |
| Series 26 |   |   | 119,324   |   |   |   | 118,642 |   |
| Series 27 |   |   | 52,791    |   |   |   | 139,570 |   |
| Series 28 |   |   | 64,927    |   |   |   | 76,484 |   |
| Series 29 |   |   | 47,928    |   |   |   | 106,812 |   |
| Series 30 |   |   | 15,440    |   |   |   | 28,927 |   |
| Series 31 |   |   | 62,952    |   |   |   | 38,168 |   |
| Series 32 |   |   | 35,787    |   |   |   | 112,529 |   |
| Series 33 |   |   | 20,389    |   |   |   | 20,195 |   |
| Series 34 |   |   | 14,154    |   |   |   | 22,454 |   |
| Series 35 |   |   | 25,344    |   |   |   | 36,303 |   |
| Series 36 |   |   | 7,234     |   |   |   | 25,250 |   |
| Series 37 |   |   | 20,500    |   |   |   | 26,818 |   |
| Series 38 |   |   | 18,535    |   |   |   | 41,136 |   |
| Series 39 |   |   | 25,335    |   |   |   | 17,135 |   |
| Series 40 |   |   | 20,738    |   |   |   | 19,771 |   |
| Series 41 |   |   | 55,497    |   |   |   | 39,058 |   |
| Series 42 |   |   | 118,874   |   |   |   | 25,452 |   |
| Series 43 |   |   | 119,572   |   |   |   | 17,094 |   |
| Series 44 |   |   | 17,028    |   |   |   | 36,350 |   |
| Series 45 |   |   | 25,153    |   |   |   | 37,944 |   |
| Series 46 |   |   | 35,980    |   |   |   | 22,343 |   |
|      |   |   |      |   |   |   |   |   |
|      |   | $      | 1,237,031 |   |   | $      | 1,339,629 |   |

----

|      |   | 2011   |      |   | 2010   |   |
|-----------|--------|--------|-----------|--------|--------|--------|
|      |   |   |      |   |   |   |
| Series 20 |   | $      | 965,000   |   |   | $      | 50,000 |   |
| Series 21 |   |   | 50,000    |   |   |   | 600,000 |   |
| Series 22 |   |   | 550,000   |   |   |   | - |   |
| Series 23 |   |   | 550,000   |   |   |   | - |   |
| Series 24 |   |   | 100,000   |   |   |   | 75,000 |   |
| Series 25 |   |   | 400,000   |   |   |   | 100,000 |   |
| Series 26 |   |   | 1,400,000 |   |   |   | 200,000 |   |
| Series 27 |   |   | 1,400,000 |   |   |   | - |   |
| Series 28 |   |   | 50,000    |   |   |   | 25,000 |   |
| Series 29 |   |   | -         |   |   |   | - |   |
| Series 30 |   |   | -         |   |   |   | - |   |
| Series 31 |   |   | -         |   |   |   | - |   |
| Series 32 |   |   | 400,000   |   |   |   | - |   |
| Series 33 |   |   | -         |   |   |   | - |   |
| Series 34 |   |   | -         |   |   |   | - |   |
| Series 35 |   |   | -         |   |   |   | - |   |
| Series 36 |   |   | -         |   |   |   | - |   |
| Series 37 |   |   | -         |   |   |   | - |   |
| Series 38 |   |   | -         |   |   |   | 100,000 |   |
| Series 39 |   |   | -         |   |   |   | 50,000 |   |
| Series 40 |   |   | -         |   |   |   | - |   |
| Series 41 |   |   | 300,000   |   |   |   | - |   |
| Series 42 |   |   | -         |   |   |   | 100,000 |   |
| Series 43 |   |   | -         |   |   |   | 25,000 |   |
| Series 44 |   |   | -         |   |   |   | 200,000 |   |
| Series 45 |   |   | 100,000   |   |   |   | 350,000 |   |
| Series 46 |   |   | -         |   |   |   | 200,000 |   |
|      |   |   |      |   |   |   |   |   |
|      |   | $      | 6,265,000 |   |   | $      | 2,075,000 |   |

----

|      |   | 2011   |      |   | 2010   |   |
|-----------|--------|--------|-----------|--------|--------|--------|
|      |   |   |      |   |   |   |
| Series 20 |   | $      | -         |   |   | $      | - |   |
| Series 21 |   |   | 108,007   |   |   |   | 108,007 |   |
| Series 22 |   |   | 53,627    |   |   |   | 51,981 |   |
| Series 23 |   |   | 64,156    |   |   |   | 62,510 |   |
| Series 24 |   |   | -         |   |   |   | - |   |
| Series 25 |   |   | -         |   |   |   | - |   |
| Series 26 |   |   | -         |   |   |   | - |   |
| Series 27 |   |   | 54,128    |   |   |   | 54,128 |   |
| Series 28 |   |   | -         |   |   |   | - |   |
| Series 29 |   |   | -         |   |   |   | - |   |
| Series 30 |   |   | -         |   |   |   | - |   |
| Series 31 |   |   | -         |   |   |   | - |   |
| Series 32 |   |   | -         |   |   |   | - |   |
| Series 33 |   |   | 54,660    |   |   |   | 48,550 |   |
| Series 34 |   |   | 80,287    |   |   |   | 62,914 |   |
| Series 35 |   |   | -         |   |   |   | - |   |
| Series 36 |   |   | 129,612   |   |   |   | 123,590 |   |
| Series 37 |   |   | -         |   |   |   | - |   |
| Series 38 |   |   | 69,191    |   |   |   | 69,191 |   |
| Series 39 |   |   | 220,455   |   |   |   | 220,455 |   |
| Series 40 |   |   | 337,528   |   |   |   | 325,546 |   |
| Series 41 |   |   | 359,757   |   |   |   | 359,757 |   |
| Series 42 |   |   | 221,615   |   |   |   | 221,615 |   |
| Series 43 |   |   | 51,482    |   |   |   | 51,482 |   |
| Series 44 |   |   | -         |   |   |   | - |   |
| Series 45 |   |   | -         |   |   |   | - |   |
| Series 46 |   |   | -         |   |   |   | - |   |
|      |   |   |      |   |   |   |   |   |
|      |   | $      | 1,804,505 |   |   | $      | 1,759,726 |   |

----

|      |   | 2011   |    |   | 2010   |   |
|-----------|--------|--------|---------|--------|--------|--------|
|      |   |   |    |   |   |   |
| Series 20 |   | $      | 16,960  |   |   | $      | 15,913 |   |
| Series 21 |   |   | 12,885  |   |   |   | 11,268 |   |
| Series 22 |   |   | 14,530  |   |   |   | 14,465 |   |
| Series 23 |   |   | 15,050  |   |   |   | 14,784 |   |
| Series 24 |   |   | 14,599  |   |   |   | 12,891 |   |
| Series 25 |   |   | 15,625  |   |   |   | 13,857 |   |
| Series 26 |   |   | 18,926  |   |   |   | 18,120 |   |
| Series 27 |   |   | 13,004  |   |   |   | 12,332 |   |
| Series 28 |   |   | 17,496  |   |   |   | 17,801 |   |
| Series 29 |   |   | 17,166  |   |   |   | 17,513 |   |
| Series 30 |   |   | 14,588  |   |   |   | 15,033 |   |
| Series 31 |   |   | 17,688  |   |   |   | 18,012 |   |
| Series 32 |   |   | 17,384  |   |   |   | 17,445 |   |
| Series 33 |   |   | 15,619  |   |   |   | 14,032 |   |
| Series 34 |   |   | 17,373  |   |   |   | 15,696 |   |
| Series 35 |   |   | 16,823  |   |   |   | 15,180 |   |
| Series 36 |   |   | 15,187  |   |   |   | 13,554 |   |
| Series 37 |   |   | 15,014  |   |   |   | 17,244 |   |
| Series 38 |   |   | 15,539  |   |   |   | 17,761 |   |
| Series 39 |   |   | 14,940  |   |   |   | 17,127 |   |
| Series 40 |   |   | 16,386  |   |   |   | 18,247 |   |
| Series 41 |   |   | 17,657  |   |   |   | 19,773 |   |
| Series 42 |   |   | 18,561  |   |   |   | 20,734 |   |
| Series 43 |   |   | 18,996  |   |   |   | 21,667 |   |
| Series 44 |   |   | 16,069  |   |   |   | 19,394 |   |
| Series 45 |   |   | 21,100  |   |   |   | 23,251 |   |
| Series 46 |   |   | 17,822  |   |   |   | 19,330 |   |
|      |   |   |    |   |   |   |   |   |
|      |   | $      | 442,987 |   |   | $      | 452,424 |   |

----

|      |   | 2011   |   |   | 2010   |   |
|-----------|--------|--------|--------|--------|--------|--------|
|      |   |   |   |   |   |   |
| Series 20 |   |   | 17     |   |   |   | 21 |   |
| Series 21 |   |   | 9      |   |   |   | 10 |   |
| Series 22 |   |   | 22     |   |   |   | 25 |   |
| Series 23 |   |   | 16     |   |   |   | 20 |   |
| Series 24 |   |   | 20     |   |   |   | 20 |   |
| Series 25 |   |   | 16     |   |   |   | 20 |   |
| Series 26 |   |   | 40     |   |   |   | 43 |   |
| Series 27 |   |   | 15     |   |   |   | 16 |   |
| Series 28 |   |   | 26     |   |   |   | 26 |   |
| Series 29 |   |   | 21     |   |   |   | 21 |   |
| Series 30 |   |   | 17     |   |   |   | 18 |   |
| Series 31 |   |   | 26     |   |   |   | 26 |   |
| Series 32 |   |   | 15     |   |   |   | 16 |   |
| Series 33 |   |   | 9      |   |   |   | 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     |   |   |   | 16 |   |
| Series 41 |   |   | 20     |   |   |   | 21 |   |
| Series 42 |   |   | 22     |   |   |   | 22 |   |
| Series 43 |   |   | 23     |   |   |   | 23 |   |
| Series 44 |   |   | 10     |   |   |   | 10 |   |
| Series 45 |   |   | 30     |   |   |   | 30 |   |
| Series 46 |   |   | 15     |   |   |   | 15 |   |
|      |   |   |   |   |   |   |   |   |
|      |   |   | 467    |   |   |   | 491 |   |

----

|    |               |   | OperatingPartnershipInterestTransferred |   |   | Sale ofUnderlyingOperatingPartnership |   |   | PartnershipProceeds fromDisposition |   |   | Gain/(Loss) onDisposition |   |
|---------|--------------------|--------|-----------------------------------------|--------|--------|--------------------------------------------|--------|--------|------------------------------------------|--------|--------|--------------------------------|--------|
|    |               |   |                                    |   |   |                                       |   |   |                                     |   |   |                           |   |
|    | Series 20          |   |                                    | 4      |   |                                       |   | -      |                                     |   | $      | 921,489                        |   |   | $ | 921,489 |   |
|    | Series 21          |   |                                    | -      |   |                                       |   | 1      |                                     |   |   | 25,729                         |   |   |   | 25,729 |   |
|    | Series 22          |   |                                    | 3      |   |                                       |   | -      |                                     |   |   | 754,900                        |   |   |   | 754,900 |   |
|    | Series 23          |   |                                    | 4      |   |                                       |   | -      |                                     |   |   | 688,724                        |   |   |   | 688,724 |   |
|    | Series 25          |   |                                    | 3      |   |                                       |   | 1      |                                     |   |   | 469,513                        |   |   |   | 469,513 |   |
|    | Series 26          |   |                                    | 3      |   |                                       |   | -      |                                     |   |   | 1,451,966                      |   |   |   | 1,451,966 |   |
|    | Series 27          |   |                                    | 1      |   |                                       |   | -      |                                     |   |   | 1,638,582                      |   |   |   | (682,853 | ) |
|    | Series 30          |   |                                    | 1      |   |                                       |   | -      |                                     |   |   | 151,341                        |   |   |   | 151,341 |   |
|  * | Series 32          |   |                                    | 1      |   |                                       |   | -      |                                     |   |   | 559,998                        |   |   |   | 559,998 |   |
|    | Series 33          |   |                                    | 1      |   |                                       |   | -      |                                     |   |   | 60,000                         |   |   |   | 60,000 |   |
|    | Series 41          |   |                                    | 1      |   |                                       |   | -      |                                     |   |   | 380,726                        |   |   |   | 380,726 |   |
|    |    Total |   |                                    | 22     |   |                                       |   | 2      |                                     |   | $      | 7,102,968                      |   |   | $ | 4,781,533 |   |

|               |   | OperatingPartnershipInterestTransferred |   |   | Sale ofUnderlyingOperatingPartnership |   |   | PartnershipProceeds fromDisposition |   |   | Gain/(Loss) onDisposition |   |
|--------------------|--------|-----------------------------------------|--------|--------|--------------------------------------------|--------|--------|------------------------------------------|--------|--------|--------------------------------|--------|
|               |   |                                    |   |   |                                       |   |   |                                     |   |   |                           |   |
| Series 20          |   |                                    | 1      |   |                                       |   | -      |                                     |   | $      | 10,168                         |   |   | $ | 10,168 |   |
| Series 21          |   |                                    | 3      |   |                                       |   | -      |                                     |   |   | 732,319                        |   |   |   | 634,441 |   |
| Series 22          |   |                                    | 4      |   |                                       |   | -      |                                     |   |   | 60,867                         |   |   |   | 60,867 |   |
| Series 23          |   |                                    | 2      |   |                                       |   | -      |                                     |   |   | 38,225                         |   |   |   | 38,225 |   |
| Series 24          |   |                                    | 4      |   |                                       |   | -      |                                     |   |   | 107,945                        |   |   |   | 107,945 |   |
| Series 25          |   |                                    | 2      |   |                                       |   | -      |                                     |   |   | 38,836                         |   |   |   | 38,836 |   |
| Series 26          |   |                                    | 2      |   |                                       |   | -      |                                     |   |   | -                              |   |   |   | - |   |
| Series 42          |   |                                    | 1      |   |                                       |   | -      |                                     |   |   | -                              |   |   |   | - |   |
|    Total |   |                                    | 19     |   |                                       |   | -      |                                     |   | $      | 988,360                        |   |   | $ | 890,482 |   |

----

|      |   | 2011   |      |   | 2010   |   |
|-----------|--------|--------|-----------|--------|--------|--------|
|      |   |   |      |   |   |   |
| Series 20 |   | $      | -         |   |   | $      | - |   |
| Series 21 |   |   | -         |   |   |   | - |   |
| Series 22 |   |   | 9,352     |   |   |   | 9,352 |   |
| Series 23 |   |   | -         |   |   |   | - |   |
| Series 24 |   |   | 9,999     |   |   |   | 9,999 |   |
| Series 25 |   |   | 10,001    |   |   |   | 10,001 |   |
| Series 26 |   |   | 14,490    |   |   |   | 14,490 |   |
| Series 27 |   |   | 22,861    |   |   |   | 22,861 |   |
| Series 28 |   |   | 40,968    |   |   |   | 40,968 |   |
| Series 29 |   |   | 10,197    |   |   |   | 10,197 |   |
| Series 30 |   |   | 127,396   |   |   |   | 127,396 |   |
| Series 31 |   |   | 66,294    |   |   |   | 66,294 |   |
| Series 32 |   |   | 173,561   |   |   |   | 173,561 |   |
| Series 33 |   |   | 69,154    |   |   |   | 69,154 |   |
| Series 34 |   |   | -         |   |   |   | - |   |
| Series 35 |   |   | -         |   |   |   | - |   |
| Series 36 |   |   | -         |   |   |   | - |   |
| Series 37 |   |   | 138,438   |   |   |   | 138,438 |   |
| Series 38 |   |   | -         |   |   |   | - |   |
| Series 39 |   |   | -         |   |   |   | - |   |
| Series 40 |   |   | 102       |   |   |   | 102 |   |
| Series 41 |   |   | 100       |   |   |   | 100 |   |
| Series 42 |   |   | 73,433    |   |   |   | 452,937 |   |
| Series 43 |   |   | 121,112   |   |   |   | 307,738 |   |
| Series 44 |   |   | 254,640   |   |   |   | 590,561 |   |
| Series 45 |   |   | 16,724    |   |   |   | 16,724 |   |
| Series 46 |   |   | -         |   |   |   | 20,138 |   |
|      |   |   |      |   |   |   |   |   |
|      |   | $      | 1,158,822 |   |   | $      | 2,081,011 |   |

----

|                                                                                                                                         |   | Total  |         |   | Series 20 |   |        | Series 21 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |   |         |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $      | 535,997,243  |   |      | $      | 13,968,992  |      |   | $ | 5,810,495 |   |
|                                                                                                                                         |   |   |         |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |   | 38,607,209   |   |      |   | 1,867,122   |      |   |   | 926,155 |   |
|                                                                                                                                         |   |   |         |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |   | (3,157,011   | )      |      |   | (39,171     | )         |   |   | (23,970 | ) |
|                                                                                                                                         |   |   |         |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |   | (227,774,198 | )      |      |   | (4,628,785  | )         |   |   | (558,938 | ) |
|                                                                                                                                         |   |   |         |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |   | (296,442,027 | )      |      |   | (11,168,158 | )         |   |   | (6,153,742 | ) |
|                                                                                                                                         |   |   |         |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |   | 47,231,216   |   |      |   | -           |      |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Total  |        |   | Series 20 |   |       | Series 21 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |   | (3,314,827  | )      |      |   | -          |      |   |   | - |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |   | (4,745,848  | )      |      |   | (58,253    | )         |   |   | - |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                              |   |   | 1,934,902   |   |      |   | 159,224    |      |   |   | 351,701 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                           |   |   | (69,799,719 | )      |      |   | (4,390,990 | )         |   |   | (3,194,073 | ) |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |   | 1,647,827   |   |      |   | 93,268     |      |   |   | 14,958 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |   | 227,774,198 |   |      |   | 4,628,785  |      |   |   | 558,938 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |   | (2,621,766  | )      |      |   | (41,573    | )         |   |   | (46,953 | ) |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $      | 198,105,983 |   |      | $      | 390,461    |      |   | $ | (2,315,429 | ) |

----

|                                                                                                                                         |   | Series 22 |        |   | Series 23 |   |        | Series 24 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $              | 14,885,856  |   |           | $      | 17,217,528  |           |   | $ | 12,091,171 |   |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |           | 2,052,168   |   |           |   | 2,539,187   |           |   |   | 1,686,157 |   |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |           | (72,218     | )      |           |   | (25,544     | )              |   |   | (116,661 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |           | (5,199,302  | )      |           |   | (9,088,660  | )              |   |   | (4,342,280 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |           | (11,666,504 | )      |           |   | (10,642,511 | )              |   |   | (9,318,387 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |           | -           |   |           |   | -           |           |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 22 |       |   | Series 23 |   |       | Series 24 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |           | (481,359   | )      |           |   | (11,581    | )              |   |   | (30,158 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |           | (258,235   | )      |           |   | (62,597    | )              |   |   | (406,662 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                              |   |           | 192,813    |   |           |   | 148,731    |           |   |   | 81,405 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                           |   |           | (5,943,983 | )      |           |   | (3,329,750 | )              |   |   | (3,647,829 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |           | 107,392    |   |           |   | 34,901     |           |   |   | 61,209 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |           | 5,199,302  |   |           |   | 9,088,660  |           |   |   | 4,342,280 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |           | (246,993   | )      |           |   | (69,436    | )              |   |   | 52,967 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $              | (1,431,063 | )      |           | $      | 5,798,928  |           |   | $ | 453,212 |   |

----

|                                                                                                                                         |   | Series 25 |       |   | Series 26 |   |        | Series 27 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 13,833,721 |   |      | $      | 24,396,440  |      |   | $ | 14,004,581 |   |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | 2,018,536  |   |      |   | 3,440,871   |      |   |   | 2,051,185 |   |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (235,378   | )      |      |   | (178,995    | )         |   |   | (60,579 | ) |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (7,580,319 | )      |      |   | (11,189,730 | )         |   |   | (6,874,310 | ) |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (8,036,560 | )      |      |   | (16,468,586 | )         |   |   | (9,120,877 | ) |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | -          |   |      |   | -           |      |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 25 |       |   | Series 26 |   |       | Series 27 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |           | (68,619    | )      |           |   | (70,670    | )              |   |   | (286,388 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |           | (195,666   | )      |           |   | (73,143    | )              |   |   | (369,748 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                              |   |           | 93,998     |   |           |   | 120,610    |           |   |   | 266,164 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                           |   |           | (5,523,117 | )      |           |   | (5,096,582 | )              |   |   | (1,850,649 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |           | 23,152     |   |           |   | 187,072    |           |   |   | 41,321 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |           | 7,580,319  |   |           |   | 11,189,730 |           |   |   | 6,874,310 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |           | (449,038   | )      |           |   | (268,291   | )              |   |   | (115,513 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $              | 1,461,029  |   |           | $      | 5,988,726  |           |   | $ | 4,559,497 |   |

----

|                                                                                                                                         |   | Series 28 |        |   | Series 29 |   |        | Series 30 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $              | 28,566,056  |   |           | $      | 28,419,361  |           |   | $ | 14,875,401 |   |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |           | 4,191,674   |   |           |   | 4,100,111   |           |   |   | 1,579,476 |   |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |           | (578,942    | )      |           |   | (26,816     | )              |   |   | (53,204 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |           | (17,807,948 | )      |           |   | (10,917,337 | )              |   |   | (6,586,053 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |           | (14,370,840 | )      |           |   | (21,575,319 | )              |   |   | (9,815,620 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |           | -           |   |           |   | -           |           |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |           | (289,605   | )      |           |   | (158,645   | )              |   |   | (135,225 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |           | (665,053   | )      |           |   | (596,128   | )              |   |   | (235,701 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |           | (2,211,713 | )      |           |   | (5,003,158 | )              |   |   | (3,614,190 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |           | 116,284    |   |           |   | 7,039      |           |   |   | 7,712 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |           | 17,807,948 |   |           |   | 10,917,337 |           |   |   | 6,586,053 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |           | (254,372   | )      |           |   | (84,208    | )              |   |   | 9,630 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $              | 14,633,157 |   |           | $      | 5,347,478  |           |   | $ | 2,618,279 |   |

----

|                                                                                                                                         |   | Series 31 |        |   | Series 32 |   |        | Series 33 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 29,153,095  |   |      | $      | 29,700,384  |      |   | $ | 16,201,012 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | 4,199,795   |   |      |   | 3,834,299   |      |   |   | 1,554,163 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (66,005     | )      |      |   | (101,211    | )         |   |   | (30,285 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (15,337,400 | )      |      |   | (14,747,021 | )         |   |   | (10,148,264 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (17,917,709 | )      |      |   | (18,633,657 | )         |   |   | (7,576,626 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 31,776      |   |      |   | 52,794      |      |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |           | (67,462    | )      |           |   | (292,046   | )              |   |   | (179,468 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |           | (77,600    | )      |           |   | (1,284,335 | )              |   |   | (167,193 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |           | (4,506,357 | )      |           |   | (2,827,815 | )              |   |   | (846,730 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |           | 43,473     |   |           |   | 38,357     |           |   |   | 9,684 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |           | 15,337,400 |   |           |   | 14,747,021 |           |   |   | 10,148,264 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |           | (324,850   | )      |           |   | 371,828    |           |   |   | (14,426 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $              | 10,561,727 |   |           | $      | 10,805,804 |           |   | $ | 8,950,131 |   |

----

|                                                                                                                                         |   | Series 34 |        |   | Series 35 |   |        | Series 36 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $              | 25,641,952  |   |           | $      | 23,763,922  |           |   | $ | 15,262,574 |   |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |           | 2,566,310   |   |           |   | -           |           |   |   | - |   |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |           | (26,077     | )      |           |   | (30,262     | )              |   |   | (112,542 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |           | (11,515,855 | )      |           |   | (12,335,090 | )              |   |   | (7,631,014 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |           | (16,666,330 | )      |           |   | (11,305,079 | )              |   |   | (7,461,312 | ) |
|                                                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |           | -           |   |           |   | 93,491      |           |   |   | 57,706 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |      | (38,698    | )      |      |   | -          |      |   |   | (14,791 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (6,024,334 | )      |      |   | (1,402,962 | )         |   |   | (2,991,705 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 6,464      |   |      |   | 78,017     |      |   |   | 1,370 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 11,515,855 |   |      |   | 12,335,090 |      |   |   | 7,631,014 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (156,910   | )      |      |   | (20,063    | )         |   |   | (37,618 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 5,006,843  |   |      | $      | 11,083,573 |      |   | $ | 4,645,976 |   |

----

|                                                                                                                                         |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 18,424,489 |   |      | $      | 18,852,167 |      |   | $ | 16,699,847 |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (198,866   | )      |      |   | (455,853   | )         |   |   | (201,869 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (8,573,117 | )      |      |   | (9,674,189 | )         |   |   | (6,518,542 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (9,616,027 | )      |      |   | (7,722,602 | )         |   |   | (8,601,270 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 36,479     |   |      |   | 999,523    |      |   |   | 1,378,166 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |           | (155,365   | )      |           |   | -          |           |   |   | - |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |           | (1,790,131 | )      |           |   | (26,361    | )              |   |   | (24,870 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |           | 303,810    |   |           |   | 59,461     |           |   |   | 279,219 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |           | 8,573,117  |   |           |   | 9,674,189  |           |   |   | 6,518,542 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |           | 74,240     |   |           |   | (206,103   | )              |   |   | (73,018 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $              | 7,042,150  |   |           | $      | 10,500,709 |           |   | $ | 8,078,039 |   |

----

|                                                                                                                                         |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 19,336,992 |   |      | $      | 17,340,487 |      |   | $ | 19,777,849 |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (50,444    | )      |      |   | (40,800    | )         |   |   | (26,241 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (8,603,775 | )      |      |   | (5,210,063 | )         |   |   | (7,344,121 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (8,191,698 | )      |      |   | (9,278,040 | )         |   |   | (8,666,686 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 2,491,075  |   |      |   | 2,811,584  |      |   |   | 3,740,801 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 40 |       |   | Series 41 |   |      | Series 42 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|-----------|----------------|--------|
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |      |           |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |           | (25,172    | )      |           |   | (33,807   | )              |   |   | (439,845 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |      |           |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |           | (97,664    | )      |           |   | (688,361  | )              |   |   | (822,137 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |      |           |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |           | 78,811     |   |           |   | 1,049     |           |   |   | 20,012 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |      |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |           | 8,603,775  |   |           |   | 5,210,063 |           |   |   | 7,344,121 |   |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |      |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |           | (171,528   | )      |           |   | (231,438  | )              |   |   | (82,015 | ) |
|                                                                                                                                                                                                                                                                                                            |   |           |       |   |           |   |      |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $              | 10,879,297 |   |           | $      | 7,069,090 |           |   | $ | 9,760,937 |   |

----

|                                                                                                                                         |   | Series 43 |        |   | Series 44 |   |       | Series 45 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                         |   |           |        |   |           |   |       |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $              | 26,617,048  |   |           | $      | 19,383,213 |           |   | $ | 29,449,544 |   |
|                                                                                                                                         |   |           |        |   |           |   |       |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |           | -           |   |           |   | -          |           |   |   | - |   |
|                                                                                                                                         |   |           |        |   |           |   |       |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |           | (165,487    | )      |           |   | (32,647    | )              |   |   | (164,606 | ) |
|                                                                                                                                         |   |           |        |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |           | (7,522,774  | )      |           |   | (5,000,278 | )              |   |   | (7,418,185 | ) |
|                                                                                                                                         |   |           |        |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |           | (12,315,639 | )      |           |   | (9,145,185 | )              |   |   | (9,779,983 | ) |
|                                                                                                                                         |   |           |        |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |           | 6,613,148   |   |           |   | 5,205,103  |           |   |   | 12,086,770 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |      | (143,165   | )      |      |   | (255,844   | )         |   |   | (129,725 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2011 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (1,578,414 | )      |      |   | (2,154,981 | )         |   |   | (210,863 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | -          |   |      |   | 454        |      |   |   | 28,744 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 7,522,774  |   |      |   | 5,000,278  |      |   |   | 7,418,185 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (71,078    | )      |      |   | (125,328   | )         |   |   | (36,689 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 12,343,265 |   |      | $      | 7,669,682  |      |   | $ | 19,156,422 |   |

----

|                                                                                                                                         |   | Series 46 |       |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|
|                                                                                                                                         |   |           |       |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $              | 22,323,066 |   |
|                                                                                                                                         |   |           |       |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |           | -          |   |
|                                                                                                                                         |   |           |       |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |           | (42,338    | ) |
|                                                                                                                                         |   |           |       |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |           | (5,420,848 | ) |
|                                                                                                                                         |   |           |       |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |           | (5,227,080 | ) |
|                                                                                                                                         |   |           |       |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |           | 11,632,800 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 46 |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |      | (7,189     | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| The Fund has recorded acquisition costs at March 31, 2011 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                      |   |      | 4,594      |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 5,420,848  |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (2,990     | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 17,048,063 |   |

----

|                                                                                                                                         |   | Total  |         |   | Series 20 |   |        | Series 21 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|----------------|--------|-------------|----------------|--------|
|                                                                                                                                         |   |   |         |   |           |   |        |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $      | 565,679,591  |   |           | $      | 24,497,592  |           |   | $ | 6,707,965 |   |
|                                                                                                                                         |   |   |         |   |           |   |        |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |   | 42,532,363   |   |           |   | 3,519,231   |           |   |   | 1,061,185 |   |
|                                                                                                                                         |   |   |         |   |           |   |        |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |   | (7,526,592   | )      |           |   | (3,612,833  | )              |   |   | (25,500 | ) |
|                                                                                                                                         |   |   |         |   |           |   |        |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |   | (226,406,734 | )      |           |   | (5,812,210  | )              |   |   | (709,601 | ) |
|                                                                                                                                         |   |   |         |   |           |   |        |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |   | (294,675,300 | )      |           |   | (18,591,780 | )              |   |   | (7,034,049 | ) |
|                                                                                                                                         |   |   |         |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |   | 79,603,328   |   |           |   | -           |           |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Total  |        |   | Series 20 |   |       | Series 21 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |   | (3,952,220  | )      |      |   | -          |      |   |   | (236,474 | ) |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |   | (5,842,119  | )      |      |   | (444,246   | )         |   |   | (110,624 | ) |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                              |   |   | 2,077,480   |   |      |   | 268,202    |      |   |   | 399,312 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                           |   |   | (50,576,578 | )      |      |   | (4,276,869 | )         |   |   | (3,920,551 | ) |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |   | 1,904,491   |   |      |   | 248,984    |      |   |   | 69,368 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |   | 226,406,734 |   |      |   | 5,812,210  |      |   |   | 709,601 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |   | (3,995,313  | )      |      |   | (219,097   | )         |   |   | (22,747 | ) |
|                                                                                                                                                                                                                                                                                                            |   |   |        |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $      | 245,625,803 |   |      | $      | 1,389,184  |      |   | $ | (3,112,115 | ) |

----

|                                                                                                                                         |   | Series 22 |        |   | Series 23 |   |        | Series 24 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 17,039,728  |   |      | $      | 21,740,288  |      |   | $ | 12,091,171 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | 2,363,062   |   |      |   | 3,206,851   |      |   |   | 1,686,157 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (90,218     | )      |      |   | (54,013     | )         |   |   | (116,661 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (6,519,050  | )      |      |   | (11,704,924 | )         |   |   | (4,336,246 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (12,793,522 | )      |      |   | (13,188,202 | )         |   |   | (9,324,421 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | -           |   |      |   | -           |      |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 22 |       |   | Series 23 |   |       | Series 24 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (481,359   | )      |      |   | (11,581    | )         |   |   | (30,158 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |      | (484,368   | )      |      |   | (436,119   | )         |   |   | (406,662 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                              |   |      | 203,385    |   |      |   | 152,590    |      |   |   | 81,405 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                           |   |      | (5,077,203 | )      |      |   | (3,145,170 | )         |   |   | (3,060,446 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 107,392    |   |      |   | 46,426     |      |   |   | 61,209 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 6,519,050  |   |      |   | 11,704,924 |      |   |   | 4,336,246 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (262,177   | )      |      |   | (84,499    | )         |   |   | 98,505 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 524,720    |   |      | $      | 8,226,571  |      |   | $ | 1,080,099 |   |

----

|                                                                                                                                         |   | Series 25 |       |   | Series 26 |   |        | Series 27 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 16,634,468 |   |      | $      | 26,620,282  |      |   | $ | 16,909,156 |   |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | 2,235,209  |   |      |   | 3,760,739   |      |   |   | 2,467,629 |   |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (253,269   | )      |      |   | (498,297    | )         |   |   | (127,103 | ) |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (9,276,439 | )      |      |   | (17,408,272 | )         |   |   | (10,747,592 | ) |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (9,339,969 | )      |      |   | (12,474,452 | )         |   |   | (6,159,939 | ) |
|                                                                                                                                         |   |      |       |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | -          |   |      |   | -           |      |   |   | 2,342,151 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 25 |       |   | Series 26 |   |       | Series 27 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (68,619    | )      |      |   | (108,982   | )         |   |   | (286,388 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |      | (195,666   | )      |      |   | (73,142    | )         |   |   | (369,748 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                              |   |      | 126,188    |   |      |   | 120,610    |      |   |   | 205,532 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                           |   |      | (5,534,834 | )      |      |   | (4,015,497 | )         |   |   | (1,492,182 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 48,848     |   |      |   | 187,072    |      |   |   | 41,321 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 9,276,439  |   |      |   | 17,408,272 |      |   |   | 10,747,592 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (265,217   | )      |      |   | (303,860   | )         |   |   | (158,183 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 3,387,139  |   |      | $      | 13,214,473 |      |   | $ | 11,030,095 |   |

----

|                                                                                                                                         |   | Series 28 |        |   | Series 29 |   |        | Series 30 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 28,566,056  |   |      | $      | 28,419,361  |      |   | $ | 15,301,412 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | 4,191,674   |   |      |   | 4,100,111   |      |   |   | 1,640,751 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (578,942    | )      |      |   | (26,816     | )         |   |   | (199,590 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (17,737,386 | )      |      |   | (10,917,337 | )         |   |   | (8,061,818 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (14,441,402 | )      |      |   | (21,550,924 | )         |   |   | (8,597,713 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | -           |   |      |   | 24,395      |      |   |   | 83,042 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (289,605   | )      |      |   | (158,645   | )         |   |   | (135,225 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |      | (665,053   | )      |      |   | (596,128   | )         |   |   | (235,701 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (1,078,508 | )      |      |   | (3,360,666 | )         |   |   | (1,007,974 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 116,284    |   |      |   | 7,039      |      |   |   | 7,712 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 17,737,386 |   |      |   | 10,917,337 |      |   |   | 8,061,818 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (219,184   | )      |      |   | (76,338    | )         |   |   | (24,286 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 15,730,988 |   |      | $      | 7,022,235  |      |   | $ | 6,749,386 |   |

----

|                                                                                                                                         |   | Series 31 |        |   | Series 32 |   |        | Series 33 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 29,153,095  |   |      | $      | 31,297,962  |      |   | $ | 16,705,741 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | 4,199,795   |   |      |   | 3,906,897   |      |   |   | 1,626,762 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (66,005     | )      |      |   | (101,211    | )         |   |   | (30,285 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (15,170,789 | )      |      |   | (15,384,682 | )         |   |   | (10,291,840 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (18,073,732 | )      |      |   | (19,020,214 | )         |   |   | (7,860,225 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 42,364      |   |      |   | 698,752     |      |   |   | 150,153 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (138,370   | )      |      |   | (334,023   | )         |   |   | (179,468 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                    |   |      | (77,600    | )      |      |   | (1,284,335 | )         |   |   | (167,193 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (2,850,713 | )      |      |   | (1,616,565 | )         |   |   | (382,388 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 43,473     |   |      |   | 42,262     |      |   |   | 9,684 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 15,170,789 |   |      |   | 15,384,682 |      |   |   | 10,291,840 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (329,880   | )      |      |   | (451,776   | )         |   |   | (8,382 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 11,985,410 |   |      | $      | 12,438,997 |      |   | $ | 9,714,246 |   |

----

|                                                                                                                                         |   | Series 34 |        |   | Series 35 |   |        | Series 36 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|-------------|-----------|--------|
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 25,641,952  |   |      | $      | 23,763,922  |      |   | $ | 15,262,574 |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | 2,566,310   |   |      |   | -           |      |   |   | - |   |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (26,077     | )      |      |   | (30,262     | )         |   |   | (98,902 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (11,262,189 | )      |      |   | (10,461,943 | )         |   |   | (6,225,751 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (16,467,846 | )      |      |   | (10,695,676 | )         |   |   | (7,125,174 | ) |
|                                                                                                                                         |   |      |        |   |      |   |        |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 452,150     |   |      |   | 2,576,041   |      |   |   | 1,812,747 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (38,698    | )      |      |   | -          |      |   |   | (14,791 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (1,522,530 | )      |      |   | (981,337   | )         |   |   | (2,329,999 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 6,464      |   |      |   | 78,017     |      |   |   | 1,370 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 11,262,189 |   |      |   | 10,461,943 |      |   |   | 6,225,751 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (136,659   | )      |      |   | (12,663    | )         |   |   | (30,540 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 9,727,382  |   |      | $      | 12,122,001 |      |   | $ | 5,664,538 |   |

----

|                                                                                                                                         |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 18,513,938 |   |      | $      | 18,852,167 |      |   | $ | 16,699,847 |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (151,697   | )      |      |   | (410,694   | )         |   |   | (189,115 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (7,574,998 | )      |      |   | (7,521,557 | )         |   |   | (4,829,727 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (9,387,062 | )      |      |   | (7,158,137 | )         |   |   | (7,710,901 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 1,400,181  |   |      |   | 3,761,779  |      |   |   | 3,970,104 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 37 |      |   | Series 38 |   |       | Series 39 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |      |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (155,365  | )      |      |   | -          |      |   |   | - |   |
|                                                                                                                                                                                                                                                                                                            |   |      |      |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (716,948  | )      |      |   | -          |      |   |   | - |   |
|                                                                                                                                                                                                                                                                                                            |   |      |      |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 303,810   |   |      |   | 59,461     |      |   |   | 279,219 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |      |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 7,574,998 |   |      |   | 7,521,557  |      |   |   | 4,829,727 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |      |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (8,883    | )      |      |   | (181,817   | )         |   |   | (78,758 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |      |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 8,397,793 |   |      | $      | 11,160,980 |      |   | $ | 9,000,292 |   |

----

|                                                                                                                                         |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 19,336,992 |   |      | $      | 18,074,603 |      |   | $ | 19,777,849 |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (49,769    | )      |      |   | (403,265   | )         |   |   | (25,236 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (6,838,944 | )      |      |   | (4,120,934 | )         |   |   | (5,798,474 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (7,590,104 | )      |      |   | (8,956,733 | )         |   |   | (8,319,079 | ) |
|                                                                                                                                         |   |      |       |   |      |   |       |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 4,858,175  |   |      |   | 4,593,671  |      |   |   | 5,635,060 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 40 |       |   | Series 41 |   |      | Series 42 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|-----------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |      |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (25,172    | )      |      |   | (33,807   | )         |   |   | (480,654 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |      |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (12,174    | )      |      |   | (600,595  | )         |   |   | (779,836 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |      |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | 78,811     |   |      |   | 1,049     |      |   |   | 47,033 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |      |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 6,838,944  |   |      |   | 4,120,934 |      |   |   | 5,798,474 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |      |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (200,695   | )      |      |   | (306,871  | )         |   |   | (45,584 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |      |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 11,537,889 |   |      | $      | 7,774,381 |      |   | $ | 10,174,493 |   |

----

|                                                                                                                                         |   | Series 43 |        |   | Series 44 |   |       | Series 45 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                         |   |      |        |   |      |   |       |      |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 26,773,646  |   |      | $      | 19,487,253 |      |   | $ | 29,449,544 |   |
|                                                                                                                                         |   |      |        |   |      |   |       |      |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | -           |   |      |   | -          |      |   |   | - |   |
|                                                                                                                                         |   |      |        |   |      |   |       |      |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (162,077    | )      |      |   | (26,919    | )         |   |   | (141,653 | ) |
|                                                                                                                                         |   |      |        |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (5,563,126  | )      |      |   | (3,611,213 | )         |   |   | (4,972,399 | ) |
|                                                                                                                                         |   |      |        |   |      |   |       |      |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (11,789,014 | )      |      |   | (8,064,623 | )         |   |   | (8,592,788 | ) |
|                                                                                                                                         |   |      |        |   |      |   |       |      |   |   |   |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 9,259,429   |   |      |   | 7,784,498  |      |   |   | 15,742,704 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (223,508   | )      |      |   | (373,551   | )         |   |   | (129,725 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded acquisition costs at March 31, 2010 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                           |   |      | (1,287,962 | )      |      |   | (1,360,885 | )         |   |   | (164,746 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                      |   |      | -          |   |      |   | (21,155    | )         |   |   | 28,744 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 5,563,126  |   |      |   | 3,611,213  |      |   |   | 4,972,399 |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (280,840   | )      |      |   | (325,819   | )         |   |   | (14,031 | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |      |   |       |      |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 13,030,245 |   |      | $      | 9,314,301  |      |   | $ | 20,435,345 |   |

----

|                                                                                                                                         |   | Series 46 |       |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                         |   |      |       |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs |   | $         | 22,361,027 |   |
|                                                                                                                                         |   |      |       |   |
| Acquisition costs of operating limited partnerships                                                                                          |   |      | -          |   |
|                                                                                                                                         |   |      |       |   |
| Cumulative distributions from operating limited partnerships                                                                                 |   |      | (30,183    | ) |
|                                                                                                                                         |   |      |       |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                  |   |      | (3,547,293 | ) |
|                                                                                                                                         |   |      |       |   |
| Cumulative losses from operating limited partnerships                                                                                        |   |      | (4,367,619 | ) |
|                                                                                                                                         |   |      |       |   |
| Investments in operating limited partnerships per balance sheet                                                                              |   |      | 14,415,932 |   |

----

|                                                                                                                                                                                                                                                                                                            |   | Series 46 |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                                                                                                                                                                                                                                            |   |      |       |
| The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |      | (18,052    | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| The Fund has recorded acquisition costs at March 31, 2010 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, which the operating limited partnerships have not included in their capital as of December 31, 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).                                                                                                                                                                                      |   |      | 4,594      |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                     |   |      | 3,547,293  |   |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| Other                                                                                                                                                                                                                                                                                                           |   |      | (45,032    | ) |
|                                                                                                                                                                                                                                                                                                            |   |      |       |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                  |   | $         | 17,904,735 |   |

----

|                                                        |   | Total  |          |   | Series 20 |   |       | Series 21 |   |
|-------------------------------------------------------------|--------|--------|---------------|--------|-----------|--------|------------|-----------|--------|
| ASSETS                                                      |   |   |          |   |      |   |       |      |   |
|                                                        |   |   |          |   |      |   |       |      |   |
| Buildings and improvements, net of accumulated depreciation |   | $      | 1,185,687,649 |   |      | $      | 25,124,099 |      |   | $ | 12,573,978 |   |
| Land                                                        |   |   | 107,878,238   |   |      |   | 2,301,401  |      |   |   | 1,564,465 |   |
| Other assets                                                |   |   | 125,763,940   |   |      |   | 3,939,342  |      |   |   | 1,339,339 |   |
|                                                        |   |   |          |   |      |   |       |      |   |   |   |   |
|                                                        |   | $      | 1,419,329,827 |   |      | $      | 31,364,842 |      |   | $ | 15,477,782 |   |
|                                                        |   |   |          |   |      |   |       |      |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |   |          |   |      |   |       |      |   |   |   |   |
|                                                        |   |   |          |   |      |   |       |      |   |   |   |   |
| Mortgages and construction loans payable                    |   | $      | 973,660,765   |   |      | $      | 27,391,263 |      |   | $ | 13,743,168 |   |
| Accounts payable and accrued expenses                       |   |   | 50,030,427    |   |      |   | 3,296,298  |      |   |   | 368,966 |   |
| Other liabilities                                           |   |   | 156,608,277   |   |      |   | 2,414,689  |      |   |   | 4,895,151 |   |
|                                                        |   |   |          |   |      |   |       |      |   |   |   |   |
|                                                        |   |   | 1,180,299,469 |   |      |   | 33,102,250 |      |   |   | 19,007,285 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |   |          |   |      |   |       |      |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |   | 198,105,983   |   |      |   | 390,461    |      |   |   | (2,315,429 | ) |
| Other partners                                              |   |   | 40,924,375    |   |      |   | (2,127,869 | )         |   |   | (1,214,074 | ) |
|                                                        |   |   |          |   |      |   |       |      |   |   |   |   |
|                                                        |   |   | 239,030,358   |   |      |   | (1,737,408 | )         |   |   | (3,529,503 | ) |
|                                                        |   |   |          |   |      |   |       |      |   |   |   |   |
|                                                        |   | $      | 1,419,329,827 |   |      | $      | 31,364,842 |      |   | $ | 15,477,782 |   |

----

|                                                        |   | Series 22 |       |   | Series 23 |   |       | Series 24 |   |
|-------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| ASSETS                                                      |   |      |       |   |      |   |       |      |   |
|                                                        |   |      |       |   |      |   |       |      |   |
| Buildings and improvements, net of accumulated depreciation |   | $         | 36,833,434 |   |      | $      | 35,513,204 |      |   | $ | 34,821,594 |   |
| Land                                                        |   |      | 3,835,556  |   |      |   | 3,257,094  |      |   |   | 3,511,379 |   |
| Other assets                                                |   |      | 4,642,328  |   |      |   | 4,735,110  |      |   |   | 4,702,520 |   |
|                                                        |   |      |       |   |      |   |       |      |   |   |   |   |
|                                                        |   | $         | 45,311,318 |   |      | $      | 43,505,408 |      |   | $ | 43,035,493 |   |
|                                                        |   |      |       |   |      |   |       |      |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |      |       |   |      |   |       |      |   |   |   |   |
|                                                        |   |      |       |   |      |   |       |      |   |   |   |   |
| Mortgages and construction loans payable                    |   | $         | 39,713,625 |   |      | $      | 28,718,509 |      |   | $ | 34,679,699 |   |
| Accounts payable and accrued expenses                       |   |      | 4,283,298  |   |      |   | 6,827,958  |      |   |   | 2,071,965 |   |
| Other liabilities                                           |   |      | 8,457,697  |   |      |   | 5,255,633  |      |   |   | 5,608,560 |   |
|                                                        |   |      |       |   |      |   |       |      |   |   |   |   |
|                                                        |   |      | 52,454,620 |   |      |   | 40,802,100 |      |   |   | 42,360,224 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |      |       |   |      |   |       |      |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |      | (1,431,063 | )      |      |   | 5,798,928  |      |   |   | 453,212 |   |
| Other partners                                              |   |      | (5,712,239 | )      |      |   | (3,095,620 | )         |   |   | 222,057 |   |
|                                                        |   |      |       |   |      |   |       |      |   |   |   |   |
|                                                        |   |      | (7,143,302 | )      |      |   | 2,703,308  |      |   |   | 675,269 |   |
|                                                        |   |      |       |   |      |   |       |      |   |   |   |   |
|                                                        |   | $         | 45,311,318 |   |      | $      | 43,505,408 |      |   | $ | 43,035,493 |   |

----

|                                                        |   | Series 25 |       |   | Series 26 |   |       | Series 27 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 33,893,768 |   |           | $      | 48,128,940 |           |   | $ | 41,359,165 |   |
| Land                                                        |   |           | 2,818,519  |   |           |   | 4,051,128  |           |   |   | 4,755,394 |   |
| Other assets                                                |   |           | 7,294,012  |   |           |   | 7,829,086  |           |   |   | 4,807,064 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 44,006,299 |   |           | $      | 60,009,154 |           |   | $ | 50,921,623 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 32,300,851 |   |           | $      | 44,598,830 |           |   | $ | 33,944,244 |   |
| Accounts payable and accrued expenses                       |   |           | 1,438,326  |   |           |   | 3,132,628  |           |   |   | 899,978 |   |
| Other liabilities                                           |   |           | 7,353,164  |   |           |   | 4,972,900  |           |   |   | 7,687,836 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 41,092,341 |   |           |   | 52,704,358 |           |   |   | 42,532,058 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 1,461,029  |   |           |   | 5,988,726  |           |   |   | 4,559,497 |   |
| Other partners                                              |   |           | 1,452,929  |   |           |   | 1,316,070  |           |   |   | 3,830,068 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 2,913,958  |   |           |   | 7,304,796  |           |   |   | 8,389,565 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 44,006,299 |   |           | $      | 60,009,154 |           |   | $ | 50,921,623 |   |

----

|                                                        |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 50,735,714 |   |           | $      | 43,309,464 |           |   | $ | 26,706,428 |   |
| Land                                                        |   |           | 5,523,586  |   |           |   | 2,816,806  |           |   |   | 1,752,595 |   |
| Other assets                                                |   |           | 5,472,783  |   |           |   | 4,712,537  |           |   |   | 2,860,867 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 61,732,083 |   |           | $      | 50,838,807 |           |   | $ | 31,319,890 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 39,039,612 |   |           | $      | 37,406,351 |           |   | $ | 23,394,240 |   |
| Accounts payable and accrued expenses                       |   |           | 1,733,586  |   |           |   | 1,615,951  |           |   |   | 1,302,025 |   |
| Other liabilities                                           |   |           | 4,011,012  |   |           |   | 6,191,718  |           |   |   | 5,839,205 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 44,784,210 |   |           |   | 45,214,020 |           |   |   | 30,535,470 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 14,633,157 |   |           |   | 5,347,478  |           |   |   | 2,618,279 |   |
| Other partners                                              |   |           | 2,314,716  |   |           |   | 277,309    |           |   |   | (1,833,859 | ) |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 16,947,873 |   |           |   | 5,624,787  |           |   |   | 784,420 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 61,732,083 |   |           | $      | 50,838,807 |           |   | $ | 31,319,890 |   |

----

|                                                        |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 49,808,667 |   |           | $      | 47,048,702 |           |   | $ | 39,281,460 |   |
| Land                                                        |   |           | 4,222,958  |   |           |   | 2,921,802  |           |   |   | 3,885,940 |   |
| Other assets                                                |   |           | 6,598,358  |   |           |   | 4,551,429  |           |   |   | 2,822,154 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 60,629,983 |   |           | $      | 54,521,933 |           |   | $ | 45,989,554 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 44,946,969 |   |           | $      | 32,929,213 |           |   | $ | 26,859,214 |   |
| Accounts payable and accrued expenses                       |   |           | 1,211,715  |   |           |   | 2,735,257  |           |   |   | 964,451 |   |
| Other liabilities                                           |   |           | 5,366,501  |   |           |   | 3,585,418  |           |   |   | 2,703,499 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 51,525,185 |   |           |   | 39,249,888 |           |   |   | 30,527,164 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 10,561,727 |   |           |   | 10,805,804 |           |   |   | 8,950,131 |   |
| Other partners                                              |   |           | (1,456,929 | )      |           |   | 4,466,241  |           |   |   | 6,512,259 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 9,104,798  |   |           |   | 15,272,045 |           |   |   | 15,462,390 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 60,629,983 |   |           | $      | 54,521,933 |           |   | $ | 45,989,554 |   |

----

|                                                        |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 44,477,752 |   |           | $      | 41,990,764 |           |   | $ | 37,160,857 |   |
| Land                                                        |   |           | 4,889,205  |   |           |   | 3,734,936  |           |   |   | 2,791,180 |   |
| Other assets                                                |   |           | 4,569,409  |   |           |   | 3,432,760  |           |   |   | 3,484,781 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 53,936,366 |   |           | $      | 49,158,460 |           |   | $ | 43,436,818 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 42,392,025 |   |           | $      | 24,089,220 |           |   | $ | 35,285,812 |   |
| Accounts payable and accrued expenses                       |   |           | 2,204,398  |   |           |   | 1,131,698  |           |   |   | 1,531,936 |   |
| Other liabilities                                           |   |           | 6,774,142  |   |           |   | 8,651,223  |           |   |   | 3,472,678 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 51,370,565 |   |           |   | 33,872,141 |           |   |   | 40,290,426 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 5,006,843  |   |           |   | 11,083,573 |           |   |   | 4,645,976 |   |
| Other partners                                              |   |           | (2,441,042 | )      |           |   | 4,202,746  |           |   |   | (1,499,584 | ) |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 2,565,801  |   |           |   | 15,286,319 |           |   |   | 3,146,392 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 53,936,366 |   |           | $      | 49,158,460 |           |   | $ | 43,436,818 |   |

----

|                                                        |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 36,574,721 |   |           | $      | 28,656,496 |           |   | $ | 24,194,294 |   |
| Land                                                        |   |           | 2,423,561  |   |           |   | 2,144,257  |           |   |   | 1,801,039 |   |
| Other assets                                                |   |           | 3,147,033  |   |           |   | 2,369,434  |           |   |   | 2,036,394 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 42,145,315 |   |           | $      | 33,170,187 |           |   | $ | 28,031,727 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 28,829,074 |   |           | $      | 17,351,630 |           |   | $ | 13,848,504 |   |
| Accounts payable and accrued expenses                       |   |           | 2,887,318  |   |           |   | 286,902    |           |   |   | 461,998 |   |
| Other liabilities                                           |   |           | 3,550,056  |   |           |   | 2,276,469  |           |   |   | 2,292,990 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 35,266,448 |   |           |   | 19,915,001 |           |   |   | 16,603,492 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 7,042,150  |   |           |   | 10,500,709 |           |   |   | 8,078,039 |   |
| Other partners                                              |   |           | (163,283   | )      |           |   | 2,754,477  |           |   |   | 3,350,196 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 6,878,867  |   |           |   | 13,255,186 |           |   |   | 11,428,235 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 42,145,315 |   |           | $      | 33,170,187 |           |   | $ | 28,031,727 |   |

----

|                                                        |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 59,104,464 |   |           | $      | 71,403,042 |           |   | $ | 66,308,765 |   |
| Land                                                        |   |           | 5,081,041  |   |           |   | 8,000,805  |           |   |   | 7,582,655 |   |
| Other assets                                                |   |           | 4,285,734  |   |           |   | 6,618,473  |           |   |   | 7,467,044 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 68,471,239 |   |           | $      | 86,022,320 |           |   | $ | 81,358,464 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 47,032,390 |   |           | $      | 62,397,070 |           |   | $ | 51,224,552 |   |
| Accounts payable and accrued expenses                       |   |           | 1,141,307  |   |           |   | 1,002,078  |           |   |   | 2,836,413 |   |
| Other liabilities                                           |   |           | 7,533,612  |   |           |   | 9,801,587  |           |   |   | 10,804,124 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 55,707,309 |   |           |   | 73,200,735 |           |   |   | 64,865,089 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 10,879,297 |   |           |   | 7,069,090  |           |   |   | 9,760,937 |   |
| Other partners                                              |   |           | 1,884,633  |   |           |   | 5,752,495  |           |   |   | 6,732,438 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 12,763,930 |   |           |   | 12,821,585 |           |   |   | 16,493,375 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 68,471,239 |   |           | $      | 86,022,320 |           |   | $ | 81,358,464 |   |

----

|                                                        |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 65,112,203 |   |           | $      | 63,454,771 |           |   | $ | 77,907,950 |   |
| Land                                                        |   |           | 6,704,151  |   |           |   | 6,053,669  |           |   |   | 7,041,701 |   |
| Other assets                                                |   |           | 5,587,394  |   |           |   | 5,069,036  |           |   |   | 7,470,856 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 77,403,748 |   |           | $      | 74,577,476 |           |   | $ | 92,420,507 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 49,354,891 |   |           | $      | 56,620,220 |           |   | $ | 59,529,863 |   |
| Accounts payable and accrued expenses                       |   |           | 1,931,924  |   |           |   | 801,385    |           |   |   | 1,496,592 |   |
| Other liabilities                                           |   |           | 8,307,853  |   |           |   | 9,799,333  |           |   |   | 5,873,721 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 59,594,668 |   |           |   | 67,220,938 |           |   |   | 66,900,176 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 12,343,265 |   |           |   | 7,669,682  |           |   |   | 19,156,422 |   |
| Other partners                                              |   |           | 5,465,815  |   |           |   | (313,144   | )              |   |   | 6,363,909 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 17,809,080 |   |           |   | 7,356,538  |           |   |   | 25,520,331 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 77,403,748 |   |           | $      | 74,577,476 |           |   | $ | 92,420,507 |   |

----

|                                                        |   | Series 46 |       |
|-------------------------------------------------------------|--------|----------------|------------|
| ASSETS                                                      |   |           |       |
|                                                        |   |           |       |
| Buildings and improvements, net of accumulated depreciation |   | $              | 44,202,953 |   |
| Land                                                        |   |           | 2,411,415  |   |
| Other assets                                                |   |           | 3,918,663  |   |
|                                                        |   |           |       |   |
|                                                        |   | $              | 50,533,031 |   |
|                                                        |   |           |       |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |
|                                                        |   |           |       |   |
| Mortgages and construction loans payable                    |   | $              | 26,039,726 |   |
| Accounts payable and accrued expenses                       |   |           | 434,076    |   |
| Other liabilities                                           |   |           | 3,127,506  |   |
|                                                        |   |           |       |   |
|                                                        |   |           | 29,601,308 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 17,048,063 |   |
| Other partners                                              |   |           | 3,883,660  |   |
|                                                        |   |           |       |   |
|                                                        |   |           | 20,931,723 |   |
|                                                        |   |           |       |   |
|                                                        |   | $              | 50,533,031 |   |

----

|                                                        |   | Total  |          |   | Series 20 |   |       | Series 21 |   |
|-------------------------------------------------------------|--------|--------|---------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |   |          |   |           |   |       |           |   |
|                                                        |   |   |          |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $      | 1,327,138,604 |   |           | $      | 48,233,757 |           |   | $ | 14,182,615 |   |
| Land                                                        |   |   | 121,627,163   |   |           |   | 6,083,660  |           |   |   | 1,626,465 |   |
| Other assets                                                |   |   | 141,366,927   |   |           |   | 8,233,542  |           |   |   | 1,199,108 |   |
|                                                        |   |   |          |   |           |   |       |           |   |   |   |   |
|                                                        |   |   | 1,590,132,694 |   |           | $      | 62,550,959 |           |   | $ | 17,008,188 |   |
|                                                        |   |   |          |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |   |          |   |           |   |       |           |   |   |   |   |
|                                                        |   |   |          |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $      | 1,070,798,751 |   |           | $      | 58,105,380 |           |   | $ | 14,451,289 |   |
| Accounts payable and accrued expenses                       |   |   | 54,320,584    |   |           |   | 3,590,233  |           |   |   | 1,526,066 |   |
| Other liabilities                                           |   |   | 155,078,441   |   |           |   | 3,856,348  |           |   |   | 4,972,668 |   |
|                                                        |   |   |          |   |           |   |       |           |   |   |   |   |
|                                                        |   |   | 1,280,197,776 |   |           | $      | 65,551,961 |           |   | $ | 20,950,023 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |   |          |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |   | 245,625,803   |   |           |   | 1,389,184  |           |   |   | (3,112,115 | ) |
| Other partners                                              |   |   | 64,309,115    |   |           |   | (4,390,186 | )              |   |   | (829,720 | ) |
|                                                        |   |   |          |   |           |   |       |           |   |   |   |   |
|                                                        |   |   | 309,934,918   |   |           |   | (3,001,002 | )              |   |   | (3,941,835 | ) |
|                                                        |   |   |          |   |           |   |       |           |   |   |   |   |
|                                                        |   | $      | 1,590,132,694 |   |           | $      | 62,550,959 |           |   | $ | 17,008,188 |   |

----

|                                                        |   | Series 22 |       |   | Series 23 |   |       | Series 24 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 46,658,465 |   |           | $      | 45,538,725 |           |   | $ | 36,823,822 |   |
| Land                                                        |   |           | 4,098,556  |   |           |   | 3,786,131  |           |   |   | 3,511,379 |   |
| Other assets                                                |   |           | 4,885,449  |   |           |   | 4,849,188  |           |   |   | 4,207,026 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 55,642,470 |   |           | $      | 54,174,044 |           |   | $ | 44,542,227 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 45,093,503 |   |           | $      | 35,051,936 |           |   | $ | 35,905,281 |   |
| Accounts payable and accrued expenses                       |   |           | 4,120,406  |   |           |   | 6,793,403  |           |   |   | 1,909,907 |   |
| Other liabilities                                           |   |           | 8,815,495  |   |           |   | 6,614,451  |           |   |   | 4,621,053 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 58,029,404 |   |           | $      | 48,459,790 |           |   | $ | 42,436,241 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 524,720    |   |           |   | 8,226,571  |           |   |   | 1,080,099 |   |
| Other partners                                              |   |           | (2,911,654 | )      |           |   | (2,512,317 | )              |   |   | 1,025,887 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | (2,386,934 | )      |           |   | 5,714,254  |           |   |   | 2,105,986 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 55,642,470 |   |           | $      | 54,174,044 |           |   | $ | 44,542,227 |   |

----

|                                                        |   | Series 25 |       |   | Series 26 |   |       | Series 27 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 39,564,458 |   |           | $      | 59,251,039 |           |   | $ | 53,286,956 |   |
| Land                                                        |   |           | 3,229,460  |   |           |   | 5,111,128  |           |   |   | 6,005,394 |   |
| Other assets                                                |   |           | 8,220,209  |   |           |   | 10,945,283 |           |   |   | 7,773,045 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 51,014,127 |   |           | $      | 75,307,450 |           |   | $ | 67,065,395 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 35,035,014 |   |           | $      | 51,023,244 |           |   | $ | 43,151,891 |   |
| Accounts payable and accrued expenses                       |   |           | 3,052,381  |   |           |   | 2,981,445  |           |   |   | 1,095,340 |   |
| Other liabilities                                           |   |           | 7,011,183  |   |           |   | 4,749,989  |           |   |   | 8,375,726 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 45,098,578 |   |           | $      | 58,754,678 |           |   | $ | 52,622,957 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 3,387,139  |   |           |   | 13,214,473 |           |   |   | 11,030,095 |   |
| Other partners                                              |   |           | 2,528,410  |   |           |   | 3,338,299  |           |   |   | 3,412,343 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 5,915,549  |   |           |   | 16,552,772 |           |   |   | 14,442,438 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 51,014,127 |   |           | $      | 75,307,450 |           |   | $ | 67,065,395 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |

----

|                                                        |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 52,978,721 |   |           | $      | 45,376,215 |           |   | $ | 33,842,636 |   |
| Land                                                        |   |           | 5,523,586  |   |           |   | 2,816,806  |           |   |   | 2,406,880 |   |
| Other assets                                                |   |           | 6,557,276  |   |           |   | 5,058,759  |           |   |   | 3,581,101 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 65,059,583 |   |           | $      | 53,251,780 |           |   | $ | 39,830,617 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 39,921,747 |   |           | $      | 37,836,720 |           |   | $ | 24,552,013 |   |
| Accounts payable and accrued expenses                       |   |           | 2,102,892  |   |           |   | 1,786,814  |           |   |   | 1,427,732 |   |
| Other liabilities                                           |   |           | 4,447,733  |   |           |   | 6,029,866  |           |   |   | 5,086,915 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 46,472,372 |   |           | $      | 45,653,400 |           |   | $ | 31,066,660 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 15,730,988 |   |           |   | 7,022,235  |           |   |   | 6,749,386 |   |
| Other partners                                              |   |           | 2,856,223  |   |           |   | 576,145    |           |   |   | 2,014,571 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 18,587,211 |   |           |   | 7,598,380  |           |   |   | 8,763,957 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 65,059,583 |   |           | $      | 53,251,780 |           |   | $ | 39,830,617 |   |

----

|                                                        |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 52,495,526 |   |           | $      | 50,135,066 |           |   | $ | 41,977,977 |   |
| Land                                                        |   |           | 4,222,958  |   |           |   | 3,124,882  |           |   |   | 4,089,020 |   |
| Other assets                                                |   |           | 6,183,315  |   |           |   | 4,232,491  |           |   |   | 2,746,749 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 62,901,799 |   |           | $      | 57,492,439 |           |   | $ | 48,813,746 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 45,450,010 |   |           | $      | 33,610,588 |           |   | $ | 27,311,598 |   |
| Accounts payable and accrued expenses                       |   |           | 1,099,175  |   |           |   | 2,869,625  |           |   |   | 1,437,272 |   |
| Other liabilities                                           |   |           | 5,364,504  |   |           |   | 3,420,143  |           |   |   | 2,508,277 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 51,913,689 |   |           | $      | 39,900,356 |           |   | $ | 31,257,147 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 11,985,410 |   |           |   | 12,438,997 |           |   |   | 9,714,246 |   |
| Other partners                                              |   |           | (997,300   | )      |           |   | 5,153,086  |           |   |   | 7,842,353 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 10,988,110 |   |           |   | 17,592,083 |           |   |   | 17,556,599 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 62,901,799 |   |           | $      | 57,492,439 |           |   | $ | 48,813,746 |   |

----

|                                                        |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 51,068,100 |   |           | $      | 43,777,717 |           |   | $ | 39,015,101 |   |
| Land                                                        |   |           | 5,358,490  |   |           |   | 3,734,936  |           |   |   | 2,791,180 |   |
| Other assets                                                |   |           | 4,123,678  |   |           |   | 3,095,885  |           |   |   | 3,693,494 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 60,550,268 |   |           | $      | 50,608,538 |           |   | $ | 45,499,775 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 43,132,084 |   |           | $      | 24,506,226 |           |   | $ | 35,139,807 |   |
| Accounts payable and accrued expenses                       |   |           | 2,490,711  |   |           |   | 1,121,939  |           |   |   | 1,418,545 |   |
| Other liabilities                                           |   |           | 5,604,172  |   |           |   | 8,277,130  |           |   |   | 3,385,409 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 51,226,967 |   |           | $      | 33,905,295 |           |   | $ | 39,943,761 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 9,727,382  |   |           |   | 12,122,001 |           |   |   | 5,664,538 |   |
| Other partners                                              |   |           | (404,081   | )      |           |   | 4,581,242  |           |   |   | (108,524 | ) |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 9,323,301  |   |           |   | 16,703,243 |           |   |   | 5,556,014 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 60,550,268 |   |           | $      | 50,608,538 |           |   | $ | 45,499,775 |   |

----

|                                                        |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 38,662,486 |   |           | $      | 30,098,029 |           |   | $ | 25,519,134 |   |
| Land                                                        |   |           | 2,423,561  |   |           |   | 2,144,257  |           |   |   | 1,801,039 |   |
| Other assets                                                |   |           | 3,238,571  |   |           |   | 2,243,402  |           |   |   | 2,033,998 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 44,324,618 |   |           | $      | 34,485,688 |           |   | $ | 29,354,171 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 29,901,379 |   |           | $      | 17,652,258 |           |   | $ | 14,048,601 |   |
| Accounts payable and accrued expenses                       |   |           | 1,951,490  |   |           |   | 555,301    |           |   |   | 408,890 |   |
| Other liabilities                                           |   |           | 3,227,588  |   |           |   | 1,752,761  |           |   |   | 2,005,770 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 35,080,457 |   |           | $      | 19,960,320 |           |   | $ | 16,463,261 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 8,397,793  |   |           |   | 11,160,980 |           |   |   | 9,000,292 |   |
| Other partners                                              |   |           | 846,368    |   |           |   | 3,364,388  |           |   |   | 3,890,618 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 9,244,161  |   |           |   | 14,525,368 |           |   |   | 12,890,910 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 44,324,618 |   |           | $      | 34,485,688 |           |   | $ | 29,354,171 |   |

----

|                                                        |   | Series 40 |       |   | Series 41 |   |        | Series 42 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|-------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |        |           |   |
|                                                        |   |           |       |   |           |   |        |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 61,455,422 |   |           | $      | 88,323,911  |           |   | $ | 68,607,408 |   |
| Land                                                        |   |           | 5,081,041  |   |           |   | 11,372,214  |           |   |   | 7,566,333 |   |
| Other assets                                                |   |           | 4,155,860  |   |           |   | 9,516,585   |           |   |   | 7,798,935 |   |
|                                                        |   |           |       |   |           |   |        |           |   |   |   |   |
|                                                        |   |           | 70,692,323 |   |           | $      | 109,212,710 |           |   | $ | 83,972,676 |   |
|                                                        |   |           |       |   |           |   |        |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |        |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |        |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 48,179,383 |   |           | $      | 85,474,119  |           |   | $ | 52,088,062 |   |
| Accounts payable and accrued expenses                       |   |           | 1,215,540  |   |           |   | 1,762,512   |           |   |   | 2,760,429 |   |
| Other liabilities                                           |   |           | 7,244,597  |   |           |   | 10,270,962  |           |   |   | 11,077,709 |   |
|                                                        |   |           |       |   |           |   |        |           |   |   |   |   |
|                                                        |   |           | 56,639,520 |   |           | $      | 97,507,593  |           |   | $ | 65,926,200 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |        |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 11,537,889 |   |           |   | 7,774,381   |           |   |   | 10,174,493 |   |
| Other partners                                              |   |           | 2,514,914  |   |           |   | 3,930,736   |           |   |   | 7,871,983 |   |
|                                                        |   |           |       |   |           |   |        |           |   |   |   |   |
|                                                        |   |           | 14,052,803 |   |           |   | 11,705,117  |           |   |   | 18,046,476 |   |
|                                                        |   |           |       |   |           |   |        |           |   |   |   |   |
|                                                        |   | $              | 70,692,323 |   |           | $      | 109,212,710 |           |   | $ | 83,972,676 |   |

----

|                                                        |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 67,549,110 |   |           | $      | 66,224,103 |           |   | $ | 80,885,356 |   |
| Land                                                        |   |           | 6,704,151  |   |           |   | 7,662,597  |           |   |   | 6,939,644 |   |
| Other assets                                                |   |           | 5,947,336  |   |           |   | 5,589,851  |           |   |   | 7,223,785 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 80,200,597 |   |           | $      | 79,476,551 |           |   | $ | 95,048,785 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 49,842,693 |   |           | $      | 57,024,740 |           |   | $ | 61,025,831 |   |
| Accounts payable and accrued expenses                       |   |           | 1,490,904  |   |           |   | 1,384,714  |           |   |   | 1,351,820 |   |
| Other liabilities                                           |   |           | 8,871,058  |   |           |   | 9,394,721  |           |   |   | 4,854,359 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 60,204,655 |   |           | $      | 67,804,175 |           |   | $ | 67,232,010 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 13,030,245 |   |           |   | 9,314,301  |           |   |   | 20,435,345 |   |
| Other partners                                              |   |           | 6,965,697  |   |           |   | 2,358,075  |           |   |   | 7,381,430 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 19,995,942 |   |           |   | 11,672,376 |           |   |   | 27,816,775 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 80,200,597 |   |           | $      | 79,476,551 |           |   | $ | 95,048,785 |   |

----

|                                                        |   | Series 46 |       |
|-------------------------------------------------------------|--------|----------------|------------|
| ASSETS                                                      |   |           |       |
|                                                        |   |           |       |
| Buildings and improvements, net of accumulated depreciation |   | $              | 45,606,749 |   |
| Land                                                        |   |           | 2,411,415  |   |
| Other assets                                                |   |           | 4,033,006  |   |
|                                                        |   |           |       |   |
|                                                        |   | $              | 52,051,170 |   |
|                                                        |   |           |       |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |
|                                                        |   |           |       |   |
| Mortgages and construction loans payable                    |   | $              | 26,283,354 |   |
| Accounts payable and accrued expenses                       |   |           | 615,098    |   |
| Other liabilities                                           |   |           | 3,237,854  |   |
|                                                        |   |           |       |   |
|                                                        |   | $              | 30,136,306 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |
| Boston Capital Tax Credit Fund IV L.P.                      |   |           | 17,904,735 |   |
| Other partners                                              |   |           | 4,010,129  |   |
|                                                        |   |           |       |   |
|                                                        |   |           | 21,914,864 |   |
|                                                        |   |           |       |   |
|                                                        |   | $              | 52,051,170 |   |

----

|                                                                               |   | Total  |        |   | Series 20 |   |       | Series 21 |   |
|------------------------------------------------------------------------------------|--------|--------|-------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |   |        |   |           |   |       |           |   |
| Rent                                                                               |   | $      | 209,506,387 |   |           | $      | 6,655,926  |           |   | $ | 2,774,509 |   |
| Interest and other                                                                 |   |   | 10,339,600  |   |           |   | 369,383    |           |   |   | 284,245 |   |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
|                                                                               |   |   | 219,845,987 |   |           |   | 7,025,309  |           |   |   | 3,058,754 |   |
| Expenses                                                                           |   |   |        |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |   | 50,990,441  |   |           |   | 1,432,943  |           |   |   | 829,865 |   |
| Depreciation and amortization                                                      |   |   | 63,484,077  |   |           |   | 1,762,641  |           |   |   | 580,099 |   |
| Taxes and insurance                                                                |   |   | 25,689,604  |   |           |   | 986,551    |           |   |   | 346,274 |   |
| Repairs and maintenance                                                            |   |   | 39,469,516  |   |           |   | 1,671,974  |           |   |   | 377,595 |   |
| Operating expenses                                                                 |   |   | 74,028,107  |   |           |   | 2,697,706  |           |   |   | 873,151 |   |
| Impairment loss                                                                    |   |   | 9,872,594   |   |           |   | -          |           |   |   | 318,421 |   |
| Other expenses                                                                     |   |   | 6,391,341   |   |           |   | 123,809    |           |   |   | 58,190 |   |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
|                                                                               |   |   | 269,925,680 |   |           |   | 8,675,624  |           |   |   | 3,383,595 |   |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $      | (50,079,693 | )      |           | $      | (1,650,315 | )              |   | $ | (324,841 | ) |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $      | (31,290,410 | )      |           | $      | (1,252,420 | )              |   | $ | (102,473 | ) |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $      | (18,789,283 | )      |           | $      | (397,895   | )              |   | $ | (222,368 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 22 |       |   | Series 23 |   |      | Series 24 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|-----------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |      |           |   |
| Rent                                                                               |   | $              | 7,692,274  |   |           | $      | 6,813,571 |           |   | $ | 8,760,211 |   |
| Interest and other                                                                 |   |           | 1,386,783  |   |           |   | 1,325,800 |           |   |   | 94,297 |   |
|                                                                               |   |           |       |   |           |   |      |           |   |   |   |   |
|                                                                               |   |           | 9,079,057  |   |           |   | 8,139,371 |           |   |   | 8,854,508 |   |
| Expenses                                                                           |   |           |       |   |           |   |      |           |   |   |   |   |
| Interest                                                                           |   |           | 1,981,473  |   |           |   | 1,592,101 |           |   |   | 1,950,195 |   |
| Depreciation and amortization                                                      |   |           | 2,280,689  |   |           |   | 1,806,350 |           |   |   | 2,451,974 |   |
| Taxes and insurance                                                                |   |           | 1,211,341  |   |           |   | 1,003,284 |           |   |   | 1,023,903 |   |
| Repairs and maintenance                                                            |   |           | 2,243,815  |   |           |   | 1,649,980 |           |   |   | 1,513,795 |   |
| Operating expenses                                                                 |   |           | 2,782,724  |   |           |   | 2,753,490 |           |   |   | 2,625,669 |   |
| Impairment loss                                                                    |   |           | 318,421    |   |           |   | -         |           |   |   | - |   |
| Other expenses                                                                     |   |           | 229,953    |   |           |   | 165,871   |           |   |   | 137,285 |   |
|                                                                               |   |           |       |   |           |   |      |           |   |   |   |   |
|                                                                               |   |           | 11,048,416 |   |           |   | 8,971,076 |           |   |   | 9,702,821 |   |
|                                                                               |   |           |       |   |           |   |      |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,969,359 | )      |           | $      | (831,705  | )              |   | $ | (848,313 | ) |
|                                                                               |   |           |       |   |           |   |      |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (989,220   | )      |           | $      | (678,815  | )              |   | $ | (662,045 | ) |
|                                                                               |   |           |       |   |           |   |      |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (980,139   | )      |           | $      | (152,890  | )              |   | $ | (186,268 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 25 |       |   | Series 26 |   |       | Series 27 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 11,312,666 |   |           | $      | 9,637,230  |           |   | $ | 7,899,859 |   |
| Interest and other                                                                 |   |           | 173,977    |   |           |   | 363,432    |           |   |   | 204,686 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 11,486,643 |   |           |   | 10,000,662 |           |   |   | 8,104,545 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 2,211,468  |   |           |   | 1,883,594  |           |   |   | 1,816,630 |   |
| Depreciation and amortization                                                      |   |           | 2,337,624  |   |           |   | 2,751,076  |           |   |   | 2,198,060 |   |
| Taxes and insurance                                                                |   |           | 1,328,981  |   |           |   | 1,200,359  |           |   |   | 811,271 |   |
| Repairs and maintenance                                                            |   |           | 2,448,847  |   |           |   | 1,637,084  |           |   |   | 1,263,233 |   |
| Operating expenses                                                                 |   |           | 3,384,306  |   |           |   | 3,747,145  |           |   |   | 2,288,399 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 135,767    |   |           |   | 221,535    |           |   |   | 375,519 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 11,846,993 |   |           |   | 11,440,793 |           |   |   | 8,753,112 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (360,350   | )      |           | $      | (1,440,131 | )              |   | $ | (648,567 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (422,773   | )      |           | $      | (1,222,762 | )              |   | $ | (437,322 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | 62,423     |   |           | $      | (217,369   | )              |   | $ | (211,245 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 10,068,917 |   |           | $      | 7,518,550  |           |   | $ | 5,615,784 |   |
| Interest and other                                                                 |   |           | 756,655    |   |           |   | 297,944    |           |   |   | 173,993 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 10,825,572 |   |           |   | 7,816,494  |           |   |   | 5,789,777 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 1,976,692  |   |           |   | 1,663,588  |           |   |   | 1,054,474 |   |
| Depreciation and amortization                                                      |   |           | 2,884,442  |   |           |   | 2,578,551  |           |   |   | 1,573,388 |   |
| Taxes and insurance                                                                |   |           | 1,224,794  |   |           |   | 1,038,721  |           |   |   | 690,829 |   |
| Repairs and maintenance                                                            |   |           | 2,277,937  |   |           |   | 1,468,348  |           |   |   | 1,351,064 |   |
| Operating expenses                                                                 |   |           | 3,552,074  |   |           |   | 2,885,001  |           |   |   | 2,862,900 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | 4,617,876 |   |
| Other expenses                                                                     |   |           | 253,142    |   |           |   | 124,045    |           |   |   | 68,721 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 12,169,081 |   |           |   | 9,758,254  |           |   |   | 12,219,252 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,343,509 | )      |           | $      | (1,941,760 | )              |   | $ | (6,429,475 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,133,205 | )      |           | $      | (1,674,110 | )              |   | $ | (2,673,669 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (210,304   | )      |           | $      | (267,650   | )              |   | $ | (3,755,806 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 10,324,348 |   |           | $      | 7,283,374  |           |   | $ | 6,190,431 |   |
| Interest and other                                                                 |   |           | 391,217    |   |           |   | 363,125    |           |   |   | 172,983 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 10,715,565 |   |           |   | 7,646,499  |           |   |   | 6,363,414 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 1,619,790  |   |           |   | 1,690,261  |           |   |   | 1,338,622 |   |
| Depreciation and amortization                                                      |   |           | 2,973,439  |   |           |   | 2,769,638  |           |   |   | 2,248,801 |   |
| Taxes and insurance                                                                |   |           | 1,367,578  |   |           |   | 886,114    |           |   |   | 874,717 |   |
| Repairs and maintenance                                                            |   |           | 1,771,706  |   |           |   | 1,177,320  |           |   |   | 737,824 |   |
| Operating expenses                                                                 |   |           | 4,025,656  |   |           |   | 2,454,468  |           |   |   | 2,637,123 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 615,270    |   |           |   | 596,942    |           |   |   | 147,733 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 12,373,439 |   |           |   | 9,574,743  |           |   |   | 7,984,820 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,657,874 | )      |           | $      | (1,928,244 | )              |   | $ | (1,621,406 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,503,190 | )      |           | $      | (1,630,428 | )              |   | $ | (623,049 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (154,684   | )      |           | $      | (297,816   | )              |   | $ | (998,357 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 7,976,496  |   |           | $      | 6,521,654  |           |   | $ | 6,497,548 |   |
| Interest and other                                                                 |   |           | 261,308    |   |           |   | 264,728    |           |   |   | 250,280 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 8,237,804  |   |           |   | 6,786,382  |           |   |   | 6,747,828 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 1,683,220  |   |           |   | 1,677,166  |           |   |   | 1,944,394 |   |
| Depreciation and amortization                                                      |   |           | 2,932,746  |   |           |   | 2,122,690  |           |   |   | 2,092,571 |   |
| Taxes and insurance                                                                |   |           | 1,059,455  |   |           |   | 881,807    |           |   |   | 728,909 |   |
| Repairs and maintenance                                                            |   |           | 1,126,892  |   |           |   | 1,193,283  |           |   |   | 1,453,418 |   |
| Operating expenses                                                                 |   |           | 3,726,980  |   |           |   | 2,411,003  |           |   |   | 2,390,309 |   |
| Impairment loss                                                                    |   |           | 4,617,876  |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 43,500     |   |           |   | 88,248     |           |   |   | 125,852 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 15,190,669 |   |           |   | 8,374,197  |           |   |   | 8,735,453 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (6,952,865 | )      |           | $      | (1,587,815 | )              |   | $ | (1,987,625 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (4,728,874 | )      |           | $      | (1,031,028 | )              |   | $ | (997,844 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (2,223,991 | )      |           | $      | (556,787   | )              |   | $ | (989,781 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 5,888,264  |   |           | $      | 4,359,775  |           |   | $ | 3,442,308 |   |
| Interest and other                                                                 |   |           | 240,128    |   |           |   | 210,350    |           |   |   | 230,468 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 6,128,392  |   |           |   | 4,570,125  |           |   |   | 3,672,776 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 1,130,693  |   |           |   | 1,051,811  |           |   |   | 806,041 |   |
| Depreciation and amortization                                                      |   |           | 2,259,407  |   |           |   | 1,489,097  |           |   |   | 1,390,951 |   |
| Taxes and insurance                                                                |   |           | 880,144    |   |           |   | 532,561    |           |   |   | 415,422 |   |
| Repairs and maintenance                                                            |   |           | 1,014,627  |   |           |   | 804,237    |           |   |   | 667,971 |   |
| Operating expenses                                                                 |   |           | 2,689,062  |   |           |   | 1,618,350  |           |   |   | 1,592,048 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 70,102     |   |           |   | 121,835    |           |   |   | 156,570 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 8,044,035  |   |           |   | 5,617,891  |           |   |   | 5,029,003 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,915,643 | )      |           | $      | (1,047,766 | )              |   | $ | (1,356,227 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,302,147 | )      |           | $      | (590,826   | )              |   | $ | (915,239 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (613,496   | )      |           | $      | (456,940   | )              |   | $ | (440,988 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 9,537,135  |   |           | $      | 11,381,804 |           |   | $ | 11,019,705 |   |
| Interest and other                                                                 |   |           | 446,290    |   |           |   | 460,071    |           |   |   | 362,956 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 9,983,425  |   |           |   | 11,841,875 |           |   |   | 11,382,661 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 3,284,466  |   |           |   | 3,925,334  |           |   |   | 3,171,669 |   |
| Depreciation and amortization                                                      |   |           | 2,577,591  |   |           |   | 3,114,338  |           |   |   | 3,259,277 |   |
| Taxes and insurance                                                                |   |           | 1,184,386  |   |           |   | 1,145,350  |           |   |   | 976,544 |   |
| Repairs and maintenance                                                            |   |           | 1,602,393  |   |           |   | 1,938,268  |           |   |   | 1,822,173 |   |
| Operating expenses                                                                 |   |           | 2,495,685  |   |           |   | 2,781,411  |           |   |   | 3,381,056 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 113,376    |   |           |   | 182,943    |           |   |   | 248,800 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 11,257,897 |   |           |   | 13,087,644 |           |   |   | 12,859,519 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,274,472 | )      |           | $      | (1,245,769 | )              |   | $ | (1,476,858 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (687,084   | )      |           | $      | (790,483   | )              |   | $ | (470,251 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (587,388   | )      |           | $      | (455,286   | )              |   | $ | (1,006,607 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 9,110,347  |   |           | $      | 9,027,762  |           |   | $ | 10,677,269 |   |
| Interest and other                                                                 |   |           | 421,871    |   |           |   | 263,275    |           |   |   | 272,207 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 9,532,218  |   |           |   | 9,291,037  |           |   |   | 10,949,476 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 2,513,386  |   |           |   | 2,657,069  |           |   |   | 2,669,272 |   |
| Depreciation and amortization                                                      |   |           | 3,185,358  |   |           |   | 2,977,684  |           |   |   | 3,347,131 |   |
| Taxes and insurance                                                                |   |           | 957,622    |   |           |   | 1,016,430  |           |   |   | 1,208,737 |   |
| Repairs and maintenance                                                            |   |           | 1,709,530  |   |           |   | 1,473,051  |           |   |   | 1,997,614 |   |
| Operating expenses                                                                 |   |           | 2,927,852  |   |           |   | 2,970,592  |           |   |   | 3,585,947 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 153,770    |   |           |   | 1,547,394  |           |   |   | 236,914 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 11,447,518 |   |           |   | 12,642,220 |           |   |   | 13,045,615 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,915,300 | )      |           | $      | (3,351,183 | )              |   | $ | (2,096,139 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (707,961   | )      |           | $      | (1,970,421 | )              |   | $ | (1,233,312 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (1,207,339 | )      |           | $      | (1,380,762 | )              |   | $ | (862,827 | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 46 |      |
|------------------------------------------------------------------------------------|--------|----------------|-----------|
| Revenue                                                                            |   |           |      |
| Rent                                                                               |   | $              | 5,518,670 |   |
| Interest and other                                                                 |   |           | 297,148   |   |
|                                                                               |   |           |      |   |
|                                                                               |   |           | 5,815,818 |   |
| Expenses                                                                           |   |           |      |   |
| Interest                                                                           |   |           | 1,434,224 |   |
| Depreciation and amortization                                                      |   |           | 1,538,464 |   |
| Taxes and insurance                                                                |   |           | 707,520   |   |
| Repairs and maintenance                                                            |   |           | 1,075,537 |   |
| Operating expenses                                                                 |   |           | 1,888,000 |   |
| Impairment loss                                                                    |   |           | -         |   |
| Other expenses                                                                     |   |           | 48,255    |   |
|                                                                               |   |           |      |   |
|                                                                               |   |           | 6,692,000 |   |
|                                                                               |   |           |      |   |
| NET LOSS                                                                           |   | $              | (876,182  | ) |
|                                                                               |   |           |      |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (859,459  | ) |
|                                                                               |   |           |      |   |
| Net income (loss) allocated to other partners                                      |   | $              | (16,723   | ) |

|   | * | Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Total  |        |   | Series 20 |   |       | Series 21 |   |
|------------------------------------------------------------------------------------|--------|--------|-------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |   |        |   |           |   |       |           |   |
| Rent                                                                               |   | $      | 225,595,957 |   |           | $      | 12,632,687 |           |   | $ | 2,800,634 |   |
| Interest and other                                                                 |   |   | 11,340,929  |   |           |   | 2,215,300  |           |   |   | 60,029 |   |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
|                                                                               |   |   | 236,936,886 |   |           |   | 14,847,987 |           |   |   | 2,860,663 |   |
| Expenses                                                                           |   |   |        |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |   | 58,343,645  |   |           |   | 3,460,141  |           |   |   | 908,501 |   |
| Depreciation and amortization                                                      |   |   | 67,303,012  |   |           |   | 3,233,021  |           |   |   | 648,284 |   |
| Taxes and insurance                                                                |   |   | 29,016,783  |   |           |   | 1,971,116  |           |   |   | 374,417 |   |
| Repairs and maintenance                                                            |   |   | 41,368,059  |   |           |   | 2,559,182  |           |   |   | 440,264 |   |
| Operating expenses                                                                 |   |   | 77,156,641  |   |           |   | 3,412,485  |           |   |   | 948,238 |   |
| Impairment loss                                                                    |   |   | -           |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |   | 7,051,910   |   |           |   | 737,220    |           |   |   | 133,452 |   |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
|                                                                               |   |   | 280,240,050 |   |           |   | 15,373,165 |           |   |   | 3,453,156 |   |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $      | (43,303,164 | )      |           | $      | (525,178   | )              |   | $ | (592,493 | ) |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $      | (30,036,856 | )      |           | $      | (1,248,392 | )              |   | $ | (397,781 | ) |
|                                                                               |   |   |        |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $      | (13,266,308 | )      |           | $      | 723,214    |           |   | $ | (194,712 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 22 |       |   | Series 23 |   |       | Series 24 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 9,100,597  |   |           | $      | 8,642,250  |           |   | $ | 8,420,383 |   |
| Interest and other                                                                 |   |           | 783,861    |   |           |   | 555,200    |           |   |   | 97,931 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 9,884,458  |   |           |   | 9,197,450  |           |   |   | 8,518,314 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 2,465,984  |   |           |   | 2,261,473  |           |   |   | 2,057,033 |   |
| Depreciation and amortization                                                      |   |           | 2,573,221  |   |           |   | 2,158,016  |           |   |   | 2,439,232 |   |
| Taxes and insurance                                                                |   |           | 1,520,255  |   |           |   | 1,246,824  |           |   |   | 985,591 |   |
| Repairs and maintenance                                                            |   |           | 2,570,709  |   |           |   | 1,808,212  |           |   |   | 1,505,341 |   |
| Operating expenses                                                                 |   |           | 3,282,237  |   |           |   | 3,173,455  |           |   |   | 2,625,818 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 244,408    |   |           |   | 379,769    |           |   |   | 97,482 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 12,656,814 |   |           |   | 11,027,749 |           |   |   | 9,710,497 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (2,772,356 | )      |           | $      | (1,830,299 | )              |   | $ | (1,192,183 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,041,901 | )      |           | $      | (875,250   | )              |   | $ | (742,580 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (1,730,455 | )      |           | $      | (955,049   | )              |   | $ | (449,603 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 25 |       |   | Series 26 |   |       | Series 27 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 11,841,984 |   |           | $      | 12,270,003 |           |   | $ | 10,462,546 |   |
| Interest and other                                                                 |   |           | 350,874    |   |           |   | 571,036    |           |   |   | 291,389 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 12,192,858 |   |           |   | 12,841,039 |           |   |   | 10,753,935 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 2,432,121  |   |           |   | 2,259,555  |           |   |   | 2,521,605 |   |
| Depreciation and amortization                                                      |   |           | 2,492,279  |   |           |   | 3,040,264  |           |   |   | 2,513,360 |   |
| Taxes and insurance                                                                |   |           | 1,507,363  |   |           |   | 1,610,496  |           |   |   | 1,165,108 |   |
| Repairs and maintenance                                                            |   |           | 2,594,708  |   |           |   | 2,405,823  |           |   |   | 1,371,955 |   |
| Operating expenses                                                                 |   |           | 3,680,717  |   |           |   | 4,058,673  |           |   |   | 2,996,259 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 995,372    |   |           |   | 350,543    |           |   |   | 302,044 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 13,702,560 |   |           |   | 13,725,354 |           |   |   | 10,870,331 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,509,702 | )      |           | $      | (884,315   | )              |   | $ | (116,396 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,298,940 | )      |           | $      | (1,962,171 | )              |   | $ | (477,051 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (210,762   | )      |           | $      | 1,077,856  |           |   | $ | 360,655 |   |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 9,659,525  |   |           | $      | 7,290,706  |           |   | $ | 6,248,972 |   |
| Interest and other                                                                 |   |           | 227,655    |   |           |   | 343,949    |           |   |   | 198,811 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 9,887,180  |   |           |   | 7,634,655  |           |   |   | 6,447,783 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 1,990,511  |   |           |   | 1,721,884  |           |   |   | 1,135,337 |   |
| Depreciation and amortization                                                      |   |           | 2,838,421  |   |           |   | 2,550,783  |           |   |   | 1,621,468 |   |
| Taxes and insurance                                                                |   |           | 1,237,848  |   |           |   | 949,717    |           |   |   | 758,628 |   |
| Repairs and maintenance                                                            |   |           | 1,840,968  |   |           |   | 1,239,225  |           |   |   | 1,317,880 |   |
| Operating expenses                                                                 |   |           | 3,403,104  |   |           |   | 2,813,886  |           |   |   | 2,903,250 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 266,867    |   |           |   | 206,998    |           |   |   | 105,021 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 11,577,719 |   |           |   | 9,482,493  |           |   |   | 7,841,584 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,690,539 | )      |           | $      | (1,847,838 | )              |   | $ | (1,393,801 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,319,188 | )      |           | $      | (2,011,048 | )              |   | $ | (1,256,895 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (371,351   | )      |           | $      | 163,210    |           |   | $ | (136,906 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 10,010,642 |   |           | $      | 7,423,054  |           |   | $ | 6,193,633 |   |
| Interest and other                                                                 |   |           | 725,562    |   |           |   | 306,522    |           |   |   | 205,947 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 10,736,204 |   |           |   | 7,729,576  |           |   |   | 6,399,580 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 1,684,409  |   |           |   | 1,742,349  |           |   |   | 1,434,726 |   |
| Depreciation and amortization                                                      |   |           | 2,990,577  |   |           |   | 2,866,318  |           |   |   | 2,337,916 |   |
| Taxes and insurance                                                                |   |           | 1,331,716  |   |           |   | 995,986    |           |   |   | 807,121 |   |
| Repairs and maintenance                                                            |   |           | 1,845,073  |   |           |   | 1,059,006  |           |   |   | 931,760 |   |
| Operating expenses                                                                 |   |           | 3,627,728  |   |           |   | 2,837,440  |           |   |   | 2,560,522 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 659,889    |   |           |   | 205,548    |           |   |   | 116,137 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 12,139,392 |   |           |   | 9,706,647  |           |   |   | 8,188,182 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,403,188 | )      |           | $      | (1,977,071 | )              |   | $ | (1,788,602 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (981,897   | )      |           | $      | (1,539,147 | )              |   | $ | (745,885 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (421,291   | )      |           | $      | (437,924   | )              |   | $ | (1,042,717 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 7,880,400  |   |           | $      | 6,199,854  |           |   | $ | 6,415,159 |   |
| Interest and other                                                                 |   |           | 419,269    |   |           |   | 268,742    |           |   |   | 253,227 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 8,299,669  |   |           |   | 6,468,596  |           |   |   | 6,668,386 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 2,060,416  |   |           |   | 1,699,876  |           |   |   | 1,987,567 |   |
| Depreciation and amortization                                                      |   |           | 3,007,760  |   |           |   | 2,091,786  |           |   |   | 1,985,421 |   |
| Taxes and insurance                                                                |   |           | 1,122,819  |   |           |   | 902,486    |           |   |   | 661,684 |   |
| Repairs and maintenance                                                            |   |           | 1,286,816  |   |           |   | 1,309,786  |           |   |   | 1,452,993 |   |
| Operating expenses                                                                 |   |           | 3,303,936  |   |           |   | 2,315,443  |           |   |   | 2,323,917 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 49,575     |   |           |   | 146,309    |           |   |   | 203,869 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 10,831,322 |   |           |   | 8,465,686  |           |   |   | 8,615,451 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (2,531,653 | )      |           | $      | (1,997,090 | )              |   | $ | (1,947,065 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,786,699 | )      |           | $      | (1,184,563 | )              |   | $ | (1,002,035 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (744,954   | )      |           | $      | (812,527   | )              |   | $ | (945,030 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 5,758,213  |   |           | $      | 4,199,280  |           |   | $ | 3,383,876 |   |
| Interest and other                                                                 |   |           | 227,739    |   |           |   | 190,922    |           |   |   | 218,482 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 5,985,952  |   |           |   | 4,390,202  |           |   |   | 3,602,358 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 1,204,410  |   |           |   | 1,070,018  |           |   |   | 823,833 |   |
| Depreciation and amortization                                                      |   |           | 2,161,653  |   |           |   | 1,494,769  |           |   |   | 1,328,539 |   |
| Taxes and insurance                                                                |   |           | 841,149    |   |           |   | 541,901    |           |   |   | 446,764 |   |
| Repairs and maintenance                                                            |   |           | 996,037    |   |           |   | 761,476    |           |   |   | 584,757 |   |
| Operating expenses                                                                 |   |           | 2,674,054  |   |           |   | 1,558,675  |           |   |   | 1,518,675 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 69,500     |   |           |   | 120,430    |           |   |   | 164,792 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 7,946,803  |   |           |   | 5,547,269  |           |   |   | 4,867,360 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,960,851 | )      |           | $      | (1,157,067 | )              |   | $ | (1,265,002 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (1,316,292 | )      |           | $      | (658,134   | )              |   | $ | (779,953 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (644,559   | )      |           | $      | (498,933   | )              |   | $ | (485,049 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 9,163,188  |   |           | $      | 15,208,750 |           |   | $ | 10,798,869 |   |
| Interest and other                                                                 |   |           | 431,976    |   |           |   | 815,369    |           |   |   | 324,486 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 9,595,164  |   |           |   | 16,024,119 |           |   |   | 11,123,355 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 3,319,767  |   |           |   | 5,518,387  |           |   |   | 3,250,146 |   |
| Depreciation and amortization                                                      |   |           | 2,621,485  |   |           |   | 4,024,856  |           |   |   | 3,227,018 |   |
| Taxes and insurance                                                                |   |           | 1,205,012  |   |           |   | 1,779,748  |           |   |   | 1,082,024 |   |
| Repairs and maintenance                                                            |   |           | 1,708,609  |   |           |   | 2,319,113  |           |   |   | 1,768,717 |   |
| Operating expenses                                                                 |   |           | 2,354,011  |   |           |   | 3,451,744  |           |   |   | 3,254,270 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 175,857    |   |           |   | 335,094    |           |   |   | 308,591 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 11,384,741 |   |           |   | 17,428,942 |           |   |   | 12,890,766 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,789,577 | )      |           | $      | (1,404,823 | )              |   | $ | (1,767,411 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (912,898   | )      |           | $      | (677,596   | )              |   | $ | (760,271 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (876,679   | )      |           | $      | (727,227   | )              |   | $ | (1,007,140 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Revenue                                                                            |   |           |       |   |           |   |       |           |   |
| Rent                                                                               |   | $              | 9,053,424  |   |           | $      | 8,822,929  |           |   | $ | 10,397,633 |   |
| Interest and other                                                                 |   |           | 387,790    |   |           |   | 251,100    |           |   |   | 378,230 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 9,441,214  |   |           |   | 9,074,029  |           |   |   | 10,775,863 |   |
| Expenses                                                                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Interest                                                                           |   |           | 2,574,882  |   |           |   | 2,626,085  |           |   |   | 2,677,769 |   |
| Depreciation and amortization                                                      |   |           | 3,159,427  |   |           |   | 2,987,158  |           |   |   | 3,372,243 |   |
| Taxes and insurance                                                                |   |           | 971,185    |   |           |   | 1,083,606  |           |   |   | 1,243,803 |   |
| Repairs and maintenance                                                            |   |           | 1,444,455  |   |           |   | 1,469,070  |           |   |   | 1,905,425 |   |
| Operating expenses                                                                 |   |           | 3,038,927  |   |           |   | 3,466,211  |           |   |   | 3,739,986 |   |
| Impairment loss                                                                    |   |           | -          |   |           |   | -          |           |   |   | - |   |
| Other expenses                                                                     |   |           | 197,515    |   |           |   | 334,066    |           |   |   | 99,077 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                                               |   |           | 11,386,391 |   |           |   | 11,966,196 |           |   |   | 13,038,303 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| NET LOSS                                                                           |   | $              | (1,945,177 | )      |           | $      | (2,892,167 | )              |   | $ | (2,262,440 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (973,100   | )      |           | $      | (1,789,188 | )              |   | $ | (1,436,316 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Net income (loss) allocated to other partners                                      |   | $              | (972,077   | )      |           | $      | (1,102,979 | )              |   | $ | (826,124 | ) |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               |   | Series 46 |      |
|------------------------------------------------------------------------------------|--------|----------------|-----------|
| Revenue                                                                            |   |           |      |
| Rent                                                                               |   | $              | 5,316,766 |   |
| Interest and other                                                                 |   |           | 239,531   |   |
|                                                                               |   |           |      |   |
|                                                                               |   |           | 5,556,297 |   |
| Expenses                                                                           |   |           |      |   |
| Interest                                                                           |   |           | 1,454,860 |   |
| Depreciation and amortization                                                      |   |           | 1,537,737 |   |
| Taxes and insurance                                                                |   |           | 672,416   |   |
| Repairs and maintenance                                                            |   |           | 870,699   |   |
| Operating expenses                                                                 |   |           | 1,832,980 |   |
| Impairment loss                                                                    |   |           | -         |   |
| Other expenses                                                                     |   |           | 46,485    |   |
|                                                                               |   |           |      |   |
|                                                                               |   |           | 6,415,177 |   |
|                                                                               |   |           |      |   |
| NET LOSS                                                                           |   | $              | (858,880  | ) |
|                                                                               |   |           |      |   |
| Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  * |   | $              | (861,685  | ) |
|                                                                               |   |           |      |   |
| Net income (loss) allocated to other partners                                      |   | $              | 2,805     |   |

|   | * | Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|      |   | 2011   |   |   | 2010   |   |
|-----------|--------|--------|--------|--------|--------|--------|
|      |   |   |   |   |   |   |
| 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 |   |   | 46,908 |   |   |   | 46,908 |   |
| Series 33 |   |   | -      |   |   |   | - |   |
| Series 34 |   |   | -      |   |   |   | - |   |
| Series 35 |   |   | -      |   |   |   | - |   |
| Series 36 |   |   | -      |   |   |   | - |   |
| Series 37 |   |   | -      |   |   |   | - |   |
| Series 38 |   |   | -      |   |   |   | - |   |
| Series 39 |   |   | -      |   |   |   | - |   |
| Series 40 |   |   | -      |   |   |   | - |   |
| Series 41 |   |   | -      |   |   |   | - |   |
| Series 42 |   |   | 22,790 |   |   |   | 292,933 |   |
| Series 43 |   |   | -      |   |   |   | 186,626 |   |
| Series 44 |   |   | -      |   |   |   | 196,604 |   |
| Series 45 |   |   | -      |   |   |   | - |   |
| Series 46 |   |   | -      |   |   |   | - |   |
|      |   |   |   |   |   |   |   |   |
|      |   | $      | 69,698 |   |   | $      | 723,071 |   |

----

|                                                                                                                   |   | Total  |        |   | Series 20 |   |       | Series 21 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $      | (34,618,430 | )      |           | $      | 782,240    |           |   | $ | (10,292 | ) |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |   | 15,459      |   |           |   | 2,390      |           |   |   | (16,314 | ) |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |   | 269,367     |   |           |   | (737,086   | )              |   |   | 69,765 |   |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |   | 486,390     |   |           |   | 2,909,018  |           |   |   | 281,162 |   |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |   | (22,745,446 | )      |           |   | (1,252,420 | )              |   |   | (102,473 | ) |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |   | (5,900,883  | )      |           |   | (136,452   | )              |   |   | (287,158 | ) |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |   | 23,038,128  |   |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |   | 318,421     |   |           |   | -          |           |   |   | 318,421 |   |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |   | 69,753      |   |           |   | (895,663   | )              |   |   | (19,916 | ) |
|                                                                                                                   |   |   |        |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $      | (39,067,241 | )      |           | $      | 672,027    |           |   | $ | 233,195 |   |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 22 |     |   | Series 23 |   |     | Series 24 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|----------|--------|----------------|--------|----------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | 541,236  |   |           | $      | 610,391  |           |   | $ | (117,314 | ) |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | -        |   |           |   | (36      | )              |   |   | 2,309 |   |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | (344,277 | )      |           |   | (372,652 | )              |   |   | 77,900 |   |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Other                                                                                                                  |   |           | 324,081  |   |           |   | 894,754  |           |   |   | 999,458 |   |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (989,220 | )      |           |   | (678,815 | )              |   |   | (662,045 | ) |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | -        |   |           |   | (265,238 | )              |   |   | (35,100 | ) |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | -        |   |           |   | -        |           |   |   | - |   |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | 318,421  |   |           |   | -        |           |   |   | - |   |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | (198,892 | )      |           |   | (143,155 | )              |   |   | 10,470 |   |
|                                                                                                                   |   |           |     |   |           |   |     |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $              | (348,651 | )      |           | $      | 45,249   |           |   | $ | 275,678 |   |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 25 |     |   | Series 26 |   |       | Series 27 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|----------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | 440,077  |   |           | $      | 1,140,769  |           |   | $ | (1,035,645 | ) |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | -        |   |           |   | 1,240      |           |   |   | (2,237 | ) |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | (188,789 | )      |           |   | (1,006,313 | )              |   |   | (1,105,169 | ) |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |           | 589,213  |   |           |   | (2,376,299 | )              |   |   | (1,916,001 | ) |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (422,773 | )      |           |   | (1,222,762 | )              |   |   | (444,115 | ) |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | -        |   |           |   | (348,409   | )              |   |   | (358,814 | ) |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | -        |   |           |   | -          |           |   |   | 24,309 |   |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | -        |   |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | (190,585 | )      |           |   | (74,552    | )              |   |   | 2,101,321 |   |
|                                                                                                                   |   |           |     |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $              | 227,143  |   |           | $      | (3,886,326 | )              |   | $ | (2,736,351 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | (286,909   | )      |           | $      | (376,809   | )              |   | $ | (161,274 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | (78        | )      |           |   | 10,654     |           |   |   | 4,208 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | 284,116    |   |           |   | 331,404    |           |   |   | 183,160 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |           | (180,296   | )      |           |   | (147,278   | )              |   |   | (437,283 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (1,133,205 | )      |           |   | (1,649,715 | )              |   |   | (2,606,216 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | (283,745   | )      |           |   | (290,330   | )              |   |   | (207,594 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | -          |   |           |   | -          |           |   |   | 15,589 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | -          |   |           |   | -          |           |   |   | 1,562,366 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | 29,553     |   |           |   | 116,028    |           |   |   | (129,231 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $              | (1,570,564 | )      |           | $      | (2,006,046 | )              |   | $ | (1,776,275 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (360,341   | )      |      | $      | (380,952   | )         |   | $ | (241,815 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | 3,813      |   |      |   | (1,344     | )         |   |   | 189 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 364,152    |   |      |   | (110,227   | )         |   |   | 138,265 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | 502,219    |   |      |   | (945,768   | )         |   |   | (1,064,844 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (1,659,213 | )      |      |   | (1,257,030 | )         |   |   | (510,122 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | (505,457   | )      |      |   | (254,124   | )         |   |   | (132,169 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 166,611    |   |      |   | 272,560    |      |   |   | 37,226 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | (34,589    | )      |      |   | (1,212,370 | )         |   |   | (85,005 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $         | (1,522,805 | )      |      | $      | (3,889,255 | )         |   | $ | (1,858,275 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | (996,746   | )      |           | $      | (2,938,167 | )              |   | $ | (1,931,251 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | 8,586      |   |           |   | 2,046      |           |   |   | 369 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | 293,196    |   |           |   | 228,360    |           |   |   | 160,599 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |           | 413,359    |   |           |   | (69,552    | )              |   |   | 53,970 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (4,501,804 | )      |           |   | (421,625   | )              |   |   | (661,706 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | (253,294   | )      |           |   | (313,865   | )              |   |   | (296,031 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | 225,080    |   |           |   | 2,017,720  |           |   |   | 1,405,263 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | 3,271,264  |   |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | 190,387    |   |           |   | (60,511    | )              |   |   | (84,680 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $              | (1,349,972 | )      |           | $      | (1,555,594 | )              |   | $ | (1,353,467 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (1,886,664 | )      |      | $      | (2,942,239 | )         |   | $ | (2,757,577 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | 18,987     |   |      |   | (9,978     | )         |   |   | (10,281 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 204,864    |   |      |   | 164,400    |      |   |   | 136,800 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | 111,387    |   |      |   | 123,057    |      |   |   | 204,751 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (1,073,183 | )      |      |   | (26,361    | )         |   |   | (24,870 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | (106,599   | )      |      |   | (201,154   | )         |   |   | (82,484 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 1,324,065  |   |      |   | 2,180,548  |      |   |   | 1,711,047 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | 30,058     |   |      |   | (77,757    | )         |   |   | (78,028 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $         | (1,377,085 | )      |      | $      | (789,484   | )         |   | $ | (900,642 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (2,748,973 | )      |      | $      | (2,025,799 | )         |   | $ | (2,337,443 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | (127       | )      |      |   | -          |      |   |   | 1,063 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 200,017    |   |      |   | (60,471    | )         |   |   | 249,780 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | (74,208    | )      |      |   | 44,628     |      |   |   | (166,062 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (85,490    | )      |      |   | (106,974   | )         |   |   | (122,644 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | (163,125   | )      |      |   | (195,626   | )         |   |   | (152,559 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 1,870,900  |   |      |   | 1,300,406  |      |   |   | 1,711,651 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | (23,808    | )      |      |   | 416,271    |      |   |   | (27,062 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $         | (1,024,814 | )      |      | $      | (627,565   | )         |   | $ | (843,276 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (3,989,777 | )      |      | $      | (3,202,227 | )         |   | $ | (4,306,886 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 306,780    |   |      |   | 284,701    |      |   |   | 266,564 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | (308,453   | )      |      |   | 619,677    |      |   |   | (48,529 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (290,452   | )      |      |   | (794,096   | )         |   |   | (46,117 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | (93,684    | )      |      |   | (229,449   | )         |   |   | (329,090 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 2,993,098  |   |      |   | 1,396,160  |      |   |   | 2,445,786 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | 170,243    |   |      |   | 279,874    |      |   |   | 117,900 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $         | (1,212,245 | )      |      | $      | (1,645,360 | )         |   | $ | (1,900,372 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 46 |       |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (3,098,043 | ) |
|                                                                                                                   |   |      |       |   |
| Operating limited partnership rents received in advance                                                                |   |      | -          |   |
|                                                                                                                   |   |      |       |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 249,528    |   |
|                                                                                                                   |   |      |       |   |
| Other                                                                                                                  |   |      | 150,229    |   |
|                                                                                                                   |   |      |       |   |
| 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                              |   |      | (379,333   | ) |
|                                                                                                                   |   |      |       |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 1,940,109  |   |
|                                                                                                                   |   |      |       |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |
|                                                                                                                   |   |      |       |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | (56,548    | ) |
|                                                                                                                   |   |      |       |   |
| Income (loss) for tax return purposes, December 31, 2010                                                               |   | $         | (1,194,058 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN |
|----------|-----------------------------------------------------------------------|

|                                                                                                                   |   | Total  |        |   | Series 20 |   |       | Series 21 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $      | (48,774,143 | )      |      | $      | (279,089   | )         |   | $ | 528,259 |   |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |   | 38,807      |   |      |   | -          |      |   |   | 20,953 |   |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |   | 4,836,819   |   |      |   | 287,024    |      |   |   | (458,867 | ) |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |   | 628,298     |   |      |   | 216,131    |      |   |   | (8,617 | ) |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |   | (16,990,444 | )      |      |   | (1,248,392 | )         |   |   | (397,781 | ) |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |   | (5,513,492  | )      |      |   | -          |      |   |   | (177,437 | ) |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |   | 27,675,675  |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |   | -           |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |   | (5,464,840  | )      |      |   | 11,989     |      |   |   | (721,715 | ) |
|                                                                                                                   |   |   |        |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $      | (43,563,320 | )      |      | $      | (1,012,337 | )         |   | $ | (1,215,205 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 22 |       |   | Series 23 |   |       | Series 24 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (208,678   | )      |      | $      | (218,996   | )         |   | $ | (11,402 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | -          |   |      |   | -          |      |   |   | (34 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 249,803    |   |      |   | 235,714    |      |   |   | 124,222 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | (275,423   | )      |      |   | (330,261   | )         |   |   | (483,890 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (1,041,901 | )      |      |   | (875,250   | )         |   |   | (742,580 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | -          |   |      |   | (25,910    | )         |   |   | (114,634 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | (72,651    | )      |      |   | (51,362    | )         |   |   | (927,585 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $         | (1,348,850 | )      |      | $      | (1,266,065 | )         |   | $ | (2,155,903 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 25 |       |   | Series 26 |   |       | Series 27 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (87,110    | )      |      | $      | (1,672,971 | )         |   | $ | (551,574 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | -          |   |      |   | 447        |      |   |   | 16,973 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 134,550    |   |      |   | 217,273    |      |   |   | 315,204 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | 373,160    |   |      |   | 1,649,908  |      |   |   | 309,345 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (1,328,766 | )      |      |   | (1,238,126 | )         |   |   | (396,779 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | (19,015    | )      |      |   | (523,379   | )         |   |   | (375,783 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 62,147     |   |      |   | 606,124    |      |   |   | 153,410 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | (2,242,936 | )      |      |   | (1,014,723 | )         |   |   | 81,355 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $         | (3,107,970 | )      |      | $      | (1,975,447 | )         |   | $ | (447,849 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 28 |       |   | Series 29 |   |       | Series 30 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | (923,375   | )      |           | $      | (877,090   | )              |   | $ | (1,486,625 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | 737        |   |           |   | (7,781     | )              |   |   | (361 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | 309,116    |   |           |   | 331,404    |           |   |   | 186,169 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |           | 42,066     |   |           |   | 112,983    |           |   |   | 526,912 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (863,856   | )      |           |   | (1,807,041 | )              |   |   | (689,908 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | (271,285   | )      |           |   | (254,117   | )              |   |   | (197,164 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | 183,235    |   |           |   | 380,451    |           |   |   | 615,661 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | (36,308    | )      |           |   | (14,614    | )              |   |   | 66,020 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $              | (1,559,670 | )      |           | $      | (2,135,805 | )              |   | $ | (979,296 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 31 |       |   | Series 32 |   |       | Series 33 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | (984,934   | )      |           | $      | (2,935,793 | )              |   | $ | (1,844,221 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | (142       | )      |           |   | (14,253    | )              |   |   | - |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | 364,152    |   |           |   | 312,615    |           |   |   | 159,745 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |           | (1,370,724 | )      |           |   | (211,117   | )              |   |   | (1,136,025 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (1,178,942 | )      |           |   | (635,720   | )              |   |   | (358,096 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | (281,537   | )      |           |   | (214,837   | )              |   |   | (110,750 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | 796,383    |   |           |   | 1,688,725  |           |   |   | 1,267,778 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | (14,431    | )      |           |   | (992,142   | )              |   |   | (18,847 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $              | (2,670,175 | )      |           | $      | (3,002,522 | )              |   | $ | (2,040,416 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 34 |       |   | Series 35 |   |       | Series 36 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (2,349,137 | )      |      | $      | (3,359,953 | )         |   | $ | (2,242,113 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | 3,945      |   |      |   | 1,257      |      |   |   | (491 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 293,196    |   |      |   | 228,360    |      |   |   | 160,599 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | 206,232    |   |      |   | 221,603    |      |   |   | (194,222 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (1,176,248 | )      |      |   | (369,332   | )         |   |   | (509,244 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | (223,172   | )      |      |   | (316,721   | )         |   |   | (123,143 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 1,042,951  |   |      |   | 2,237,536  |      |   |   | 1,548,176 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | 344,232    |   |      |   | (73,959    | )         |   |   | (62,655 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $         | (1,858,001 | )      |      | $      | (1,431,209 | )         |   | $ | (1,423,093 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-----------|--------|------------|-----------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (2,780,498 | )      |      | $      | (2,712,997 | )         |   | $ | (2,291,962 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |      | 19,999     |   |      |   | -          |      |   |   | 5,607 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 204,864    |   |      |   | 64,400     |      |   |   | 86,800 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Other                                                                                                                  |   |      | (3,298     | )      |      |   | 156,288    |      |   |   | (74,472 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |      | (716,948   | )      |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |      | (175,097   | )      |      |   | (209,618   | )         |   |   | (137,744 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 1,849,293  |   |      |   | 1,863,888  |      |   |   | 1,331,559 |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |      |   | -          |      |   |   | - |   |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | 14,743     |   |      |   | (82,541    | )         |   |   | (68,315 | ) |
|                                                                                                                   |   |      |       |   |      |   |       |      |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $         | (1,586,942 | )      |      | $      | (920,580   | )         |   | $ | (1,148,527 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | (2,709,589 | )      |           | $      | (2,440,525 | )              |   | $ | (2,439,386 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | (9,142     | )      |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | 200,017    |   |           |   | 246,830    |           |   |   | 151,056 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |           | 144,610    |   |           |   | 128,900    |           |   |   | 116,359 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (12,174    | )      |           |   | (123,965   | )              |   |   | (418,268 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | (158,482   | )      |           |   | (195,531   | )              |   |   | (148,272 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | 1,565,033  |   |           |   | 1,370,664  |           |   |   | 1,688,303 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | (92,404    | )      |           |   | 145,071    |           |   |   | 9,108 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $              | (1,072,131 | )      |           | $      | (868,556   | )              |   | $ | (1,041,100 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Net income (loss) for financial reporting purposes                                                                     |   | $              | (3,178,616 | )      |           | $      | (3,226,501 | )              |   | $ | (4,185,948 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                                |   |           | -          |   |           |   | 1,199      |           |   |   | (106 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |           | 281,780    |   |           |   | 84,701     |           |   |   | 16,564 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                  |   |           | (93,286    | )      |           |   | 196,305    |           |   |   | 272,612 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |   |           | (459,024   | )      |           |   | (344,989   | )              |   |   | (57,114 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                              |   |           | (178,312   | )      |           |   | (221,292   | )              |   |   | (421,048 | ) |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss not recognized for tax purposes                                                                        |   |           | 2,024,801  |   |           |   | 1,198,091  |           |   |   | 2,117,133 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |           | 116,340    |   |           |   | 161,008    |           |   |   | 129,794 |   |
|                                                                                                                   |   |           |       |   |           |   |       |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $              | (1,486,317 | )      |           | $      | (2,151,478 | )              |   | $ | (2,128,113 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                                   |   | Series 46 |       |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|
| Net income (loss) for financial reporting purposes                                                                     |   | $         | (3,303,319 | ) |
|                                                                                                                   |   |      |       |   |
| Operating limited partnership rents received in advance                                                                |   |      | -          |   |
|                                                                                                                   |   |      |       |   |
| Accrued partnership fund management fee not deducted (deducted) for income tax purposes                                |   |      | 49,528     |   |
|                                                                                                                   |   |      |       |   |
| Other                                                                                                                  |   |      | 136,219    |   |
|                                                                                                                   |   |      |       |   |
| 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                              |   |      | (439,212   | ) |
|                                                                                                                   |   |      |       |   |
| Impairment loss not recognized for tax purposes                                                                        |   |      | 2,084,333  |   |
|                                                                                                                   |   |      |       |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                          |   |      | -          |   |
|                                                                                                                   |   |      |       |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                                     |   |      | (57,312    | ) |
|                                                                                                                   |   |      |       |   |
| Income (loss) for tax return purposes, December 31, 2009                                                               |   | $         | (1,529,763 | ) |

----

| NOTE E - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) |
|----------|-----------------------------------------------------------------------------------|

|                                                                                                         |   | Total  |         |   | Series 20 |   |       | Series 21 |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $      | 147,318,452  |   |           | $      | (3,125,030 | )              |   | $ | (2,501,071 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |   | 69,799,719   |   |           |   | 4,390,990  |           |   |   | 3,194,073 |   |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |   | (227,774,198 | )      |           |   | (4,628,785 | )              |   |   | (558,938 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                       |   |   | 978,267      |   |           |   | 570,617    |           |   |   | - |   |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |   | (1,934,902   | )      |           |   | (159,224   | )              |   |   | (351,701 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |   | 5,470,472    |   |           |   | -          |           |   |   | 318,421 |   |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |   | 53,373,406   |   |           |   | 2,951,432  |           |   |   | (100,784 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $      | 47,231,216   |   |           | $      | -          |           |   | $ | - |   |

----

|                                                                                                         |   | Series 22 |       |   | Series 23 |   |       | Series 24 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | (2,740,591 | )      |           | $      | 1,991,584  |           |   | $ | 491,068 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 5,943,983  |   |           |   | 3,329,750  |           |   |   | 3,647,829 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (5,199,302 | )      |           |   | (9,088,660 | )              |   |   | (4,342,280 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | 223,537    |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | (192,813   | )      |           |   | (148,731   | )              |   |   | (81,405 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | 318,421    |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |           | 1,646,765  |   |           |   | 3,916,057  |           |   |   | 284,788 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | -          |   |           | $      | -          |           |   | $ | - |   |

----

|                                                                                                         |   | Series 25 |       |   | Series 26 |   |        | Series 27 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 3,696,437  |   |           | $      | 2,611,970   |           |   | $ | 1,078,723 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 5,523,117  |   |           |   | 5,096,582   |           |   |   | 1,850,649 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (7,580,319 | )      |           |   | (11,189,730 | )              |   |   | (6,874,310 | ) |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | (93,998    | )      |           |   | (120,610    | )              |   |   | (266,164 | ) |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | (1,545,237 | )      |           |   | 3,601,788   |           |   |   | 4,211,102 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | -          |   |           | $      | -           |           |   | $ | - |   |

----

|                                                                                                         |   | Series 28 |        |   | Series 29 |   |        | Series 30 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 12,081,204  |   |           | $      | 3,084,892   |           |   | $ | 2,740,992 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 2,211,713   |   |           |   | 5,003,158   |           |   |   | 3,614,190 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (17,807,948 | )      |           |   | (10,917,337 | )              |   |   | (6,586,053 | ) |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | (129,668    | )      |           |   | (265,241    | )              |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -           |   |           |   | -           |           |   |   | 1,562,366 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | 3,644,699   |   |           |   | 3,094,528   |           |   |   | (1,331,495 | ) |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | -           |   |           | $      | -           |           |   | $ | - |   |

----

|                                                                                                         |   | Series 31 |        |   | Series 32 |   |        | Series 33 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 5,289,903   |   |           | $      | 9,922,000   |           |   | $ | 7,001,204 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 4,506,357   |   |           |   | 2,827,815   |           |   |   | 846,730 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (15,337,400 | )      |           |   | (14,747,021 | )              |   |   | (10,148,264 | ) |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -           |   |           |   | 184,113     |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | (125,347    | )      |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | 5,698,263   |   |           |   | 1,865,887   |           |   |   | 2,300,330 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 31,776      |   |           | $      | 52,794      |           |   | $ | - |   |

----

|                                                                                                         |   | Series 34 |        |   | Series 35 |   |        | Series 36 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 6,570,887   |   |           | $      | 7,635,511   |           |   | $ | 2,532,219 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 6,024,334   |   |           |   | 1,402,962   |           |   |   | 2,991,705 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (11,515,855 | )      |           |   | (12,335,090 | )              |   |   | (7,631,014 | ) |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | 3,271,264   |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | (4,350,630  | )      |           |   | 3,390,108   |           |   |   | 2,164,796 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | -           |   |           | $      | 93,491      |           |   | $ | 57,706 |   |

----

|                                                                                                         |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 5,263,593  |   |           | $      | 8,396,507  |           |   | $ | 6,728,464 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 1,790,131  |   |           |   | 26,361     |           |   |   | 24,870 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (8,573,117 | )      |           |   | (9,674,189 | )              |   |   | (6,518,542 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |           | 1,555,872  |   |           |   | 2,250,844  |           |   |   | 1,143,374 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 36,479     |   |           | $      | 999,523    |           |   | $ | 1,378,166 |   |

----

|                                                                                                         |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 9,245,754  |   |           | $      | 3,937,382  |           |   | $ | 8,284,193 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 97,664     |   |           |   | 688,361    |           |   |   | 822,137 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (8,603,775 | )      |           |   | (5,210,063 | )              |   |   | (7,344,121 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |           | 1,751,432  |   |           |   | 3,395,904  |           |   |   | 1,978,592 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 2,491,075  |   |           | $      | 2,811,584  |           |   | $ | 3,740,801 |   |

----

|                                                                                                         |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 10,413,640 |   |           | $      | 6,573,407  |           |   | $ | 16,189,178 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 1,578,414  |   |           |   | 2,154,981  |           |   |   | 210,863 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (7,522,774 | )      |           |   | (5,000,278 | )              |   |   | (7,418,185 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |           | 2,143,868  |   |           |   | 1,476,993  |           |   |   | 3,104,914 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 6,613,148  |   |           | $      | 5,205,103  |           |   | $ | 12,086,770 |   |

----

|                                                                                                         |   | Series 46 |       |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|
| Investments in operating limited partnerships - tax return December 31, 2010                                 |   | $              | 13,924,432 |   |
|                                                                                                         |   |           |       |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (5,420,848 | ) |
|                                                                                                         |   |           |       |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Less share of loss - three months ended March 31, 2011                                                       |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Other                                                                                                        |   |           | 3,129,216  |   |
|                                                                                                         |   |           |       |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 11,632,800 |   |

----

|                                                                                                         |   | Total  |         |   | Series 20 |   |       | Series 21 |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $      | 187,363,289  |   |           | $      | (3,789,823 | )              |   | $ | (2,654,739 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |   | 50,576,578   |   |           |   | 4,276,869  |           |   |   | 3,920,551 |   |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |   | (226,406,734 | )      |           |   | (5,812,210 | )              |   |   | (709,601 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |   | 978,267      |   |           |   | 570,617    |           |   |   | - |   |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |   | (2,077,480   | )      |           |   | (268,202   | )              |   |   | (399,312 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |   | -            |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |   | 69,169,408   |   |           |   | 5,022,749  |           |   |   | (156,899 | ) |
|                                                                                                         |   |   |         |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $      | 79,603,328   |   |           | $      | -          |           |   | $ | - |   |

----

|                                                                                                         |   | Series 22 |       |   | Series 23 |   |        | Series 24 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | (1,579,342 | )      |           | $      | 2,762,963   |           |   | $ | 215,542 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 5,077,203  |   |           |   | 3,145,170   |           |   |   | 3,060,446 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (6,519,050 | )      |           |   | (11,704,924 | )              |   |   | (4,336,246 | ) |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | 223,537    |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | (203,385   | )      |           |   | (152,590    | )              |   |   | (81,405 | ) |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | 3,001,037  |   |           |   | 5,949,381   |           |   |   | 1,141,663 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | -          |   |           | $      | -           |           |   | $ | - |   |

----

|                                                                                                         |   | Series 25 |       |   | Series 26 |   |        | Series 27 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 3,668,395  |   |           | $      | 8,556,466   |           |   | $ | 6,017,081 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 5,534,834  |   |           |   | 4,015,497   |           |   |   | 1,492,182 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (9,276,439 | )      |           |   | (17,408,272 | )              |   |   | (10,747,592 | ) |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | (126,188   | )      |           |   | (120,610    | )              |   |   | (205,532 | ) |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | 199,398    |   |           |   | 4,956,919   |           |   |   | 5,786,012 |   |
|                                                                                                         |   |           |       |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | -          |   |           | $      | -           |           |   | $ | 2,342,151 |   |

----

|                                                                                                         |   | Series 28 |        |   | Series 29 |   |        | Series 30 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 13,678,528  |   |           | $      | 5,148,531   |           |   | $ | 4,749,858 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 1,078,508   |   |           |   | 3,360,666   |           |   |   | 1,007,974 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (17,737,386 | )      |           |   | (10,917,337 | )              |   |   | (8,061,818 | ) |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | (129,668    | )      |           |   | (265,241    | )              |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | 3,110,018   |   |           |   | 2,697,776   |           |   |   | 2,387,028 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | -           |   |           | $      | 24,395      |           |   | $ | 83,042 |   |

----

|                                                                                                         |   | Series 31 |        |   | Series 32 |   |        | Series 33 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 6,797,484   |   |           | $      | 14,375,654  |           |   | $ | 8,881,079 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 2,850,713   |   |           |   | 1,616,565   |           |   |   | 382,388 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (15,170,789 | )      |           |   | (15,384,682 | )              |   |   | (10,291,840 | ) |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -           |   |           |   | 184,113     |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | (125,347    | )      |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | 5,690,303   |   |           |   | (92,898     | )              |   |   | 1,178,526 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 42,364      |   |           | $      | 698,752     |           |   | $ | 150,153 |   |

----

|                                                                                                         |   | Series 34 |        |   | Series 35 |   |        | Series 36 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 7,863,074   |   |           | $      | 9,063,541   |           |   | $ | 3,810,380 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 1,522,530   |   |           |   | 981,337     |           |   |   | 2,329,999 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (11,262,189 | )      |           |   | (10,461,943 | )              |   |   | (6,225,751 | ) |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -           |   |           |   | -           |           |   |   | - |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Other                                                                                                        |   |           | 2,328,735   |   |           |   | 2,993,106   |           |   |   | 1,898,119 |   |
|                                                                                                         |   |           |        |   |           |   |        |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 452,150     |   |           | $      | 2,576,041   |           |   | $ | 1,812,747 |   |

----

|                                                                                                         |   | Series 37 |       |   | Series 38 |   |       | Series 39 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 6,593,969  |   |           | $      | 9,120,562  |           |   | $ | 7,555,552 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 716,948    |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (7,574,998 | )      |           |   | (7,521,557 | )              |   |   | (4,829,727 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |           | 1,664,262  |   |           |   | 2,162,774  |           |   |   | 1,244,279 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 1,400,181  |   |           | $      | 3,761,779  |           |   | $ | 3,970,104 |   |

----

|                                                                                                         |   | Series 40 |       |   | Series 41 |   |       | Series 42 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 10,184,085 |   |           | $      | 4,578,769  |           |   | $ | 9,076,505 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 12,174     |   |           |   | 600,595    |           |   |   | 779,836 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (6,838,944 | )      |           |   | (4,120,934 | )              |   |   | (5,798,474 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |           | 1,500,860  |   |           |   | 3,535,241  |           |   |   | 1,577,193 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 4,858,175  |   |           | $      | 4,593,671  |           |   | $ | 5,635,060 |   |

----

|                                                                                                         |   | Series 43 |       |   | Series 44 |   |       | Series 45 |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 11,565,237 |   |           | $      | 8,170,664  |           |   | $ | 17,881,509 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | 1,287,962  |   |           |   | 1,360,885  |           |   |   | 164,746 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (5,563,126 | )      |           |   | (3,611,213 | )              |   |   | (4,972,399 | ) |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |           |   | -          |           |   |   | - |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                        |   |           | 1,969,356  |   |           |   | 1,864,162  |           |   |   | 2,668,848 |   |
|                                                                                                         |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 9,259,429  |   |           | $      | 7,784,498  |           |   | $ | 15,742,704 |   |

----

|                                                                                                         |   | Series 46 |       |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|------------|
| Investments in operating limited partnerships - tax return December 31, 2009                                 |   | $              | 15,071,765 |   |
|                                                                                                         |   |           |       |   |
| Operating limited partnership losses not recognized for financial reporting purposes under the equity method |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Impairment loss in investment in operating limited partnerships                                              |   |           | (3,547,293 | ) |
|                                                                                                         |   |           |       |   |
| Historic tax credits - cumulative                                                                            |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Less share of loss - three months ended March 31, 2010                                                       |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Operating limited partnership impairment loss not recognized for tax purposes                                |   |           | -          |   |
|                                                                                                         |   |           |       |   |
| Other                                                                                                        |   |           | 2,891,460  |   |
|                                                                                                         |   |           |       |   |
| Investments in operating limited partnerships - as reported                                                  |   | $              | 14,415,932 |   |

----

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